ATRC

MKT CAP:$1B

AtriCure, Inc.

Market Cap

$1B

Healthcare·Medical - Instruments & Supplies·🇺🇸 United States·NASDAQ

Healthcare·Medical·🇺🇸·NASDAQ

Stock Price

$27.63-$11.64 (-29.64%)

Apr 22, 2026

Company Details

AtriCure, Inc. develops, manufactures, and sells devices for the surgical ablation of cardiac tissue and systems, and intercostal nerves to medical centers in the United States, Europe, Asia, and internationally. The company offers Isolator...

CEO

Michael H. Carrel

IPO Date

Aug 5, 2005

Website

www.atricure.com

Key Metrics TTM

Revenue

$535M

+14.9% YoY

Net Income

-$11M

EPS (Diluted)

-$0.24

Free Cash Flow

$48M

Revenue / Share

$10.94

Gross Margin

74.8%

Operating Margin

-1.6%

Net Margin

-2.1%

FCF Margin

9.0%

P/S

2.7x

P/E

—

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Feb 19, 2026

$535MEPS -$0.24

Q4 2025

Feb 19, 2026

$141M+13.1%EPS $0.04

Q3 2025

Oct 30, 2025

$134M+15.8%EPS -$0.01

Q2 2025

Jul 30, 2025

$136M+17.1%EPS -$0.13

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$75M	$56M	-$14M
Q2 22	$85M	$64M	-$14M
Q3 22	$83M	$62M	-$11M
Q4 22	$88M	$65M	-$4M
Q1 23	$93M	$70M	-$6M
Q2 23	$101M	$77M	-$4M
Q3 23	$98M	$74M	-$8M
Q4 23	$107M	$79M	-$9M
Q1 24	$109M	$81M	-$11M
Q2 24	$116M	$86M	-$7M
Q3 24	$116M	$87M	-$7M
Q4 24	$124M	$93M	-$15M
Q1 25	$124M	$93M	-$6M
Q2 25	$136M	$101M	-$6M
Q3 25	$134M	$101M	$208.0K
Q4 25	$141M	$105M	$3M

Valuation

Quarter	P/S	P/E
Q1 22	9.8x	54.8x
Q2 22	6.1x	34.9x
Q3 22	5.8x	—
Q4 22	6.1x	—
Q1 23	5.5x	—
Q2 23	6.2x	—
Q3 23	5.3x	—
Q4 23	4.1x	—
Q1 24	3.3x	—
Q2 24	2.5x	—
Q3 24	3.0x	—
Q4 24	3.1x	—
Q1 25	3.2x	—
Q2 25	3.1x	—
Q3 25	3.2x	—
Q4 25	3.6x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$25M	-$28M
Q2 22	$4M	$45.0K
Q3 22	-$2M	-$7M
Q4 22	$46.0K	-$4M
Q1 23	-$4M	-$7M
Q2 23	$3M	-$30M
Q3 23	$2M	-$2M
Q4 23	$4M	$1M
Q1 24	-$22M	-$25M
Q2 24	$7M	$5M
Q3 24	$20M	$16M
Q4 24	$6M	-$9M
Q1 25	-$11M	-$13M
Q2 25	$22M	$14M
Q3 25	$27M	$24M
Q4 25	$20M	$23M

Capital Expenditures

Quarter	CapEx
Q1 22	$3M
Q2 22	$4M
Q3 22	$5M
Q4 22	$4M
Q1 23	$3M
Q2 23	$33M
Q3 23	$4M
Q4 23	$3M
Q1 24	$3M
Q2 24	$2M
Q3 24	$4M
Q4 24	$15M
Q1 25	$2M
Q2 25	$8M
Q3 25	$3M
Q4 25	$3M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+25.8%	+18.0%
Q2 22	+18.4%	+13.6%
Q3 22	+18.1%	+18.4%
Q4 22	+20.2%	+7.5%
Q1 23	+25.4%	+11.9%
Q2 23	+19.4%	+7.0%
Q3 23	+18.1%	+13.2%
Q4 23	+21.0%	+25.0%
Q1 24	+16.4%	+20.6%
Q2 24	+15.2%	+17.5%
Q3 24	+17.9%	+15.9%
Q4 24	+16.6%	+20.5%
Q1 25	+13.6%	+8.2%
Q2 25	+17.1%	+15.3%
Q3 25	+15.8%	+8.7%
Q4 25	+13.1%	-1.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$7M	9.5%
Q2 22	$8M	8.9%
Q3 22	$7M	8.4%
Q4 22	$7M	8.2%
Q1 23	$9M	9.4%
Q2 23	$9M	8.9%
Q3 23	$9M	8.8%
Q4 23	$9M	8.7%
Q1 24	$9M	8.5%
Q2 24	$10M	8.9%
Q3 24	$10M	8.9%
Q4 24	$10M	8.4%
Q1 25	$10M	7.8%
Q2 25	$11M	8.4%
Q3 25	$12M	9.3%
Q4 25	$11M	8.0%

OpEx Breakdown

Quarter	R&D	SG&A
Q1 22	$14M	$56M
Q2 22	$15M	$62M
Q3 22	$15M	$57M
Q4 22	$14M	$56M
Q1 23	$15M	$60M
Q2 23	$17M	$64M
Q3 23	$20M	$62M
Q4 23	$21M	$67M
Q1 24	$20M	$72M
Q2 24	$20M	$74M
Q3 24	$21M	$73M
Q4 24	$35M	$72M
Q1 25	$23M	$76M
Q2 25	$29M	$78M
Q3 25	$23M	$78M
Q4 25	$23M	$78M

Revenue by Geography

Quarter	Non Us	U [S]
Q1 22	$12M	$62M
Q2 22	$13M	$71M
Q3 22	$13M	$70M
Q4 22	$14M	$74M
Q1 23	$15M	$78M
Q2 23	$16M	$85M
Q3 23	$17M	$82M
Q4 23	$18M	$89M
Q1 24	$19M	$90M
Q2 24	$21M	$96M
Q3 24	$20M	$95M
Q4 24	$23M	$102M
Q1 25	$22M	$101M
Q2 25	$26M	$111M
Q3 25	$25M	$109M
Q4 25	$26M	$114M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$28M	$83M	$111M
Q2 22	$55M	$64M	$118M
Q3 22	$49M	$74M	$123M
Q4 22	$58M	$63M	$121M
Q1 23	$77M	$59M	$136M
Q2 23	$67M	$60M	$127M
Q3 23	$81M	$52M	$133M
Q4 23	$84M	$53M	$137M
Q1 24	$65M	$41M	$106M
Q2 24	$106M	$8M	$114M
Q3 24	$130M	$0	$130M
Q4 24	$123M	$0	$123M
Q1 25	$100M	$0	$100M
Q2 25	$118M	$0	$118M
Q3 25	$148M	$0	$148M
Q4 25	$167M	$0	$167M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	46M	+0.4%	+2.0%
Q2 22	46M	+0.4%	+1.5%
Q3 22	46M	+0.3%	-0.6%
Q4 22	46M	+0.2%	+1.3%
Q1 23	46M	+0.4%	+1.3%
Q2 23	46M	+0.3%	+1.3%
Q3 23	46M	+0.3%	+1.3%
Q4 23	46M	+0.1%	+1.2%
Q1 24	47M	+0.6%	+1.3%
Q2 24	47M	+0.4%	+1.4%
Q3 24	47M	+0.4%	+1.5%
Q4 24	47M	0.0%	+1.4%
Q1 25	47M	+0.6%	+1.4%
Q2 25	48M	+0.3%	+1.4%
Q3 25	48M	+0.3%	+1.2%
Q4 25	49M	+2.5%	+3.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$85.2K	875
Q2 22	$96.6K	875
Q3 22	$95.1K	875
Q4 22	$83.8K	1K
Q1 23	$89.0K	1K
Q2 23	$96.1K	1K
Q3 23	$93.6K	1K
Q4 23	$88.8K	1K
Q1 24	$90.7K	1K
Q2 24	$96.9K	1K
Q3 24	$96.6K	1K
Q4 24	$95.6K	1K
Q1 25	$95.1K	1K
Q2 25	$104.7K	1K
Q3 25	$103.3K	1K
Q4 25	$104.1K	1K

Revenue / Employee