AtriCure, Inc. — Earnings Quality Grade F
ATRC · Healthcare
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 46 days, change -2 days YoY
AR growth 10.5% vs revenue growth 14.9%
Revenue 14.9%, CFFO 369.8%. Cash follows revenue
Expense Quality
Inventory 4.2% vs COGS 13.6%. Normal
CapEx growth -35.8% vs revenue 14.9%. Normal
SG&A/Gross Profit = 77.6%, exceeds 70%
Gross margin 75.0%, change +0.3pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF $0.0B, FCF/NI = -3.69
Accruals ratio = -10.5%. Low accruals
Cash $0.2B covers debt $0.1B
Balance Sheet Health
Goodwill+Intangibles $0.3B = 57% of equity. Over 50%
Debt/EBITDA = 4.5x (>4x). Interest coverage = -1.6x (<2x). Financial stress
Other assets -0.1% vs revenue 14.9%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles change -3% YoY. Normal
Manipulation Score
Insufficient data
Portfolio monitoring
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Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25