# AtriCure, Inc. (ATRC)

> Source: Nexqual · https://nexqual.com/ATRC · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, AtriCure, Inc. (ATRC), nexqual.com/ATRC" · informational, not investment advice.

**Price:** USD 59.3 (+2.83% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 57.67 · day 57.76–59.54 · 52w 25.36–61.7 · market cap $3.02B · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $570M, net income $10.6M (1.9% margin), free cash flow $53.1M (SEC filings).
- Valuation: P/E 285.9x.
- 1 of 80 tracked superinvestors hold ATRC (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 12 Form 4 filings, $3.5M; 9 not under a Rule 10b5-1 plan ($2.7M); 1 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (10 analysts), mean target USD 57.56 (range 36–68).
- Total return with dividends: 1Y +58.6% vs S&P 500 +14.9%; 5Y -18.9% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 0.01, revenue estimate $151M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $274M | $330M | $399M | $465M | $535M | $570M |
| Gross profit | $206M | $246M | $300M | $348M | $401M | — |
| Operating income | $55.2M | -$42.7M | -$26.7M | -$40.0M | -$9.4M | $12.9M |
| Net income | $50.2M | -$46.5M | -$30.4M | -$44.7M | -$11.4M | $10.6M |
| EPS (diluted) | $1.09 | -$1.02 | -$0.66 | -$0.95 | -$0.24 | — |
| Free cash flow | -$23.5M | -$39.0M | -$7.5M | $745K | $48.3M | $53.1M |
| Gross margin | 75.0% | 74.4% | 75.2% | 74.7% | 75.0% | — |
| Operating margin | 20.1% | -12.9% | -6.7% | -8.6% | -1.8% | 2.3% |
| Net margin | 18.3% | -14.1% | -7.6% | -9.6% | -2.1% | 1.9% |
| Revenue growth | +32.8% | +20.4% | +20.8% | +16.5% | +14.9% | — |
| Cash + short-term investments | $119M | $121M | $137M | $123M | — | — |
| Total debt | $60.0M | $60.0M | $60.6M | $61.9M | $61.9M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 285.9x · P/S 5.3x · P/FCF 56.8x · P/B 5.8x · FCF yield 1.76% · Earnings yield 0.35%

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold ATRC. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | 0.01% | $8.3M | Added +13.5% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
3 of 12 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-23 | Privitera Salvatore | Chief Technical Officer | 4,519 | $271K | 3.1% | Yes (adopted February 20, 2026) | Too little history (no open-market trades in 2023 or 2025) |
| 2026-09-11 | Groves Regina E | Director | 5,313 | $288K | 13.3% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-08 | Privitera Salvatore | Chief Technical Officer | 3,657 | $201K | 2.4% | Yes | Too little history (no open-market trades in 2023 or 2025) |
| 2026-09-02 | Privitera Salvatore | Chief Technical Officer | 7,763 | $408K | 4.9% | Yes (adopted February 20, 2026) | Too little history (no open-market trades in 2023 or 2025) |
| 2026-08-24 | Dahlquist Karl S. | Chief Legal Officer | 9,370 | $458K | 9.7% | No | Too little history (no open-market trades in 2025) |
| 2026-08-05 | Prange Karen | Director | 3,564 | $138K | 13.5% | No | Too little history (no open-market trades in 2024) |
| 2026-08-05 | Yuen Maggie | Director | 3,500 | $134K | 20% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-29 | Noznesky Justin J | Chief Mktg & Strategy Officer | 6,182 | $240K | 5.8% | No | Too little history (no open-market trades in 2023) |
| 2026-07-28 | Doraiswamy Vinayak | Chief Scientific Officer | 6,000 | $233K | 6.5% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-28 | Wehrwein Sven | Director | 25,000 | $946K | 38.2% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-20 | Prange Karen | Director | 3,000 | $86K | 10.2% | No | Too little history (no open-market trades in 2024) |
| 2026-05-15 | Doraiswamy Vinayak | Chief Scientific Officer | 5,000 | $141K | 5.2% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 10 analysts; mean target USD 57.56 (low 36, high 68).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | Citizens | Target raised | Market Outperform | $52 → $68 |
| 2026-10-12 | BTIG | Target raised | Buy | $55 → $63 |
| 2026-10-02 | Freedom Capital Markets | Downgrade | Buy → Hold | $43 → $57 |
| 2026-09-02 | Needham | Target raised | Buy | $45 → $64 |
| 2026-08-27 | Piper Sandler | Target raised | Overweight | $50 → $60 |
| 2026-08-24 | BTIG | Target raised | Buy | $45 → $55 |
| 2026-07-28 | UBS | Target lowered | Buy | $55 → $50 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +58.6% | -18.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +58.9% | -4.1% |
| Volatility (annualized) | 46.6% | 46.0% |
| Max drawdown | -39.0% (Jan 2026→Jun 2026) | -76.2% (Nov 2021→Jun 2024) |

## Peers (Medical Instruments & Supplies)
WRBY (Warby Parker Inc.) USD 25.67 +0.16% · PLSE (Pulse Biosciences, Inc) USD 52.68 +2.67% · NVST (Envista Holdings Corporation) USD 23.97 +3.36% · ICUI (ICU Medical, Inc.) USD 168.33 +4.66% · LMAT (LeMaitre Vascular, Inc.) USD 85.33 +1.98% · XRAY (DENTSPLY SIRONA Inc.) USD 9.5 +4.63%

## More
Full page: https://nexqual.com/ATRC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $125.6M | 81.8% | +13.6% |
| Total International | $28.0M | 18.2% | +9.6% |
| — Europe (part of Total International) | $17.2M | 11.2% | +6.7% |
| — Asia Pacific (part of Total International) | $8.6M | 5.6% | +15.4% |
| — Other International (part of Total International) | $2.2M | 1.4% | +12.1% |
| Total revenue | $153.6M | 100% | — |

## Company outlook (8-K filed 2026-07-23)

- "Full year 2026 revenue is projected to be approximately $602 million to $610 million, and management also projects full year 2026 adjusted EBITDA of approximately $85 million to $89 million."
- "Full year 2026 net income per share is expected to be in the range of $0.05 to $0.13, and adjusted earnings per share is expected to be in the range of $0.24 to $0.32."
- "Additionally, management expects continued positive cash generation for 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.01 | $0.02 | -22.1% | $151.2M | 9 |
| Next quarter (ends 2026-12-31) | $0.09 | $0.08 | +6.7% | $160.2M | 9 |
| Current fiscal year (ends 2026-12-31) | $0.28 | $0.12 | +133.3% | $606.3M | 9 |
| Next fiscal year (ends 2027-12-31) | $0.43 | $0.35 | +24.5% | $680.2M | 9 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-03): ±13.0%; last 8 reports averaged ±6.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 57.4% | ±13.0% |
| 2026-12-18 | 56 | 48.2% | ±15.2% |
| 2027-01-15 | 84 | 44.4% | ±17.0% |
| 2027-04-16 | 175 | 48.0% | ±25.7% |