AtriCure, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data AtriCure, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	155	175	202	231	207	274	330	399	465	535
Cost of revenue	44	48.6	54.5	60.5	57.2	68.5	84.4	98.9	118	134
Gross profit	111	126	147	170	149	206	246	300	348	401
Research and development	35.8	34.1	34.7	41.2	43.1	48.5	57.3	73.9	96.2	99.2
Selling, general and administrative	106	117	130	167	151	205	231	253	291	311
Operating expenses	142	151	164	203	194	151	289	327	388	410
Operating income	-31.1	-25	-17.1	-33.1	-44.2	55.2	-42.7	-26.7	-40	-9.45
Interest expense	1.8	2.26	4.61	4.11	4.89	4.92	4.99	6.93	6.41	5.88
Interest income	0.23	0.23	1.01	2.4	1.1	0.47	1.99	3.79	4.43	4.48
Other non-operating income	-0.59	0.14	-0.18	-0.16	-0.02	-0.37	-0.54	-0.03	-0.33	0.68
Pre-tax income	-33.3	-26.9	-20.9	-35	-48	50.4	-46.2	-29.8	-43.7	-10.2
Income tax	0.04	0.01	0.23	0.2	0.11	0.19	0.27	0.59	1.02	1.29
Net income	-33.3	-26.9	-21.1	-35.2	-48.2	50.2	-46.5	-30.4	-44.7	-11.4
EBITDA	-23.5	-17.2	-9.88	-25.7	-36.4	62.7	-34.6	-17.2	-28.8	2.64
EPS, basic	-1.05	-0.83	-0.62	-0.94	-1.14	1.11	-1.02	-0.66	-0.95	-0.24
EPS, diluted	-1.05	-0.83	-0.62	-0.94	-1.14	1.09	-1.02	-0.66	-0.95	-0.24
Shares, basic (weighted)	31.6	32.4	34.1	37.6	42.1	45.1	45.7	46.3	47	47.8
Shares, diluted (weighted)	31.6	32.4	34.1	37.6	42.1	46	45.7	46.3	47	47.8

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	24.2	21.8	32.2	28.5	41.9	43.7	58.1	84.3	123	167
Short-term investments	19.8	12.6	92.2	53.3	202	75.4	63	53	0
Receivables	21.1	23.1	25.2	28	23.1	33	42.7	52.5	60.3	66.7
Inventory	17.7	22.5	22.5	29.4	35	39	45.9	67.9	75.3	78.5
Other current assets	2.95	2.27	2.59	3.9	4.35	5	5.48	8.56	9.43	9.94
Total current assets	85.7	82.3	175	143	307	196	215	266	268	323
Property, plant and equipment	30	28.7	27.1	32.6	28.3	31.4	38.8	42.4	41.7	39.1
Lease right-of-use assets				4.03	1.91	4.76	3.79	4.32	5.73	6.87
Goodwill	105	105	105	235	235	235	235	235	235	235
Intangible assets	52.1	50.8	49.3	130	128	43	39.3	64	56.5	48
Long-term investments	3			12.7	14.2	104	51.5	0
Other non-current assets	0.32	0.68	0.5	0.71	0.44	0.96	1.99	2.16	2.87	2.86
Total assets	276	268	357	558	715	615	585	614	609	654
Accounts payable	10.7	12.4	9.66	14.9	12.7	18.6	19.9	27.4	25	25.3
Accrued liabilities	16.5	18.9	25.8	32.8	28	36.1	33	44.7	45.6	53.1
Short-term debt	1.69	0.56	4.43		6.67		5.47	2.53	2.81
Total current liabilities	28.8	31.9	40.2	49.9	49.1	56.4	58.4	74.6	73.4	81.5
Long-term debt	23.9	24.1	35.6	59.6	53.4	59.7	56.8	60.6	61.9	61.9
Lease liabilities				2.8	1.18	4.07	3.1	3.31	4.58	5.54
Other non-current liabilities	41.9	37.8	19.4	186	187	1.22	1.23	1.23	1.21	7.34
Total liabilities	108	107	107	311	302	132	129	148	148	162
Total debt	23.9	24.1	35.6	60	60	60	60	60.6	61.9	61.9
Paid-in capital	368	387	497	530	742	765	787	824	864	905
Retained earnings	-199	-226	-247	-282	-330	-280	-327	-357	-402	-413
Other comprehensive income	-0.47	0.03	-0.2	-0.16	0.31	-0.95	-4.1	-0.99	-1.04	0.57
Shareholders' equity	168	161	249	247	412	484	457	466	461	492
Total equity	168	161	249	247	412	484	457	466	461	492
Total liabilities and equity	276	268	357	558	715	615	585	614	609	654
Shares outstanding	33.3	34.6	38.6	39.7	45.3	46	46.6	47.5	48.9	49.8

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-33.3	-26.9	-21.1	-35.2	-48.2	50.2	-46.5	-30.4	-44.7	-11.4
Depreciation and amortization	7.66	7.76	7.24	7.42	7.87	7.53	8.06	9.46	11.2	12.1
Stock-based compensation	11.7	14.6	16.5	18	22.6	28.1	28.8	35.7	40.4	44.7
Deferred income tax		-0.1	0.05	0.03	-0.01	0.02	0.01	-0.02	0.01	-0.06
Change in receivables	-1.98	-1.46	-2.84	-3.2	5.09	-10.1	-8.99	-9.87	-8.3	-5.61
Change in inventory	-0.08	-4.48	-0.15	-5.15	-5.27	-4.27	-7.31	-21.8	-7.74	-2.26
Change in payables	-1.07	1.29	-2.4	2.79	-1.56	4.71	2.68	6.18	-1.53	-0.96
Cash from operations	-15.1	-8.94	-4.17	-15.8	-19.9	-13.8	-22.1	4.48	12.2	57.3
Capital expenditures	-7.69	-6.38	-6.21	-12.2	-5.26	-9.75	-16.9	-12	-11.5	-9.05
Acquisitions				-17.2	0	0
Purchases of investments				-73.2	-227	-173	-24.6	0	0
Cash from investing	-12.1	3.76	-85.4	-2.15	-156	23.5	44	21.8	30.2	-14.6
Debt issued			17.4	20	0	5	0	0	61.2	0
Stock issued	3.34	4.4	82.9	0	189	0	0	2.32	1.02	1.37
Cash from financing	27.7	2.76	100	14.4	189	-7.64	-7.06	-0.03	-3.6	1.18
Exchange rate effect	-0.05	0.02	-0.18	-0.16	0.14	-0.37	-0.36	-0.06	-0.42	0.75
Net change in cash	0.44	-2.4	10.4	-3.75	13.5	1.71	14.4	26.2	38.4	44.7
Free cash flow	-22.8	-15.3	-10.4	-28	-25.1	-23.5	-39	-7.51	0.75	48.3
Interest paid	1.51	2	3.87	3.72	4.37	4.22	4.27	6.38	5.95	5.26
Income taxes paid	0.03	0.04	0.07	0.26	0.22	0.19	0.19	0.4	0.62	1.29

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $58.38 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	76.3%	Gross profit / revenue.
Operating margin	2.3%	Operating income / revenue.
EBITDA margin	4.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	2.1%	Pre-tax income / revenue.
Net margin	1.9%	Net income / revenue.
FCF margin	9.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	11.4%	Cash from operations / revenue.
Effective tax rate	12.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	2.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.6%	Net income / average total assets.
Return on invested capital (ROIC)	2.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	17.2%	Research and development expense / revenue.
SG&A / revenue	56.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	8.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.1%	Capital expenditures / revenue.
D&A / revenue	2.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	14.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	17.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	20.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	15.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	17.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	21.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	369.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	6,381.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	6.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	3.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	7.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-1.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	2.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	4.22x	Current assets / current liabilities.
Quick ratio	3.02x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.05x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.12x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	9.0%	Total debt / total assets.
Liabilities / assets	23.7%	Total liabilities / total assets.
Net debt	-$106.8M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-4.31x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.29x	Operating income / interest expense.
Working capital	$263.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	41.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$238.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.84x	Revenue / average total assets.
Fixed asset turnover	13.4x	Revenue / average property, plant and equipment.
Inventory turnover	1.61x	Cost of revenue / average inventory.
Days inventory	227 days	365 x average inventory / cost of revenue.
Receivables turnover	7.12x	Revenue / average receivables.
Days sales outstanding	51 days	365 x average receivables / revenue.
Days payables	97 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	181 days	Days inventory + days sales outstanding - days payables.
FCF conversion	503.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	18.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.22	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$11.66	Revenue / diluted weighted shares.
FCF per share	$1.09	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.33	Cash from operations / diluted weighted shares.
Book value per share	$10.15	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$4.69	Tangible book value / shares outstanding.
Cash per share	$3.30	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$2.97B	Share price x shares outstanding.
Enterprise value	$2.86B	Market cap + total debt - cash - short-term investments.
P/E	281x	Market cap / net income. Only when net income is positive.
P/S	5.21x	Market cap / revenue.
P/B	5.75x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	12.5x	Market cap / tangible book value, when positive.
P/FCF	55.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	45.7x	Market cap / cash from operations, when positive.
EV/Sales	5.03x	Enterprise value / revenue.
EV/EBIT	222x	Enterprise value / operating income, when both are positive.
EV/EBITDA	116x	Enterprise value / EBITDA, when both are positive.
EV/FCF	53.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.8%	Free cash flow / market cap.
Earnings yield	0.4%	Net income / market cap (the inverse of P/E).

What was AtriCure, Inc.'s revenue in fiscal 2025?

AtriCure, Inc. reported revenue of $534.5M for fiscal 2025, 14.9% higher than the year before.

Was AtriCure, Inc. profitable in fiscal 2025?

No. It reported a net loss of $11.4M.

How much free cash flow did AtriCure, Inc. generate in fiscal 2025?

Cash from operations of $57.3M minus capital expenditures of $9.1M left free cash flow of $48.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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