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Medical devices & instruments · Healthcare · Fiscal year ends Dec 31
AtriCure reported revenue of $535M in the fiscal year ended Dec 2025, up 14.9% from the year before. Operating income was −$9M, an operating margin of −1.8%, and net income was −$11M. Operating cash flow of $57M less capital expenditure of $9M left free cash flow of $48M. It held more cash than debt (net cash $106M).
Ranks among the 45 medical devices & instruments companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 274 | 330 | 399 | 465 | 535 |
| Cost of revenue | 68.5 | 84.4 | 98.9 | 118 | 134 |
| Gross profit | 206 | 246 | 300 | 348 | 401 |
| Research & development | 48.5 | 57.3 | 73.9 | 96.2 | 99.2 |
| Selling, general & admin | 205 | 231 | 253 | 291 | 311 |
| Operating income | 55.2 | −42.7 | −26.7 | −40.0 | −9.4 |
| Interest expense | 4.9 | 5.0 | 6.9 | 6.4 | 5.9 |
| Pre-tax income | 50.4 | −46.2 | −29.8 | −43.7 | −10.2 |
| Income tax | 0.2 | 0.3 | 0.6 | 1.0 | 1.3 |
| Net income | 50.2 | −46.5 | −30.4 | −44.7 | −11.4 |
| Diluted EPS | 1.09 | −1.02 | −0.66 | −0.95 | −0.24 |
| Diluted shares | 46.0 | 45.7 | 46.3 | 47.0 | 47.8 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 43.7 | 58.1 | 84.3 | 123 | 167 |
| Receivables | 33.0 | 42.7 | 52.5 | 60.3 | 66.7 |
| Inventory | 39.0 | 45.9 | 67.9 | 75.3 | 78.5 |
| Current assets | 196 | 215 | 266 | 268 | 323 |
| Net PP&E | 31.4 | 38.8 | 42.4 | 41.7 | 39.1 |
| Goodwill | 235 | 235 | 235 | 235 | 235 |
| Total assets | 615 | 585 | 614 | 609 | 654 |
| Payables | 18.6 | 19.9 | 27.4 | 25.0 | 25.3 |
| Current liabilities | 56.4 | 58.4 | 74.6 | 73.4 | 81.5 |
| Long-term debt | 59.7 | 56.8 | 60.6 | 61.9 | 61.9 |
| Total liabilities | 132 | 129 | 148 | 148 | 162 |
| Shareholders' equity | 484 | 457 | 466 | 461 | 492 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −13.8 | −22.1 | 4.5 | 12.2 | 57.3 |
| Capital expenditure | 9.8 | 16.9 | 12.0 | 11.5 | 9.1 |
| Free cash flow | −23.5 | −39.0 | −7.5 | 0.7 | 48.3 |
| Depreciation & amortisation | 7.5 | 8.1 | 9.5 | 11.2 | 12.1 |
| Stock-based compensation | 28.1 | 28.8 | 35.7 | 40.4 | 44.7 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 20.4% | 20.8% | 16.5% | 14.9% |
| Operating income growth (YoY) | – | −177.3% | – | – | – |
| EPS growth (YoY) | – | −193.6% | – | – | – |
| Gross margin | 75.0% | 74.4% | 75.2% | 74.7% | 75.0% |
| Operating margin | 20.1% | −12.9% | −6.7% | −8.6% | −1.8% |
| Net margin | 18.3% | −14.1% | −7.6% | −9.6% | −2.1% |
| Return on equityBlank when equity is negative | 10.4% | −10.2% | −6.5% | −9.7% | −2.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 9.9% | −8.1% | −4.9% | −7.5% | −1.6% |
| Free cash flow margin | −8.6% | −11.8% | −1.9% | 0.2% | 9.0% |
| Cash conversion (CFO ÷ net income) | −0.27x | 0.48x | −0.15x | −0.27x | −5.01x |
| Receivable days | 44 | 47 | 48 | 47 | 46 |
| Inventory days | 208 | 199 | 251 | 233 | 214 |
| Payable days | 99 | 86 | 101 | 78 | 69 |
| Interest cover | 11.2x | −8.56x | −3.85x | −6.25x | −1.61x |
| Debt ÷ equity | 0.12x | 0.12x | 0.13x | 0.13x | 0.13x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 16.1 | −1.3 | −23.7 | −60.9 | −106 |
| Current ratio | 3.47x | 3.69x | 3.57x | 3.65x | 3.96x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.