AtriCure, Inc.
- Open
- 34.91
- Day high
- 35.45
- Day low
- 34.67
- Prev close
- 34.95
- Volume
- 1.1M
- Mkt cap
- $1.8B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 3.6
- P/S
- 3.2
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$227K over the last 3 months (0 open-market buys, 2 sales)
- 🏛Institutions accumulating (13F)
AtriCure, Inc. (ATRC) is a Healthcare company listed on NASDAQ. The stock is up 20% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 2 sales (SEC Form 4).
AtriCure, Inc. (ATRC) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 5 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ATRC earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $-0.07 | $0.00 | +103.1% | $141M | +1.1% |
| Feb 17, 2026 | $-0.04 | $0.04 | +200.0% | $141M | +0.5% |
| Oct 29, 2025 | $-0.11 | $-0.01 | +90.9% | $134M | -4.4% |
| Jul 29, 2025 | $-0.15 | $-0.02 | +86.7% | $136M | +4.6% |
| Apr 29, 2025 | $-0.25 | $-0.14 | +44.0% | $124M | -5.3% |
| Feb 12, 2025 | $-0.23 | $-0.08 | +65.2% | $124M | +2.0% |
| May 1, 2024 | $-0.21 | $-0.25 | -19.0% | $109M | +1.8% |
| Feb 15, 2024 | $-0.22 | $-0.21 | +4.5% | $107M | +2.8% |
| Nov 1, 2023 | $-0.30 | $-0.20 | +33.3% | $98M | +1.6% |
| Jul 25, 2023 | $-0.27 | $-0.12 | +55.6% | $101M | +4.7% |
| May 2, 2023 | $-0.34 | $-0.23 | +32.4% | $93M | +6.8% |
| Feb 21, 2023 | $-0.18 | $-0.09 | +50.0% | $88M | +0.3% |
ATRC insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 2, 2026 | Doraiswamy Vinayakofficer: Chief Scientific Officer | Grant | 636 | $23.78 |
| Jul 2, 2026 | Dahlquist Karl S.officer: Chief Legal Officer | Grant | 636 | $23.78 |
| Jul 2, 2026 | Privitera Salvatoreofficer: Chief Technical Officer | Grant | 636 | $23.78 |
| Jul 2, 2026 | CARREL MICHAEL Hdirector, officer: President, CEO, & Director | Grant | 636 | $23.78 |
| Jul 2, 2026 | Seith Douglas Jofficer: Chief Operating Officer | Grant | 527 | $23.78 |
| May 22, 2026 | Prange Karendirector | Sell | 3,000 | $28.65 |
| May 20, 2026 | Nachman Shlomodirector | Grant | 6,144 | — |
| May 20, 2026 | WEHRWEIN SVENdirector | Grant | 6,144 | — |
| May 20, 2026 | Yuen Maggiedirector | Grant | 6,144 | — |
| May 20, 2026 | GROVES REGINA Edirector | Grant | 6,144 | — |
| May 20, 2026 | Telman Deborah Hdirector | Grant | 6,144 | — |
| May 20, 2026 | Prange Karendirector | Grant | 6,144 | — |
| May 20, 2026 | JOHNSON B KRISTINEdirector | Grant | 6,144 | — |
| May 20, 2026 | WHITE ROBERT S.director | Grant | 6,144 | — |
| May 18, 2026 | Doraiswamy Vinayakofficer: Chief Scientific Officer | Sell | 5,000 | $28.13 |
Source: ATRC SEC Form 4 filings, latest Jul 2, 2026. For informational purposes only — not investment advice.
See the full ATRC insider & 13F page →AtriCure, Inc. company profile
Overview
AtriCure, Inc. (NASDAQ:ATRC) is a medical device company founded in 2000 and headquartered in Mason, Ohio. The company went public in 2005 and has established itself as a leading developer and manufacturer of specialized surgical devices for cardiac tissue ablation and pain management. AtriCure focuses on treating cardiac arrhythmias, particularly atrial fibrillation, and managing post-surgical pain through innovative surgical technologies. The company serves medical centers across the United States, Europe, Asia, and other international markets through both direct sales and independent distributors.
Business
AtriCure operates in the medical device industry, specifically developing surgical ablation systems and pain management technologies for cardiac procedures. The company's core business revolves around treating atrial fibrillation (AFib), a common heart rhythm disorder where the heart's upper chambers beat irregularly, potentially leading to stroke and other complications. The company's product portfolio is organized into four main business segments: 1. Open Ablation Franchise (~25% of revenue): This segment includes devices used during open-heart surgery to create scar tissue that blocks abnormal electrical signals causing AFib. Key products include the Isolator Synergy Clamps (radio frequency devices), multifunctional pens like the MAX Pen device, and the Coolrail device for creating linear ablation lines. The newer EnCompass Clamp has shown strong growth, expanding nearly 50% in recent quarters. 2. Appendage Management Franchise (~35% of revenue): Centers around the AtriClip System, an implantable device that closes off the left atrial appendage, a small pouch in the heart where blood clots commonly form in AFib patients. This helps prevent strokes by eliminating a major source of clot formation. The company recently launched the AtriClip FLEX Mini, a smaller-profile version that has driven significant adoption. 3. Pain Management Franchise (~15% of revenue): Features cryoablation technology that uses extreme cold to block nerve signals and reduce post-surgical pain. The cryoICE Cryoablation System and various cryoSPHERE probes are used primarily in thoracic surgery to provide long-lasting pain relief, reducing patients' dependence on opioids. 4. Minimally Invasive Ablation/Hybrid AF Therapy (~10% of revenue): Includes the EPi-Sense Guided Coagulation System for treating persistent atrial fibrillation through minimally invasive procedures. This segment has faced pressure from competing technologies like Pulsed Field Ablation (PFA) but represents a growing market for hybrid surgical approaches. The remaining revenue (~15%) comes from international sales and various surgical instruments and accessories that support these primary procedures.
Revenue model
AtriCure generates revenue primarily through product sales of single-use disposable devices and reusable surgical instruments. The company's customers are hospitals, medical centers, and cardiac surgery departments that purchase these devices for individual procedures. Most of AtriCure's products are single-use disposables, creating a recurring revenue stream as hospitals must purchase new devices for each patient procedure. The business model benefits from several factors that can increase margins and revenue growth. The aging population and increasing prevalence of atrial fibrillation create a growing addressable market. Currently, only about 35% of pre-operative AFib patients in the U.S. receive surgical treatment, indicating significant room for market penetration. The company's clinical trials, particularly the LeAAPS stroke reduction study, could expand the market by demonstrating benefits for patients without pre-existing AFib, potentially unlocking the entire cardiac surgery market worth over $2 billion globally. Pain management represents another growth driver, as hospitals seek alternatives to opioid-based pain control. With less than 20% penetration in thoracic procedures and expansion into new applications like sternotomy and extremity amputations, this segment offers substantial upside potential. However, several factors could pressure margins and growth. Competition is intensifying, particularly in appendage management where Medtronic has introduced competing devices. The emergence of Pulsed Field Ablation (PFA) technology has created near-term headwinds for the minimally invasive segment, though management expects this to be temporary as PFA may ultimately expand the patient funnel. Regulatory requirements for medical devices create lengthy approval processes and significant R&D expenses. Additionally, the company's international expansion, while showing strong growth rates of 20-30%, faces currency fluctuations and varying regulatory environments that can impact profitability. The company's gross margins have improved to approximately 75%, reflecting the high-value nature of these specialized medical devices and the premium pricing they can command due to their clinical benefits and relative lack of direct substitutes.
Competitive moat
AtriCure's competitive moat is moderately strong but faces increasing challenges. The company's primary moat stems from its extensive clinical evidence, regulatory approvals, and established relationships with cardiac surgeons. AtriCure has built significant barriers through FDA clearances and CE marks that require substantial time and investment for competitors to replicate. The company's ongoing clinical trials, particularly the large-scale LeAAPS study with over 3,700 patients enrolled, create additional moats by generating proprietary clinical data that supports product adoption and potentially expands market indications. The specialized nature of cardiac surgery creates switching costs, as surgeons develop proficiency with specific devices and hospitals invest in training and inventory management systems. AtriCure's comprehensive product portfolio allows it to serve as a single-source provider for multiple aspects of cardiac procedures, strengthening customer relationships and making it more difficult for competitors to displace the entire product suite. However, the moat is under pressure from several directions. Large medical device companies like Medtronic are entering key markets, particularly appendage management, with competing products and greater financial resources. The emergence of Pulsed Field Ablation technology represents a potential disruption to traditional ablation methods, though AtriCure is developing its own PFA capabilities through licensing agreements. The company's innovation pipeline and R&D capabilities provide some protection, but the medical device industry's rapid technological evolution means that today's advanced products can quickly become obsolete. Additionally, as markets mature and clinical evidence becomes more standardized, price competition may intensify, potentially eroding the premium pricing that currently supports high gross margins. Overall, AtriCure maintains a defensible position through clinical expertise and regulatory barriers, but the moat is not insurmountable and requires continuous innovation and clinical validation to maintain competitive advantages.
Risks & safety
AtriCure presents a moderate margin of safety with solid financial fundamentals but some cash flow concerns. • **Liquidity and Solvency**: Strong balance sheet with $100 million in cash and short-term investments, current ratio of 4.1x, and quick ratio of 2.9x. Debt-to-equity ratio of 17% indicates conservative capital structure with minimal solvency risk. • **Cash Flow Dynamics**: Negative free cash flow of -$13.2 million in Q1 2025, though management expects positive cash flow for full year 2025. Operating cash flow has been volatile, ranging from negative $11 million to positive $20 million quarterly. • **Valuation Metrics**: Trading at 3.4x book value and negative EV/EBITDA due to minimal EBITDA generation. Price-to-book ratio suggests some premium valuation, though justified by growth prospects and specialized market position. • **Profitability Trajectory**: Company approaching profitability with adjusted EBITDA guidance of $44-46 million for 2025, representing significant improvement from near-breakeven levels. Gross margins of 75% provide substantial operating leverage potential. • **Other Considerations**: Revenue growth of 14-17% annually provides cushion against operational challenges. However, dependence on clinical trial outcomes and regulatory approvals creates some execution risk.
Recent development
Over the past few years, AtriCure has executed several strategic initiatives to diversify its product portfolio and expand market opportunities. The company has significantly strengthened its pain management franchise, achieving 32% worldwide growth in 2024 through the launch of advanced cryoSPHERE probes, including the cryoSPHERE+ that reduces procedure time by 25% and the larger cryoSPHERE MAX for expanded applications. The company is now exploring new pain management applications beyond thoracic surgery, including lower extremity amputations with FDA clearance for the cryoXT probe. In the appendage management segment, AtriCure launched the AtriClip FLEX Mini device with a smaller profile that has driven significant adoption and received strong surgeon feedback. The company is conducting the pivotal LeAAPS clinical trial, now with over 3,700 patients enrolled, to demonstrate stroke reduction benefits in patients without pre-existing atrial fibrillation, which could dramatically expand the addressable market. The company has also enhanced its ablation portfolio with the EnCompass Clamp launch, which has shown nearly 50% growth in the U.S. market. To address the competitive threat from Pulsed Field Ablation technology, AtriCure entered an exclusive licensing agreement to develop its own PFA capabilities, with plans to integrate this technology into both open and minimally invasive cardiac surgery devices. Internationally, AtriCure has expanded its European presence with CE mark approvals and is seeing strong growth rates of 20-30% in international markets. The company is also preparing for the BoxX-NoAF clinical trial to evaluate prophylactic treatment of post-operative atrial fibrillation, further expanding its clinical evidence base and potential market applications.
ATRC company profile · for informational purposes only — not investment advice.
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