Short answer
AtriCure, Inc. (ATRC) filed its fiscal 2025 10-K annual report with the SEC on Feb 19, 2026. It reported revenue of $535M (+14.9% year over year) and net income of −$11M.
- Top risk flagged: No specific or timely regulatory or legal risks detailed beyond general cybersecurity oversight frameworks
FY2025 key financial metrics · XBRL
- Revenue
- $535M
- +14.9% YoY
- Net income
- −$11M
- +74.4% YoY
- Operating margin
- -1.8%
- +6.8 pp YoY
- Gross margin
- 75.0%
- +0.3 pp YoY
- EPS (diluted)
- −$0.24
- +74.7% YoY
- ROE
- -2.3%
- +7.4 pp YoY
- Operating cash flow
- $57M
- +369.8% YoY
Source: XBRL data from the AtriCure, Inc. (ATRC) FY2025 10-K on SEC EDGAR. USD.
AtriCure, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model centers on medical devices for cardiac surgery and related treatments
- Enhanced emphasis on cybersecurity risk management aligning with NIST Cybersecurity Framework and Zero Trust principles this fiscal year
- Integration of cybersecurity risk assessments into enterprise risk management with Board oversight introduced or strengthened
- Annual reviews of third-party service providers’ SOC 1 and SOC 2 reports to manage supply chain cybersecurity risks
- Noteworthy focus on potential material adverse effects of cybersecurity incidents on business and financial outcomes
Management Discussion & Analysis
- Revenue $534.5M, up 14.9% YoY ($465.3M in 2024); growth driven by pain management (+32.5%), open ablation (+16.3%), appendage management (+17.5%), minimally invasive ablation declined (−31.2%)
- Gross margin 75.0% vs 74.7%, up 29 basis points; operating margin loss improved to −1.8% vs −8.6%; net loss narrowed to $11.4M (−2.1%) vs $44.7M (−9.6%)
- Best segment: Appendage management revenue $178.1M, +17.5% YoY; worst: Minimally invasive ablation $31.5M, down 31.2%
- Operating cash flow increased by $45.1M; financing inflows include $6.25M sale-leaseback; cash $167.4M; debt $61.9M with $61.9M borrowing capacity; capex ongoing for facility expansion
- Management expects continued product innovation, clinical trial progress (LeAAPS, BoxX-NoAF), monitors inflation risks, and maintains liquidity via credit facility and shelf registration
Risk Factors
- No specific or timely regulatory or legal risks detailed beyond general cybersecurity oversight frameworks
- No geopolitical or macroeconomic threats identified with concrete exposure details
- Cybersecurity risk management reliant on a limited IT leadership team with combined 60 years experience, potential expert concentration risk
- No competitive or market disruption risks mentioned involving named competitors or new technology
- No financial or structural risks such as leverage, concentration, or key-person dependencies explicitly highlighted
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