AtriCure Books A $23.3 Million Finance Lease On Its New Ohio Campus And Pays A $4.5 Million Milestone
R&D spending rose 40.3% in the third quarter as net income turned positive, and a Mason, Ohio expansion lease hit the balance sheet.
AtriCure, which makes surgical devices to treat atrial fibrillation, manage the left atrial appendage and ease post-operative pain, recorded a $23.3 million finance lease liability on its finished Mason, Ohio headquarters expansion, according to its 10-Q. The same quarter carried a $4.5 million milestone payment that helped push research spending up 40.3%, even as the company posted net income of $4.1 million.
R&D jumps on a milestone payment
Third-quarter research and development expense rose $9.224 million, or 40.3%, to $32.1 million. The biggest piece was a $4.5 million payment for acquired in-process research, followed by a $3.0 million rise in clinical costs, largely from BoxX-NoAF trial enrollment, and $1.6 million more for new product development projects.
The payment is a milestone under the company's pulsed field ablation co-development deal. Total milestones paid now stand at $10.5 million, against a maximum of $28 million through 2034. The second-quarter 10-Q showed $6 million paid at the end of June.
Despite the charge, the company reported third-quarter net income of $4.1 million, against a $267,000 loss a year earlier, on revenue of $154.5 million, up 15.0%.
A headquarters lease moves onto the books
The expansion began in August 2025 as a sale-leaseback of the existing headquarters for $6.25 million, with the buyer-lessor financing construction of new manufacturing and office space. Construction was substantially completed in August 2026, and the lease term began.
AtriCure booked a $23.3 million finance lease liability and a $24.8 million right-of-use asset. Total finance lease liabilities reached $29.6 million at September 30, from $7.3 million at December 31. Undiscounted finance lease payments total $45.6 million, with $29.0 million falling in 2031 and later.
Property and equipment, net, rose to $66.7 million from $39.1 million at year-end. Net cash used in investing rose by $6.558 million for the nine months, driven by headquarters campus spending.
Receivables and inventory build
Over nine months, accounts receivable absorbed $10.0 million of cash and inventories $9.1 million, versus $1.9 million and $2.7 million a year earlier. Finished goods inventory reached $40.8 million at September 30, from $36.6 million at June 30.
AtriCure held $187.0 million in cash and owed $61.0 million on its credit line. Shares rose 7.3% in Wednesday trading, as of 2:04 p.m. ET, leaving a market value of about $3.1 billion.
Launches and dates ahead
The company received FDA clearance in October for a 30 mm AtriClip FLEX-Mini and expects to launch it before the end of 2026. It also expects to finish BoxX-NoAF site initiation and enrollment in the fourth quarter.
The achievement period for a SentreHEART reimbursement milestone expires December 31, 2026; the company rates payment as remote.
The reimbursement milestone window closes December 31, 2026, the same year the company targets for the 30 mm FLEX-Mini launch.
Sources
- 10-Q Filing — AtriCure (ATRC) — SEC EDGAR
- 10-Q Filing — AtriCure (ATRC), Q2 FY2026 filed 2026-07-27 (comparison basis) — SEC EDGAR
- Earnings release (8-K Item 2.02, exhibit991-1132026.htm) — AtriCure, filed 2026-11-03 — SEC EDGAR
- AtriCure Non-GAAP EPS of $0.18 beats by $0.17, revenue of $154.5M beats by $3.31M (ATRC:NASDAQ) | Seeking Alpha — seekingalpha.com
- AtriCure projects 2026 adjusted EBITDA of $91M-$94M as it targets BoxX-NoAF enrollment completion by year-end (NASDAQ:ATRC) | Seeking Alpha — seekingalpha.com
- AtriCure (ATRC) Beats Q3 Earnings and Revenue Estimates — Yahoo Finance
- AtriCure: Q3 Earnings Snapshot | wusa9.com — Associated Press
- AtriCure: Q3 Earnings Snapshot | king5.com — Associated Press
