AtriCure, Inc.
Rank #54HypergrowthATRC · Nasdaq · Healthcare
AtriCure, Inc. (ATRC) — Rank #54 by gross profitability (GP/assets 0.59) · ROE -2.2% · Piotroski F-Score 6 / 9.
As-of 2026-09-15 · 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
- Website
- atricure.com
Price History
Company Snapshot
P/S is the primary valuation lens — earnings are reinvested, not available for P/E.
Market Cap
$2.86B
P/E (annual)
—
P/S (annual)
5.3
P/B
5.5
P/OCF (annual)
49.9
Shareholder Yield
-38.1%
Employees
1,350
Industry
Medical Instruments & Supplies
Exchange
Nasdaq
Signal Flags
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
3/3 passGrowth
1/2 passTerry Smith quality gate
Passes 1/5 Terry Smith thresholds2 of 5 thresholds not computable from filed data.
What Growth Is Priced In
Implied revenue growth (10Y)
21.7%
The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).
Dilution drag: 38.1% — per-share value needs a total required return of 59.7% once share-count change is priced in.
vs. own 6-year median revenue growth: 18.1%
within its own historyCost-of-equity sensitivity (implied growth at different discount rates)
r = 8%
16.6%
r = 10% (base)
21.7%
r = 12%
26.1%
Net debt / market cap: -4.0%
Valuation History
Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.
P / S
Price / revenue per share
P / B
Price / book value per share
P / GP
Price / gross profit per share
Disclosure regression check
2 previously-disclosed line items are no longer reported. Worth checking the filing for why.
Revenue growth and the path to profitability (margin trend) are the primary reads at this stage.
Profitability
Gross profitability (GP / assets)
0.59
Primary signal (Novy-Marx).
5th of 17 SIC 3841 peers
Return on equity
-2.2%
Gross margin
75.0%
2nd of 17 SIC 3841 peers
Revenue growth (YoY)
205.9%
Gross margin improving
Margin trend vs prior year.
Operating Leverage
| 2015 | 2016 | 2017 | 2018 | |
|---|---|---|---|---|
| Revenue vs COGS | ||||
| Revenue vs OpEx | ||||
| Op. Income vs Revenue |
Anti-fragile safety
Balance-sheet safety
Composite anti-fragile check.
Debt / equity
0.31
4th of 16 SIC 3841 peers (best = lowest)
Current ratio
4.22×
4th of 17 SIC 3841 peers
Quick ratio
3.02×
Net cash
$106.79M
Cash & equivalents minus total debt.
Cash-flow health
Free cash flow
$48.28M
Operating cash flow minus capex.
Positive free cash flow
FCF / net income
5.22
Cash-backing of earnings.
FCF/NI divergence
Unfavorable divergence (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
8.4%
Stock-based comp intensity.
Piotroski F-Score
F-Score
6 / 9
Fundamental-strength score (0-9).
Lifecycle Phase History
Lynch sell alert: Turnaround stalled
Classified startup for 2 consecutive fiscal years (2017-12-31, 2018-12-31) with no recovery to a healthier phase -- Lynch's turnaround rule: if it hasn't turned around by now, assume it isn't going to.