ATRCAtriCure, Inc.

Surgical & Medical Instruments & Apparatus

Revenue: $535M; 15% YoY
Operating margin: -1.8%; 79% YoY
EBITDA: $3M; 109% YoY
Market cap: $3.1B
Employees: 330; $2M revenue each
Net debt / EBITDA: -43.3×; −$114M net debt
AI in 10-K: 1.2; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersYes
3 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$9M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
8% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
35% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$2M · 90th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.2 per 10K words · 38th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 43.3× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.1B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$4M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$274M	$330M	$399M	$465M	$535M	15%
Operating income	$55M	−$43M	−$27M	−$40M	−$9M	76%
Net income	$50M	−$46M	−$30M	−$45M	−$11M	74%
Operating cash flow	−$14M	−$22M	$4M	$12M	$57M	370%
Capex	$10M	$17M	$12M	$11M	$9M	21%
Stock-based comp	$28M	$29M	$36M	$40M	$45M	11%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $4M · 17
Net: −$4M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$9M	$15M	71	81
FY2024	$11M	$7M	55	66
FY2023	$9M	$5M	64	68
FY2022	$8M	$248K	80	68
FY2021	$8M	$13M	125	90