AtriCure, Inc. (Nasdaq: ATRC) develops and sells surgical devices for atrial fibrillation, left atrial appendage management and temporary postoperative pain relief. Its disposable instruments and generator platforms serve hospitals through direct sales and distributors.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001323885-24-000016 | Feb 16, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001323885-25-000009 | Feb 14, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001323885-26-000007 | Feb 19, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
AtriCure’s growth increasingly comes from open-heart ablation, appendage management and pain relief, while competing pulsed-field ablation catheters have reduced demand for its minimally invasive Hybrid procedures. Revenue reached $534.528 million in 2025, but the company still reported an $11.448 million GAAP net loss. First-half 2026 brought $9.063 million of GAAP profit as sales and gross margins improved, although comparisons benefited from a prior-year development charge. Cash generation strengthened, but stock compensation, working capital, clinical spending and separate financing obligations remain economically important. July guidance anticipated full-year profitability; it was not an achieved result. The unresolved SentreHEART lawsuit seeks up to $260 million plus interest. This assessment uses supplied disclosures through the July 27, 2026 filing, not a verified update through October 24.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-07-23
AtriCure sells disposable instruments used with radiofrequency or cryogenic generators, generally placing generators with direct customers and selling them to distributors. Repeat demand depends on procedures and physician adoption, rather than subscriptions. Open ablation accompanies other cardiac surgery; minimally invasive products support standalone or hybrid surgical-and-catheter procedures. AtriClip excludes the left atrial appendage, while cryogenic pain products temporarily ablate peripheral nerves. Revenue is recognized at shipment or delivery, not necessarily when surgery occurs. The company has one operating segment: product and geographic sales disclosures do not establish separate franchise profits.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
Revenue increased from $399.245 million in 2023 to $465.307 million in 2024 and $534.528 million in 2025. Management attributes growth to physician adoption, penetration and product introductions. In 2025, U.S. open ablation, pain management and appendage management grew, but minimally invasive ablation fell 31.2% to $31.475 million as physicians adopted competing PFA catheters. International revenue reached $99.156 million. GAAP operating loss narrowed to $9.447 million, supported by a 75.0% gross margin and slower expense growth. Lower PFA development expense also benefited operating results, so the operating-loss improvement was not entirely recurring operating leverage. Separately, the absence of the prior-year $1.362 million debt-extinguishment loss, classified below operating income, benefited the net-loss comparison—not operating income.
Sources: 10-K · 2023-12-31 · 10-K · 2024-12-31 · 10-K · 2025-12-31
GAAP operating cash flow reached $57.334 million in 2025 despite the net loss. Its reconciliation included $44.685 million of noncash stock compensation and a $6 million acquired-IPR&D expense whose cash payment was classified as investing. Cash capital expenditure was $9.050 million. In first-half 2026, operating cash flow was $18.196 million against $7.618 million of cash capex. Higher receivables and inventory absorbed cash, while employee-award tax withholding consumed $11.756 million in financing activities. Consequently, June cash of $167.786 million was only slightly above December’s $167.428 million. Neither stock compensation nor working-capital timing should be mistaken for permanent, cost-free funding.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
June 2026 ABL principal was $61 million, with $62.750 million of unused availability—not additional cash. The January 9 amendment, already disclosed in the latest annual filing, extended maturity to January 9, 2029, reduced pricing and removed minimum utilization; AtriCure repaid $0.865 million. Borrowing remains collateral-dependent and restricted, and current covenant headroom is not disclosed. Separate leases, property financing, clinical commitments and conditional PFA payments also matter. Capital allocation emphasizes development and commercialization rather than dividends. May 18 shareholder approvals expanded equity-plan authorizations; they did not themselves issue shares.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · 8-K · 2026-05-18
Growth depends on clinical evidence, physician training, hospital economics and product-specific approvals. Guideline recommendations do not grant new indications or guarantee reimbursement. LeAAPS completed enrollment but still requires long-term follow-up; AtriCure’s own advanced-RF/PFA technologies were unapproved in the latest annual disclosure. Ohio manufacturing concentration, limited-source suppliers and third-party sterilization create operational dependencies. Separately, the unresolved SentreHEART lawsuit seeks up to $260 million plus interest over alleged failures to pursue LARIAT approval. No liability was recognized because potential loss was not currently probable or reasonably estimable; that is not a finding of zero exposure.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
The corrected May 6 release reported first-quarter revenue of $141.249 million and GAAP net income of $0.108 million. Second-quarter revenue reached $153.604 million and net income $8.955 million, bringing first-half profit to $9.063 million. First-half gross margin improved to 77.3%, primarily through favorable mix, while the absence of a $5 million prior-year PFA charge also helped. U.S. minimally invasive sales nevertheless fell another 23.9%. On July 23, management projected 2026 revenue of $602–610 million, GAAP EPS of $0.05–0.13 and adjusted EPS of $0.24–0.32. These conditional forecasts exceed the corrected May ranges at their lower bounds; their annual EPS adjustments are not numerically reconciled.
Sources: 8-K/A · 2026-05-05 · EX-99.1 · 2026-05-05 · 10-Q · 2026-06-30 · EX-99.1 · 2026-07-23
USD 330.379 m
FY2022 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2022 | USD 330.379 m | 20.4% |
| 2021 | USD 274.329 m | — |
Consolidated medical-device and associated shipping revenue.
Sources: 10-K · 2023-12-31
USD 534.528 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 534.528 m | 14.9% |
| 2024 | USD 465.307 m | 16.5% |
| 2023 | USD 399.245 m | — |
Consolidated revenue recognized under ASC 606.
Sources: 10-K · 2025-12-31
USD 50.199 m
FY2021 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2021 | USD 50.199 m | — |
Consolidated GAAP net income, including the contingent-consideration benefit and IPR&D impairment.
Sources: 10-K · 2023-12-31
USD -46.466 m
FY2022 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2022 | USD -46.466 m | — |
Consolidated GAAP net income; negative values represent losses.
Sources: 10-K · 2023-12-31
USD -11.448 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD -11.448 m | Loss narrowed |
| 2024 | USD -44.698 m | Loss widened |
| 2023 | USD -30.438 m | — |
Consolidated GAAP net income or loss; losses are negative.
Sources: 10-K · 2025-12-31
USD -22.141 m
FY2022 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2022 | USD -22.141 m | Negative amount widened |
| 2021 | USD -13.78 m | — |
Net cash provided by or used in operating activities.
Sources: 10-K · 2023-12-31
USD 4.484 m
FY2023 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2023 | USD 4.484 m | — |
GAAP net cash provided by operating activities.
Sources: 10-K · 2025-12-31
USD 57.334 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 57.334 m | 369.8% |
| 2024 | USD 12.204 m | — |
GAAP operating cash flow; acquired IPR&D cash payments are classified in investing.
Sources: 10-K · 2025-12-31
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