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ATRC

AtriCure, Inc.

ATRC

AtriCure, Inc. • NASDAQ
$36.12 ▲ 0.25% (+0.09)
Market Cap $1.80 B
52w High $43.11
52w Low $28.29
Dividend Yield 0%
P/E -59.21
Volume 325.60K
Outstanding Shares 49.72M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $134.269M ▼ $101.124M ▼ $-267K ▲ -0.199% ▲ $-0.01 ▲ $7.989M ▲
Q2-2025 $136.139M ▲ $107.674M ▲ $-6.19M ▲ -4.547% ▲ $-0.13 ▲ $732K ▲
Q1-2025 $123.62M ▼ $98.582M ▼ $-6.747M ▲ -5.458% ▲ $-0.14 ▲ $-5.954M ▲
Q4-2024 $124.277M ▲ $107.142M ▲ $-15.568M ▼ -12.527% ▼ $-0.33 ▼ $-9.025M ▼
Q3-2024 $115.91M $94.198M $-7.853M -6.775% $-0.17 $-936K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $147.865M ▲ $635.442M ▲ $158.935M ▲ $476.507M ▲
Q2-2025 $117.796M ▲ $608.849M ▲ $144.358M ▲ $464.491M ▲
Q1-2025 $99.885M ▼ $591.631M ▼ $137.012M ▼ $454.619M ▼
Q4-2024 $122.721M ▼ $609.328M ▼ $148.359M ▼ $460.969M ▼
Q3-2024 $130.335M $615.068M $150.047M $465.021M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-267K ▲ $26.716M ▲ $-2.605M ▲ $5.984M ▲ $30.069M ▲ $24.111M ▲
Q2-2025 $-6.19M ▲ $21.617M ▲ $-7.662M ▼ $3.419M ▲ $17.911M ▲ $13.955M ▲
Q1-2025 $-6.747M ▲ $-11.026M ▼ $-1.681M ▲ $-10.325M ▼ $-22.836M ▼ $-13.207M ▼
Q4-2024 $-15.568M ▼ $5.836M ▼ $-14.693M ▼ $1.738M ▲ $-7.614M ▼ $-8.857M ▼
Q3-2024 $-7.853M $20.004M $4.392M $-333K $24.3M $16.396M

Five-Year Company Overview

Income Statement

Income Statement Revenue has been climbing steadily over the past five years, showing that demand for AtriCure’s products is growing at a healthy pace. Gross profits have also increased, suggesting the core business has solid underlying economics. However, the company is not yet consistently profitable. Operating income and net income have hovered around break-even, with small losses in most years and only a brief period of profit. This pattern reflects a growth-focused company that is spending heavily on selling, clinical, and development efforts to build its market, which keeps it in the red even as sales rise.

Balance Sheet

Balance Sheet The balance sheet looks relatively solid for a growth-stage medical device company. Total assets have been stable, with shareholders’ equity making up the bulk of the capital base, indicating the business is more equity-funded than debt-funded. Debt levels are present but not excessive, which limits financial strain. Cash on hand has improved over time, giving the company more flexibility to fund operations and investment without immediate pressure. Overall, the financial foundation appears sound but still dependent on continued access to capital if losses persist.

Cash Flow

Cash Flow Cash flow from day-to-day operations has been close to break-even, recently tipping slightly positive, which is encouraging and suggests the business model is maturing. That said, free cash flow has remained negative because the company keeps investing in equipment, facilities, and other long-term assets. These outflows are not extreme, but they do mean the business is still a net user of cash. The key question going forward is whether rising sales and improving operating efficiency can eventually cover both operating needs and investment spending without relying on external funding.

Competitive Edge

Competitive Edge AtriCure holds a very strong position in its niche of cardiac surgery, particularly in surgical ablation for atrial fibrillation and left atrial appendage management. It benefits from first-of-its-kind regulatory approvals, deep clinical data, and long-standing relationships with cardiac surgeons. Its flagship systems, such as the ablation platform and AtriClip line, are widely used and supported by training and education programs, which raises switching costs for hospitals and doctors. A substantial patent portfolio and the complexity of gaining regulatory approval create real barriers to entry. The main strategic risks are potential new technologies from larger device makers and changes in clinical practice or reimbursement that could shift procedure volumes or favor alternative treatments.

Innovation and R&D

Innovation and R&D Innovation is clearly at the center of AtriCure’s strategy. The company continues to refine its core products (like smaller, more precise AtriClip devices) while also pushing into new areas such as hybrid atrial fibrillation therapies, non-opioid pain management with cryoICE, and pulsed field ablation, an emerging energy source that could change how arrhythmias are treated. It is also running large clinical trials, including one that could broaden the use of AtriClip if results are strong and guidelines change. This heavy R&D and clinical spending supports the company’s moat but also contributes to ongoing losses and cash use, and there is always uncertainty around regulatory outcomes and trial results.

Summary

AtriCure is a specialized cardiac surgery device company with clear strengths in innovation and a commanding position in its core markets. Financially, it looks like a classic growth-stage medtech story: strong and steady revenue growth, improving but still inconsistent profitability, and continued negative free cash flow driven by investment in products, clinical data, and commercial infrastructure. The balance sheet is reasonably healthy, with moderate debt and a growing cash cushion, but the business still relies on future growth and improved margins to fully self-fund. The main opportunities lie in scaling its existing platforms, winning favorable clinical trial outcomes, and successfully launching next-generation technologies like pulsed field ablation. The main risks center on execution, competitive responses, regulatory and trial uncertainties, and the challenge of turning a clinically strong franchise into a consistently profitable, cash-generating enterprise.

NEWS

November 18, 2025 · 8:00 AM UTC

AtriCure to Participate in the Piper Sandler 37th Annual Healthcare Conference

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October 29, 2025 · 4:01 PM UTC

AtriCure Reports Third Quarter 2025 Financial Results; Raises Financial Outlook for 2025

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October 28, 2025 · 8:00 AM UTC

AtriCure Announces the First Patient Treated in the BoxX-NoAF Clinical Trial

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October 27, 2025 · 8:00 AM UTC

AtriCure to Participate in Upcoming Investor Conferences

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October 8, 2025 · 8:00 AM UTC

AtriCure to Announce Third Quarter 2025 Financial Results

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