Atricure Financials
This page shows Atricure (ATRC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Stable high gross margins and late-stage operating leverage are turning a once cash-burning expansion into self-funded scale.
From FY2023 to FY2025, gross margin held near75.0% while operating loss shrank to-$9.4M , which points to fixed-cost absorption rather than a change in unit economics. That shift is visible in cash: operating cash flow reached$57.3M even though net income was still-$11.4M , so the income statement is now lagging the business's cash profile.
Cash coverage of obligations is unusually comfortable: cash reached
Working capital did not manufacture the cash turnaround: inventory and receivables both rose in FY2025, yet free cash flow still climbed to
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Atricure's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Atricure has an operating margin of -1.8%, meaning the company retains $-2 of operating profit per $100 of revenue. This below-average margin results in a low score of 22/100, suggesting thin profitability after operating expenses. This is up from -8.6% the prior year.
Atricure's revenue grew 14.9% year-over-year to $534.5M, a solid pace of expansion. This earns a growth score of 77/100.
Atricure carries a low D/E ratio of 0.13, meaning only $0.13 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 3.96, Atricure holds $3.96 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 85/100.
Atricure has a free cash flow margin of 9.0%, earning a moderate score of 44/100. The company generates positive cash flow after capital investments, but with room for improvement.
Atricure generates a -2.3% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 23/100. This is up from -9.7% the prior year.
Atricure scores 6.80, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($1.8B) relative to total liabilities ($162.2M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Atricure passes 7 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Atricure generates $-5.01 in operating cash flow ($57.3M OCF vs -$11.4M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Atricure earns $-1.6 in operating income for every $1 of interest expense (-$9.4M vs $5.9M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Atricure generated $534.5M in revenue in fiscal year 2025. This represents an increase of 14.9% from the prior year.
Atricure's EBITDA was $12.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 160.0% from the prior year.
Atricure reported -$11.4M in net income in fiscal year 2025. This represents an increase of 74.4% from the prior year.
Atricure earned $-0.24 per diluted share (EPS) in fiscal year 2025. This represents an increase of 74.7% from the prior year.
Cash & Balance Sheet
Atricure generated $48.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 6381.1% from the prior year.
Atricure held $167.4M in cash against $61.9M in long-term debt as of fiscal year 2025.
Atricure had 50M shares outstanding in fiscal year 2025. This represents an increase of 1.9% from the prior year.
Margins & Returns
Atricure's gross margin was 75.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.3 percentage points from the prior year.
Atricure's operating margin was -1.8% in fiscal year 2025, reflecting core business profitability. This is up 6.8 percentage points from the prior year.
Atricure's net profit margin was -2.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 7.5 percentage points from the prior year.
Atricure's ROE was -2.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 7.4 percentage points from the prior year.
Capital Allocation
Atricure invested $99.2M in research and development in fiscal year 2025. This represents an increase of 3.2% from the prior year.
Atricure invested $9.1M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 21.0% from the prior year.
ATRC Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $141.2M+0.5% | $140.5M+4.6% | $134.3M-1.4% | $136.1M+10.1% | $123.6M-0.5% | $124.3M+7.2% | $115.9M-0.3% | $116.3M |
| Cost of Revenue | $31.9M-9.2% | $35.2M+6.8% | $32.9M-5.0% | $34.7M+11.8% | $31.0M-2.1% | $31.7M+8.7% | $29.1M-1.0% | $29.4M |
| Gross Profit | $109.3M+3.8% | $105.3M+4.0% | $101.3M-0.1% | $101.5M+9.6% | $92.6M0.0% | $92.6M+6.7% | $86.8M-0.1% | $86.8M |
| R&D Expenses | $24.2M-1.1% | $24.5M+7.0% | $22.9M-21.8% | $29.3M+30.0% | $22.5M-35.6% | $35.0M+66.8% | $21.0M+2.7% | $20.4M |
| SG&A Expenses | $84.5M+7.9% | $78.3M+0.1% | $78.2M-0.2% | $78.4M+3.1% | $76.1M+5.4% | $72.2M-1.4% | $73.2M-0.5% | $73.6M |
| Operating Income | $526K-78.9% | $2.5M+1097.6% | $208K+103.4% | -$6.2M-4.0% | -$6.0M+59.0% | -$14.5M-96.1% | -$7.4M-3.3% | -$7.2M |
| Interest Expense | $1.3M-10.9% | $1.5M+2.5% | $1.5M-1.5% | $1.5M+5.2% | $1.4M-2.4% | $1.5M-13.0% | $1.7M+3.4% | $1.6M |
| Income Tax | $286K-52.6% | $604K+233.7% | $181K-30.7% | $261K+9.2% | $239K-10.2% | $266K-17.4% | $322K+27.3% | $253K |
| Net Income | $108K-93.8% | $1.8M+757.7% | -$267K+95.7% | -$6.2M+8.3% | -$6.7M+56.7% | -$15.6M-98.2% | -$7.9M+1.9% | -$8.0M |
| EPS (Diluted) | $0.00 | N/A | $-0.01+92.3% | $-0.13+7.1% | $-0.14 | N/A | $-0.170.0% | $-0.17 |
ATRC Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $644.0M-1.6% | $654.2M+2.9% | $635.4M+4.4% | $608.8M+2.9% | $591.6M-2.9% | $609.3M-0.9% | $615.1M+3.0% | $597.3M |
| Current Assets | $313.7M-2.7% | $322.5M+7.1% | $301.1M+11.0% | $271.3M+7.9% | $251.5M-6.1% | $267.8M-0.5% | $269.3M+6.5% | $252.9M |
| Cash & Equivalents | $146.2M-12.7% | $167.4M+13.2% | $147.9M+25.5% | $117.8M+17.9% | $99.9M-18.6% | $122.7M-5.8% | $130.3M+22.9% | $106.0M |
| Inventory | $81.1M+3.4% | $78.5M-0.6% | $79.0M+3.4% | $76.3M+1.9% | $74.9M-0.6% | $75.3M-1.6% | $76.5M+3.9% | $73.7M |
| Accounts Receivable | $71.3M+7.0% | $66.7M+5.8% | $63.0M-4.6% | $66.0M+4.2% | $63.3M+4.9% | $60.3M+9.9% | $54.9M-1.2% | $55.6M |
| Goodwill | $234.8M0.0% | $234.8M0.0% | $234.8M0.0% | $234.8M0.0% | $234.8M0.0% | $234.8M0.0% | $234.8M0.0% | $234.8M |
| Total Liabilities | $152.3M-6.1% | $162.2M+2.1% | $158.9M+10.1% | $144.4M+5.4% | $137.0M-7.6% | $148.4M-1.1% | $150.0M+11.0% | $135.2M |
| Current Liabilities | $73.2M-10.2% | $81.5M+4.7% | $77.8M+13.1% | $68.8M+12.4% | $61.2M-16.6% | $73.4M-1.4% | $74.4M+21.6% | $61.2M |
| Long-Term Debt | $61.0M-1.4% | $61.9M0.0% | $61.9M0.0% | $61.9M0.0% | $61.9M0.0% | $61.9M0.0% | $61.9M0.0% | $61.9M |
| Total Equity | $491.7M0.0% | $491.9M+3.2% | $476.5M+2.6% | $464.5M+2.2% | $454.6M-1.4% | $461.0M-0.9% | $465.0M+0.6% | $462.1M |
| Retained Earnings | -$413.1M0.0% | -$413.2M+0.4% | -$415.0M-0.1% | -$414.7M-1.5% | -$408.5M-1.7% | -$401.8M-4.0% | -$386.2M-2.1% | -$378.3M |
ATRC Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$4.0M-120.0% | $20.0M-25.0% | $26.7M+23.6% | $21.6M+296.1% | -$11.0M-288.9% | $5.8M-70.8% | $20.0M+171.1% | $7.4M |
| Capital Expenditures | $3.9M+140.4% | $1.6M-38.5% | $2.6M-2.1% | $2.7M+22.1% | $2.2M-19.0% | $2.7M-25.4% | $3.6M+51.3% | $2.4M |
| Free Cash Flow | -$7.8M-142.6% | $18.4M-23.6% | $24.1M+27.2% | $19.0M+243.5% | -$13.2M-520.2% | $3.1M-80.8% | $16.4M+228.2% | $5.0M |
| Investing Cash Flow | -$3.9M-48.0% | -$2.6M+0.1% | -$2.6M+66.0% | -$7.7M-355.8% | -$1.7M+88.6% | -$14.7M-434.5% | $4.4M-85.8% | $30.9M |
| Financing Cash Flow | -$13.3M-731.8% | $2.1M-64.9% | $6.0M+75.0% | $3.4M+133.1% | -$10.3M-694.1% | $1.7M+621.9% | -$333K-111.7% | $2.9M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
ATRC Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 77.4%+2.4pp | 75.0%-0.5pp | 75.5%+0.9pp | 74.5%-0.4pp | 74.9%+0.4pp | 74.5%-0.4pp | 74.9%+0.2pp | 74.7% |
| Operating Margin | 0.4%-1.4pp | 1.8%+1.6pp | 0.1%+4.7pp | -4.5%+0.3pp | -4.8%+6.9pp | -11.7%-5.3pp | -6.4%-0.2pp | -6.2% |
| Net Margin | 0.1%-1.2pp | 1.3%+1.5pp | -0.2%+4.3pp | -4.5%+0.9pp | -5.5%+7.1pp | -12.5%-5.8pp | -6.8%+0.1pp | -6.9% |
| Return on Equity | 0.0%-0.3pp | 0.4%+0.4pp | -0.1%+1.3pp | -1.3%+0.2pp | -1.5%+1.9pp | -3.4%-1.7pp | -1.7%+0.0pp | -1.7% |
| Return on Assets | 0.0%-0.3pp | 0.3%+0.3pp | -0.0%+1.0pp | -1.0%+0.1pp | -1.1%+1.4pp | -2.5%-1.3pp | -1.3%+0.1pp | -1.3% |
| Current Ratio | 4.29+0.3 | 3.96+0.1 | 3.87-0.1 | 3.94-0.2 | 4.11+0.5 | 3.65+0.0 | 3.62-0.5 | 4.13 |
| Debt-to-Equity | 0.120.0 | 0.130.0 | 0.130.0 | 0.130.0 | 0.140.0 | 0.130.0 | 0.130.0 | 0.13 |
| FCF Margin | -5.6%-18.7pp | 13.1%-4.9pp | 18.0%+4.0pp | 13.9%+24.6pp | -10.7%-13.2pp | 2.5%-11.6pp | 14.1%+9.8pp | 4.3% |
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Frequently Asked Questions
What is Atricure's annual revenue?
Atricure (ATRC) reported $534.5M in total revenue for fiscal year 2025. This represents a 14.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Atricure's revenue growing?
Atricure (ATRC) revenue grew by 14.9% year-over-year, from $465.3M to $534.5M in fiscal year 2025.
Is Atricure profitable?
No, Atricure (ATRC) reported a net income of -$11.4M in fiscal year 2025, with a net profit margin of -2.1%.
What is Atricure's EBITDA?
Atricure (ATRC) had EBITDA of $12.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Atricure have?
As of fiscal year 2025, Atricure (ATRC) had $167.4M in cash and equivalents against $61.9M in long-term debt.
What is Atricure's gross margin?
Atricure (ATRC) had a gross margin of 75.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Atricure's operating margin?
Atricure (ATRC) had an operating margin of -1.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Atricure's net profit margin?
Atricure (ATRC) had a net profit margin of -2.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Atricure's return on equity (ROE)?
Atricure (ATRC) has a return on equity of -2.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Atricure's free cash flow?
Atricure (ATRC) generated $48.3M in free cash flow during fiscal year 2025. This represents a 6381.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Atricure's operating cash flow?
Atricure (ATRC) generated $57.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Atricure's total assets?
Atricure (ATRC) had $654.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Atricure's capital expenditures?
Atricure (ATRC) invested $9.1M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Atricure spend on research and development?
Atricure (ATRC) invested $99.2M in research and development during fiscal year 2025.
What is Atricure's current ratio?
Atricure (ATRC) had a current ratio of 3.96 as of fiscal year 2025, which is generally considered healthy.
What is Atricure's debt-to-equity ratio?
Atricure (ATRC) had a debt-to-equity ratio of 0.13 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Atricure's return on assets (ROA)?
Atricure (ATRC) had a return on assets of -1.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Atricure's Altman Z-Score?
Atricure (ATRC) has an Altman Z-Score of 6.80, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Atricure's Piotroski F-Score?
Atricure (ATRC) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Atricure's earnings high quality?
Atricure (ATRC) has an earnings quality ratio of -5.01x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Atricure cover its interest payments?
Atricure (ATRC) has an interest coverage ratio of -1.6x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Atricure?
Atricure (ATRC) scores 59 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.