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AtriCure, Inc.
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$2.4B
Market Cap
63.8
P/E
PEG
-2.6%
ROCE
-2.4%
ROE
0.15
D/E
-1.8%
OPM
-2.3%
% from 52W High
91
α RS
🔍 ATRC is showing a sector-leadership setup because Sector RRG has Health Care in the Leading quadrant with the trail still rolling over, it matches 2 of 37 tracked screener presets, and RS Rating is 91 (top decile vs market). Net: Broad signal stack, not a recommendation. ? RRG Conviction RS Rating
Sources
Health Care in Leading quadrant · Conviction 2/37 · RS Rating 91
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🌏 Global Investor Returns
Currency-adjusted total returns for ATRC including FX impact
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📈 Price History
Ratio Health
Excellent
Good
Average
Poor
By Category
📊 Sector Averages
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.

Key Ratios Snapshot
📈 Growth Pattern
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⭐ Superinvestors Holding ATRC
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 308.7K $8.8M 0.01% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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📊 MIXED Q1 revenue $141M (+14%), BoxX-NoAF trial enrollment ahead of schedule.
Revenue & Profitability
Q1 2026 revenue $141.2M (+14.3% reported, +12.8% constant currency). US revenue $116.2M (+14.9%), international $25M (+11.5% reported, +3.3% constant currency). Gross margin 77.4% (+246 bps). Adjusted EBITDA $17.1M (95% increase vs $8.8M). Net income ~$100k vs net loss $6.7M. EPS $0.00 vs -$0.14. Cash and investments $146M.
Outlook
Management reiterates full-year 2026 revenue guidance of $600-610M (12-14% growth) and adjusted EBITDA $80-82M. They expect continued strong growth in pain, open ablation, and appendage management, partially offset by MIS ablation headwinds and international uncertainties (UK, lumpy Asia distributor orders). The STS quality metric for Afib treatment is seen as a durable tailwind.
Growth Drivers
Key growth drivers are pain management (cryoSPHERE MAX 70% of pain sales, cryoXT for amputations), open ablation (EnCompass Clamp adoption), and appendage management (AtriClip FLEX-Mini share gains to 40% of US open appendage revenue). International growth is fueled by new product launches, including CE Mark for FLEX-Mini and PRO-Mini in Europe, and expansion in China and Japan.
Balance Sheet & CapEx
Not discussed in this earnings call.
Margins
Q1 gross margin was 77.4%, up 246 bps due to favorable product/geographic mix. For full year 2026, management expects modest gross margin improvement over 2025, but new manufacturing facilities coming online in H2 2026 will add cost burden. Operating expenses: R&D up 7.6% due to BoxX-NoAF acceleration; SG&A up 11.2% supporting growth. Adjusted EBITDA margin is improving.
Key Risks
Risks flagged include continued headwinds in MIS ablation from PFA catheter adoption, international uncertainties (UK NHS, lumpy Asia distributor orders), cost burden from accelerated BoxX-NoAF enrollment, competitive pressure from Medtronic and potential Edwards entry, and manufacturing scale-up costs. No other specific risks discussed.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-23
Q2 2026 saw 12.8% revenue growth, strong profitability, and margin expansion, led by pain management and appendage management. Strategic clinical trials and new product launches support future growth, while guidance for 2026 was raised for both revenue and adjusted EBITDA.
Q1 2026 Q1 2026 2026-05-05
Q1 2026 revenue grew 14% year-over-year to $141.2 million, with strong gains in pain management, open ablation, and appendage management. Adjusted EBITDA nearly doubled, and BoxX-NoAF trial enrollment is ahead of schedule, supporting a positive outlook for 2026.
Q4 2025 Q4 2025 2026-02-17
2025 saw 15% revenue growth, margin expansion, and strong cash generation, led by pain management and open ablation. 2026 guidance projects 12–14% growth, with continued innovation, positive cash flow, and margin improvement, despite competitive and reimbursement headwinds.
Q3 2025 Q3 2025 2025-10-29
Third quarter revenue grew 15.8% year-over-year to $134.3 million, with strong gains in appendage management, open ablation, and pain management. Adjusted EBITDA and cash generation exceeded expectations, prompting raised full-year guidance and continued investment in innovation and clinical trials.
Q2 2025 Q2 2025 2025-07-29
Q2 2025 revenue rose 17% year-over-year to $136.1M, with strong growth in appendage management and pain management. Adjusted EBITDA more than doubled, and 2025 guidance was raised for both revenue and profitability, despite ongoing hybrid therapy pressures.
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📊 Analysis Methodology

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
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No Investment Recommendation:
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Information Sources:
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