olivLaw · US equity research
AtriCure, Inc. ATRC
Surgical & Medical Instruments & Apparatus · SIC 3841 · Vertical: Surgical & Medical Instruments & Apparatus (SIC 3841)
AtriCure develops surgical technologies for atrial fibrillation, left atrial appendage management and post-operative pain control. The company grew its revenue by 14.9% in fiscal 2025, and its 2026 guidance points to revenue of roughly 602-610 million dollars, relevant as surgical treatment expands for a very widespread condition.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, AtriCure, Inc. (ATRC) stock was 65.53 USD (+8.48% on the day), with market capitalisation 3.3 bn USD, P/E 317.2 on diluted EPS of 0.21 USD over the last 12 months, beta 0.90, 52-week range 25.86–65.53 USD. Latest reported quarter (Q2 2026): revenue of 153.6 m USD (+12.8% YoY), net income of 9.0 m USD, diluted EPS 0.18 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 70.1
- overbought (≥ 70)
- Bollinger (20, 2)
- 53.13 – 64.54
- above the upper band · %B 1.09 · band width 19.4%
- SMA 50 / 200
- 56.36 / 38.42
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 2.00 / 1.68
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +16.2% | −2.0% | +18.2 pp | — |
| 3 months | +66.6% | −2.2% | +68.7 pp | — |
| 6 months | +134.0% | +4.3% | +129.7 pp | — |
| Year to date | +65.6% | +10.6% | +55.1 pp | — |
| 1 year | +100.1% | +10.5% | +89.6 pp | −43.3% |
| 3 years | +77.2% | +73.7% | +3.5 pp | −7.7% |
| 5 years | −24.8% | +61.7% | −86.5 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 115.9 m | 124.3 m | 123.6 m | 136.1 m | 134.3 m | 140.5 m | 141.2 m | 153.6 m |
| Cost of revenue | 29.1 m | 31.7 m | 31.0 m | 34.7 m | 32.9 m | 35.2 m | 31.9 m | 35.0 m |
| Gross profit | 86.8 m | 92.6 m | 92.6 m | 101.5 m | 101.3 m | 105.3 m | 109.3 m | 118.6 m |
| Research & development | 21.0 m | 35.0 m | 22.5 m | 29.3 m | 22.9 m | 24.5 m | 24.2 m | 26.4 m |
| SG&A | 73.2 m | 72.2 m | 76.1 m | 78.4 m | 78.2 m | 78.3 m | 84.6 m | 82.6 m |
| Operating income | -7.4 m | -14.5 m | -6.0 m | -6.2 m | 208.0 k | 2.5 m | 526.0 k | 9.7 m |
| Interest expense | 1.7 m | 1.5 m | 1.4 m | 1.5 m | 1.5 m | 1.5 m | 1.3 m | 1.3 m |
| Pre-tax income | -7.5 m | -15.3 m | -6.5 m | -5.9 m | -86.0 k | 2.4 m | 394.0 k | 9.4 m |
| Income tax | 322.0 k | 266.0 k | 239.0 k | 261.0 k | 181.0 k | 604.0 k | 286.0 k | 471.0 k |
| Net income | -7.9 m | -15.6 m | -6.7 m | -6.2 m | -267.0 k | 1.8 m | 108.0 k | 9.0 m |
| Diluted EPS | -0.17 | -0.33 ≈ | -0.14 | -0.13 | -0.01 | 0.04 ≈ | 0.00 | 0.18 |
| Operating cash flow | 20.0 m ≈ | 5.8 m | -11.0 m | 21.6 m ≈ | 26.7 m ≈ | 20.0 m | -4.0 m | 22.2 m ≈ |
| Capex | 3.6 m ≈ | 2.7 m | 2.2 m | 2.7 m ≈ | 2.6 m ≈ | 1.6 m | 3.9 m | 3.8 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 5-quarter history (min 35.2, median 64.8, max 135.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 201.6 m | 230.8 m | 206.5 m | 274.3 m | 330.4 m | 399.2 m | 465.3 m | 534.5 m |
| Revenue YoY | +15.4% | +14.5% | −10.5% | +32.8% | +20.4% | +20.8% | +16.5% | +14.9% |
| Net income | -21.1 m | -35.2 m | -48.2 m | 50.2 m | -46.5 m | -30.4 m | -44.7 m | -11.4 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | −192.6% | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | -0.94 | -1.14 | 1.09 | -1.02 | -0.66 | -0.95 | -0.24 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | −193.6% | unavailable | unavailable | unavailable |
| net % | -10.5% | -15.2% | -23.3% | 18.3% | -14.1% | -7.6% | -9.6% | -2.1% |
| Free cash flow | -10.4 m | -28.0 m | -25.1 m | -23.5 m | -39.0 m | -7.5 m | 745.0 k | 48.3 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 167.4 m USD
- Financial debt
- 61.9 m USD
- Net debt
- -105.6 m USD
- Equity
- 491.9 m USD
- Total assets
- 654.2 m USD
- Debt / equity
- 0.13x
- Current ratio
- 3.96x
- ROE
- -2.4%
- ROA
- -1.8%
- FCF margin
- 9.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 206.5 m | 274.3 m | 330.4 m | 399.2 m | 465.3 m | 534.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Cost of revenue | 57.2 m | 68.5 m | 84.4 m | 98.9 m | 117.8 m | 133.7 m | SEC (XBRL)· 19 Feb 2026verified |
| Gross profit | 149.3 m | 205.9 m | 245.9 m | 300.4 m | 347.5 m | 400.8 m | SEC (XBRL)· 19 Feb 2026verified |
| Research & development | 43.1 m | 48.5 m | 57.3 m | 73.9 m | 96.2 m | 99.2 m | SEC (XBRL)· 19 Feb 2026verified |
| SG&A | 150.8 m | 204.6 m | 231.3 m | 253.1 m | 291.4 m | 311.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Operating income | -44.2 m | 55.2 m | -42.7 m | -26.7 m | -40.0 m | -9.4 m | SEC (XBRL)· 19 Feb 2026verified |
| Interest expense | 4.9 m | 4.9 m | 5.0 m | 6.9 m | 6.4 m | 5.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Pre-tax income | -48.0 m | 50.4 m | -46.2 m | -29.8 m | -43.7 m | -10.2 m | SEC (XBRL)· 19 Feb 2026verified |
| Income tax | 114.0 k | 188.0 k | 268.0 k | 591.0 k | 1.0 m | 1.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Net income | -48.2 m | 50.2 m | -46.5 m | -30.4 m | -44.7 m | -11.4 m | SEC (XBRL)· 19 Feb 2026verified |
| Diluted EPS | -1.14 | 1.09 | -1.02 | -0.66 | -0.95 | -0.24 | SEC (XBRL)· 19 Feb 2026verified |
| Weighted average diluted shares | 42.1 m | 46.0 m | 45.7 m | 46.3 m | 47.0 m | 47.8 m | SEC (XBRL)· 19 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 41.9 m | 43.7 m | 58.1 m | 84.3 m | 122.7 m | 167.4 m | SEC (XBRL)· 19 Feb 2026verified |
| Receivables | 23.1 m | 33.0 m | 42.7 m | 52.5 m | 60.3 m | 66.7 m | SEC (XBRL)· 19 Feb 2026verified |
| Inventories | 35.0 m | 39.0 m | 45.9 m | 67.9 m | 75.3 m | 78.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Current assets | 306.7 m | 196.1 m | 215.2 m | 266.2 m | 267.8 m | 322.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Property, plant & equipment, net | 28.3 m | 31.4 m | — | — | — | — | SEC (XBRL)· 04 May 2022verified |
| Goodwill | 234.8 m | 234.8 m | 234.8 m | 234.8 m | 234.8 m | 234.8 m | SEC (XBRL)· 19 Feb 2026verified |
| Intangibles (excl. goodwill) | 128.2 m | 43.0 m | 39.3 m | 64.0 m | 56.5 m | 48.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Total assets | 714.5 m | 615.3 m | 585.4 m | 613.9 m | 609.3 m | 654.2 m | SEC (XBRL)· 19 Feb 2026verified |
| Accounts payable | 12.7 m | 18.6 m | 19.9 m | 27.4 m | 25.0 m | 25.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Short-term debt | 6.7 m | — | 5.5 m | 2.5 m | 2.8 m | — | SEC (XBRL)· 14 Feb 2025verified |
| Long-term debt | 53.4 m | 59.7 m | 56.8 m | 60.6 m | 61.9 m | 61.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Current liabilities | 49.1 m | 56.4 m | 58.4 m | 74.6 m | 73.4 m | 81.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Total liabilities | 302.1 m | 131.6 m | 128.7 m | 147.8 m | 148.4 m | 162.2 m | SEC (XBRL)· 19 Feb 2026verified |
| Equity | 412.4 m † | 483.8 m † | 456.8 m † | 466.2 m † | 461.0 m † | 491.9 m † | SEC (XBRL)· 19 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -19.9 m | -13.8 m | -22.1 m | 4.5 m | 12.2 m | 57.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Capex | 5.3 m | 9.8 m | 16.9 m | 12.0 m | 11.5 m | 9.1 m | SEC (XBRL)· 19 Feb 2026verified |
| Free cash flow | -25.1 m ≈ | -23.5 m ≈ | -39.0 m ≈ | -7.5 m ≈ | 745.0 k ≈ | 48.3 m ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Investing cash flow | -156.2 m | 23.5 m | 44.0 m | 21.8 m | 30.2 m | -14.6 m | SEC (XBRL)· 19 Feb 2026verified |
| Financing cash flow | 189.4 m | -7.6 m | -7.1 m | -32.0 k | -3.6 m | 1.2 m | SEC (XBRL)· 19 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 54 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.3 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet47
- Quality73
- Valuation13
- Growth100
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.91 – 31.15 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)21.06 – 31.15 (Mid 24.99)WACC 9.2% · starting FCFF 58.0 m USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E0.91 – 6.75 (Mid 5.45)13 companies used · median multiple 26.4x · quartiles 4.4x – 32.7xBDX, BSX, DRIO, DXCM, EMBC, ICCM, INFU, MMM, PLSM, RMD, SYK, TCMD, WST
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 54/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 2.7% | 58 (vs peers) | 17% |
| Net margin · Quality | 1.9% | 71 (vs peers) | 10% |
| FCF conversion · Quality | 503.4% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 17.4% | 100 (on a fixed band) | 14% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.3x | 12 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 4.2x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 317.2x | 7 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 1.6% | 20 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet47/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality73/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation13/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
AtriCure, Inc. (ATRC). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 534.5 m USD in 2025; YoY growth 14.9%; net margin 1.9%; ROE 2.2%.
The estimated value range is 10.99–18.95 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 15.22 USD, the price of 65.53 USD leaves a potential of -76.8% (value / price − 1) and a margin of safety of -330.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 54/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 1.9%
- FCF conversion: 503.4%
- Revenue CAGR 3Y: 17.4%
- Current ratio: 4.2x
What contradicts it
- Interest coverage: 2.3x
- P/E (TTM): 317.2x
- FCF yield: 1.6%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Surgical & Medical Instruments & Apparatus (SIC 3841) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SYKStryker Corp | 118.2 bn | 33.1 | 16.0% | 13.8% | +11.2% | −16% / +5% |
| MMM3m Company | 91.5 bn | 26.4 | 80.8% | 14.0% | +1.5% | +3% / +114% |
| BSXBoston Scientific Corporation | 63.1 bn | 18.4 | 14.3% | 16.6% | +19.9% | −57% / −22% |
| BDXBecton, Dickinson And Company | 54.0 bn | 59.8 | 3.8% | 4.0% | +8.2% | +30% / +7% |
| RMDResMed Inc. | 31.9 bn | 20.7 | 26.4% | 27.8% | +9.9% | −11% / +44% |
| DXCMDexcom, Inc. | 30.9 bn | 32.7 | 37.7% | 19.4% | +15.6% | +31% / −28% |
| WSTWest Pharmaceutical Services, Inc. | 28.4 bn | 45.7 | 21.2% | 18.8% | +6.3% | +47% / +16% |
| BAXBaxter International Inc. | 13.7 bn | — | -10.5% | -6.2% | +5.7% | +41% / −27% |
| ATRCAtriCure, Inc. | 3.3 bn | 317.2 | 2.2% | 1.9% | +14.9% | +100% / +77% |
| KMTSKestra Medical Technologies, Ltd. | 1.8 bn | — | -73.7% | -140.4% | +59.0% | +13% / unavailable |
| TNDMTandem Diabetes Care, Inc. | 1.3 bn | — | -48.0% | -6.1% | +7.9% | −9% / −6% |
| AORTArtivion, Inc. | 1.3 bn | — | -0.7% | -0.7% | +13.6% | −43% / +49% |
| SIBNSi-Bone, Inc. | 1.1 bn | — | -7.7% | -6.2% | +20.2% | +28% / +32% |
| BBNXBeta Bionics, Inc. | 921.5 m | — | -23.9% | -65.3% | +53.9% | −46% / unavailable |
| KIDSOrthoPediatrics Corp | 875.0 m | — | -9.8% | -12.8% | +15.4% | +81% / +9% |
| TCMDTactile Systems Technology, Inc. | 608.9 m | 26.5 | 11.0% | 6.7% | +12.5% | +6% / +104% |
| DCTHDelcath Systems, Inc. | 514.2 m | 1,195.5 | 0.5% | 0.6% | +129.1% | +53% / +439% |
| MDXGMimedx Group, Inc. | 467.0 m | — | -8.5% | -6.3% | +20.0% | −53% / −59% |
| EMBCEmbecta Corp. | 369.4 m | 4.4 | — | 8.6% | −3.8% | −49% / −64% |
| INFUInfusystem Holdings, Inc | 261.9 m | 32.3 | 15.0% | 6.0% | +6.4% | +42% / +31% |
| TLSITriSalus Life Sciences, Inc. | 239.5 m | — | — | -62.6% | +53.4% | −43% / −3% |
| STIMNeuronetics, Inc. | 206.1 m | — | -135.3% | -19.6% | +99.2% | +82% / +49% |
| GUTSFractyl Health, Inc. | 154.8 m | — | — | — | −100.0% | −95% / unavailable |
| MBOTMicrobot Medical Inc. | 76.6 m | — | -32.9% | — | unavailable | −53% / −10% |
| ICCMIceCure Medical Ltd. | 57.8 m | 3.3 | -188.8% | -445.6% | +2.7% | −96% / −98% |
1- and 3-year price returns: for ATRC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 42.99 Total return -34% · Per year -34% | 75.66 Total return 15% · Per year 15% | 113.49 Total return 73% · Per year 73% |
| 3 years | 51.00 Total return -22% · Per year -8% | 100.06 Total return 53% · Per year 15% | 163.43 Total return 149% · Per year 36% |
| 5 years | 60.49 Total return -8% · Per year -2% | 132.33 Total return 102% · Per year 15% | 235.34 Total return 259% · Per year 29% |
- Exit P/E± 25.02
- Net margin± 17.51
- Annual revenue growth± 13.06
- Annual dilution± 1.47
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 27 Jul 2026; since then the company filed 8-K (03 Nov 2026 · results).
In brief
AtriCure develops surgical technologies for atrial fibrillation, left atrial appendage management and post-operative pain control. The company grew its revenue by 14.9% in fiscal 2025, and its 2026 guidance points to revenue of roughly 602-610 million dollars, relevant as surgical treatment expands for a very widespread condition.13
SWOT
Strengths
- The company presents itself as the leader in surgical treatment of atrial fibrillation and in left atrial appendage exclusion, with a product range approved by the FDA for several indications.
- Gross margin rose in the second quarter of 2026, which points to better efficiency and product mix.
- Recent launches, such as the cryoXT probe and the AtriClip PRO-Mini device, supported revenue growth in several product lines.
Weaknesses
- The company has reported net losses in the past and acknowledges it may never become consistently profitable.
- Reliance on the United States market and direct sales means that a large share of revenue depends on one reimbursement system.
- Minimally invasive ablation sales fell in 2025, showing the exposure of one product line to a newer alternative.
Opportunities
- The BoxX-NoAF and LeAAPS trials, if they confirm benefits, could extend the market to patients undergoing cardiac surgery without a diagnosed fibrillation.
- Adoption of guidelines that recommend ablation and LAAM could accelerate growth in hospitals and other countries.
- Development of an advanced dual PFA and RFA platform could open new product opportunities if it passes clinical testing.
Threats
- Competition from new products and alternative procedures could reduce market share and margins.
- Changes in reimbursement policies or healthcare budget cuts could affect sales.
- Macroeconomic and trade pressures, including tariffs, could affect costs and operating results.
Risks
- US adoptionhigh
Growth depends on acceptance of the products by physicians in the United States, and difficulties in that market could limit profitability.1
- Competitionhigh
New products and procedures could reduce market share, prices and margins.12
- Clinical datamedium
Negative results or trials that do not meet regulatory requirements could slow adoption of the products.1
- Independent distributorsmedium
Sales in some international markets depend on independent distributors, whose problems could affect revenue.1
- Regulation and reimbursementmedium
Non-compliance with FDA rules or changes in reimbursement policies could bring fines or restrictions.1
Investment thesis
What would need to be true (bull case)
- Revenue growth and better margin in the second quarter of 2026 show the business model can support higher profitability.
- The potential market for surgical ablation remains large, because only a small share of candidates are treated today.
- Ongoing trials could open new markets if results support use of the products in patients without a diagnosed fibrillation.
What would break the thesis
- The company has a history of net losses and is not sure it will stay profitable.
- Competition from alternative procedures and new entrants could reduce market share and prices.
- Dependence on reimbursement and US acceptance could slow growth if policies change.
What to watch
- Results of the BoxX-NoAF trial2027
- Results of the LeAAPS trial2027
- European launch of the AtriClip FLEX-Mini and PRO-Mini devices2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 27 Jul 2026; since then the company filed 8-K (03 Nov 2026 · results).
The business
AtriCure is an innovator in surgical treatments for atrial fibrillation, left atrial appendage management (LAAM) and post-operative pain management. Its ablation and LAAM products are used by physicians in open-heart and minimally invasive procedures, and its cryogenic nerve block probes are used for pain after cardiac, thoracic or amputation surgery.1
The company sells directly through its sales force in the United States, Germany, France, the United Kingdom, the Benelux region, Australia and Canada, and through distributors in other international markets. Transactions are mainly in U.S. dollars, while direct sales outside the United States are made in euros, British pounds, Australian or Canadian dollars.1
In 2026 the company says it bases its growth on product innovation, clinical science and physician education, and its investment in the BoxX-NoAF and LeAAPS trials is aimed at expanding the market for surgical treatments.23
Segments
Open surgical ablation
Includes the Isolator Synergy systems and the EnCompass and EnCapture clamps, used in open-heart procedures alongside other surgery. This line had the strongest growth among the main lines in fiscal 2025.1
Market context
Atrial fibrillation affects over 59 million people worldwide, is the most common sustained arrhythmia and is often under-diagnosed. The company estimates that less than 15% of patients who are candidates for surgical ablation are treated this way, which suggests room for market growth.1
The market depends on physician acceptance of guidelines that recommend ablation and LAAM, on reimbursement for procedures, and on competition from catheter ablation. The company estimates that up to 50% of patients who have cardiac surgery without a diagnosed fibrillation later develop post-operative fibrillation, a market that ongoing trials could expand.1
Trends
- More favorable clinical guidelinestailwind
Guidelines from cardiology and thoracic surgery societies have raised LAAM to the highest recommendation, which could speed adoption in hospitals.1
- Decline of hybrid therapyheadwind
Minimally invasive ablation sales fell in 2025 as physicians adopt PFA catheters, showing competitive pressure.1
- Opioid restrictionstailwind
Regulation of opioids and the risk of dependency may increase interest in non-opioid alternatives such as cryogenic nerve block.1
- Entry of new competitorsmixed
New entrants are developing competing products, procedures and clinical solutions, which according to the company could pressure prices and margins.2
Competitive position
The company says it is the market leader in surgical treatment of fibrillation and LAAM, and that it faces limited competition in its key markets. Competition comes from drugs, catheter ablation, implantable devices and other surgical ablation devices.12
Most competitors have greater financial, manufacturing, marketing and research resources than the company, and low barriers to entry allow new products to reach the market, which could reduce prices and market share.1
- Catheter ablation
Percutaneous ablation performed by electrophysiologists, used for most symptomatic patients, is the main therapeutic alternative named by the company.
- Antiarrhythmic drugs
Drug therapy is named in the filing as an alternative for managing atrial fibrillation.
- Implantable devices and pacemakers
Pacemakers and implantable devices are named as alternatives for patients with atrial fibrillation.
- Other surgical ablation and appendage occlusion devices
The filing mentions other makers of surgical ablation devices and alternative techniques for excluding the left atrial appendage, without naming them.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report03 Nov 2026Results of operations · Financial statements and exhibits
- Quarterly report27 Jul 2026
- Current report23 Jul 2026Results of operations · Financial statements and exhibits
- Current report19 May 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Quarterly report06 May 2026
- Current report (amendment)06 May 2026Results of operations · Financial statements and exhibits
- Current report05 May 2026Results of operations · Financial statements and exhibits
- Proxy statement06 Apr 2026
- Annual report19 Feb 2026
- Current report17 Feb 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / AtriCure, Inc. · 19 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / AtriCure, Inc. · 27 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / AtriCure, Inc. · 23 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.