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Maker of devices for surgical treatment of atrial fibrillation and left atrial appendage exclusion, and pain management.
Maker of devices for surgical treatment of atrial fibrillation and left atrial appendage exclusion, and pain management.
Sells disposable devices to hospitals, used once per procedure, so revenue grows with the number of heart surgeries that use them. AtriClip, an implant that closes off a part of the heart where clots form, is the main line. Most sales are in the US.
Moat: narrow (IP / patents, installed base, switching costs). Category-leading AtriClip device with surgeon training and patented technology creates switching costs.
Headquarters: Mason, Ohio · Founded: 2000 · Employees: 1,350
Size AtriCure (ATRC) is a United States Health Care company (Medical Specialties) with a market value of $2.98B, the 1562nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $58.54 on 6 Nov 2026.
Performance Over six months the shares gained 122.8%, against -0.6% for the median peer and -1.1% for the United States market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 13.8% over the last twelve months (peer median +4.7%); the operating margin is 3.1% (peer median 11.3%).
Valuation It trades at 220.7× forward earnings against a peer median of 27.1× (most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 56% a year for seven years (Req g). Recent delivered growth is +21%, so the hurdle is +35 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 7.6 points below its cost of capital (10.8% WACC).
Short interest Short interest is 9.6% of the free float (15 Oct 2026).
Next results Next results expected around 23 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $590M | $535M | $465M | $399M | $330M |
| Revenue growth | — | +15% | +17% | +21% | — |
| Gross profit | $450M | $398M | $345M | $297M | $246M |
| EBITDA | $39.2M | $17.1M | -$9.28M | -$16.3M | -$31.0M |
| Net income | $14.9M | -$11.4M | -$44.7M | -$30.4M | -$46.5M |
| Free cash flow | n/a | $48.3M | -$324,000 | -$7.57M | -$39.0M |
| Capital expenditure | n/a | $9.05M | $11.5M | $42.0M | $16.9M |
| Total debt | $93.1M | $76.5M | $76.5M | $74.5M | $71.2M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| AtriCure ATRC | $2.98B | +123% | +14% | 3% | 220.7× | 55.7% |
| Medtronic MDT | $130B | +35% | +10% | 20% | 16.9× | 8.6% |
| Johnson & Johnson JNJ | $665B | +26% | +8% | 26% | 24.5× | 3.5% |
| Boston Scientific BSX | $62.0B | -21% | +9% | 21% | 13.8× | 5.0% |
| Abbott Laboratories ABT | $190B | +30% | +10% | 14% | 18.8× | 5.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ATRC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.8% | +3.6% | 7th highest of 21 |
| 6-month return | +122.8% | -0.6% | highest of 21 |
| Distance from 52-week high | -11.3% | -33.3% | 4th highest of 21 |
| Revenue growth (TTM) | +13.8% | +4.7% | 6th highest of 20 |
| Operating margin | 3.1% | 11.3% | 7th lowest of 20 |
| Forward P/E | 220.7× | 27.1× | most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 55.7% | 11.1% | most demanding of 15 |
| Growth delivered (Del g) | +20.9% | +8.4% | 2nd highest of 15 |
| Hurdle (Req g minus delivered) | +34.8 pp | -1.2 pp | 3rd most demanding of 15 |
| ROIC minus cost of capital | -7.6 pp | -0.6 pp | 4th lowest of 20 |
| EV / EBITDA | 73.7× | 17.2× | most expensive of 9 |
| Net debt / EBITDA | -2.4× | 2.3× | least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| AtriCure ATRC | United States | $2.98B | +123% | +14% | 3% | 220.7× | 55.7% | +20.9% |
| iRhythm IRTC | United States | $2.97B | -25% | +26% | 1% | 182.6× | n/a | n/a |
| Axogen AXGN | United States | $2.99B | +19% | +24% | -5% | 76.5× | 48.8% | +14.9% |
| TransMedics TMDX | United States | $3.06B | +30% | +26% | 12% | 48.5× | 35.6% | +88.2% |
| COMET COTN.SW | Switzerland | $2.84B | -9% | -3% | 6% | 34.0× | n/a | n/a |
| Celcuity CELC | United States | $3.27B | -49% | n/a | n/a | n/a | n/a | n/a |
| Sumitomo Bakelite 4203.T | Japan | $3.31B | +15% | +15% | 13% | 14.9× | 6.8% | +8.9% |
| Zhende Medical 603301.SS | China | $3.33B | -8% | +8% | 7% | 43.5× | 23.2% | -16.1% |
| Ottobock SE & Co. KGaA OBCK.DE | Germany | $3.36B | -25% | +5% | 15% | 15.4× | 3.5% | +8.0% |
| Medacta MOVE.SW | Switzerland | $2.61B | -21% | +8% | 15% | 24.3× | n/a | n/a |
| Autobio Diagnostics 603658.SS | China | $3.41B | +19% | +3% | 25% | 20.6× | -0.3% | +7.2% |
| MGI Tech 688114.SS | China | $3.42B | +9% | +2% | -7% | n/a | 46.5% | -0.1% |
| Lepu Medical Technology (Beijing) 300003.SZ | China | $3.42B | -12% | -1% | 13% | 26.3× | 9.6% | -4.2% |
| Ambu A/S AMBU-B.CO | Denmark | $3.42B | +40% | +5% | 11% | 28.1× | 12.6% | +11.1% |
| Neogen NEOG | United States | $2.57B | +30% | 0% | 0% | 34.6× | n/a | n/a |
| Double Medical Technology 002901.SZ | China | $2.56B | -3% | +13% | 26% | 25.9× | 8.3% | +10.4% |
| Carl Zeiss Meditec AFX.DE | Germany | $3.51B | +40% | 0% | 8% | 26.8× | 13.7% | +10.8% |
| EBOS EBO.AX | Australia | $2.52B | +1% | +3% | 3% | 15.2× | 4.3% | +6.8% |
| iRay Technology 688301.SS | China | $3.54B | -8% | +58% | 24% | 27.5× | n/a | n/a |
| Andon Health 002432.SZ | China | $3.60B | -29% | -30% | -26% | 15.0× | -7.7% | -7.4% |
| Micro-Tech (Nanjing) 688029.SS | China | $2.46B | +3% | +6% | 18% | 29.0× | 12.8% | +19.2% |