AtriCure, Inc. (ATRC)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$569.6M

Revenue growth

13.9%

Net income, last twelve months

$10.6M

Earnings per share

$0.21

Gross margin

76.3%

Operating margin

2.3%

Net margin

1.9%

Free cash flow

$53.1M

Return on equity

2.0%

Market value

$3.1B

Price to earnings

292.6x

Cash

$167.8M

Debt

$61.0M

Debt to equity

0.12

Shares outstanding

50.9M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter 2026 results, filed 23 July 2026.

• Revenue rose 12.8% year over year. Worldwide revenue was $153.6 million, up 12.8% from the second quarter 2025 (12.4% on a constant currency basis).
• Net income of $9.0 million. Net income was $9.0 million, against a net loss of $6.2 million a year earlier. Diluted EPS was $0.18, against a $0.13 loss per share.
• Adjusted EBITDA up 78%. Adjusted EBITDA was $27.3 million, an increase of $11.9 million or 78% from the second quarter 2025.
• Operating income against prior-year loss. Income from operations was $9.7 million, compared with a loss from operations of $6.2 million in the second quarter 2025.
• U.S. revenue grew 13.6%. U.S. revenue was $125.6 million, up $15.0 million or 13.6% from the second quarter 2025.
• International revenue grew 9.6%. International revenue rose $2.5 million or 9.6% to $28.0 million, or 7.1% on a constant currency basis, with growth in appendage management, open ablation and pain management.
• International constant currency growth higher than Q1. In the first quarter 2026, international revenue rose 11.5% reported and 3.3% on a constant currency basis, to $25.0 million.
• Pain management revenue up 26.9%. Pain management revenue was $29.4 million across both regions, up from $23.2 million, with U.S. sales of the cryoSPHERE MAX probe cited as a driver.
• Appendage management rose 14.4%. Appendage management revenue was $64.0 million, up from $55.9 million. Drivers cited were the EnCompass clamp in open ablation and the AtriClip FLEX-Mini and PRO-Mini devices.
• Open ablation up, minimally invasive down. Open ablation revenue was $52.1 million, up from $46.8 million. Minimally invasive ablation was $8.1 million, down from $10.2 million.
• Gross margin rose to 77.2%. Gross margin was 77.2%, up 269 basis points, driven by favorable product and geographic mix. The release also cites manufacturing efficiencies.
• Selling and administrative costs rose. Selling, general and administrative expenses were $82.6 million, up from $78.4 million. Research and development expenses were $26.4 million, down from $29.3 million.
• Share-based compensation and amortization rose. Share-based compensation was $12.3 million, up from $11.4 million. Depreciation and amortization was $5.3 million, up from $5.2 million.
• Adjusted EPS $0.18 against loss. Adjusted earnings per share was $0.18, compared with a $0.02 adjusted loss per share in the second quarter 2025.

Company events

The newest 8-K filings of 193 held.

Every filing

The newest filings with the SEC of 417 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

274 funds held it at 30 Jun 2026: 143 added and 62 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Stryker Corp. (SYK): revenue $25.8B, market value $116.7B
• 3M Co. (MMM): revenue $25.2B, market value $89.3B
• Boston Scientific Corp. (BSX): revenue $21.0B, market value $61.4B
• Becton Dickinson & Co. (BDX): revenue $20.8B, market value $53.2B
• Resmed Inc. (RMD): revenue $5.7B, market value $36.1B
• Dexcom Inc. (DXCM): revenue $5.0B, market value $29.7B
• West Pharmaceutical Services Inc. (WST): revenue $3.3B, market value $28.4B
• Medline Inc. (MDLN): revenue –, market value $27.9B
• Solventum Corp. (SOLV): revenue $8.3B, market value $13.9B
• Baxter International Inc. (BAX): revenue $11.5B, market value $13.2B

What the company does

AtriCure designs and sells surgical devices for atrial fibrillation (Afib), left atrial appendage management and post-operative pain management. The company calls itself a leading innovator in these areas. Its products are used by physicians in open-heart and minimally invasive procedures. It sells to medical centers through its own sales force in the United States, Germany, France, the United Kingdom, the Benelux region, Australia and Canada, and through distributors elsewhere. It had approximately 1,350 employees as of 31 December 2025, and its principal executive offices are in Mason, Ohio.

What it sells

The filing groups sales into four product types: open ablation, minimally invasive ablation, pain management and appendage management. Sales are also split between the United States and international markets.

- Open ablation: Isolator Synergy clamps, the EnCompass clamp and the EnCapture clamp use radio frequency energy. Multifunctional pens and linear devices are used alongside the clamps. The cryoICE cryoablation system also falls here. - Minimally invasive ablation: the EPi-Sense Guided Coagulation System and the EPi-Sense ST Guided Coagulation System, plus the EPi-Ease hybrid access device. - Pain management: cryoSPHERE probes and the cryoXT probe, which freeze nerves to give temporary relief after surgery. The cryoXT probe is for amputation patients and was launched in the United States in September 2025. - Appendage management: the AtriClip LAA Exclusion System, an implantable clip that closes off the left atrial appendage from the outside of the heart. The company says AtriClip devices are the most widely sold devices of this kind worldwide, with more than 750,000 patients treated.

It also sells the LARIAT System, the Lumitip dissector, Glidepath guides, Subtle Cannula and reusable cardiac surgery instruments.

How the products are used

In open-heart surgery for another condition, such as a valve repair or bypass, the products are used alongside that procedure. Minimally invasive procedures stand alone and often combine surgery with catheter ablation by an electrophysiologist, which the company calls Hybrid AF Therapy. Ablation products are platforms of disposable hand pieces that connect to a radio frequency or cryo generator. The company generally places this equipment with direct customers and sells it to distributors. Cryo Nerve Block gives temporary pain relief for up to 90 days. cryoSPHERE devices have been used in over 100,000 procedures since FDA clearance in November 2018.

Who buys and how it sells

Customers are medical centers. The United States sales team has approximately 330 employees. The international team has approximately 75 employees in the direct markets. Distributors sell in Asia, South America and certain European countries. The business is mostly transacted in U.S. Dollars. Direct sales outside the United States are mainly in Euros, British Pounds, Australian Dollars or Canadian Dollars.

Hospitals are paid for these procedures mainly under the primary surgical procedure's Medicare payment group. Surgeons are paid separately under the Medicare physician fee schedule.

Clinical trials and development

The company runs several trials to support expanded uses:

- LeAAPS: tests AtriClip for preventing stroke in cardiac surgery patients without a prior Afib diagnosis. Enrollment of 6,573 patients across 139 centers is complete, and follow-up continues. - BoxX-NoAF: tests EnCompass ablation with AtriClip exclusion to reduce post-operative Afib. It provides for up to 960 subjects at up to 75 sites. - HEAL-IST: studies Isolator Synergy for inappropriate sinus tachycardia, with up to 142 patients at up to 40 sites. - CONVERGE Post Approval Study: allows for 325 patients at up to 50 sites.

In the fourth quarter of 2025 the company carried out first-in-human treatments with a dual energy platform combining Pulsed Field Ablation and Advanced Radiofrequency Ablation. The filing says this technology is not yet approved in any market.

How it competes

The company says it has the only devices approved by FDA for treating long-standing persistent Afib. These are the Isolator Synergy Ablation System and the EPi-Sense System. Its primary competitor in cardiac surgery is Medtronic, plc. Catheter devices used by electrophysiologists are viewed by the company as complementary to Hybrid AF Therapy. The company says it knows of no other company in the United States pursuing cryo nerve block therapies, though some companies outside the United States market devices for a similar therapy.

Manufacturing and regulation

AtriCure assembles, inspects, tests and packages most products at its Ohio facilities. Third parties sterilize them. Some components come from a single supplier, though the company says alternatives to critical suppliers are available. It is certified to ISO 13485:2016 and takes part in the Medical Device Single Audit Program.

Products need FDA 510(k) clearance or premarket approval in the United States. In the European Union they need a CE mark under EU MDR. None of its employees are represented by a labor union.

*From AtriCure's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1323885/000132388526000007/atrc-20251231.htm)*

From the company's 10-K.