AtriCure - Public Comps and Valuation Multiples

AtriCure Overview

About AtriCure

AtriCure Inc is an innovator in surgical treatments and therapies for atrial fibrillation (Afib), left atrial appendage (LAA) management, and post-operative pain management and sells its products to medical centers through its direct sales force and distributors. Its product line includes Cryo, Soft Tissue Dissection, RF Ablation Pacing and Sensing, and others. Geographically, it generates a majority of its revenue from the United States. Cardiac ablation and left atrial appendage management (LAAM) products are used by physicians during open-heart and minimally invasive surgical procedures. Pain management solutions are used by physicians to freeze nerves during cardiothoracic or thoracic surgical procedures.

Founded

2000

HQ

Employees

1.3K+

Website

atricure.com

Sectors

Medical Devices
DeepTech
HealthTech

Financials

LTM Revenue $482M

LTM EBITDA $34.5M

EV

$1.6B

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AtriCure Financials

AtriCure has a last 12-month revenue of $482M and a last 12-month EBITDA of $34.5M.

In the most recent fiscal year, AtriCure achieved revenue of $465M and an EBITDA of -$18.5M.

AtriCure expects next 12-month revenue of XXX and NTM EBITDA of XXX

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AtriCure P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	$399M	$465M	XXX	XXX	XXX
Gross Profit	$246M	$300M	XXX	XXX	XXX
Gross Margin	62%	65%	XXX	XXX	XXX
EBITDA	-$8.1M	-$18.5M	XXX	XXX	XXX
EBITDA Margin	-2%	-4%	XXX	XXX	XXX
Net Profit	-$46.5M	-$30.4M	XXX	XXX	XXX
Net Margin	-12%	-7%	XXX	XXX	XXX
Net Debt	n/a	n/a	XXX	XXX	XXX

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AtriCure Stock Performance

As of April 15, 2025, AtriCure's stock price is $33.

AtriCure has current market cap of $1.6B, and EV of $1.6B.

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AtriCure Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$1.6B	$1.6B	XXX	XXX	XXX	XXX	$-0.87

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AtriCure Valuation Multiples

As of April 15, 2025, AtriCure has market cap of $1.6B and EV of $1.6B.

AtriCure's trades at 3.3x LTM EV/Revenue multiple, and 45.5x LTM EBITDA.

Analysts estimate AtriCure's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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AtriCure Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$1.6B	XXX	XXX	XXX
EV/Revenue	3.4x	XXX	XXX	XXX
EV/EBITDA	-84.6x	XXX	XXX	XXX
P/E	-36.1x	XXX	XXX	XXX
P/E/Growth	n/a	XXX	XXX	XXX
EV/FCF	-139.3x	XXX	XXX	XXX

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AtriCure Valuation Multiples

AtriCure's NTM/LTM revenue growth is 12%

AtriCure's revenue per employee for the last fiscal year averaged $0.4M, while opex per employee averaged $0.3M for the same period.

Over next 12 months, AtriCure's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .

Analysts estimate AtriCure's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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AtriCure Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	17%	XXX	XXX	XXX	XXX
EBITDA Margin	-4%	XXX	XXX	XXX	XXX
EBITDA Growth	129%	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	8%	XXX	XXX	XXX	XXX
Revenue per Employee	$0.4M	XXX	XXX	XXX	XXX
Opex per Employee	$0.3M	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	21%	XXX	XXX	XXX	XXX
Opex to Revenue	83%	XXX	XXX	XXX	XXX

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