AtriCure, Inc. ATRC

Healthcare SIC 3841 - Surgical & Medical Instruments & Apparatus NAICS Manufacturing › Miscellaneous Manufacturing › Medical Equipment and Supplies Manufacturing › Surgical and Medical Instrument Manufacturing derived Nasdaq

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.

Last close 58.97 2026-10-23
Market cap $3.00B 2026-06-30 share count
52-week range 25.36 - 61.70

Valuation FY2025 figures against the last close

P/S5.6x
P/E—
P/FCF62.1x
EV/EBITDA1,095.0x
Dividend yield—
Diluted EPS-0.24

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • Europe
  • Asia-Pacific
  • Other International
Revenue by geography, 4 categories over 2 years. The same figures are in the table below. FY2025 United States, FY2025: 435.4M (81.4%) 81% United States Europe, FY2025: 61.5M (11.5%) 12% Europe Asia-Pacific, FY2025: 30.7M (5.7%) 6% Other International, FY2025: 6.9M (1.3%) FY2024 United States, FY2024: 382.8M (82.3%) 82% Europe, FY2024: 49.9M (10.7%) 11% Asia-Pacific, FY2024: 27.4M (5.9%) 6% Other International, FY2024: 5.2M (1.1%)
Region FY2025FY2024
United States $435.4M $382.8M
Europe $61.5M $49.9M
Asia-Pacific $30.7M $27.4M
Other International $6.9M $5.2M

As the company reported it, from the “Revenue (Revenue By Geographic Area) (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 -0.24-0.95-0.66-1.021.11-1.14-0.94———
EPS, diluted -0.24-0.95-0.66-1.021.09-1.14-0.94-0.62-0.83-1.05
Shares, diluted (wtd. avg.) 47.8M47.0M46.3M45.7M46.0M42.1M37.6M———

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -200M 0 200M 400M 600M Revenue, FY2016: 155.1M Gross profit, FY2016: 111.1M Net income, FY2016: -33.3M Revenue, FY2017: 174.7M Gross profit, FY2017: 126.2M Net income, FY2017: -26.9M Revenue, FY2018: 201.6M Gross profit, FY2018: 147.1M Net income, FY2018: -21.1M Revenue, FY2019: 230.8M Gross profit, FY2019: 170.3M Net income, FY2019: -35.2M Revenue, FY2020: 206.5M Gross profit, FY2020: 149.3M Net income, FY2020: -48.2M Revenue, FY2021: 274.3M Gross profit, FY2021: 205.9M Net income, FY2021: 50.2M Revenue, FY2022: 330.4M Gross profit, FY2022: 245.9M Net income, FY2022: -46.5M Revenue, FY2023: 399.2M Gross profit, FY2023: 300.4M Net income, FY2023: -30.4M Revenue, FY2024: 465.3M Gross profit, FY2024: 347.5M Net income, FY2024: -44.7M Revenue, FY2025: 534.5M Gross profit, FY2025: 400.8M Net income, FY2025: -11.4M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $155.1M $174.7M $201.6M $230.8M $206.5M $274.3M $330.4M $399.2M $465.3M $534.5M
Gross profit $111.1M $126.2M $147.1M $170.3M $149.3M $205.9M $245.9M $300.4M $347.5M $400.8M
Net income -$33.3M -$26.9M -$21.1M -$35.2M -$48.2M $50.2M -$46.5M -$30.4M -$44.7M -$11.4M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Results announced Item 2.02
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Results announced Item 2.02
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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