Quality Investor

AtriCure, Inc.

Rank #51StartupWatchlistCompare with other stocks

ATRC · Nasdaq · Healthcare

AtriCure, Inc. (ATRC) — Rank #51 by gross profitability (GP/assets 0.59) · ROE -2.2% · Piotroski F-Score 7 / 9.

As-of 2026-10-30 · CIK 0001323885 · all metrics point-in-time as of the filing date.

About

AtriCure, Inc. engages in the development, manufacture, and sale of devices for surgical ablation of cardiac tissue, exclusion of the left atrial appendage, and temporarily blocking pain by ablating peripheral nerves to medical centers in the United States, the Asia-Pacific, and internationally.

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It offers Isolator Synergy Ablation System clamps, a single-use disposable radio frequency products; multifunctional pens and linear ablation devices, a single-use disposable RF products for the treatment of cardiac arrhythmias; cryoICE Cryoablation System that enables the user to make linear ablations of varied lengths; and EPi-Sense Systems, a single-use disposable device used for the treatment of symptomatic, drug-refractory, and long-standing persistent atrial fibrillation. It also provides cryoSPHERE probe, which provides temporary pain relief by applying cryothermic energy to targeted intercoastal peripheral nerves in the ribcage; AtriClip System, an implantable device coupled to a single-use disposable applier; cryoXT probes, a cryoablation device designed specifically for Cryo Nerve Block therapy; LARIAT System, a solution for soft-tissue closure; Lumitip dissectors to separate tissues to provide access to key anatomical structures that are targeted for ablation; Glidepath guides for placement of clamps; and Subtle Cannula's to support access for EPi-Sense catheters. In addition, the company sells various reusable cardiac surgery instruments. It markets and sells its products through independent distributors and direct sales personnel.

The company was incorporated in 2000 and is headquartered in Mason, Ohio.

Industry
Medical Instruments & Supplies
Sector
Healthcare
State
DE
Filer Category
Large accelerated filer
Fiscal Year End
December 31

Company Snapshot

P/S is the primary valuation lens for pre-profit companies.

Market Cap

—

P/E (annual)

—

P/S (annual)

—

P/B

—

P/OCF (annual)

—

Shareholder Yield

—

Employees

1,350

Industry

Medical Instruments & Supplies

Exchange

Nasdaq

12/12

Flags passed

ATRC passes 12/12 quality flags

  • PASS
    Gross margin holding
  • PASS
    Dilution within 2%
  • PASS
    FCF not negative from investment
  • PASS
    Disclosure consistent
  • PASS
    Revenue not declining
  • PASS
    Operating margin holding
  • PASS
    Free cash flow intact
  • PASS
    Passes safety gate
  • PASS
    Balance sheet stable
  • PASS
    No competitive retreat
  • PASS
    SBC not compressing margin
  • PASS
    No valuation convergence

Strengths Sequential beat (rev + EPS)

A count of the 12 warning flags that could be evaluated. Unweighted: colour follows the worst flag.

Quality Profile

Profitability

1/1 pass
GP / assets
0.59
Return on equity
-2.2%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.31
Current ratio
4.22×
Net cash
$106.79M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
8.4%

Growth

2/2 pass
Revenue growth
14.9%
Piotroski F-Score
7 / 9
Share dilution
1.7%

Burn rate (cash flow) is the primary read at this stage — TAM and product-market fit aren't metrics this dashboard tracks.

Profitability

Does it make money well?

No warning flags · GP/assets 68th percentile of 20 SIC 3841 peers

Gross profitability (GP / assets)

0.59

Primary signal (Novy-Marx).

68th pctl of 20 SIC 3841 peers

Return on equity

-2.2%

Gross margin

75.0%

95th pctl of 20 SIC 3841 peers

Revenue growth (YoY)

14.9%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

17.4%

Revenue CAGR (5Y)

20.9%

Earnings CAGR (3Y)

—

FCF CAGR (3Y)

—

Cash Flow Health

Is the cash real?

No warning flags · FCF 522% above net income

Free cash flow

$48.28M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF vs net income

521.8%

(FCF − net income) ÷ |net income|. Positive: cash above earnings. Negative: below.

FCF not below net income

Fails when free cash flow is below net income (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

8.4%

Stock-based comp intensity.

Balance Sheet Strength

Can it survive a storm?

No warning flags · net cash $106.79M, F-Score 7/9

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.31

4th of 19 SIC 3841 peers (best = lowest)

Current ratio

4.22×

84th pctl of 20 SIC 3841 peers

Quick ratio

3.02×

Net cash

$106.79M

Cash & equivalents minus total debt.

Piotroski F-Score

7 / 9

Fundamental-strength score (0-9).

Valuation

Is the price reasonable?

No warning flags

Capital allocation quality

Composite score

3.3 / 5

Good
Share count trend
1.7%2/5 Fair
Buyback timing
N/AN/A
Dividend growth consistency(non-payer or broken streak)
0 yr3/5 Good
Net debt trajectory(deleveraging)
6.8%5/5 Strong

Lifecycle Phase History

20202025
Decline
Hypergrowth
Startup

Price History

ATRC-23.2% · -5.1% CAGRSPY+82.9% · +12.8% CAGR