AtriCure, Inc.

atricure.com

What Do They Do?

Sells devices for treating irregular heart rhythms, managing the heart’s left atrial appendage and easing surgical pain to medical centers.

How Do They Make Money?

AtriCure sells medical devices to medical centers and distributors in one-time transactions; payment terms are generally due within 30 days for end-users and 60 days for distributors, and the sale is counted when products ship or are delivered.

FY2025 revenue

Who Are Their Customers?

AtriCure sells directly to medical centers in the United States and selected international markets, and uses distributors to reach medical centers in other international markets.

Do Revenues Turn Into Profits?

Not on paper. It lost $11.4M in FY2025, but brought in more cash than it spent: $48.3M of free cash flow.

Operating income, FY2025

−2% of revenue

▼ −76% (Loss) vs FY2024 (−$40M, −9%)

Net income, FY2025

−2% of revenue

▼ −74% (Loss) vs FY2024 (−$44.7M, −10%)

Free cash flow, FY2025

9% of revenue

▲ +6381% vs FY2024 ($745K, 0%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +13%; vs $136.1M in Q2 FY2025
Net income: ▲ Now profitable; vs −$6.2M in Q2 FY2025

Growing. Revenue grew 95% in 4 years, from $274.3M in FY2021 to $534.5M in FY2025, about 18% a year.

Pain management expands to amputation surgery The older report describes pain devices for cardiothoracic and thoracic procedures; the latest report also describes cryoXT for pain after amputation, extending the stated use of its pain-management products.

Who Do They Compete With?

Competes with Medtronic

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