AtriCure, Inc. ATRC
We are a leading innovator in surgical treatments and therapies for atrial fibrillation (Afib or AF), left atrial appendage (LAA) management and post-operative pain management. Afib is an irregular heartbeat, or arrhythmia, which affects over 59 million people worldwide and is a growing epidemic. It is the most common cardiac arrhythmia encountered in clinical practice and results in high utilization of healthcare services and significant cost burden. Patients often progress from being in Afib intermittently (paroxysmal) to being in Afib continuously (non-paroxysmal). The continuous Afib patient population includes early persistent Afib, which lasts seven days to six months, persistent Afib, which lasts six months to one year, and long-standing persistent Afib, which lasts longer than one year. It is estimated that over four million people in the United States currently suffer from long-standing persistent Afib. Afib often occurs in conjunction with other cardiovascular diseases, including hypertension, congestive heart failure, left ventricular dysfunction, coronary artery disease and valvular disease.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $534.5M | $465.3M | $399.2M | $330.4M | $274.3M | $206.5M | $230.8M | $201.6M | $174.7M | $155.1M |
| Cost of revenue | $133.7M | $117.8M | $98.9M | $84.4M | $68.5M | $57.2M | $60.5M | $54.5M | $48.6M | $44.0M |
| Gross profit | $400.8M | $347.5M | $300.4M | $245.9M | $205.9M | $149.3M | $170.3M | $147.1M | $126.2M | $111.1M |
| R&D | $99.2M | $96.2M | $73.9M | $57.3M | $48.5M | $43.1M | $41.2M | $34.7M | $34.1M | $35.8M |
| SG&A | $311.0M | $291.4M | $253.1M | $231.3M | $204.6M | $150.8M | $167.1M | $129.5M | $117.0M | $106.4M |
| Total operating expenses | $410.2M | $387.5M | $327.1M | $288.6M | $150.7M | $193.5M | $203.5M | $164.2M | $151.1M | $142.2M |
| Operating income | -$9.4M | -$40.0M | -$26.7M | -$42.7M | $55.2M | -$44.2M | -$33.1M | -$17.1M | -$25.0M | -$31.1M |
| Interest expense | $5.9M | $6.4M | $6.9M | $5.0M | $4.9M | $4.9M | $4.1M | $4.6M | $2.3M | $1.8M |
| Pre-tax income | -$10.2M | -$43.7M | -$29.8M | -$46.2M | $50.4M | -$48.0M | -$35.0M | -$20.9M | -$26.9M | -$33.3M |
| Income tax | $1.3M | $1.0M | $591.0K | $268.0K | $188.0K | $114.0K | $199.0K | $226.0K | $14.0K | $40.0K |
| Net income | -$11.4M | -$44.7M | -$30.4M | -$46.5M | $50.2M | -$48.2M | -$35.2M | -$21.1M | -$26.9M | -$33.3M |
| EPS, basic | -0.24 | -0.95 | -0.66 | -1.02 | 1.11 | -1.14 | -0.94 | — | — | — |
| EPS, diluted | -0.24 | -0.95 | -0.66 | -1.02 | 1.09 | -1.14 | -0.94 | -0.62 | -0.83 | -1.05 |
| Shares, diluted (wtd. avg.) | $47.8M | $47.0M | $46.3M | $45.7M | $46.0M | $42.1M | $37.6M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $167.4M | $122.7M | $84.3M | $58.1M | $43.7M | $41.9M | $28.5M | $32.2M | $21.8M | $24.2M |
| Short-term investments | — | $0 | $53.0M | $63.0M | $75.4M | $202.3M | $53.3M | $92.2M | $12.6M | $19.8M |
| Receivables | $66.7M | $60.3M | $52.5M | $42.7M | $33.0M | $23.1M | $28.0M | $25.2M | $23.1M | $21.1M |
| Inventory | $78.5M | $75.3M | $67.9M | $45.9M | $39.0M | $35.0M | $29.4M | $22.5M | $22.5M | $17.7M |
| Total current assets | $322.5M | $267.8M | $266.2M | $215.2M | $196.1M | $306.7M | $143.2M | $174.7M | $82.3M | $85.7M |
| Property, plant and equipment | — | — | — | — | — | $28.3M | $32.6M | $27.1M | $28.7M | $30.0M |
| Goodwill | $234.8M | $234.8M | $234.8M | $234.8M | $234.8M | $234.8M | $234.8M | $105.3M | $105.3M | $105.3M |
| Other intangibles | $48.0M | $56.5M | $64.0M | $39.3M | $43.0M | $128.2M | $129.9M | $49.3M | $50.8M | $52.1M |
| Total assets | $654.2M | $609.3M | $613.9M | $585.4M | $615.3M | $714.5M | $557.9M | $356.8M | $267.7M | $276.4M |
| Accounts payable | $25.3M | $25.0M | $27.4M | $19.9M | $18.6M | $12.7M | $14.9M | $9.7M | $12.4M | $10.7M |
| Short-term debt | — | — | — | — | — | $6.7M | — | — | — | — |
| Total current liabilities | $81.5M | $73.4M | $74.6M | $58.4M | $56.4M | $49.1M | $49.9M | $40.2M | $31.9M | $28.8M |
| Long-term debt | $61.9M | $61.9M | $61.0M | $56.8M | $59.7M | $53.4M | $59.6M | $35.6M | $24.1M | $23.9M |
| Total liabilities | $162.2M | $148.4M | $147.8M | $128.7M | $131.6M | $302.1M | $310.5M | $107.4M | $106.5M | $108.0M |
| Retained earnings | -$413.2M | -$401.8M | -$357.1M | -$326.6M | -$280.2M | -$330.4M | -$282.2M | -$247.0M | -$225.9M | -$199.0M |
| Total equity | $491.9M | $461.0M | $466.2M | $456.8M | $483.8M | $412.4M | $247.3M | $249.4M | $161.2M | $168.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $57.3M | $12.2M | $4.5M | -$22.1M | -$13.8M | -$19.9M | -$15.8M | -$4.2M | -$8.9M | -$15.1M |
| Depreciation and amortisation | $12.1M | $11.2M | $9.5M | $8.1M | $7.5M | $7.9M | $7.4M | $7.2M | $7.8M | $7.7M |
| Stock-based compensation | $44.7M | $40.4M | $35.7M | $28.8M | $28.1M | $22.6M | $18.0M | $16.5M | $14.6M | $11.7M |
| Capital expenditure | $9.1M | $11.5M | $12.0M | $16.9M | $9.8M | $5.3M | $12.2M | $6.2M | $6.4M | $7.7M |
| Investing cash flow | -$14.6M | $30.2M | $21.8M | $44.0M | $23.5M | -$156.2M | -$2.1M | -$85.4M | $3.8M | -$12.1M |
| Financing cash flow | $1.2M | -$3.6M | -$32.0K | -$7.1M | -$7.6M | $189.4M | $14.4M | $100.2M | $2.8M | $27.7M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001323885-26-000010.
Others in SIC 3841
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| SYK | STRYKER CORP | $116.27B | 36.1x | 11.2% |
| MMM | 3M CO | $86.93B | 28.1x | 1.5% |
| BSX | BOSTON SCIENTIFIC CORP | $69.27B | 24.6x | 19.9% |
| BDX | BECTON DICKINSON & CO | $50.32B | 31.7x | 8.2% |
| DXCM | DEXCOM INC | $33.17B | 42.1x | 15.6% |
| RMD | RESMED INC | $32.94B | 21.9x | 9.9% |
| MDLN | Medline Inc. | $31.35B | — | 11.5% |
| WST | WEST PHARMACEUTICAL SERVICES INC | $23.93B | 50.1x | 6.3% |