Revenue has expanded at double-digit rates to $154.4M in Q3 2026 while gross margin held near 77.3%, though operating margin of only 2.8% suggests operating leverage is emerging slowly.
AtriCure, Inc. (ATRC) annual income statement — 22-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Sales/Revenue | 589.8M | 534.53M | 465.31M | 399.25M | 330.38M | 274.33M | 206.53M | 230.81M | 201.63M | 174.72M | 155.11M | 129.75M | 107.45M | 81.89M | 70.25M | 64.4M | 59.01M | 54.53M | 55.26M | 48.31M | 38.24M | 30.96M | 19.16M |
| Revenue Growth % | 13.79% | 14.88% | 16.55% | 20.84% | 20.43% | 32.83% | -10.52% | 14.47% | 15.4% | 12.64% | 19.54% | 20.75% | 31.22% | 16.57% | 9.08% | 9.15% | 8.2% | -1.31% | 14.38% | 26.32% | 23.54% | 61.6% | - |
| Cost of Goods Sold | 137.94M | 136.79M | 117.78M | 98.88M | 84.44M | 68.47M | 57.22M | 60.47M | 54.51M | 48.55M | 44.01M | 36.88M | 31.7M | 22.33M | 20.23M | 17.41M | 13.62M | 12.75M | 13.22M | 10.14M | 7.63M | 8.06M | 5.2M |
| COGS % of Revenue | - | 25.59% | 25.31% | 24.77% | 25.56% | 24.96% | 27.71% | 26.2% | 27.03% | 27.79% | 28.37% | 28.42% | 29.5% | 27.26% | 28.8% | 27.03% | 23.08% | 23.38% | 23.93% | 20.98% | 19.94% | 26.03% | 27.15% |
| Gross Profit | 451.87M | 397.74M | 347.52M | 300.37M | 245.94M | 205.86M | 149.31M | 170.34M | 147.12M | 126.16M | 111.1M | 92.88M | 75.75M | 59.56M | 50.01M | 47M | 45.39M | 41.78M | 42.03M | 38.17M | 30.62M | 22.9M | 13.96M |
| Gross Margin % | 76.61% | 74.41% | 74.69% | 75.23% | 74.44% | 75.04% | 72.29% | 73.8% | 72.97% | 72.21% | 71.63% | 71.58% | 70.5% | 72.74% | 71.2% | 72.97% | 76.92% | 76.62% | 76.07% | 79.02% | 80.06% | 73.97% | 72.85% |
| Gross Profit Growth % | - | 14.45% | 15.7% | 22.13% | 19.47% | 37.88% | -12.34% | 15.78% | 16.61% | 13.56% | 19.62% | 22.61% | 27.18% | 19.09% | 6.42% | 3.54% | 8.63% | -0.59% | 10.11% | 24.68% | 33.7% | 64.1% | - |
| Operating Expenses | 433.83M | 401.19M | 387.54M | 327.05M | 288.61M | 150.66M | 193.54M | 203.46M | 164.25M | 151.14M | 142.24M | 119.59M | 92.11M | 70.45M | 57.21M | 51.73M | 48.58M | 50.48M | 53.03M | 50.74M | 45.39M | 33.7M | 19.61M |
| OpEx % of Revenue | - | 75.05% | 83.29% | 81.92% | 87.36% | 54.92% | 93.71% | 88.15% | 81.46% | 86.51% | 91.7% | 92.17% | 85.72% | 86.04% | 81.44% | 80.32% | 82.33% | 92.57% | 95.97% | 105.03% | 118.68% | 108.87% | 102.35% |
| Selling, General & Admin | 328.33M | 311.02M | 291.36M | 253.14M | 231.27M | 204.65M | 150.47M | 162.23M | 129.52M | 117M | 106.42M | 93.85M | 73.51M | 57.01M | 45.06M | 39.87M | 37.05M | 35.11M | 42.42M | 39.75M | 33.17M | 24.59M | 15.19M |
| SG&A % of Revenue | - | 58.19% | 62.62% | 63.4% | 70% | 74.6% | 72.86% | 70.29% | 64.24% | 66.96% | 68.61% | 72.33% | 68.41% | 69.62% | 64.15% | 61.91% | 62.79% | 64.39% | 76.77% | 82.29% | 86.74% | 79.45% | 79.27% |
| Research & Development | 105.5M | 90.17M | 96.18M | 73.92M | 57.34M | 48.51M | 43.07M | 41.23M | 34.72M | 34.14M | 35.82M | 25.74M | 18.6M | 13.44M | 12.15M | 11.86M | 11.53M | 11.41M | 10.61M | 10.99M | 12.22M | 9.11M | 4.42M |
| R&D % of Revenue | - | 16.87% | 20.67% | 18.51% | 17.35% | 17.68% | 20.85% | 17.86% | 17.22% | 19.54% | 23.1% | 19.84% | 17.31% | 16.41% | 17.29% | 18.41% | 19.54% | 20.93% | 19.2% | 22.74% | 31.94% | 29.42% | 23.08% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | -102.5M | 0 | 0 | 0 | 0 | 0 | -456K | 182K | -553K | -286K | 0 | 0 | 3.96M | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 18.04M | -3.45M | -40.01M | -26.68M | -42.67M | 55.2M | -44.23M | -33.12M | -17.13M | -24.98M | -31.14M | -26.72M | -16.36M | -10.89M | -7.2M | -4.73M | -3.19M | -15.51M | -11M | -12.57M | -14.77M | -10.8M | -5.65M |
| Operating Margin % | 3.06% | -0.64% | -8.6% | -6.68% | -12.92% | 20.12% | -21.42% | -14.35% | -8.49% | -14.3% | -20.07% | -20.59% | -15.23% | -13.3% | -10.25% | -7.35% | -5.41% | -28.44% | -19.9% | -26.02% | -38.62% | -34.9% | -29.51% |
| Operating Income Growth % | - | 91.39% | -49.96% | 37.47% | -177.29% | 224.81% | -33.55% | -93.39% | 31.43% | 19.78% | -16.53% | -63.33% | -50.22% | -51.31% | -52.16% | -48.21% | 79.42% | -41.04% | 12.49% | 14.91% | -36.72% | -91.11% | - |
| EBITDA | 39.2M | 17.08M | -21.28M | -11.87M | -30.96M | 65.65M | -34.69M | -23.76M | -8.37M | -15.85M | -21.84M | -20.44M | -11.59M | -8.87M | -5.3M | -2.81M | -828.52K | -12.74M | -8.32M | -10.25M | -12.88M | -9.25M | -4.69M |
| EBITDA Margin % | 6.65% | 3.2% | -4.57% | -2.97% | -9.37% | 23.93% | -16.79% | -10.29% | -4.15% | -9.07% | -14.08% | -15.75% | -10.78% | -10.83% | -7.54% | -4.36% | -1.4% | -23.36% | -15.05% | -21.21% | -33.69% | -29.88% | -24.48% |
| EBITDA Growth % | 731.07% | 180.28% | -79.28% | 61.66% | -147.16% | 289.26% | -46.01% | -183.72% | 47.18% | 27.42% | -6.83% | -76.44% | -30.61% | -67.41% | -88.68% | -238.97% | 93.5% | -53.19% | 18.84% | 20.47% | -39.31% | -97.19% | - |
| D&A (Non-Cash Add-back) | 21.16M | 20.53M | 18.73M | 14.81M | 11.71M | 10.44M | 9.55M | 9.37M | 8.75M | 9.13M | 9.3M | 6.28M | 4.77M | 2.02M | 1.9M | 1.92M | 2.36M | 2.77M | 2.68M | 2.32M | 1.89M | 1.55M | 962.36K |
| EBIT | 18.07M | -4.29M | -37.27M | -22.92M | -41.21M | 55.3M | -43.16M | -30.88M | -16.3M | -24.61M | -31.5M | -26.88M | -15.87M | -10.88M | -6.68M | -4.61M | -2.91M | -15.74M | -9.86M | -12.57M | -14.77M | -10.8M | -5.64M |
| Net Interest Income | -620K | -1.4M | -1.97M | -3.13M | -2.99M | -4.45M | -3.78M | -1.71M | -3.6M | -2.04M | -1.57M | -102K | -209K | -550K | -791K | -798K | -840K | -761.24K | 18.21K | 0 | 0 | 0 | 0 |
| Interest Income | 5.16M | 4.48M | 4.43M | 3.79M | 1.99M | 466K | 1.1M | 2.4M | 1.01M | 227K | 227K | 190K | 96K | 16K | 11K | 15.93K | 22.22K | 51.09K | 382.29K | 0 | 0 | 0 | 0 |
| Interest Expense | 5.78M | 5.88M | 6.41M | 6.92M | 4.99M | 4.92M | 4.88M | 4.11M | 4.61M | 2.26M | 1.8M | 292K | 305K | 566K | 802K | 814.43K | 861.57K | 812.33K | 364.07K | 0 | 0 | 0 | 0 |
| Other Income/Expense | -1.84M | -6.72M | -3.66M | -3.16M | -3.53M | -4.82M | -3.81M | -1.87M | -3.78M | -1.9M | -2.16M | -456K | 182K | -553K | -286K | -693.62K | -544.17K | -1.04M | 773.78K | 1.31M | 1.05M | -2.1M | -3.8M |
| Pretax Income | 16.2M | -10.16M | -43.67M | -29.85M | -46.2M | 50.39M | -48.04M | -34.99M | -20.91M | -26.88M | -33.3M | -27.18M | -16.18M | -11.44M | -7.48M | -5.42M | -3.77M | -16.55M | -10.22M | -11.25M | -12.68M | -12.64M | 0 |
| Pretax Margin % | 2.75% | -1.9% | -9.39% | -7.48% | -13.98% | 18.37% | -23.26% | -15.16% | -10.37% | -15.38% | -21.47% | -20.94% | -15.06% | -13.98% | -10.65% | -8.42% | -6.39% | -30.35% | -18.5% | -23.29% | -33.16% | -40.82% | - |
| Income Tax | 1.31M | 1.28M | 1.02M | 591K | 268K | 188K | 114K | 199K | 226K | 14K | 40K | 36K | 33K | 18K | 50K | 30.89K | 19.05K | -58.64K | -57.25K | -1.31M | 1.05M | 46.93K | 3.8M |
| Effective Tax Rate % | 8.11% | -12.64% | -2.34% | -1.98% | -0.58% | 0.37% | -0.24% | -0.57% | -1.08% | -0.05% | -0.12% | -0.13% | -0.2% | -0.16% | -0.67% | -0.57% | -0.5% | 0.35% | 0.56% | 11.68% | -8.29% | -0.37% | - |
| Net Income | 14.88M | -11.45M | -44.7M | -30.44M | -46.47M | 50.2M | -48.16M | -35.19M | -21.14M | -26.89M | -33.34M | -27.21M | -16.21M | -11.46M | -7.53M | -5.46M | -3.79M | -16.49M | -10.17M | -11.25M | -13.72M | -12.68M | -9.45M |
| Net Margin % | 2.52% | -2.14% | -9.61% | -7.62% | -14.06% | 18.3% | -23.32% | -15.25% | -10.48% | -15.39% | -21.49% | -20.97% | -15.09% | -14% | -10.72% | -8.47% | -6.43% | -30.25% | -18.4% | -23.29% | -35.87% | -40.97% | -49.34% |
| Net Income Growth % | 151.73% | 74.39% | -46.85% | 34.49% | -192.56% | 204.24% | -36.83% | -66.5% | 21.4% | 19.34% | -22.51% | -67.86% | -41.43% | -52.14% | -38.1% | -43.88% | 77.01% | -62.24% | 9.65% | 17.96% | -8.16% | -34.18% | - |
| Net Income (Continuing) | 14.88M | -11.45M | -44.7M | -30.44M | -46.47M | 50.2M | -48.16M | -35.19M | -21.14M | -26.89M | -33.34M | -27.21M | -16.21M | -11.46M | -7.53M | -5.46M | -3.79M | -16.49M | -10.17M | -11.25M | -13.72M | -12.68M | -9.45M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.30 | -0.24 | -0.95 | -0.66 | -1.02 | 1.09 | -1.14 | -0.94 | -0.62 | -0.83 | -1.05 | -0.97 | -0.61 | -0.56 | -0.47 | -0.35 | -0.25 | -1.13 | -0.72 | -0.84 | -1.13 | -2.10 | -5.17 |
| EPS Growth % | 149.44% | 74.74% | -43.94% | 35.29% | -193.58% | 195.61% | -21.28% | -51.61% | 25.3% | 20.95% | -8.25% | -59.02% | -8.93% | -19.15% | -34.29% | -40% | 77.88% | -56.94% | 14.29% | 25.66% | 46.19% | 59.38% | - |
| EPS (Basic) | - | -0.24 | -0.95 | -0.66 | -1.02 | 1.11 | -1.14 | -0.94 | -0.62 | -0.83 | -1.05 | -0.97 | -0.61 | -0.56 | -0.47 | -0.35 | -0.25 | -1.13 | -0.72 | -0.84 | -1.13 | -2.10 | -5.17 |
| Diluted Shares Outstanding | 49.83M | 47.75M | 46.97M | 46.31M | 45.74M | 46.04M | 42.13M | 37.59M | 34.09M | 32.39M | 31.61M | 28.06M | 26.37M | 20.43M | 16.19M | 15.67M | 15.1M | 14.56M | 14.19M | 13.38M | 12.14M | 6.03M | 1.83M |
| Basic Shares Outstanding | 48.89M | 47.75M | 46.97M | 46.31M | 45.74M | 45.07M | 42.13M | 37.59M | 34.09M | 32.39M | 31.61M | 28.06M | 26.37M | 20.43M | 16.19M | 15.67M | 15.1M | 14.56M | 14.19M | 13.38M | 12.14M | 6.03M | 1.83M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying ATRC stock.
For fiscal year 2025, AtriCure, Inc. (ATRC) reported total revenue of $534.5M. This represents a 2690.2% increase compared to $19.2M in 2004.
AtriCure, Inc. (ATRC) reported a net loss of $11.4M for the fiscal year ending 2025.
AtriCure, Inc. (ATRC) reported an operating income of $-3.4M, resulting in an operating profit margin of -0.6%. This margin reflects the operational efficiency of the business before interest and taxes.
AtriCure, Inc. (ATRC) generated $397.7M in gross profit for the year, representing a gross profit margin of 74.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Single-use device pricing pressure
Metrics are mathematically derived from official filings.
Revenue Growth Holds Near Double Digits
According to reported quarterly figures, AtriCure's revenue rose from $116.3M in Q2 2024 to $154.4M in Q3 2026, with year-over-year growth of 15.0% in the latest quarter that suggests durable demand for its surgical ablation franchise.
Growth has remained in a fairly consistent 13 to 17 percent band across the reported quarters, which points to steady adoption rather than a single product spike. The reported figures do not isolate volume from pricing, so investors should monitor whether the AtriClip and EPi-Sense expansion is driven by procedure volume or by mix shifts. Sustained double-digit growth at this scale would be notable, but it warrants continued scrutiny of how much depends on the Convergent procedure gaining traction.
High Gross Margin Anchors Profitability
Based on reported income statement data, AtriCure's gross margin has held in a 74 to 77 percent range across the last ten quarters, indicating strong intellectual property value and a durable pricing position in specialized cardiac devices.
The stability of gross margin across both loss-making and profitable quarters suggests the premium is structural rather than cyclical. This level of gross margin is well above what would typically be expected for a commodity device maker, which implies meaningful pricing power. The key question is whether competitive pressure from pulsed field ablation could erode this premium over time.
Operating Leverage Emerging Slowly
As reported in financial statements, AtriCure's operating margin moved from roughly -11.7 percent in Q4 2024 to 6.3 percent in Q2 2026, showing that operating income is beginning to scale ahead of gross profit.
SG&A has stayed close to $78 to $85 million per quarter, so incremental revenue has been flowing through to operating income. This pattern suggests the fixed cost base is being absorbed by growing sales. However, the Q3 2026 operating margin fell back to 2.8 percent, so the leverage trend appears uneven and investors should monitor whether it persists.
Profit Turn Partly Quarter-Dependent
According to recent SEC filings, AtriCure's net income swung from a $9.0M profit in Q2 2026 to $4.1M in Q3 2026, while stock-based compensation remained near $11 to $12 million per quarter.
Stock-based compensation is a material share of operating activity, so GAAP profitability overstates the underlying cash economics relative to a cash-based view. Quarterly EPS has been volatile, including a near-breakeven Q1 2026 result, which suggests the earnings base is still thin. Investors should treat the single strong quarter as encouraging rather than proof of a sustained profit inflection.
Margin Durability Faces Pulsed Field Risk
Based on reported figures, AtriCure's gross margin of roughly 77 percent is premium-priced, and any pricing reset from pulsed field ablation competitors could compress that premium faster than volume growth can offset.
A bear case would focus on whether the high gross margin reflects scarcity that competition is already eroding. Operating margins have been negative for most of the reported history, so the company has limited cushion if pricing weakens. The thesis depends on the Convergent procedure and LSPAF labeling remaining differentiated, which warrants further investigation.