AtriCure, Inc.
ATRC · Surgical & Medical Instruments & Apparatus · 50.6M shares · +5%/yr ↑ dilution · EDGAR filings ↗
Reference price $28.65 · est. market cap ~$1.5B — last insider sale, 2026-05-20 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C60Profitable-on-cash, growing surgical-ablation device maker that is GAAP-unprofitable but generates strong free cash flow.
Strengths
- Strong cash generation: FCF $48M (84th pct), OCF margin 10.7% (76th pct); gross margin 75% (77th pct)
- Healthy liquidity (current ratio 3.96) and low leverage (D/E 0.13); 15% revenue growth
- Niche leadership in surgical Afib/LAA management with favorable society-guideline tailwinds
Risks
- Still net-loss-making (net margin -2.1%, ROE/ROA slightly negative) with net income down 74% (8th pct)
- History of losses, off-label/FDA marketing constraints, single-source/centralized manufacturing
- Reimbursement and adoption dependence on a concentrated ablation/LAAM product line
Notable findings
- Restatement• Anti-takeover provisions in our amended and restated certificate of incorporation and amended and restated bylaws and under Delaware law could inhibit a change in control or a change in management t 8-K ↗
- Exec changeRecent 8-K item 5.02 8-K ↗
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Net lossNet loss (net margin -2.1%)
- FDA approvalFDA clearance/approval — EPi-Sense and EPi-Sense ST Guided Coagulation System (2026-05-06)
- Strong balance sheetStrong balance sheet — $167M cash & investments
- New fund positionNotable fund(s) opened this quarter: Bridgewater Associates, LP
- Insider sellingInsider selling — 3 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, ~$375,750, last 6mo) Form 4 ↗
- Notable holderHeld by 6 notable fund(s): GOLDMAN SACHS GROUP INC, STATE STREET CORP, FMR LLC +3 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
75.0%
Operating margin
-1.8%
Net margin
-2.1%
Return on equity
-2.3%
Return on assets
-1.7%
ROIC
-1.3%
Revenue growth (QoQ)
0.5%
Debt / equity
0.1×
Current ratio
4.0×
Free cash flow
$48M
Tangible book value
$209M
Cash & investments
$167M
Stock comp / revenue
8.4%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-20 | Prange Karen | Sell | 3.0K | $28.65 |
| 2026-05-18 | Nachman Shlomo | Grant | 6.1K | — |
| 2026-05-18 | Telman Deborah H | Grant | 6.1K | — |
| 2026-05-18 | Yuen Maggie | Grant | 6.1K | — |
| 2026-05-18 | GROVES REGINA E | Grant | 6.1K | — |
| 2026-05-18 | WHITE ROBERT S. | Grant | 6.1K | — |
| 2026-05-18 | Prange Karen | Grant | 6.1K | — |
| 2026-05-18 | JOHNSON B KRISTINE | Grant | 6.1K | — |
| 2026-05-18 | WEHRWEIN SVEN | Grant | 6.1K | — |
| 2026-05-15 | Doraiswamy Vinayak | Sell | 5.0K | $28.13 |
| 2026-03-12 | Doraiswamy Vinayak | Sell | 5.0K | $29.83 |
| 2026-03-10 | WHITE ROBERT S. | Option exercise | 10K | $14.99 |
| 2026-03-06 | CARREL MICHAEL H | Gift | 5.0K | — |
| 2026-03-06 | CARREL MICHAEL H | Gift | 1.0K | — |
| 2026-03-01 | Seith Douglas J | Grant | 42K | — |
| 2026-03-01 | Doraiswamy Vinayak | Grant | 30K | — |
| 2026-03-01 | Doraiswamy Vinayak | Grant | 15K | — |
| 2026-03-01 | Doraiswamy Vinayak | Tax withheld | 16K | $31.26 |
| 2026-03-01 | Dahlquist Karl S. | Grant | 28K | — |
| 2026-03-01 | Dahlquist Karl S. | Grant | 15K | — |
| 2026-03-01 | Dahlquist Karl S. | Tax withheld | 16K | $31.26 |
| 2026-03-01 | Wirick Angela L | Grant | 40K | — |
| 2026-03-01 | Wirick Angela L | Grant | 23K | — |
| 2026-03-01 | Wirick Angela L | Tax withheld | 23K | $31.26 |
| 2026-03-01 | Noznesky Justin J | Grant | 28K | — |
| 2026-03-01 | Noznesky Justin J | Grant | 15K | — |
| 2026-03-01 | Noznesky Justin J | Tax withheld | 16K | $31.26 |
| 2026-03-01 | Seith Douglas J | Grant | 26K | — |
| 2026-03-01 | Seith Douglas J | Tax withheld | 23K | $31.26 |
| 2026-03-01 | Privitera Salvatore | Grant | 30K | — |
| 2026-03-01 | Privitera Salvatore | Grant | 15K | — |
| 2026-03-01 | Privitera Salvatore | Tax withheld | 13K | $31.26 |
| 2026-03-01 | CARREL MICHAEL H | Grant | 69K | — |
| 2026-03-01 | CARREL MICHAEL H | Grant | 101K | — |
| 2026-03-01 | CARREL MICHAEL H | Tax withheld | 73K | $31.26 |
| 2025-12-31 | Seith Douglas J | Grant | 257 | $27.37 |
| 2025-12-10 | CARREL MICHAEL H | Gift | 4.0K | — |
| 2025-11-26 | Noznesky Justin J | Sell | 5.2K | $37.29 |
| 2025-11-25 | WEHRWEIN SVEN | Sell | 5.0K | $38.00 |
| 2025-11-25 | WEHRWEIN SVEN | Option exercise | 5.0K | $19.95 |
| 2025-11-24 | WEHRWEIN SVEN | Option exercise | 5.0K | $19.95 |
| 2025-11-24 | WEHRWEIN SVEN | Sell | 5.0K | $37.32 |
| 2025-11-21 | Yuen Maggie | Sell | 3.0K | $35.72 |
| 2025-11-13 | CARREL MICHAEL H | Gift | 6.0K | — |
| 2025-09-12 | Noznesky Justin J | Sell | 3.0K | $36.30 |
| 2025-08-22 | WEHRWEIN SVEN | Option exercise | 5.0K | $19.95 |
| 2025-08-22 | WEHRWEIN SVEN | Sell | 5.0K | $37.00 |
| 2025-08-19 | WEHRWEIN SVEN | Sell | 5.0K | $36.00 |
| 2025-08-19 | WEHRWEIN SVEN | Option exercise | 5.0K | $19.95 |
| 2025-08-08 | CARREL MICHAEL H | Gift | 10K | — |
| 2025-08-06 | GROVES REGINA E | Sell | 2.5K | $36.82 |
| 2025-08-05 | Doraiswamy Vinayak | Sell | 2.5K | $36.58 |
| 2025-06-30 | CARREL MICHAEL H | Grant | 822 | $25.84 |
| 2025-06-30 | Doraiswamy Vinayak | Grant | 822 | $25.84 |
| 2025-06-30 | Privitera Salvatore | Grant | 822 | $25.84 |
| 2025-06-30 | Dahlquist Karl S. | Grant | 822 | $25.84 |
| 2025-06-30 | Seith Douglas J | Grant | 550 | $25.84 |
| 2025-05-28 | Doraiswamy Vinayak | Sell | 2.5K | $33.44 |
| 2025-05-19 | WEHRWEIN SVEN | Grant | 5.4K | — |
| 2025-05-19 | Yuen Maggie | Grant | 5.4K | — |
| 2025-05-19 | WHITE ROBERT S. | Grant | 5.4K | — |
| 2025-05-19 | Prange Karen | Grant | 5.4K | — |
| 2025-05-19 | Nachman Shlomo | Grant | 5.4K | — |
| 2025-05-19 | JOHNSON B KRISTINE | Grant | 5.4K | — |
| 2025-05-19 | Telman Deborah H | Grant | 5.4K | — |
| 2025-05-19 | GROVES REGINA E | Grant | 5.4K | — |
| 2025-05-05 | WHITE ROBERT S. | Option exercise | 10K | $22.62 |
| 2025-03-10 | CARREL MICHAEL H | Gift | 4.0K | — |
| 2025-03-05 | Prange Karen | Sell | 6.1K | $38.12 |
| 2025-03-01 | Wirick Angela L | Grant | 9.0K | — |
| 2025-03-01 | Dahlquist Karl S. | Grant | 19K | — |
| 2025-03-01 | Seith Douglas J | Grant | 32K | — |
| 2025-03-01 | Seith Douglas J | Grant | 12K | — |
| 2025-03-01 | Seith Douglas J | Tax withheld | 15K | $38.74 |
| 2025-03-01 | Privitera Salvatore | Grant | 23K | — |
| 2025-03-01 | Privitera Salvatore | Grant | 6.6K | — |
| 2025-03-01 | Privitera Salvatore | Tax withheld | 8.4K | $38.74 |
| 2025-03-01 | Doraiswamy Vinayak | Grant | 19K | — |
| 2025-03-01 | Doraiswamy Vinayak | Grant | 6.6K | — |
| 2025-03-01 | Doraiswamy Vinayak | Tax withheld | 9.7K | $38.74 |
| 2025-03-01 | Noznesky Justin J | Grant | 19K | — |
| 2025-03-01 | Noznesky Justin J | Grant | 6.6K | — |
| 2025-03-01 | Noznesky Justin J | Tax withheld | 9.7K | $38.74 |
| 2025-03-01 | CARREL MICHAEL H | Grant | 50K | — |
| 2025-03-01 | CARREL MICHAEL H | Grant | 51K | — |
| 2025-03-01 | CARREL MICHAEL H | Tax withheld | 44K | $38.74 |
| 2025-03-01 | Yount Deborah Lee | Grant | 15K | — |
| 2025-03-01 | Yount Deborah Lee | Tax withheld | 12K | $38.74 |
| 2025-03-01 | Wirick Angela L | Tax withheld | 14K | $38.74 |
| 2025-03-01 | Dahlquist Karl S. | Grant | 6.6K | — |
| 2025-03-01 | Dahlquist Karl S. | Tax withheld | 9.9K | $38.74 |
| 2025-03-01 | Wirick Angela L | Grant | 30K | — |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT06908538 ↗ | Cryo NerVe Block Extremity AmputatioN RegIStry for Post Operative and pHantom Limb Pain Amputation, Amputation of Lower Limb | — | Recruiting | 2035-04-01 |
| NCT05110989 ↗ | A Multicenter Patient Registry on Outcomes From Cryoanalgesia of the Intercostal Nerves Post Operative Pain | — | Recruiting | 2035-01-01 |
| NCT05478304 ↗ | Left Atrial Appendage Exclusion for Prophylactic Stroke Reduction Trial Ischemic Stroke, Systemic Embolism | NA | Active Not Recruiting | 2031-12-01 |
| NCT05111015 ↗ | Tracking Results of Ablations to Combat AF Registry Generation 2 Atrial Fibrillation | — | Recruiting | 2030-01-01 |
| NCT06989775 ↗ | BoxX-NoAF Clinical Trial Post Operative Atrial Fibrillation, Atrial Fibrillation, Postoperative | NA | Recruiting | 2028-11-01 |
| NCT05280093 ↗ | HEAL-IST IDE Trial Inappropriate Sinus Tachycardia | NA | Active Not Recruiting | 2027-02-01 |
| NCT05393180 ↗ | CONVERGE Post-Approval Study (PAS) Chronic Atrial Fibrillation | NA | Active Not Recruiting | 2027-01-01 |
| NCT05107635 ↗ | Inappropriate Sinus Tachycardia Registry Inappropriate Sinus Tachycardia, Postural Tachycardia Syndrome | — | Recruiting | 2027-01-01 |
| NCT03732794 ↗ | AtriCure CryoICE Lesions for Persistent and Long-standing Persistent Atrial Fibrillation Treatment Atrial Fibrillation (AF), Persistent Atrial Fibrillation | NA | Active Not Recruiting | 2024-06-27 |
| NCT04239534 ↗ | CONVERGE CAP Study-For The Treatment Of Symptomatic Persistent or Long-standing Persistent AF Atrial Fibrillation | NA | Withdrawn | 2023-12-01 |
| NCT04468334 ↗ | aMAZE Trial Continued Access Protocol Atrial Fibrillation | NA | Completed | 2023-04-24 |
| NCT05101993 ↗ | VCLIP Post-Market Study, Long-term Follow-up on LAA Exclusion Using AtriClip Left Atrial Appendage Absent | NA | Completed | 2023-03-31 |
| NCT05089877 ↗ | FREEZE-AFIB Post-Market Study Atrial Fibrillation, Atrial Flutter | — | Completed | 2023-03-31 |
| NCT02695277 ↗ | Combined Endoscopic Epicardial and Percutaneous Endocardial Ablation Versus Repeated Catheter Ablation in Persistent and Longstanding Persistent Atrial Fibrillation Atrial Fibrillation, Persistent and Longstanding Persistent Atrial Fibrillation | NA | Completed | 2022-11-01 |
| NCT02393885 ↗ | Pivotal Study Of A Dual Epicardial & Endocardial Procedure (DEEP) Approach Atrial Fibrillation, Persistent or Longstanding Persistent Atrial Fibrillation | NA | Completed | 2022-03-28 |
| NCT02513797 ↗ | aMAZE Study: LAA Ligation Adjunctive to PVI for Persistent or Longstanding Persistent Atrial Fibrillation Atrial Fibrillation | NA | Unknown | 2021-04-21 |
| NCT01984346 ↗ | CONVERGE - Epi/Endo Ablation For Treatment of Persistent Atrial Fibrillation(AF) Persistent Atrial Fibrillation | NA | Completed | 2019-08-01 |
| NCT02701062 ↗ | AtriClip® Left Atrial Appendage Exclusion Concomitant to Structural Heart Procedures (ATLAS) Post-Operative Atrial Fibrillation | PHASE4 | Completed | 2019-04-26 |
| NCT02922153 ↗ | The cryoICE™ CryoAnalgesia Study For Pain Management in Post thoRacic Procedures Via intercOSTal Cryoanalgesia (FROST) Pain | NA | Completed | 2019-03-04 |
| NCT01694563 ↗ | ABLATE Post Approval Study - Synergy Ablation Lesions for Non-Paroxysmal Atrial Fibrillation Persistent Atrial Fibrillation, Longstanding Persistent Atrial Fibrillation | NA | Completed | 2017-10-23 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-19 | Exec/director changeShareholder voteExhibits | filing ↗ |
| 2026-05-06 | ResultsExhibits | filing ↗ |
| 2026-05-05 | ResultsExhibits | filing ↗ |
| 2026-02-17 | ResultsExhibits | filing ↗ |
| 2026-01-12 | Material agreementResultsDebt obligationExhibits | filing ↗ |
| 2025-10-29 | ResultsExhibits | filing ↗ |
| 2025-10-29 | ResultsExhibits | filing ↗ |
| 2025-07-29 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-19 | 2026-05-18 | 0001323885-26-000025 ↗ |
| 10-Q | 2026-05-06 | 2026-03-31 | 0001323885-26-000023 ↗ |
| 8-K/A | 2026-05-06 | 2026-05-05 | 0001323885-26-000020 ↗ |
| 8-K | 2026-05-05 | 2026-05-05 | 0001323885-26-000018 ↗ |
| 10-K | 2026-02-19 | 2025-12-31 | 0001323885-26-000007 ↗ |
| 8-K | 2026-02-17 | 2026-02-17 | 0001323885-26-000005 ↗ |
| 8-K | 2026-01-12 | 2026-01-09 | 0001193125-26-009814 ↗ |
| 10-Q | 2025-10-30 | 2025-09-30 | 0001323885-25-000103 ↗ |
| 8-K | 2025-10-29 | 2025-10-29 | 0001323885-25-000098 ↗ |
| 8-K/A | 2025-10-29 | 2025-10-29 | 0001323885-25-000101 ↗ |
| 10-Q | 2025-07-30 | 2025-06-30 | 0001323885-25-000095 ↗ |
| 8-K | 2025-07-29 | 2025-07-29 | 0001323885-25-000092 ↗ |