AtriCure [ATRC]
| Item | Source | Value |
|---|---|---|
| Statements | AV INCOME_STATEMENT / BALANCE_SHEET / CASH_FLOW (normalized; 81 quarters, 20 years) |
— |
| AV-vs-EDGAR audit | av_vs_edgar.py --quarters 8: 0 disagreements of 6 compared; trust flag NO solely because of the D&A sign (below) |
revenue/GP/EBIT accepted |
| EDGAR revenue Q2 2026 | RevenueFromContractWithCustomerExcludingAssessedTax @2026-06-30 |
$153.6m vs AV $153.6m — ties |
| EDGAR gross profit Q2 2026 | us-gaap:GrossProfit |
$119m vs AV $118.6m — ties |
| EDGAR operating income Q2 2026 | us-gaap:OperatingIncomeLoss |
$10m vs AV $9.7m — ties |
| Cash @2026-06-30 | EDGAR CashAndCashEquivalentsAtCarryingValue |
$168m |
| Debt @2026-06-30 | EDGAR LongTermDebt / LongTermDebtNoncurrent |
$61m |
| Net cash | EDGAR-derived | $107m |
| Price | Alpaca 1-min bar 2026-07-29 19:59Z | $40.89 |
| Splits | AV SPLITS: none, ever |
no split-basis risk |
| Transcripts | AV EARNINGS_CALL_TRANSCRIPT 2023Q1–2026Q2 (14 quarters) |
34–67 utterances, 33–53k chars. ATRC is the only name of the three with a Q2 2026 transcript. |
| $m | % of revenue | |
|---|---|---|
| Revenue | 569.6 | |
| Gross profit | 433.7 | 76.16% |
| R&D | 96.2 | 16.89% |
| SG&A | 323.6 | 56.81% |
| GAAP operating income | 13.9 | 2.44% |
| D&A | 21 | 3.69% |
| EBITDA (EBIT + |D&A|) | 35 | 6.10% |
Bridge ties exactly: 76.16 − 16.89 − 56.81 = 2.46% vs 2.44% reported (0.02pp rounding).
known-silent-failures.md §6 records that a prior run double-counted $174m of ATRC net cash on an equity
multiple, worth 5.5pp of expected return, and that peer_multiples.py was rewritten to own the
equity↔enterprise bridge and to raise on mixed-standard comparisons. That specific failure was checked
for in this run:
EV = price × shares − net_cash =
40.89 × 50.9 − 107 = $1,974m.(3.30 × 645 + 107) / 51.5) and nowhere else.1. AV depreciationAndAmortization is signed NEGATIVE for ATRC (−$5m for the quarter ending 2026-06-30,
−$1m for 2025-03-31), flagged by av_vs_edgar.py as DNA_SIGN. AV's ebitda field was never read.
EBITDA computed as operating income + |D&A|. This is the brief's named AV defect #1, confirmed on 2 of 3
names in this run (ATRC and BSX; DXCM clean).
2. AV OVERVIEW.OperatingMarginTTM = 0.0629 is NOT a TTM figure — it is exactly ATRC's Q2 2026
single-quarter GAAP operating margin (6.29%). The true TTM figure is 2.44%, so the field overstates the
TTM operating margin by 3.85pp, i.e. by 2.6x. This is the most damaging instance of this mislabel in the
run, because 6.29% and 2.44% support quite different Quality readings. Confirmed systematic: BSX's 0.206 =
its Q1 2026 quarter, DXCM's 0.214 = its Q1 2026 quarter. 3 of 3 names. Do not use this field.
3. AV OVERVIEW.ProfitMargin = 0.0185 and PERatio = 194.71, both computed off a single quarter's
annualised earnings on a business that crossed into profitability four quarters ago. Read as levels by a
Quality screen with no archetype gate, these two fields alone are sufficient to produce the FAIL diagnosed in
ATRC_Research.md §1.
4. Share-count discrepancy, 3.7%, reported not silently adopted.
- AV BALANCE_SHEET.commonStockSharesOutstanding: 49.1m
- AV OVERVIEW.SharesOutstanding: 50.87m
50.9m was used (the higher figure, producing the higher EV of $1,974m vs $1,901m and therefore the higher required CAGR — the conservative direction). Effect on the required CAGR: ~+0.7pp. At 49.1m shares the required CAGR would be ~18.2% and the margin −0.8pp rather than −1.51pp. The verdict does not change, but the record should show the number was not adopted silently.
5. AV EARNINGS_ESTIMATES has no coverage for ATRC — returns {"Information": …} on a premium key with
paced requests, retried 6 times with backoff, while the same call succeeded for BSX. Consensus Criteria is
BLANK; per criteria.md this blocks nothing. Company guidance ($600–610m revenue, $85–89m adjusted EBITDA)
used as the near-term base instead.
6. A minor debt disagreement, resolved toward EDGAR. AV shortLongTermDebtTotal = $71.0m; EDGAR
LongTermDebt = $61m. The $10m gap is most likely lease obligations included by AV. EDGAR's $61m was
used, giving net cash of $107m rather than $96.7m — the less conservative of the two, so it is flagged:
using AV's figure would raise the required CAGR by ~0.1pp. Immaterial either way.
7. FY2021 operating margin of +20.12% is an outlier and was quarantined. It sits inside a FY2019–FY2025
range of −21.4% to −0.6%. It is almost certainly a one-off credit (CARES-era or settlement). It is not used
as evidence of demonstrated operating margin anywhere — the terminal-margin build uses TTM actuals and the
guided forward differential only. Had it been included in a max(own, …) or multi-year-average terminal
margin rule, it would have corrupted the build.
8. The prepared/Q&A splitter defect. Under a naive split on the operator's "question-and-answer" phrase,
7 of 14 ATRC quarters returned n_prepared = 0 — attributing all prepared remarks to Q&A. This silently
inverted the single most important reading in the research document (that "profitability" is a
prepared-remarks word and the trial-revenue concession is a Q&A word). Fixed by splitting at the first
utterance whose title contains "Analyst". The first version produced a complete-looking table that was
wrong for half the periods and raised nothing — the canonical shape of every entry in
known-silent-failures.md.
m_EBIT,T 16.0% ≤ m_gross,T 77.0%: passes, 61pp headroom. The recorded breach (a 14.4% terminal margin
against an 11.9% gross margin) has no analogue here.ATRC_Valuation.md.