AtriCure, Inc.

AtriCure, Inc.

ATRCยทNASDAQ

$26.20

+1.3%
HealthcareMedical - Instruments & Supplies

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 Synergy Clamps, a single-use disposable radio frequency products; multifunctional pens and linear ablation devices, such as the MAX Pen device that enables surgeons to evaluate cardiac arrhythmias, perform temporary cardiac pacing, sensing, and stimulation and ablate cardiac tissue with the same device; and the Coolrail device, which enable users to make longer linear lines of ablation. It also provides cryoICE Cryoablation System that enables the user to make linear ablations of varied lengths; EPi-Sense Guided Coagulation System, a single-use disposable device used for the treatment of symptomatic, drug-refractory, and long-standing persistent atrial fibrillation; AtriClip System, an implantable device coupled to a single-use disposable applier; and LARIAT System, a suture-based solution for soft-tissue closure compatible with a range of anatomical shapes. In addition, the company sells Lumitip Dissectors to separate tissues to provide access to key anatomical structures that are targeted for ablation; Glidepath guides for placement of clamps; Subtle Cannula's to support access for EPi-Sense catheters; and various reusable cardiac surgery instruments, which are used during surgical procedures for repair or replacement of certain heart valves. 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.

At a Glance

Live Snapshot
Market Cap$1.33B
EPS-0.2400
P/E Ratio-109.17
Earnings Date08/04/2026

Intrinsic Alpha Methodology

Thesis Lenses

Signal ยท Driver ยท Risk

Signal

Medium confidence

Valuation multiple is compressed (P/E -109.2).

Valuation inputs: P/E -109.2, earnings yield N/A, momentum +1.3%.

If multiples stay elevated while momentum fades, downside repricing risk rises.

Driver

High confidence

Return profile is soft (ROE -2.3%, ROIC -0.6%).

Profitability stack: net margin -2.1%, ROE -2.3%, ROIC -0.6%.

Quality deterioration often appears in margins before it shows up in headline EPS.

Risk

High confidence

Risk profile is balanced but has notable pressure points to monitor.

Risk factors: liabilities/assets +24.8%, momentum +1.3%, net margin -2.1%.

Higher leverage with weak momentum and thin margins can amplify drawdown severity.

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AtriCure, Inc. Market vs Earnings Trajectory

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AtriCure, Inc.

AtriCure, Inc. Fair Value Envelope

ATRC ยท NASDAQ

Our analysis suggests that ATRC has a fair value of HIDDEN per share in the Base Case projection. With shares currently trading at $26.2, this represents a potential HIDDEN relative to our calculated worth for AtriCure, Inc..

Intrinsic Value
Current Price: $26.2
3Y-76.0%
5Y-79.0%
10Y-77.0%
3Y+62.0%
5Y+159.0%
10Y+245.0%
3Y-75.0%
5Y-76.0%
10Y-66.0%
3Y-359.0%
5Y-389.0%
10Y-479.0%
3Y-224.0%
5Y-292.0%
10Y-312.0%
3Y+12.0%
5Y-8.0%
10Y+137.0%
AtriCure, Inc.

AtriCure, Inc. Profit Bridge

ATRC ยท NASDAQ
Revenue534.53M
Cost of Goods Sold (136.79M)
Gross Profit397.74M
Operating Expenses (401.19M)
Operating Income-3.45M
Interest Expense (5.88M)
Other Income/Expense-6.72M
Pretax Income-10.16M
Income Tax (1.28M)
Net Income-11.45M
Net Income
-11.45M

Profitability Analysis

Gross Margin

74.4%

Exceptional pricing power and cost management. The company retains over half of revenue after direct costs.

Operating Margin

-0.6%

Operating losses indicate the core business is unprofitable. Requires restructuring or revenue growth.

Net Profit Margin

-2.1%

Net losses indicate the company is burning cash. Sustainability depends on path to profitability.

Profitability Insight

Margin squeeze alert: Healthy gross margins but weak operating margins suggest excessive operating expenses. Cost optimization could unlock significant value.

74.41%
Gross Profit Margin
3Y-
5Y+3.0%
10Y+4.0%
-0.64%
Operating Profit Margin
-93%
3Y-95.0%
5Y-97.0%
10Y-97.0%
-2.14%
Net Profit Margin
-78%
3Y-85.0%
5Y-91.0%
10Y-90.0%
-2.33%
Return on Equity
-76%
3Y-77.0%
5Y-80.0%
10Y-88.0%
-1.75%
Return on Assets
-76%
3Y-78.0%
5Y-74.0%
10Y-85.0%
-0.60%
Return on Invested Capital
-92%
3Y-93.0%
5Y-91.0%
10Y-95.0%
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AtriCure, Inc. Cash Conversion Engine

ATRC ยท NASDAQ
Net Income-11.45M
Depreciation & Amortization20.53M
Stock-Based Compensation44.69M
Change in Working Capital-4.29M
Others7.85M
Capital Expenditures-9.05M
Free Cash Flow48.28M

Cash Flow Quality Analysis

FCF Conversion Rate

-421.8%

Negative free cash flow despite positive earnings raises concerns about cash generation ability or heavy capital requirements.

CapEx Intensity

15.8%

Asset-light business model. Low capital requirements leave more cash available for shareholders and growth investments.

FCF Growth Trend

+529.0%

Strong FCF growth demonstrates improving cash generation and business momentum. Positive signal for sustainability.

Working Capital Impact

-$4.29M

Minimal working capital impact on FCF. Changes in operating assets and liabilities well-managed.

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AtriCure, Inc. Funding & Solvency Profile

ATRC ยท NASDAQ
Cash & Cash Equivalents146.16M
Net Receivables71.31M
Inventory81.14M
Other Current Assets15.07M
Total Current Assets314 M
Property, Plant & Equipment46.19M
Goodwill & Intangible Assets280.42M
Long-Term Investments0.00
Other Non-Current Assets3.69M
Total Non-Current Assets50 M
Total Assets
643.99M

Financial Health Analysis

Current Ratio

4.29x

Excellent liquidity position. The company can easily cover its short-term obligations with substantial cushion.

Debt-to-Equity Ratio

0.31x

Conservative capital structure. The company relies primarily on equity financing, indicating low financial risk.

Working Capital

241 M

Strong working capital position provides significant operational flexibility and financial cushion.

Asset Composition

49% Current

Balanced asset mix between current and non-current assets, typical of many stable businesses.

Financial Health Insight

Strong financial foundation: Excellent liquidity combined with conservative leverage suggests the company is well-positioned to weather economic uncertainties and fund growth opportunities.

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AtriCure, Inc. Street Expectations Map

ATRC ยท NASDAQ

Wall Street analysts project that ATRC stock may rise significantly over the coming 12 months. The consensus 1-year price target stands at 51.33, with estimates ranging from a low of 44.00 to a high of 55.00.

Lowest Target
44.00
67.94%
Consensus Target
51.33
95.92%
Highest Target
55.00
109.92%

The consensus 1-year price target stands at 51.33, with estimates ranging from a low of 44.00 to a high of 55.00.

Analyst Consensus Analysis

Upside Potential

+95.9%

Substantial upside potential. Analysts see significant value gap, suggesting the stock may be materially undervalued at current levels.

Analyst Agreement

21.4% spread

Good consensus alignment. Moderate target spread reflects general agreement on value drivers with some variance in assumptions.

Analyst Conviction

Very High

Strong buy conviction: High upside with tight consensus suggests compelling investment opportunity backed by analyst confidence.

Market Sentiment Insight

Rare opportunity: Exceptional upside potential with strong analyst consensus creates a compelling setup. The combination of significant price target premium and tight agreement suggests high-conviction undervaluation that may attract institutional capital.

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AtriCure, Inc. Insider Positioning

ATRC ยท NASDAQ

During the last 12 months, insiders have purchased $100K and sold $1.16M worth of ATRC shares, resulting in $1.06M of net selling activity.

3 Months

Bought

0

0.00

Sold

13.0K

375.75K

Net Activity

-376K

-$376K

3-6 Months

Bought

0

0.00

Sold

0

0.00

Net Activity

+0

+$0

6-9 Months

Bought

0

0.00

Sold

21.2K

785.28K

Net Activity

-785K

-$785K

9-12 Months

Bought

5.0K

99.75K

Sold

0

0.00

Net Activity

+100K

+$100K

Top Buyers

1
WS

Wehrwein Sven

Director

5.0K sharesโ€ข1 transactions

$100K

Top Sellers

1
WS

Wehrwein Sven

Director

10.0K sharesโ€ข2 transactions

$377K

2
NJJ

Noznesky Justin J

Officer: Chief Mktg & Strategy Officer

8.2K sharesโ€ข2 transactions

$302K

3
DV

Doraiswamy Vinayak

Officer: Chief Scientific Officer

10.0K sharesโ€ข2 transactions

$290K

4
YM

Yuen Maggie

Director

3.0K sharesโ€ข1 transactions

$107K

5
PK

Prange Karen

Director

3.0K sharesโ€ข1 transactions

$86K

Insider Activity Analysis

Net Insider Sentiment

Bearish

Strong bearish signal with $1.06M net selling. Heavy insider selling may indicate concerns about valuation or near-term prospects.

Buy/Sell Ratio

0.09:1

Very poor ratio. Heavy selling with minimal buying suggests insiders may be concerned about valuation or outlook.

Recent Trend (3 Months)

$376K

Heavy recent selling activity. Recent insider sales notably exceed purchasesโ€”may warrant investigation into company developments.

Insider Participation

High Selling

5 insider sellers vs. 1 buyers. Widespread selling across multiple insiders may signal concerns.

Insider Activity Insight

Multiple red flags: Heavy selling, numerous sellers, and continued recent selling create a concerning pattern. Investigate fundamental drivers and consider whether company guidance or industry conditions have deteriorated.

0.00%
Dividend Yield
3Y-
5Y-
10Y-
ย 

atrc Dividend History

ATRC
10Y CAGR +0%
Latest $0
Annual $0
Stable dividend payments
Last Period: +0%