10-Q · May 6, 2026
AtriCure reported Q1 2026 revenue of $141.2 million, a 14.3% year-over-year increase that surpassed estimates by $1.54 million. EPS was breakeven at $0.00, exceeding expectations of a loss of $0.06. The company also…
Earnings analysis · 10-Q
ATRC earnings analysis
Filed July 27, 2026 · Our reading of the company's report
The latest report
AtriCure delivered a strong Q2, with revenue up 12.8% year over year to $153.604 million and operating margin improving 10.8 percentage points to 6.3%, producing $8.955 million of net income. Growth was broad across…
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AtriCure delivered a strong Q2, with revenue up 12.8% year over year to $153.604 million and operating margin improving 10.8 percentage points to 6.3%, producing $8.955 million of net income. Growth was broad across pain management, appendage management, open ablation, U.S. sales, and international sales, although minimally invasive ablation fell 23.1% amid PFA catheter adoption. Liquidity is solid at $167.786 million of cash, but increased receivables and inventory investment drove a $13.142 million increase in first-half working-capital cash outflows; the filing provided no quantitative updated guidance.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.18
What stood out
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Double-digit revenue growth accelerated
Q2 revenue rose 12.8% year over year to $153.604 million from $136.139 million, and increased approximately $12.355 million sequentially from the implied Q1 level of $141.249 million. Constant-currency growth was 12.4%.
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Gross margin remained above 77%
Gross margin expanded 269 basis points year over year to 77.2% from 74.5%, reflecting favorable product/geographic mix and manufacturing efficiencies. It was modestly below Q1's 77.4% margin.
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Profitability inflected sharply positive
Operating income was $9.665 million, or a 6.3% margin, versus a $6.192 million operating loss and a negative 4.5% margin a year earlier. The operating margin also improved from 0.4% in Q1 2026.
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EPS turned positive
Net income was $8.955 million versus a $6.190 million net loss in Q2 2025; diluted EPS was $0.18 versus a loss of $0.13 in the prior-year quarter.
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Core growth franchises outperformed
Pain management led franchise growth, increasing 27.8% to $27.058 million; appendage management rose 14.4% to $51.614 million and open ablation increased 12.1% to $40.885 million.
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Liquidity remains substantial
First-half operating cash flow improved by $7.605 million year over year. The company ended June with $167.786 million of cash, $263.615 million of net working capital, and $62.750 million of unused borrowing capacity.
What to watch
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PFA adoption pressures minimally invasive sales
Minimally invasive ablation revenue declined 23.1% year over year to $6.031 million, a $1.808 million reduction, as physicians continued to adopt PFA catheters and Hybrid procedures declined.
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Receivables and inventory absorb cash
Working-capital cash outflows increased $13.142 million in the first half, primarily from higher receivables tied to sales growth and inventory investment. This offset part of the $22.000 million improvement in operating results.
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Debt and interest-rate exposure remain
Outstanding borrowings were $61.000 million at June 30, 2026 under the asset-based facility, despite $167.786 million of cash. The facility matures January 9, 2029.
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No material risk-factor update disclosed
Item 1A reports no material changes to risk factors previously disclosed in the 2025 10-K. However, management identifies increasing competition as a risk to market share, pricing, and margins while Q2 revenue was $153.604 million.
Management's outlook
The 10-Q does not provide quantitative revenue or EPS guidance; numeric outlook remains deferred to the earnings release/call. Management expects to launch AtriClip FLEX-Mini and PRO-Mini in Europe later in 2026 following April 2026 CE-mark approval.
Earlier filings 4
10-K · February 19, 2026
AtriCure reported full-year 2025 revenue of approximately $535.0 million, up ~15% from 2024, with stable gross margins near 75% and improving operating results that turned positive in the back half of the year. Free…
10-Q · October 30, 2025
AtriCure reported Q3 revenue of $134.269M, up from $115.910M a year ago, with gross profit of $101.332M and a small operating income of $0.208M (vs. operating loss of $7.405M in prior year Q3). GAAP diluted loss per…
10-Q · May 2, 2024
AtriCure reported Q1 revenue of $108,851k, up $15,357k (+16.4%) year-over-year, while gross margin remained ~74.7%. Operating loss widened to $(10,917)k and net loss doubled to $(13,269)k (EPS $(0.28)) as R&D and SG&A…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.