Intrinsic value of AtriCure - ATRC

Previous Close

$17.96

  Intrinsic Value

$0.46

stock screener

  Rating & Target

str. sell

-97%

Previous close

$17.96

 
Intrinsic value

$0.46

 
Up/down potential

-97%

 
Rating

str. sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of ATRC stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  19.23
  12.50
  11.75
  11.08
  10.47
  9.92
  9.43
  8.99
  8.59
  8.23
  7.91
  7.62
  7.35
  7.12
  6.91
  6.72
  6.54
  6.39
  6.25
  6.13
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.44
  5.39
  5.35
Revenue, $m
  155
  174
  195
  216
  239
  263
  288
  313
  340
  368
  397
  428
  459
  492
  526
  561
  598
  636
  676
  717
  760
  805
  852
  901
  952
  1,006
  1,061
  1,119
  1,180
  1,244
  1,311
Variable operating expenses, $m
 
  208
  231
  256
  281
  308
  336
  365
  396
  428
  461
  484
  520
  557
  595
  635
  677
  720
  765
  812
  861
  912
  965
  1,020
  1,078
  1,139
  1,202
  1,267
  1,336
  1,408
  1,484
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  186
  208
  231
  256
  281
  308
  336
  365
  396
  428
  461
  484
  520
  557
  595
  635
  677
  720
  765
  812
  861
  912
  965
  1,020
  1,078
  1,139
  1,202
  1,267
  1,336
  1,408
  1,484
Operating income, $m
  -31
  -34
  -36
  -39
  -42
  -45
  -49
  -52
  -56
  -59
  -63
  -57
  -61
  -65
  -70
  -74
  -79
  -84
  -89
  -95
  -101
  -107
  -113
  -119
  -126
  -133
  -140
  -148
  -156
  -165
  -173
EBITDA, $m
  -21
  -18
  -20
  -22
  -25
  -27
  -30
  -32
  -35
  -38
  -41
  -44
  -48
  -51
  -54
  -58
  -62
  -66
  -70
  -74
  -79
  -83
  -88
  -93
  -99
  -104
  -110
  -116
  -122
  -129
  -136
Interest expense (income), $m
  2
  3
  4
  5
  6
  7
  8
  10
  11
  12
  14
  15
  17
  18
  20
  22
  24
  26
  27
  30
  32
  34
  36
  39
  41
  44
  46
  49
  52
  55
  59
Earnings before tax, $m
  -33
  -36
  -40
  -44
  -48
  -52
  -57
  -62
  -66
  -72
  -77
  -72
  -78
  -83
  -90
  -96
  -103
  -110
  -117
  -124
  -132
  -140
  -149
  -158
  -167
  -177
  -187
  -197
  -208
  -220
  -232
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -33
  -36
  -40
  -44
  -48
  -52
  -57
  -62
  -66
  -72
  -77
  -72
  -78
  -83
  -90
  -96
  -103
  -110
  -117
  -124
  -132
  -140
  -149
  -158
  -167
  -177
  -187
  -197
  -208
  -220
  -232

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  44
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  276
  261
  292
  324
  358
  393
  431
  469
  510
  551
  595
  640
  687
  736
  787
  840
  895
  952
  1,012
  1,074
  1,138
  1,206
  1,276
  1,349
  1,425
  1,505
  1,589
  1,676
  1,767
  1,862
  1,962
Adjusted assets (=assets-cash), $m
  232
  261
  292
  324
  358
  393
  431
  469
  510
  551
  595
  640
  687
  736
  787
  840
  895
  952
  1,012
  1,074
  1,138
  1,206
  1,276
  1,349
  1,425
  1,505
  1,589
  1,676
  1,767
  1,862
  1,962
Revenue / Adjusted assets
  0.668
  0.667
  0.668
  0.667
  0.668
  0.669
  0.668
  0.667
  0.667
  0.668
  0.667
  0.669
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.667
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
Average production assets, $m
  84
  95
  106
  117
  130
  142
  156
  170
  184
  200
  215
  232
  249
  267
  285
  304
  324
  345
  366
  389
  412
  437
  462
  488
  516
  545
  575
  607
  640
  674
  710
Working capital, $m
  57
  17
  19
  21
  23
  25
  28
  30
  33
  36
  39
  41
  45
  48
  51
  54
  58
  62
  66
  70
  74
  78
  83
  87
  92
  98
  103
  109
  114
  121
  127
Total debt, $m
  39
  50
  64
  79
  95
  111
  128
  145
  164
  183
  203
  224
  245
  268
  291
  315
  340
  366
  393
  422
  451
  482
  514
  548
  582
  619
  657
  697
  738
  782
  828
Total liabilities, $m
  108
  119
  133
  148
  164
  180
  197
  214
  233
  252
  272
  293
  314
  337
  360
  384
  409
  435
  462
  491
  520
  551
  583
  617
  651
  688
  726
  766
  807
  851
  897
Total equity, $m
  168
  142
  158
  176
  194
  214
  234
  255
  277
  299
  323
  348
  373
  400
  427
  456
  486
  517
  549
  583
  618
  655
  693
  733
  774
  817
  863
  910
  959
  1,011
  1,065
Total liabilities and equity, $m
  276
  261
  291
  324
  358
  394
  431
  469
  510
  551
  595
  641
  687
  737
  787
  840
  895
  952
  1,011
  1,074
  1,138
  1,206
  1,276
  1,350
  1,425
  1,505
  1,589
  1,676
  1,766
  1,862
  1,962
Debt-to-equity ratio
  0.232
  0.350
  0.410
  0.450
  0.490
  0.520
  0.550
  0.570
  0.590
  0.610
  0.630
  0.640
  0.660
  0.670
  0.680
  0.690
  0.700
  0.710
  0.720
  0.720
  0.730
  0.740
  0.740
  0.750
  0.750
  0.760
  0.760
  0.770
  0.770
  0.770
  0.780
Adjusted equity ratio
  0.534
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -33
  -36
  -40
  -44
  -48
  -52
  -57
  -62
  -66
  -72
  -77
  -72
  -78
  -83
  -90
  -96
  -103
  -110
  -117
  -124
  -132
  -140
  -149
  -158
  -167
  -177
  -187
  -197
  -208
  -220
  -232
Depreciation, amort., depletion, $m
  10
  16
  16
  17
  17
  18
  19
  19
  20
  21
  22
  12
  13
  14
  15
  16
  17
  18
  19
  21
  22
  23
  24
  26
  27
  29
  30
  32
  34
  36
  38
Funds from operations, $m
  -20
  -21
  -24
  -27
  -31
  -34
  -38
  -42
  -46
  -50
  -55
  -60
  -64
  -69
  -75
  -80
  -86
  -91
  -97
  -104
  -110
  -117
  -124
  -132
  -140
  -148
  -156
  -165
  -175
  -184
  -194
Change in working capital, $m
  -5
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
Cash from operations, $m
  -15
  -23
  -26
  -29
  -33
  -37
  -41
  -45
  -49
  -53
  -58
  -62
  -67
  -73
  -78
  -83
  -89
  -95
  -101
  -108
  -115
  -122
  -129
  -137
  -145
  -153
  -162
  -171
  -180
  -190
  -201
Maintenance CAPEX, $m
  0
  -4
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -34
  -36
New CAPEX, $m
  -8
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
Cash from investing activities, $m
  -12
  -15
  -16
  -18
  -18
  -20
  -21
  -22
  -24
  -25
  -27
  -27
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -41
  -44
  -46
  -48
  -51
  -54
  -56
  -59
  -62
  -65
  -68
  -72
Free cash flow, $m
  -27
  -38
  -42
  -47
  -51
  -56
  -61
  -67
  -72
  -78
  -84
  -90
  -97
  -103
  -110
  -118
  -125
  -133
  -141
  -150
  -159
  -168
  -177
  -188
  -198
  -209
  -221
  -233
  -246
  -259
  -273
Issuance/(repayment) of debt, $m
  25
  13
  14
  15
  15
  16
  17
  18
  18
  19
  20
  21
  22
  22
  23
  24
  25
  26
  27
  28
  30
  31
  32
  33
  35
  36
  38
  40
  42
  44
  46
Issuance/(repurchase) of shares, $m
  5
  52
  57
  61
  66
  72
  77
  83
  88
  94
  100
  96
  103
  110
  117
  125
  133
  141
  149
  158
  167
  177
  187
  197
  208
  220
  232
  245
  258
  272
  286
Cash from financing (excl. dividends), $m  
  28
  65
  71
  76
  81
  88
  94
  101
  106
  113
  120
  117
  125
  132
  140
  149
  158
  167
  176
  186
  197
  208
  219
  230
  243
  256
  270
  285
  300
  316
  332
Total cash flow (excl. dividends), $m
  0
  28
  29
  30
  31
  32
  32
  33
  34
  35
  36
  27
  28
  29
  30
  31
  33
  34
  35
  37
  38
  40
  42
  43
  45
  47
  49
  52
  54
  56
  59
Retained Cash Flow (-), $m
  19
  -52
  -57
  -61
  -66
  -72
  -77
  -83
  -88
  -94
  -100
  -96
  -103
  -110
  -117
  -125
  -133
  -141
  -149
  -158
  -167
  -177
  -187
  -197
  -208
  -220
  -232
  -245
  -258
  -272
  -286
Prev. year cash balance distribution, $m
 
  42
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  18
  -28
  -32
  -36
  -40
  -45
  -49
  -54
  -59
  -64
  -70
  -75
  -81
  -87
  -93
  -100
  -107
  -114
  -121
  -129
  -137
  -145
  -154
  -163
  -173
  -183
  -193
  -204
  -215
  -227
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  17
  -26
  -28
  -30
  -31
  -32
  -33
  -34
  -34
  -34
  -33
  -32
  -31
  -29
  -27
  -25
  -23
  -21
  -19
  -16
  -14
  -12
  -10
  -8
  -7
  -5
  -4
  -3
  -2
  -2
Current shareholders' claim on cash, %
  100
  89.9
  81.0
  73.3
  66.5
  60.4
  55.0
  50.2
  45.8
  41.9
  38.4
  35.5
  32.9
  30.4
  28.2
  26.1
  24.2
  22.4
  20.8
  19.3
  17.9
  16.6
  15.4
  14.3
  13.3
  12.3
  11.4
  10.6
  9.8
  9.1
  8.5

AtriCure, Inc. is an atrial fibrillation (Afib) solutions company. The Company develops, manufactures, and sells devices designed primarily for the surgical ablation of cardiac tissue and systems designed for the exclusion of the left atrial appendage. It has various product lines for the ablation of cardiac tissue, including its Isolator Synergy Ablation System, for the treatment of persistent and longstanding persistent forms of Afib in patients undergoing certain open concomitant procedures. It has two primary product lines for cardiac tissue ablation, which include Radio Frequency Ablation Devices and cryoICE Cryoablation System, and a product line for left atrial appendage exclusion. The Company also sells Lumitip dissectors and the Estech line of reusable cardiac surgery (valve) instruments. Its cryoICE cryosurgery product line offers various cryoablation devices. Its AtriClip Left Atrial Appendage Exclusion System is designed to occlude the heart's left atrial appendage (LAA).

FINANCIAL RATIOS  of  AtriCure (ATRC)

Valuation Ratios
P/E Ratio -18.1
Price to Sales 3.9
Price to Book 3.6
Price to Tangible Book
Price to Cash Flow -39.9
Price to Free Cash Flow -26
Growth Rates
Sales Growth Rate 19.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -38.5%
Cap. Spend. - 3 Yr. Gr. Rate 21.7%
Financial Strength
Quick Ratio 22
Current Ratio 0.1
LT Debt to Equity 22%
Total Debt to Equity 23.2%
Interest Coverage -16
Management Effectiveness
Return On Assets -11.3%
Ret/ On Assets - 3 Yr. Avg. -11.9%
Return On Total Capital -16.2%
Ret/ On T. Cap. - 3 Yr. Avg. -15.7%
Return On Equity -18.6%
Return On Equity - 3 Yr. Avg. -17%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 71.6%
Gross Margin - 3 Yr. Avg. 71.4%
EBITDA Margin -13.5%
EBITDA Margin - 3 Yr. Avg. -13.6%
Operating Margin -20%
Oper. Margin - 3 Yr. Avg. -18.6%
Pre-Tax Margin -21.3%
Pre-Tax Margin - 3 Yr. Avg. -19%
Net Profit Margin -21.3%
Net Profit Margin - 3 Yr. Avg. -19%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

ATRC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ATRC stock intrinsic value calculation we used $155 million for the last fiscal year's total revenue generated by AtriCure. The default revenue input number comes from 2016 income statement of AtriCure. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ATRC stock valuation model: a) initial revenue growth rate of 12.5% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for ATRC is calculated based on our internal credit rating of AtriCure, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of AtriCure.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ATRC stock the variable cost ratio is equal to 120%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for ATRC stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 7.5% for AtriCure.

Corporate tax rate of 27% is the nominal tax rate for AtriCure. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ATRC stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ATRC are equal to 54.2%.

Life of production assets of 18.9 years is the average useful life of capital assets used in AtriCure operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ATRC is equal to 9.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $168 million for AtriCure - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 34.334 million for AtriCure is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of AtriCure at the current share price and the inputted number of shares is $0.6 billion.

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COMPANY NEWS

▶ ETFs with exposure to AtriCure, Inc. : December 1, 2017   [Dec-01-17 10:26AM  Capital Cube]
▶ ETFs with exposure to AtriCure, Inc. : November 20, 2017   [Nov-20-17 11:41AM  Capital Cube]
▶ ETFs with exposure to AtriCure, Inc. : November 8, 2017   [Nov-08-17 05:37PM  Capital Cube]
▶ AtriCure reports 3Q loss   [Nov-01-17 05:33PM  Associated Press]
▶ AtriCure to Present at the Stifel Healthcare Conference   [Oct-20-17 08:00AM  Business Wire]
▶ AtriCure to Announce Third Quarter 2017 Financial Results   [Oct-10-17 08:00AM  Business Wire]
▶ ETFs with exposure to AtriCure, Inc. : August 15, 2017   [Aug-15-17 03:22PM  Capital Cube]
▶ Stock surge on Wall Street pushes these 25 S&P 500 stocks to record highs   [Aug-04-17 07:47AM  American City Business Journals]
▶ AtriCure reports 2Q loss   [Jul-27-17 11:57PM  Associated Press]
▶ AtriCure Announces Hiring of Chief Technology Officer   [Jul-18-17 04:15PM  Business Wire]
▶ ETFs with exposure to AtriCure, Inc. : July 13, 2017   [Jul-13-17 03:30PM  Capital Cube]
▶ AtriCure to Announce Second Quarter 2017 Financial Results   [Jul-06-17 08:00AM  Business Wire]
▶ ETFs with exposure to AtriCure, Inc. : May 12, 2017   [May-12-17 03:40PM  Capital Cube]
▶ Here's Why ArtiCure, Inc. Is Up Double-Digits Today   [May-05-17 12:49PM  Motley Fool]
▶ AtriCure reports 1Q loss   [May-04-17 06:33PM  Associated Press]
▶ AtriCure to Announce First Quarter 2017 Financial Results   [Apr-07-17 04:05PM  Business Wire]
▶ ETFs with exposure to AtriCure, Inc. : April 5, 2017   [Apr-05-17 04:21PM  Capital Cube]
▶ AtriCure founder exits amid board reset   [Mar-24-17 01:50PM  at bizjournals.com]
▶ AtriCure founder exits amid board reset   [01:50PM  American City Business Journals]
▶ AtriCure reports 4Q loss   [04:47PM  Associated Press]
▶ Is Xenith Bankshares Inc (XBKS) Going To Burn These Hedge Funds?   [Dec-20-16 02:07PM  at Insider Monkey]
▶ How Unifi, Inc. (UFI) Stacks Up Against Its Peers   [Dec-14-16 03:21AM  at Insider Monkey]
▶ Do Hedge Funds Love RPX Corp (RPXC)?   [Dec-08-16 10:59AM  at Insider Monkey]
▶ AtriCure Inc. (ATRC) Hedge Funds Are Snapping Up   [09:36AM  at Insider Monkey]
▶ AtriCure Names Sven Wehrwein to its Board of Directors   [Nov-11-16 08:00AM  Business Wire]
▶ AtriCure Announces Upcoming Investor Conference Schedule   [Oct-24-16 04:34PM  Business Wire]
▶ AtriCure to Announce Third Quarter 2016 Financial Results   [Oct-04-16 08:00AM  Business Wire]
Financial statements of ATRC
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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