0001323885-26-000007 | 10-K | XBRL Viewer

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Revenue (Revenue By Geographic Area) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue from External Customer [Line Items]
Revenue	$ 534,528	$ 465,307	$ 399,245
United States
Revenue from External Customer [Line Items]
Revenue	435,372	382,816	333,544
Europe
Revenue from External Customer [Line Items]
Revenue	61,493	49,874	38,469
Asia-Pacific
Revenue from External Customer [Line Items]
Revenue	30,723	27,379	24,526
Other International
Revenue from External Customer [Line Items]
Revenue	6,940	5,238	2,706
Total International
Revenue from External Customer [Line Items]
Revenue	$ 99,156	$ 82,491	$ 65,701

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Fair Value (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table represents the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2025:


	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)		Total
Assets:
Money market funds	$	156,491	$	—	$	—	$	156,491




Total assets	$	156,491	$	—	$	—	$	156,491

The following table represents the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2024:


	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)		Total
Assets:
Money market funds	$	101,147	$	—	$	—	$	101,147




Total assets	$	101,147	$	—	$	—	$	101,147

Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

INTANGIBLE ASSETS AND GOODWILL

The following table provides a summary of the Company’s intangible assets at December 31:


	2025				2024
	Cost		Accumulated Amortization		Cost		Accumulated Amortization
Technology	$	46,470	$	16,144	$	46,470	$	13,103
Patents	30,000		12,300		30,000		6,900
Total	$	76,470	$	28,444	$	76,470	$	20,003

Amortization expense of intangible assets was $8,441, $7,519 and $5,353 for the years ended December 31, 2025, 2024 and 2023. The following table summarizes the allocation of amortization expense of intangible assets:


	2025		2024		2023
Cost of revenue	$	5,400	$	4,500	$	2,400
Research and development expenses	3,041		3,019		2,953
Total	$	8,441	$	7,519	$	5,353

Future amortization expense is projected as follows:


2026	$	9,535
2027	10,435
2028	6,535
2029	2,935
2030	2,935
2031 and thereafter	15,651
Total	$	48,026

The following table provides a summary of the Company’s goodwill, which is not amortized, but rather tested annually for impairment:


Net carrying amount as of December 31, 2023	$	234,781
Additions (Impairment)	—
Net carrying amount as of December 31, 2024	234,781
Additions (Impairment)	—
Net carrying amount as of December 31, 2025	$	234,781

Leases (Summary Of Supplemental Cash Flow Information Related To Leases) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 2,053	$ 1,486	$ 1,235
Operating cash flows for finance leases	557	626	673
Financing cash flows for finance leases	1,186	1,056	992
Right-of-use assets obtained in exchange for lease obligations:
Operating Leases	2,474	2,765	1,509
Finance Leases	$ 0	$ 421	$ 0

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2025	Feb. 12, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2025
Document Transition Report	false
Entity File Number	000-51470
Entity Registrant Name	AtriCure, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	34-1940305
Entity Address, Address Line One	7555 Innovation Way
Entity Address, City or Town	Mason
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	45040
City Area Code	513
Local Phone Number	755-4100
Title of 12(b) Security	Common Stock, $.001 par value
Trading Symbol	ATRC
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 1,571.5
Entity Common Stock, Shares Outstanding		49,809,901
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Items 10, 11, 12, 13 and 14 of Part III of this Form 10-K incorporate information by reference from the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year covered by this Form 10-K.
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Central Index Key	0001323885

Fair Value (Narrative) (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Changes in levels or methodology		$ 0
Significant Other Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining fair value	$ 0	0	$ 0
Contingent Consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining fair value	$ 0	$ 0

Leases (Summary Of Components Of Lease Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease cost	$ 1,981	$ 1,614	$ 1,284
Finance lease cost:
Amortization of right-of-use assets	1,047	1,047	1,020
Interest on lease liabilities	557	626	673
Total finance lease cost	$ 1,604	$ 1,673	$ 1,693

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Contingency [Line Items]
Pre-tax income (loss) for domestic operations	$ (8,811)	$ (36,983)	$ (17,822)
Pre-tax income (loss) for international operations	(1,352)	(6,691)	(12,025)
Undistributed earnings of foreign subsidiaries	774
Cash paid for income taxes, net of refunds	1,290	619	$ 395
Research and development credit carryforwards	22,089	$ 18,181
Federal
Income Tax Contingency [Line Items]
Operating loss carryforward	175,808
Federal \| Tax Year 2021 And 2038
Income Tax Contingency [Line Items]
Operating loss carryforward	216,111
Federal \| Tax Year 2023 and 2042
Income Tax Contingency [Line Items]
Research and development credit carryforwards	22,089
State \| Tax Year 2023 and 2042
Income Tax Contingency [Line Items]
Operating loss carryforward	229,449
Foreign
Income Tax Contingency [Line Items]
Operating loss carryforward	$ 84,431

Fair Value (Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets:
Assets, Fair Value Disclosure	$ 156,491	$ 101,147
Money market funds
Assets:
Total assets	156,491	101,147
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Assets, Fair Value Disclosure	156,491	101,147
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Money market funds
Assets:
Total assets	156,491	101,147
Significant Other Observable Inputs (Level 2)
Assets:
Assets, Fair Value Disclosure	0	0
Significant Other Observable Inputs (Level 2) \| Money market funds
Assets:
Total assets	0	0
Significant Other Unobservable Inputs (Level 3)
Assets:
Assets, Fair Value Disclosure	0	0
Significant Other Unobservable Inputs (Level 3) \| Money market funds
Assets:
Total assets	$ 0	$ 0

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

Income Taxes (Summary Of Detail Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Net operating loss carryforwards	$ 117,132	$ 116,679
Research and development credit carryforwards	22,089	18,181
Research and experimental expenditures	24,257	31,106
Equity compensation	12,486	11,738
Finance and operating lease liabilities	5,250	2,494
Inventories	3,179	3,325
Accruals and reserves	1,863	1,478
Property and equipment	327	1,052
Total deferred tax assets	186,583	186,053
Deferred tax liabilities:
Intangible assets	(3,085)	(5,005)
Right-of-use assets	(3,029)	(1,749)
Other	(217)	(254)
Total deferred tax liabilities	(6,331)	(7,008)
Valuation allowance	(180,177)	(179,027)
Net deferred tax assets	$ 75	$ 18

Property and Equipment

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment

PROPERTY AND EQUIPMENT

Property and equipment consisted of the following at December 31:


	2025		2024
Buildings and improvements	$	28,915	$	29,309
Generators	27,396		25,687
Machinery and office equipment	35,511		31,321
Computer equipment and software	10,767		11,300
Construction in progress	5,042		4,331
Land	1,258		1,006
Total	108,889		102,954
Less accumulated depreciation	(69,766)		(61,295)
Property and equipment, net	$	39,123	$	41,659

Depreciation expense was $12,090, $11,214 and $9,460 for the years ended December 31, 2025, 2024 and 2023. As of December 31, 2025 and 2024, the net carrying value of generators was $3,992 and $4,620.

Equity Compensation Plans (Share-Based Compensation Expense Related To Employee Share-Based Compensation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	$ 44,685	$ 40,405	$ 35,728
Cost of revenue
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	2,699	2,323	1,817
Research and development expenses
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	7,976	6,951	5,802
Selling, general and administrative expenses
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	$ 34,010	$ 31,131	$ 28,109

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

LEASES

The Company has operating and finance leases for office, manufacturing and warehouse facilities and automobiles. The Company’s leases have remaining lease terms of one to ten years. Options to renew or extend leases beyond their initial term have been excluded from measurement of the ROU assets and lease liabilities as exercise is not reasonably certain.

The weighted average remaining lease term and the discount rate for the reporting periods are as follows:


	As of	As of	As of
	December 31, 2025	December 31, 2024	December 31, 2023
Operating Leases
Weighted average remaining lease term (years)	5.1	4.4	4.8
Weighted average discount rate	7.0 %	6.9 %	5.8 %

Finance Leases
Weighted average remaining lease term (years)	4.7	5.7	6.7
Weighted average discount rate	7.0 %	7.0 %	6.9 %

A letter of credit for $1,250 was issued to the lessor of the Company's corporate headquarters building at inception of the lease and is renewed annually and remains outstanding as of December 31, 2025.

The components of lease expense are as follows:


	Year Ended		Year Ended		Year Ended
	December 31, 2025		December 31, 2024		December 31, 2023
Operating lease cost	$	1,981	$	1,614	$	1,284

Finance lease cost:
Amortization of right-of-use assets	1,047		1,047		1,020
Interest on lease liabilities	557		626		673
Total finance lease cost	$	1,604	$	1,673	$	1,693

Short term lease expense was not significant for the years ended December 31, 2025, 2024 and 2023.

Supplemental cash flow information related to leases was as follows:


	Year Ended		Year Ended		Year Ended
	December 31, 2025		December 31, 2024		December 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	2,053	$	1,486	$	1,235
Operating cash flows for finance leases	557		626		673
Financing cash flows for finance leases	1,186		1,056		992

Right-of-use assets obtained in exchange for lease obligations:
Operating Leases	2,474		2,765		1,509
Finance Leases	—		421		—

Supplemental balance sheet information related to leases was as follows:


	As of December 31, 2025		As of December 31, 2024
Operating Leases
Operating lease right-of-use assets	$	6,868	$	5,727

Current lease liabilities	1,734		1,619
Operating lease liabilities	5,541		4,579
Total operating lease liabilities	$	7,275	$	6,198

Finance Leases
Property and equipment, at cost	$	14,765	$	14,765
Accumulated depreciation	(9,922)		(8,875)
Property and equipment, net	$	4,843	$	5,890

Current lease liabilities	$	1,306	$	1,186
Finance lease liabilities	5,975		7,281
Total finance lease liabilities	$	7,281	$	8,467

Maturities of lease liabilities as of December 31, 2025 were as follows:


	Operating Leases		Finance Leases
2026	$	1,957	$	1,775
2027	1,905		1,808
2028	1,475		1,842
2029	1,072		1,818
2030	683		1,339
2031 and thereafter	1,748		—
Total payments	$	8,840	$	8,582
Less imputed interest	(1,565)		(1,301)
Total lease liabilities	$	7,275	$	7,281

Leases

LEASES

The weighted average remaining lease term and the discount rate for the reporting periods are as follows:


	As of	As of	As of
	December 31, 2025	December 31, 2024	December 31, 2023
Operating Leases
Weighted average remaining lease term (years)	5.1	4.4	4.8
Weighted average discount rate	7.0 %	6.9 %	5.8 %

Finance Leases
Weighted average remaining lease term (years)	4.7	5.7	6.7
Weighted average discount rate	7.0 %	7.0 %	6.9 %

The components of lease expense are as follows:


	Year Ended		Year Ended		Year Ended
	December 31, 2025		December 31, 2024		December 31, 2023
Operating lease cost	$	1,981	$	1,614	$	1,284

Finance lease cost:
Amortization of right-of-use assets	1,047		1,047		1,020
Interest on lease liabilities	557		626		673
Total finance lease cost	$	1,604	$	1,673	$	1,693

Short term lease expense was not significant for the years ended December 31, 2025, 2024 and 2023.

Supplemental cash flow information related to leases was as follows:


	Year Ended		Year Ended		Year Ended
	December 31, 2025		December 31, 2024		December 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	2,053	$	1,486	$	1,235
Operating cash flows for finance leases	557		626		673
Financing cash flows for finance leases	1,186		1,056		992

Right-of-use assets obtained in exchange for lease obligations:
Operating Leases	2,474		2,765		1,509
Finance Leases	—		421		—

Supplemental balance sheet information related to leases was as follows:


	As of December 31, 2025		As of December 31, 2024
Operating Leases
Operating lease right-of-use assets	$	6,868	$	5,727

Current lease liabilities	1,734		1,619
Operating lease liabilities	5,541		4,579
Total operating lease liabilities	$	7,275	$	6,198

Finance Leases
Property and equipment, at cost	$	14,765	$	14,765
Accumulated depreciation	(9,922)		(8,875)
Property and equipment, net	$	4,843	$	5,890

Current lease liabilities	$	1,306	$	1,186
Finance lease liabilities	5,975		7,281
Total finance lease liabilities	$	7,281	$	8,467

Maturities of lease liabilities as of December 31, 2025 were as follows:


	Operating Leases		Finance Leases
2026	$	1,957	$	1,775
2027	1,905		1,808
2028	1,475		1,842
2029	1,072		1,818
2030	683		1,339
2031 and thereafter	1,748		—
Total payments	$	8,840	$	8,582
Less imputed interest	(1,565)		(1,301)
Total lease liabilities	$	7,275	$	7,281

Asset Acquisition	12 Months Ended
Asset Acquisition	Dec. 31, 2025
Business Combination [Abstract]
Asset Acquisition	ASSET ACQUISITION On October 15, 2024, the Company entered into an exclusive licensing agreement (Cooperation Agreement) to co-develop and commercialize equipment incorporating pulsed field ablation (PFA) technology. The Company paid cash of $12,000 for the exclusive license of related intellectual property. The transaction was accounted for as an asset acquisition, resulting in acquired in-process research and development (IPR&D). The acquired IPR&D was expensed to research and development expense as the Company determined there was no alternative future use of the technologies acquired. The Cooperation Agreement also requires the Company to pay additional contingent consideration, settled in cash, with a maximum payout of $28,000 if all milestones are achieved successfully within the ten-year term as follows: •Development Milestones - $3,000 to $15,000 for successful delivery of equipment for defined purposes at multiple dates within the first two years of the contract and is reduced for calendar days lapsed from delivery dates at specified rates. •Regulatory Approval Milestone - up to $13,000 for First Market Authorization in the United States, as defined in the Cooperation Agreement. The contingent consideration will be expensed when each milestone becomes payable as a result of achievement. Milestone payments made under this agreement were $6,000 for the year ended December 31, 2025 and included as a component of research and development expense. During the year ended December 31, 2024, no milestones were achieved resulting in no financial impact to the Company. The agreement also contains provisions requiring future royalty payments on devices incorporating co-developed technology upon commercialization.

- Definition

The entire disclosure for business combination.

+ References

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Borrowings and Financing Obligation (Operating Lease Maturities) (Details) - Building Expansion $ in Thousands	Dec. 31, 2025 USD ($)
Lessee, Lease, Description [Line Items]
2026	$ 1,034
2027	2,099
2028	2,162
2029	2,227
2030	$ 2,294

Description of Business and Summary of Significant Accounting Policies (Narrative) (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) customer segment shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) shares	May 31, 2023
Finite-Lived Intangible Assets [Line Items]
Investment owned, fair value	$ 0
Gain (loss) on investments	0	$ 0	$ 0
Revenue	$ 534,528,000	$ 465,307,000	$ 399,245,000
Terms of sale for end-users (in days)	30 days
Terms of sale for distributors (in days)	60 days
Payment term for products ordered	1 year
Number of customers \| customer	10
Shares not included in the computation of diluted earnings per share (in shares) \| shares	2,621	2,583	1,668
Advertising costs	$ 2,229,000	$ 2,817,000	$ 1,695,000
Number of operating segments \| segment	1
United States
Finite-Lived Intangible Assets [Line Items]
Revenue	$ 435,372,000	382,816,000	333,544,000
Long-lived assets	6,292,000
Europe
Finite-Lived Intangible Assets [Line Items]
Revenue	$ 61,493,000	49,874,000	38,469,000
Long-lived assets		4,021,000
Generators
Finite-Lived Intangible Assets [Line Items]
Estimated useful life of PPE (in years)	3 years
Minimum \| Building
Finite-Lived Intangible Assets [Line Items]
Estimated useful life of PPE (in years)	15 years
Minimum \| Production Equipment, Furniture And Fixtures, Computer, Software, And Office Equipment
Finite-Lived Intangible Assets [Line Items]
Estimated useful life of PPE (in years)	3 years
Maximum \| Building
Finite-Lived Intangible Assets [Line Items]
Estimated useful life of PPE (in years)	20 years
Maximum \| Production Equipment, Furniture And Fixtures, Computer, Software, And Office Equipment
Finite-Lived Intangible Assets [Line Items]
Estimated useful life of PPE (in years)	7 years
Technology
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful life (in years)	15 years
Patents
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful life (in years)	5 years			5 years
Shipping and Handling
Finite-Lived Intangible Assets [Line Items]
Revenue	$ 2,451,000	$ 2,421,000	$ 1,860,000
Medical Devices \| Net Revenue \| Customer Concentration Risk
Finite-Lived Intangible Assets [Line Items]
Percentage representation of significant customer	8.70%	8.90%	8.80%
Medical Devices \| Accounts Receivable \| Customer Concentration Risk
Finite-Lived Intangible Assets [Line Items]
Percentage representation of significant customer	13.70%	10.40%

Revenue (Revenue By Product Type) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue from External Customer [Line Items]
Revenue	$ 534,528	$ 465,307	$ 399,245
United States
Revenue from External Customer [Line Items]
Revenue	435,372	382,816	333,544
Total International
Revenue from External Customer [Line Items]
Revenue	99,156	82,491	65,701
Open ablation \| United States
Revenue from External Customer [Line Items]
Revenue	143,847	123,647	105,287
Open ablation \| Total International
Revenue from External Customer [Line Items]
Revenue	41,040	34,693	31,483
Minimally invasive ablation \| United States
Revenue from External Customer [Line Items]
Revenue	31,475	45,737	44,577
Minimally invasive ablation \| Total International
Revenue from External Customer [Line Items]
Revenue	8,371	8,104	6,670
Pain management \| United States
Revenue from External Customer [Line Items]
Revenue	81,923	61,844	49,199
Pain management \| Total International
Revenue from External Customer [Line Items]
Revenue	7,692	5,624	2,013
Appendage management \| United States
Revenue from External Customer [Line Items]
Revenue	178,127	151,588	134,481
Appendage management \| Total International
Revenue from External Customer [Line Items]
Revenue	$ 42,053	$ 34,070	$ 25,535

- Definition

+ References

+ Details

Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenue	$ 534,528	$ 465,307	$ 399,245
Cost of revenue	133,749	117,783	98,875
Gross profit	400,779	347,524	300,370
Operating expenses:
Research and development expenses	99,209	96,178	73,915
Selling, general and administrative expenses	311,017	291,359	253,138
Total operating expenses	410,226	387,537	327,053
Loss from operations	(9,447)	(40,013)	(26,683)
Other income (expense):
Interest expense	(5,878)	(6,407)	(6,925)
Interest income	4,479	4,434	3,792
Loss on debt extinguishment	0	(1,362)	0
Other income (expense)	683	(326)	(31)
Loss before income tax expense	(10,163)	(43,674)	(29,847)
Income tax expense	1,285	1,024	591
Net loss	$ (11,448)	$ (44,698)	$ (30,438)
Net loss per share:
Basic net loss per share (in usd per share)	$ (0.24)	$ (0.95)	$ (0.66)
Diluted net loss per share (in usd per share)	$ (0.24)	$ (0.95)	$ (0.66)
Weighted average shares outstanding:
Weighted average shares outstanding, basic (in shares)	47,750	46,965	46,309
Weighted average shares outstanding, diluted (in shares)	47,750	46,965	46,309
Comprehensive income (loss):
Unrealized gain on investments	$ 0	$ 800	$ 2,898
Foreign currency translation adjustment	1,601	(842)	205
Other comprehensive income (loss)	1,601	(42)	3,103
Net loss	(11,448)	(44,698)	(30,438)
Comprehensive loss, net of tax	$ (9,847)	$ (44,740)	$ (27,335)

Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Accrued Liabilities

Accrued liabilities consisted of the following at December 31:


	2025		2024
Accrued compensation and employee-related expenses	$	46,760	$	39,505
Sales returns and allowances	3,476		3,123
Other accrued liabilities	2,853		2,959
Total	$	53,089	$	45,587

Description of Business and Summary of Significant Accounting Policies (Allowance For Credit Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance - January 1	$ 550	$ 500	$ 230
Provision for expected credit losses	200	50	270
Recovery	0	0	0
Ending balance - December 31	$ 750	$ 550	$ 500

Equity Compensation Plans (Activity Under Stock Based Compensation Plans) (Details) - Employee Stock Option - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Number of Shares Outstanding
Beginning balance, number of shares outstanding (in shares)	262,000
Granted, number of shares outstanding (in shares)	0	0	0
Exercised, number of shares outstanding (in shares)	(64,000)
Forfeited, number of shares outstanding (in shares)	(8,000)
Ending balance, number of shares outstanding (in shares)	190,000	262,000
Vested and expected to vest, number of shares outstanding (in shares)	190,000
Exercisable, ending balance, number of shares outstanding (in shares)	190,000
Weighted Average Exercise Price
Beginning balance, weighted average exercise price (usd per share)	$ 35.71
Granted, weighted average exercise price (usd per share)	0
Exercised, weighted average exercise price (usd per share)	21.21
Forfeited, weighted average exercise price (usd per share)	68.65
Ending balance, weighted average exercise price (usd per share)	39.23	$ 35.71
Vested and expected to vest, weighted average exercise price (usd per share)	39.23
Exercisable, ending balance, weighted average exercise price (usd per share)	$ 39.23
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Outstanding, weighted average remaining contractual term (in years)	3 years
Vested and expected to vest, weighted average remaining contractual term (in years)	2 years 10 months 24 days
Exercisable, weighted average remaining contractual term (in years)	3 years
Outstanding, aggregate intrinsic value	$ 2,044
Vested and expected to vest, aggregate intrinsic value	2,044
Exercisable, aggregate intrinsic value	$ 2,044

Intangible Assets and Goodwill (Summary Of Company's Goodwill) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Goodwill [Roll Forward]
Beginning balance	$ 234,781	$ 234,781
Additions (Impairment)	0	0
Ending balance	$ 234,781	$ 234,781

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Equity Compensation Plans (Narrative) (Details)	12 Months Ended
Equity Compensation Plans (Narrative) (Details)	Dec. 31, 2025 USD ($) plan shares	Dec. 31, 2024 USD ($) target shares	Dec. 31, 2023 USD ($) target shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of incentive plans \| plan	2
Number of weighted performance targets \| target		2	2
Total intrinsic value of options exercised	$ 895,000	$ 711,000	$ 2,982,000
Tax benefit recognized	0	0	0
Proceeds from stock option exercises	1,367,000	1,022,000	2,316,000
Expense	44,685,000	40,405,000	35,728,000
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of restricted stock vested	8,335,000	3,459,000	4,955,000
Unrecognized compensation costs related to non-vested performance options	$ 15,414,000
Weighted average period of recognizing cost	1 year 8 months 12 days
Expense	$ 12,246,000	$ 11,356,000	$ 11,417,000
Performance Shares \| CAGR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighing of revenue (in percent)	0.50	0.75	0.75
Performance Shares \| TSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighing of revenue (in percent)	0.20	0.25	0.25
Performance Shares \| Measurement Input, Adjusted EBITDA
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighing of revenue (in percent)	0.30
Performance Shares \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout range (in percent)	0.00%	0.00%	0.00%
Performance Shares \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout range (in percent)	200.00%	300.00%	300.00%
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiry of options from the date of grant	10 years
Granted, number of shares outstanding (in shares) \| shares	0	0	0
Expense	$ 0	$ 328,000	$ 765,000
Stock options compensation costs	$ 0
Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shareholder return period		60 days
Stock Options, RSA's, and RSU's \| Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual vesting percentage	33.30%
Stock Options, RSA's, and RSU's \| Share-Based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual vesting percentage	33.30%
Stock Options, RSA's, and RSU's \| Share-Based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual vesting percentage	33.30%
Stock Options, RSA's, and RSU's \| First, Second, And Third Anniversaries
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual vesting percentage	33.30%
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of restricted stock vested	$ 26,270,000	$ 14,732,000	13,824,000
Unrecognized compensation costs related to non-vested performance options	$ 37,652,000
Weighted average period of recognizing cost	1 year 9 months 18 days
Expense	$ 30,396,000	$ 26,975,000	21,797,000
2014 Plan \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
2014 Plan \| Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting right of shares of common stock \| shares		1
Vesting period		4 years
Number of performance targets \| target		3
2008 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Company's common stock may be purchased at a discount (in percent)	15.00%
Offering period	6 months
Participants purchase limit value	$ 25,000
Participants purchase limit (in shares) \| shares	3,000
Shares available for future issuance under the ESPP (in shares) \| shares	295,000
2008 Employee Stock Purchase Plan \| Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense	$ 2,043,000	$ 1,746,000	$ 1,749,000
2023 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance (in shares) \| shares	5,787,000
Share-based compensation arrangement by share-based payment award, number of shares available for grant (in shares) \| shares	3,157,000
2023 Plan \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting right of shares of common stock \| shares	1
Vesting period	3 years
Total shareholder return period	20 days

Description of Business and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business and Summary of Significant Accounting Policies

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of the Business— AtriCure, Inc. (the “Company” or “AtriCure”) is a leading innovator in surgical treatments and therapies for atrial fibrillation, left atrial appendage management and post-operative pain management, and sells its products to medical centers globally through its direct sales force and distributors.

Principles of Consolidation—The Consolidated Financial Statements include the accounts of AtriCure, Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

Cash and Cash Equivalents—The Company considers highly liquid investments with maturities of three months or less at the date of purchase as cash equivalents. Cash equivalents include demand deposits and money market funds with financial institutions.

Investments—The Company invests primarily in government and agency obligations, corporate bonds, commercial paper and asset-backed securities and classifies all investments as available-for-sale. Investments maturing in less than one year are classified as short-term investments. Investments are recorded at fair value, with unrealized gains and losses recorded as accumulated other comprehensive income (loss). Gains and losses are recognized using the specific identification method when securities are sold and are included in interest income. The Company had no investments as of December 31, 2025 and 2024. The gross realized gains or losses from sales of available-for-sale investments were not significant in the years ended December 31, 2025, 2024 and 2023.

Revenue Recognition—Revenue is generated primarily from the sale of medical devices. Sales of devices are categorized based on the type of product as follows: open ablation, minimally invasive ablation, pain management and appendage management. The Company recognizes revenue when control of promised devices is transferred to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those devices. Revenue is recognized at a point in time upon shipment or delivery of products. Shipping and handling activities performed after control transfers to customers are considered activities to fulfill the promise to transfer the products. Revenue includes shipping and handling revenue of $2,451, $2,421 and $1,860 in the years ended December 31, 2025, 2024 and 2023.

Products are sold primarily through a direct sales force and through distributors in certain international markets. Terms of sale are generally consistent for both end-users and distributors, except that payment terms are generally net 30 days for end-users and net 60 days for distributors, with some exceptions. The Company does not maintain any post-shipping obligations to customers; no installation, calibration or testing of products is performed subsequent to shipment in order to render products operational. The Company expects to be entitled to the total consideration for the products ordered as product pricing is fixed, and there are no adjustments for a significant financing component as payment terms fall within one year. The Company excludes taxes assessed by governmental authorities on revenue-producing transactions from the measurement of the transaction price.

Costs associated with product sales include commission expense for product sales and royalties paid for sales of certain products. As revenue from product sales are satisfied at a point in time, commission expense and royalties are incurred at that point in time rather than over time. Commissions are included in selling, general and administrative expenses, while royalties are included in cost of revenue.

Significant judgments and estimates involved in the Company’s recognition of revenue include the estimation of a provision for returns. In the normal course of business, the Company is not obligated to accept product returns unless a product is defective as manufactured. The Company does not provide customers with the right to a refund.

Sales Returns and Allowances—The Company maintains a provision for potential returns of defective or damaged products, and invoice adjustments. The Company adjusts the provision using the expected value method based on historical experience. Increases to the provision reduce revenue, and the provision is included in accrued liabilities.

Allowance for Credit Losses on Accounts Receivable—The Company evaluates expected credit losses on accounts receivable, considering historical credit losses, current customer-specific information and other relevant factors when determining the allowance. An increase to the allowance for credit losses results in a corresponding increase in selling, general and administrative expenses. The Company charges off uncollectible receivables against the allowance when all attempts to collect the receivable have failed. The Company’s history of write-offs has not been significant. Recoveries are

recognized when received as a reduction to the allowance for credit losses by decreasing bad debt expense. The following table provides a reconciliation of the changes in the allowance for estimated accounts receivable credit losses for the years ended December 31, 2025, 2024 and 2023:


	Year Ended December 31,
	2025		2024		2023
Beginning balance - January 1	$	550	$	500	$	230

Provision for expected credit losses	200		50		270
Recovery	—		—		—
Ending balance - December 31	$	750	$	550	$	500

Concentration Risk — During 2025, 2024 and 2023, 8.7%, 8.9% and 8.8% of the Company’s total revenue was derived from its top ten customers. As of December 31, 2025 and 2024, 13.7% and 10.4% of the Company’s total accounts receivable were derived from its top ten customers. No individual customer accounted for more than 10% of the Company’s accounts receivable as of December 31, 2025 and 2024. The Company is dependent on third-party suppliers, in some cases single-source suppliers.

Inventories—Inventories are stated at the lower of cost or net realizable value based on the first-in, first-out cost method (FIFO) and consist of raw materials, work in process and finished goods. The Company’s industry is characterized by rapid product development and frequent new product introductions. Uncertain timing of regulatory approvals, variability in product launch strategies and variation in product sales all impact inventory reserves for excess, obsolete and expired products. An increase to inventory reserves results in a corresponding increase in cost of revenue. Inventories are written off against the reserve when they are physically disposed.

Property and Equipment—Property and equipment are stated at cost less accumulated depreciation. Depreciation is determined using the straight-line method over the estimated useful life. The estimated useful life of leasehold improvements is the shorter of the estimated life or the lease term. The estimated useful lives of buildings is 15 to 20 years, while furniture, fixtures, computers and office equipment are depreciated from three to seven years. The Company’s RF and cryo generators are generally placed with customers that purchase the Company’s disposable products. The estimated useful lives of generators are based on anticipated usage by customers and may change in future periods with changes in usage or introduction of new technology. Depreciation related to generators is recorded in cost of revenue over three years. Maintenance and repair costs are expensed as incurred. The Company assesses the useful lives of property and equipment at least annually and retires assets no longer in use.

Contingent Consideration—Contingent consideration arrangements obligate the Company to pay certain amounts if specified future events occur or conditions are met, such as the achievement of certain developmental, commercial or regulatory milestones. Contingent consideration obligations incurred in connection with a business combination are recorded at fair value on acquisition date and periodically measured, with changes in the estimated fair value reflected in operating expense. Contingent consideration arrangements arising from asset acquisitions are recorded within operating expenses at the time milestone results are achieved.

Intangible Assets—Technology intangible assets with determinable useful lives are amortized on a straight-line basis over the estimated fifteen year period benefited. Patent intangible assets with determinable useful lives are amortized over the estimated useful life of five years in a pattern reflecting their estimated economic benefit to the Company. Amortization of technology intangible assets is recorded in research and development expense, while amortization of patent intangible assets is recorded in cost of revenue. The Company reviews intangible assets for impairment if impairment indicators are present using its best estimates based on reasonable and supportable assumptions and projections.

Goodwill—Goodwill represents the excess of purchase price over the fair value of the net assets acquired in business combinations. The Company’s goodwill is accounted for in a single reporting unit representing the Company as a whole. The Company performs impairment testing annually on October 1 or more often if impairment indicators are present.

Long-lived Assets—The Company reviews property and equipment and intangible assets, excluding goodwill, for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. When such an event occurs, management determines whether there has been impairment by comparing the anticipated undiscounted future net cash flows to the related asset's carrying value.

Leases—The Company leases office, manufacturing and warehouse facilities and automobiles under leases that qualify as either financing or operating leases, as determined at the inception of the lease arrangement. Lease assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make payments under the lease. Lease assets and liabilities are measured and recorded at the commencement date based on the present value of payments over the lease term.

Lease assets and liabilities include lease incentives and options to extend or terminate when it is reasonably certain the Company will exercise that option. The Company uses the implicit rate when readily determinable; however, as most leases do not provide an implicit rate, the Company generally uses its incremental borrowing rate. The Company also applies the short-term lease recognition exemption, recognizing lease payments in profit or loss, for lease terms of 12 months or less at commencement and with no option to extend the lease whose exercise is reasonably certain. The Company accounts for the lease and non-lease components as a single lease component. Additionally, the portfolio approach is applied for operating leases based on the terms of the underlying leases.

Operating leases are included in operating lease right-of-use (ROU) assets and operating lease liabilities, while finance leases are included in property and equipment and finance lease liabilities. The short-term portions of lease liabilities are included in other current liabilities and current maturities of debt and leases. Operating lease expense is recognized on a straight-line basis over the lease term. See Note 9 – Leases for further discussion.

Sale-and-Leaseback Transaction—Sale-and-leaseback transactions occur when a company sells assets to a third party and simultaneously leases them back. The Company assesses the contract to identify if a sale occurred via transfer of control of the assets. In cases where control has not transferred, the Company continues to recognize the underlying asset within Property and equipment, net within the consolidated balance sheets, which is then depreciated over the shorter of the remaining useful life or lease term. Additionally, a financial liability is recognized and referred to as a financing obligation and is accounted for similarly to debt or finance leases. Payments are recognized as a reduction of the financing obligation and interest expense using the effective interest method. During the year ended December 31, 2025, the Company entered into one failed sale-and-leaseback transaction. See additional discussion in Note 8 – Borrowings and Financing Obligation.

Other Income (Expense)—Other income (expense) consists primarily of foreign currency transaction gains and losses generated by settlements of intercompany balances denominated in Euros and customer invoices transacted in British Pounds, Australian Dollars and Canadian Dollars.

Income Taxes—Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases along with operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities from a change in tax rates is recognized in the period that includes the enactment date.

The Company’s estimate of the valuation allowance for deferred income tax assets requires significant estimates and judgments about future operating results. Deferred income tax assets are reduced by valuation allowances if, based on the consideration of all available evidence, it is more-likely-than-not that a deferred income tax asset will not be realized. Significant weight is given to evidence that can be objectively verified. The Company evaluates deferred income tax assets on an annual basis to determine if valuation allowances are required by considering all available evidence. Deferred income tax assets are realized by having sufficient future taxable income to allow the related tax benefits to reduce taxes otherwise payable. The sources of taxable income that may be available to realize the benefit of deferred income tax assets are future taxable income, future reversals of existing taxable temporary differences, taxable income in prior carryforward years and tax planning strategies that are both prudent and feasible. In evaluating the need for a valuation allowance, the existence of cumulative losses in recent years is significant objectively-verifiable negative evidence that must be overcome by objectively-verifiable positive evidence to avoid the need for a valuation allowance. The Company's valuation allowance offsets substantially all net deferred income tax assets as it is more-likely-than-not that the benefit of the deferred income tax assets will not be recognized in future periods. The Company has not reclassified income tax effects of the Tax Cuts and Jobs Act within accumulated other comprehensive (loss) income to retained earnings due to its full valuation allowance.

Net Loss Per Share—Basic and diluted net loss per share is computed by dividing the net loss available to common stockholders by the weighted average number of common shares outstanding during the period. Since the Company has

experienced net losses for all periods presented, net loss per share excludes the effect of 2,621, 2,583 and 1,668 stock options, restricted stock awards, restricted stock units, performance share awards, and performance share units as of December 31, 2025, 2024 and 2023 because they are anti-dilutive. Therefore, the number of shares calculated for basic net loss per share is also used for the diluted net loss per share calculation.

Research and Development Costs—Research and development costs include compensation and other internal and external costs associated with the development and research of new and existing products or concepts, preclinical studies, clinical trials and studies, related regulatory activities, acquired in-process research and development (IPR&D), as well as amortization of technology assets. Research and development costs are expensed as incurred. Clinical trial costs and other development costs incurred by third parties are expensed as contracted work is performed or over the expected service period. Acquired IPR&D expenses reflect the costs of externally developed IPR&D projects acquired in an asset acquisition that do not have an alternative future use. Acquired IPR&D is expensed on the acquisition date and future expenses to develop the IPR&D projects are recorded in research and development expense as incurred. Milestone payments made to third parties in connection with asset acquisitions are expensed as incurred up to the point of regulatory approval.

Advertising Costs—The Company expenses advertising costs as incurred. Advertising expense was $2,229, $2,817 and $1,695 during the years ended December 31, 2025, 2024 and 2023.

Share-Based Compensation—The Company recognizes share-based compensation expense for all share-based payment awards, including stock options, restricted stock awards, restricted stock units, performance share awards (PSAs), performance share units (PSUs) and stock purchases related to an employee stock purchase plan, based on estimated fair values. The value of the portion of an award that is ultimately expected to vest is recognized as expense over the service period.

The Company estimates the fair value of PSAs with a performance condition based on the closing stock price on the date of grant assuming the performance target will be achieved and may adjust expense over the performance period based on changes to estimates of performance target achievement. If such targets are not met or service is not rendered for the requisite service period, no compensation cost is recognized, and any recognized compensation cost in prior periods will be reversed. For PSAs and PSUs with a market condition, a Monte Carlo simulation is performed to estimate the fair value on the date of grant, and compensation cost is recognized over the requisite service period as the employee renders service, even if the market condition is not satisfied. The Company’s determination of the fair value is affected by the Company and market index stock performance, as defined by the award agreement, at the beginning of the service period and grant date; the expected volatility of the Company and market index stock performance over the performance period and the correlation coefficient of the daily returns for the Company and market index over the performance period.

The Company estimates the fair value of restricted stock awards and restricted stock units based upon the grant date closing market price of the Company’s common stock. The Company estimates the fair value of time-based options on the date of grant using the Black-Scholes option-pricing model (Black-Scholes model). The Company’s determination of the fair value is affected by the Company’s stock price as well as several subjective assumptions, such as the Company’s expected stock price volatility over the term of the awards and actual and projected employee stock option exercise behaviors.

The Company also has an employee stock purchase plan (ESPP) covering substantially all U.S. employees. Under the ESPP, shares of the Company’s common stock may be purchased at a discount. The Company estimates the number of shares to be purchased under the ESPP at the beginning of each purchase period based upon the fair value of the stock at the beginning of the purchase period using the Black-Scholes model and records estimated compensation expense during the purchase period. Expense is adjusted at the time of stock purchase.

Use of Estimates—The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires estimates and assumptions that affect the reported amounts of assets and liabilities, including intangible assets, contingent assets and liabilities and the reported amounts of revenue and expense during the reporting period. Estimates are based on historical experience, where applicable, and other assumptions believed to be reasonable by management. Actual results could differ from those estimates.

Segments—The Company evaluates reporting segments in accordance with FASB ASC 280, “Segment Reporting”. The chief operating decision maker for the Company is the Chief Executive Officer. The Company has one business

activity and operates as one operating segment: the development, manufacture, and sale of devices used in surgical procedures, designed primarily for the surgical ablation of cardiac tissue, the exclusion of the left atrial appendage, and to block pain by temporarily ablating peripheral nerves. These devices are developed and marketed to a broad base of medical centers globally. Management considers all such sales to be part of the single operating segment. The Chief Executive Officer is regularly provided with consolidated expenses consistent with the presented consolidated statements of operations, accompanied by information about revenue by product type and geographic area, for purposes of allocating resources and net loss is the measure used in evaluating financial performance. Revenue by product type and geographic area is included at Note 11 - Revenue. The Company’s long-lived assets are located in the United States, except for $6,292 as of December 31, 2025 and $4,021 as of December 31, 2024 located primarily in Europe.

Fair Value Disclosures—The Company classifies cash equivalents, investments in U.S. government and agency obligations, accounts receivable, other current assets, and accounts payable as Level 1. The carrying amounts of these assets and liabilities approximate their fair value due to their relatively short-term nature. Investments in corporate bonds, commercial paper and asset-backed securities are classified as Level 2 within the fair value hierarchy. The fair value of fixed term debt is estimated by calculating the net present value of future debt payments at current market interest rates and is classified as Level 2. The book value of the Company’s fixed term debt approximates its fair value because the interest rate varies with market rates. Significant unobservable inputs with respect to the fair value measurements of the Level 3 contingent consideration liabilities are developed using Company data. See Note 2 – Fair Value for further information on fair value measurements.

Recent Accounting Pronouncements—In November 2024, the FASB issued Accounting Standards Update (ASU) 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses”. This guidance requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is evaluating the impact of adopting this standard on its consolidated financial statements and disclosures.

In September 2025, the FASB issued ASU 2025-06, “Intangibles - Goodwill and Other - Internal-Use Software (Topic 350-40): Targeted Improvements to the Accounting for Internal-Use Software”. This amendment modernizes and makes targeted improvements to the accounting for software costs found under Topic 350-40, effective for fiscal years and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is evaluating the impact of adopting this standard on its consolidated financial statements and disclosures.

In December 2025, the FASB issued ASU 2025-10, "Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities". This amendment establishes authoritative guidance on the accounting for government grants received by business entities, effective for fiscal years and interim periods beginning after December 15, 2028, with early adoption permitted. The Company is evaluating the impact of adopting this standard on its consolidated financial statements and disclosures.

Borrowings and Financing Obligation (Future Maturities On Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Jan. 05, 2024
Debt Disclosure [Abstract]
2026			$ 0
2027			0
2028			0
2029			61,000
2030			0
Total long-term debt, of which $61,000 is noncurrent.			61,000
Long-term debt, noncurrent	$ 61,865	$ 61,865	$ 61,000

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

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+ Details

Revenue

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue

REVENUE

The Company develops, manufactures and sells devices designed primarily for surgical ablation of cardiac tissue, exclusion of the left atrial appendage, and temporarily blocking pain by ablating peripheral nerves. These devices are marketed to a broad base of medical centers globally and primarily used by cardiothoracic and thoracic surgeons. The Company recognizes revenue when control of promised goods is transferred to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods.

United States revenue by product type is as follows:


	2025		2024		2023
Open ablation	$	143,847	$	123,647	$	105,287
Minimally invasive ablation	31,475		45,737		44,577
Pain management	81,923		61,844		49,199
Appendage management	178,127		151,588		134,481
Total United States	$	435,372	$	382,816	$	333,544

International revenue by product type is as follows:


	2025		2024		2023
Open ablation	$	41,040	$	34,693	$	31,483
Minimally invasive ablation	8,371		8,104		6,670
Pain management	7,692		5,624		2,013
Appendage management	42,053		34,070		25,535
Total International	$	99,156	$	82,491	$	65,701

Revenue attributed to customer geographic locations is as follows:


	2025		2024		2023
United States	$	435,372	$	382,816	$	333,544

Europe	61,493		49,874		38,469
Asia-Pacific	30,723		27,379		24,526
Other International	6,940		5,238		2,706
Total International	99,156		82,491		65,701
Total Revenue	$	534,528	$	465,307	$	399,245

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit losses	$ 750	$ 550
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	90,000,000	90,000,000
Common stock, shares issued (in shares)	49,792,000	48,869,000
Common stock, shares outstanding (in shares)	49,792,000	48,869,000

Revenue (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Summary of Revenue by Product Type

United States revenue by product type is as follows:


	2025		2024		2023
Open ablation	$	143,847	$	123,647	$	105,287
Minimally invasive ablation	31,475		45,737		44,577
Pain management	81,923		61,844		49,199
Appendage management	178,127		151,588		134,481
Total United States	$	435,372	$	382,816	$	333,544

International revenue by product type is as follows:


	2025		2024		2023
Open ablation	$	41,040	$	34,693	$	31,483
Minimally invasive ablation	8,371		8,104		6,670
Pain management	7,692		5,624		2,013
Appendage management	42,053		34,070		25,535
Total International	$	99,156	$	82,491	$	65,701

Summary of Revenue by Geographic Area

Revenue attributed to customer geographic locations is as follows:


	2025		2024		2023
United States	$	435,372	$	382,816	$	333,544

Europe	61,493		49,874		38,469
Asia-Pacific	30,723		27,379		24,526
Other International	6,940		5,238		2,706
Total International	99,156		82,491		65,701
Total Revenue	$	534,528	$	465,307	$	399,245

Accrued Liabilities

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Accrued Liabilities

ACCRUED LIABILITIES

Accrued liabilities consisted of the following at December 31:


	2025		2024
Accrued compensation and employee-related expenses	$	46,760	$	39,505
Sales returns and allowances	3,476		3,123
Other accrued liabilities	2,853		2,959
Total	$	53,089	$	45,587

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES License Agreements. In 2024, the Company entered into an exclusive licensing agreement (Cooperation Agreement) to co-develop and commercialize equipment incorporating pulsed field ablation (PFA) technology. The Company paid cash of $12,000 for the exclusive license of related intellectual property. The Cooperation Agreement also requires the Company to pay additional contingent consideration, settled in cash, with a maximum payout of $28,000 if all milestones are achieved successfully within the ten-year term. The agreement contains provisions requiring future royalty payments on devices incorporating co-developed technology upon commercialization. See Note 3 – Asset Acquisition for further information. The Company had been party to a license agreement that required payments of 5% of specified product sales. In May 2023, the Company entered into an agreement that terminated the license agreement and the Company's obligations to make royalty payments. The Company made a one-time payment of $33,400 for the acquisition of patents and other intellectual property. The amount paid, together with transaction costs, was allocated between the acquired intangible asset, the release of payment for royalty obligations and legal expenses. The intangible asset was assigned a value of $30,000 and is being amortized over an estimated useful life of 5 years. There was no royalty expense for the years ended December 31, 2025 and 2024. Royalty expense was $1,333 for the year ended December 31, 2023. Purchase Commitments. The Company enters into various purchase arrangements related to its manufacturing and research and development activities. In the ordinary course of business, these agreements generally include terms that allow cancellation. In 2022, the Company entered into a clinical trial management agreement for the LeAAPS clinical trial. The terms of the agreement require payments upon achievement of various enrollment and project milestones over the estimated ten-year term, yet the agreement may be terminated early for any reason. Furthermore, the Company incurs additional variable costs, including pass through costs from clinical trial sites. Payments made under this agreement were $13,379, $12,471, and $5,636 for the years ended December 31, 2025, 2024, and 2023. In August 2025, the Company entered into a non-cancellable cloud computing arrangement with a term of seven years requiring total payments of $3,616. Payments under this agreement will begin March 2026. Legal. The Company may, from time to time, become a party to legal proceedings which are subject to many uncertainties. Litigation and administrative proceedings over patent and other intellectual property rights are common in our industry, as are requests for information related to interactions with medical professionals. Accordingly, the financial impact of ultimate resolutions from legal proceedings may not be known for extended periods of time and are not predictable with assurance. A liability is established once management determines a loss is probable and an amount can be reasonably estimated. The Company recognizes income from a favorable resolution of legal proceedings when the associated cash or assets are received. On February 7, 2025, the representative for former securityholders of SentreHEART, Inc. filed a complaint in the Delaware Court of Chancery naming the Company as a defendant, and on May 23, 2025 filed a first amended complaint. The Company acquired SentreHEART, Inc. pursuant to a merger agreement dated August 11, 2019. The merger agreement provides for contingent consideration to be paid upon achievement of specified PMA and CPT reimbursement milestones by specified dates. The amended complaint alleges breach of contract and a related claim for breach of the implied covenant of good faith and fair dealing resulting from the Company's alleged failure to use commercially reasonable efforts to obtain premarket approval from FDA for the LARIAT System. The amended complaint seeks damages in the amount of the original PMA and CPT reimbursement milestones of up to $260,000 plus interest. The Company intends to vigorously defend this claim. A liability has not been recognized related to this matter because any potential loss is not currently probable or reasonably estimable. During the first quarter of 2023, the Company entered into a legal settlement of $7,500 in connection with the settlement of claims filed against a competitor. The Company recorded a $7,500 gain for the year ended December 31, 2023 for the proceeds received as a reduction to selling, general and administrative expenses.

Inventories (Tables)

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Summary of Inventories

Inventories consisted of the following at December 31:


	2025		2024
Raw materials	$	39,052	$	37,703
Work in process	3,759		3,604
Finished goods	35,681		34,028
Inventories	$	78,492	$	75,335

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We are committed to preserving the trust and confidence of our stakeholders by taking appropriate technical and organizational measures for maintaining information security and data privacy. Our cybersecurity program allows us to assess, identify and manage information security and cybersecurity threats through robust risk assessment and prevention measures to facilitate communication, training, awareness and incident response procedures. We have established policies and procedures to ensure timely and appropriate notifications to relevant parties and regulators as required for cybersecurity threats and data breaches. We have continued to expand investments in information security and resiliency, including additional end-user training, using layered defenses, identifying and protecting critical assets, enhanced monitoring and alerting, recovery capabilities and engaging experts. Information security awareness trainings are a compliance requirement for employees. We regularly test defenses by performing simulations and drills at both a technical level (including through penetration tests) and by reviewing our operational policies and procedures with third-party experts. Our data breach response plan designates an incident response team comprised of senior leaders within information technology, finance, legal and compliance functions to ensure timely diagnosis and mitigation of cyber events. The incident response team is responsible for determining whether a cybersecurity incident is material and requires current reporting pursuant to SEC Form 8-K Item 1.05 (Material Cybersecurity Incidents). In conducting the assessment, the team considers factors including, but not limited to: the probability of an adverse outcome; the potential significance of loss; the nature and extent of harm to individuals, customers, and vendors; the nature and extent of harm to our competitive position or reputation; and the possibility of litigation or regulatory investigations. To ensure our cybersecurity programs adhere to industry best practices, we have adopted the National Institute of Standards and Technology (NIST) Cybersecurity Framework and subscribed to the principles of Zero Trust. Both models represent recognized best practices for security and the capabilities needed to identify, protect, detect and respond to cybersecurity risks and challenges. We evaluate our physical, electronic and administrative safeguards on a continuous basis to ensure they are effectively deployed across the business. We collaborate with reputable third parties to assess, enhance and monitor our information security program. Independent audits and advisory services conducted by experienced providers evaluate our security controls in alignment with evolving industry best practices. These evaluations encompass both testing the design and operational effectiveness of security controls. We maintain ongoing vulnerability and exposure assessments and actively participate in information sharing and analysis centers and cybersecurity associations. Assessing, identifying and managing cybersecurity related risks are integrated into our overall enterprise risk management (ERM) process, which evaluates and assesses top risks to the enterprise on a periodic basis. To the extent the ERM process identifies a heightened cybersecurity related risk, risk owners are assigned to develop risk mitigation plans, which are then tracked to completion. The ERM process's risk assessment is presented to the Board of Directors. In addition to assessing our own cybersecurity preparedness, we also consider cybersecurity risks associated with the use of third-party software and service providers. Such providers are subject to security risk assessments at time of onboarding, contract renewal and upon detection of an increase in risk profile. On an annual basis we review System and Organization Controls (SOC) 1 or SOC 2 reports for third-party service providers deemed significant to our environment. Despite the Company’s security measures and programs, our information technology and infrastructure are vulnerable to cybersecurity incidents, intrusions and attacks, any of which could have a materially adverse effect on our business, financial results, revenues and competitive position. See “Part I—Item 1A. Risk Factors” for further discussion of these risks.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Assessing, identifying and managing cybersecurity related risks are integrated into our overall enterprise risk management (ERM) process, which evaluates and assesses top risks to the enterprise on a periodic basis.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board of Directors is responsible for the oversight of cybersecurity risks and threats. The Board has delegated certain information security and data privacy oversight to the Audit Committee and the Compliance, Quality and Risk Committee (CQRC) of the Board. The CQRC oversees compliance with information security and data privacy laws, while the Audit Committee has oversight responsibility for cybersecurity risks related to accounting, audit and financial matters. The CQRC, Audit Committee and management report to the Board on a periodic basis regarding our information security and data privacy functions, including any cybersecurity threats. The CQRC is responsible for oversight of our cybersecurity policy, procedures and risk mitigation. Our information technology (IT) leadership briefs the CQRC on a periodic basis on information security matters, including the current cybersecurity landscape, progress on information security initiatives and accomplishments, and reports on material cybersecurity incidents, as needed. Our enterprise risk management team reports address the Company’s cybersecurity risk management processes. Our Chief Legal Officer oversees the management of our ERM program and has over a decade of experience in risk management. The Chair of the CQRC is an expert in enterprise risk assessment and mitigation and holds a CERT Certificate in Cybersecurity Oversight. The Audit Committee is responsible for reviewing our disclosures on cybersecurity risk management, strategy and governance in our Annual Report on Form 10-K. The Audit Committee assists in determining materiality for timely reporting of cybersecurity incidents and is notified immediately if the incident response team has assessed that a material event may have occurred that may require filing an SEC Current Report on Form 8-K. The Vice President of Information Technology and Director of Information Security, assisted by our broader IT team, are responsible for setting the strategic direction and priorities for information security, coordination of enterprise-wide compliance with information security policies and procedures, as well as day-to-day information security management. Our Vice President of IT has served in various roles in information technology and information security for over 20 years. Our information security team has an aggregate of more than 60 years of experience in information technology roles across several industries.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee is responsible for reviewing our disclosures on cybersecurity risk management, strategy and governance in our Annual Report on Form 10-K. The Audit Committee assists in determining materiality for timely reporting of cybersecurity incidents and is notified immediately if the incident response team has assessed that a material event may have occurred that may require filing an SEC Current Report on Form 8-K. The Vice President of Information Technology and Director of Information Security, assisted by our broader IT team, are responsible for setting the strategic direction and priorities for information security, coordination of enterprise-wide compliance with information security policies and procedures, as well as day-to-day information security management. Our Vice President of IT has served in various roles in information technology and information security for over 20 years. Our information security team has an aggregate of more than 60 years of experience in information technology roles across several industries.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The CQRC oversees compliance with information security and data privacy laws, while the Audit Committee has oversight responsibility for cybersecurity risks related to accounting, audit and financial matters. The CQRC, Audit Committee and management report to the Board on a periodic basis regarding our information security and data privacy functions, including any cybersecurity threats.
Cybersecurity Risk Role of Management [Text Block]	The CQRC is responsible for oversight of our cybersecurity policy, procedures and risk mitigation. Our information technology (IT) leadership briefs the CQRC on a periodic basis on information security matters, including the current cybersecurity landscape, progress on information security initiatives and accomplishments, and reports on material cybersecurity incidents, as needed. Our enterprise risk management team reports address the Company’s cybersecurity risk management processes. Our Chief Legal Officer oversees the management of our ERM program and has over a decade of experience in risk management. The Chair of the CQRC is an expert in enterprise risk assessment and mitigation and holds a CERT Certificate in Cybersecurity Oversight. The Audit Committee is responsible for reviewing our disclosures on cybersecurity risk management, strategy and governance in our Annual Report on Form 10-K. The Audit Committee assists in determining materiality for timely reporting of cybersecurity incidents and is notified immediately if the incident response team has assessed that a material event may have occurred that may require filing an SEC Current Report on Form 8-K. The Vice President of Information Technology and Director of Information Security, assisted by our broader IT team, are responsible for setting the strategic direction and priorities for information security, coordination of enterprise-wide compliance with information security policies and procedures, as well as day-to-day information security management. Our Vice President of IT has served in various roles in information technology and information security for over 20 years. Our information security team has an aggregate of more than 60 years of experience in information technology roles across several industries.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The CQRC is responsible for oversight of our cybersecurity policy, procedures and risk mitigation. Our information technology (IT) leadership briefs the CQRC on a periodic basis on information security matters, including the current cybersecurity landscape, progress on information security initiatives and accomplishments, and reports on material cybersecurity incidents, as needed. Our enterprise risk management team reports address the Company’s cybersecurity risk management processes. Our Chief Legal Officer oversees the management of our ERM program and has over a decade of experience in risk management. The Chair of the CQRC is an expert in enterprise risk assessment and mitigation and holds a CERT Certificate in Cybersecurity Oversight.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The CQRC is responsible for oversight of our cybersecurity policy, procedures and risk mitigation. Our information technology (IT) leadership briefs the CQRC on a periodic basis on information security matters, including the current cybersecurity landscape, progress on information security initiatives and accomplishments, and reports on material cybersecurity incidents, as needed. Our enterprise risk management team reports address the Company’s cybersecurity risk management processes. Our Chief Legal Officer oversees the management of our ERM program and has over a decade of experience in risk management. The Chair of the CQRC is an expert in enterprise risk assessment and mitigation and holds a CERT Certificate in Cybersecurity Oversight. The Vice President of Information Technology and Director of Information Security, assisted by our broader IT team, are responsible for setting the strategic direction and priorities for information security, coordination of enterprise-wide compliance with information security policies and procedures, as well as day-to-day information security management. Our Vice President of IT has served in various roles in information technology and information security for over 20 years. Our information security team has an aggregate of more than 60 years of experience in information technology roles across several industries.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The CQRC, Audit Committee and management report to the Board on a periodic basis regarding our information security and data privacy functions, including any cybersecurity threats.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Accrued Liabilities (Accrued Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Accrued compensation and employee-related expenses	$ 46,760	$ 39,505
Sales returns and allowances	3,476	3,123
Other accrued liabilities	2,853	2,959
Total	$ 53,089	$ 45,587

Asset Acquisition (Details) - USD ($) $ in Thousands		12 Months Ended
Asset Acquisition (Details) - USD ($) $ in Thousands	Oct. 15, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Combination Transactions [Line Items]
Long-term purchase commitment, period	10 years				10 years
Purchase commitment		$ 13,379	$ 12,471	$ 5,636
Cooperation Agreement
Business Combination Transactions [Line Items]
Payments for asset acquisitions			12,000
Contingent consideration, maximum payout			28,000
Purchase commitment		$ 6,000	$ 0
Cooperation Agreement - Developmental Milestones
Business Combination Transactions [Line Items]
Asset acquisition, contingent consideration, range of outcomes, minimum, amount	$ 3,000
Asset acquisition, contingent consideration, range of outcomes, maximum, amount	$ 15,000
Asset acquisition, contingent consideration, term	2 years
Cooperation Agreement - Regulatory Approval Milestone
Business Combination Transactions [Line Items]
Asset acquisition, contingent consideration, range of outcomes, maximum, amount	$ 13,000

Equity Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation Expense Related to Employee Share-Based Compensation

The following table summarizes total share-based compensation expense related to employees, directors and consultants for 2025, 2024 and 2023. The expense was allocated as follows:


	2025		2024		2023
Cost of revenue	$	2,699	$	2,323	$	1,817
Research and development expenses	7,976		6,951		5,802
Selling, general and administrative expenses	34,010		31,131		28,109
Total	$	44,685	$	40,405	$	35,728

Activity Under Stock Based Compensation Plans

Performance share activity at target attainment under the plans during 2025 was as follows:


Performance Share Awards and Units	Number of Shares Outstanding	Weighted Average Grant Date Fair Value
Outstanding at January 1, 2025	688	$	37.63
Awarded	261	44.73
Vested	(211)	46.60
Forfeited	(44)	23.87
Outstanding at December 31, 2025	694	$	37.21

The fair value of performance share awards and performance share units with a market condition is estimated on the grant date using a Monte Carlo simulation and includes the following assumptions:


	2025		2024		2023
Stock price	$	38.74	$	36.28	$38.81
Expected term (years)	2.8		2.8 to 4.0		2.8
Company volatility	48.0%		45.0%		44.8%
Market index average volatility †	99.3%		92.7%		91.0%
Market index average correlation †	25.8%		30.1%		32.2%
Risk-free interest rate	4.0%		4.2 to 4.3%		4.6%
Dividend yield	0.0%		0.0%		0.0%



†			Not applicable to valuation of performance share units.

Activity under the plans during 2025 was as follows:


Restricted Stock Awards	RSA Shares Outstanding	Weighted Average Grant Date Fair Value
Outstanding at January 1, 2025	1,633	$	36.69
Awarded	958	37.49
Released	(710)	38.47
Forfeited	(143)	36.06
Outstanding at December 31, 2025	1,738	$	36.45

Stock Options. Stock options granted generally vest at a rate of 33.3% on the first, second and third anniversaries of the grant date and expire ten years from the date of grant. Activity under the plans during 2025 was as follows:


Time-Based Stock Options	Number of Shares Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2025	262	$	35.71
Granted	—	—
Exercised	(64)	21.21
Forfeited	(8)	(68.65)
Outstanding at December 31, 2025	190	$	39.23	3.0	$	2,044
Vested and expected to vest	190	$	39.23	2.9	$	2,044
Exercisable at December 31, 2025	190	$	39.23	3.0	$	2,044

Assumptions Used for Determining Fair Value of Options

Based on the assumptions above, the weighted average estimated grant date fair value per share and expense was as follows:


	2025		2024		2023
Weighted average estimated grant date fair value	$	44.73	$	33.19	$	46.16
Expense	12,246		11,356		11,417

The weighted average estimated grant date fair value per share and expense was as follows:


	2025		2024		2023
Weighted average estimated grant date fair value	$	37.49	$	33.47	$	39.21
Expense	30,396		26,975		21,797

Property and Equipment (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Depreciation	$ 12,090	$ 11,214	$ 9,460
Generators
Property, Plant and Equipment [Line Items]
Net carrying value	$ 3,992	$ 4,620

Description of Business and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Principles of Consolidation

Cash and Cash Equivalents

Investments

Revenue Recognition

Sales Returns and Allowances

Allowance for Credit Losses on Accounts Receivable


	Year Ended December 31,
	2025		2024		2023
Beginning balance - January 1	$	550	$	500	$	230

Provision for expected credit losses	200		50		270
Recovery	—		—		—
Ending balance - December 31	$	750	$	550	$	500

Concentration Risk

Inventories

Property and Equipment

Contingent Consideration

Sale-and-Leaseback Transaction

Other Income (Expense)

Income Taxes

Net Loss Per Share

Research and Development Costs

Advertising Costs

Advertising Costs—The Company expenses advertising costs as incurred.

Share-Based Compensation

Use of Estimates

Segments

Fair Value Disclosures

Recent Accounting Pronouncements

Fair Value

FAIR VALUE

FASB ASC 820, “Fair Value Measurements and Disclosures”, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy is based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value:

•Level 1—Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. The valuation under this approach does not entail a significant degree of judgment.

•Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. The valuation technique for the Company’s Level 2 assets is based on quoted market prices for similar assets from observable pricing sources at the reporting date.

•Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.

Accumulated Other Comprehensive Income (Loss)

In addition to net losses, comprehensive loss includes foreign currency translation adjustments and unrealized losses on investments.

Inventories (Summary Of Inventories) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 39,052	$ 37,703
Work in process	3,759	3,604
Finished goods	35,681	34,028
Inventories	$ 78,492	$ 75,335

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 460,969	$ 466,168	$ 456,754
Ending balance	491,935	460,969	466,168
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,035)	(993)	(4,096)
Ending balance	566	(1,035)	(993)
Unrealized (losses) gains on investments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	0	(800)	(3,698)
Other comprehensive income (loss) before reclassifications	0	800	2,898
Amounts reclassified from accumulated other comprehensive income (loss)	0	0	0
Ending balance	0	0	(800)
Foreign currency translation adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,035)	(193)	(398)
Other comprehensive income (loss) before reclassifications	2,306	(951)	154
Amounts reclassified from accumulated other comprehensive income (loss)	705	(109)	(51)
Ending balance	$ 566	$ (1,035)	$ (193)

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Intangible Assets and Goodwill (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Company's Intangible Assets

The following table provides a summary of the Company’s intangible assets at December 31:


	2025				2024
	Cost		Accumulated Amortization		Cost		Accumulated Amortization
Technology	$	46,470	$	16,144	$	46,470	$	13,103
Patents	30,000		12,300		30,000		6,900
Total	$	76,470	$	28,444	$	76,470	$	20,003

Finite-Lived Intangible Assets Amortization Expense


	2025		2024		2023
Cost of revenue	$	5,400	$	4,500	$	2,400
Research and development expenses	3,041		3,019		2,953
Total	$	8,441	$	7,519	$	5,353

Future Amortization Expense Related To Intangible Assets With Definite Lives

Future amortization expense is projected as follows:


2026	$	9,535
2027	10,435
2028	6,535
2029	2,935
2030	2,935
2031 and thereafter	15,651
Total	$	48,026

Summary of Company's Goodwill

The following table provides a summary of the Company’s goodwill, which is not amortized, but rather tested annually for impairment:


Net carrying amount as of December 31, 2023	$	234,781
Additions (Impairment)	—
Net carrying amount as of December 31, 2024	234,781
Additions (Impairment)	—
Net carrying amount as of December 31, 2025	$	234,781

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
-Paragraph 1
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Commitments and Contingencies (Details) - USD ($)			3 Months Ended		12 Months Ended
Commitments and Contingencies (Details) - USD ($)	Feb. 07, 2025	Oct. 15, 2024	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	May 31, 2023
Loss Contingencies [Line Items]
Royalty rates (in percent)					5.00%
Cost					$ 76,470,000	$ 76,470,000
Royalty expense					0	0	$ 1,333,000
Long-term purchase commitment, period		10 years						10 years
Purchase commitment					$ 13,379,000	12,471,000	5,636,000
Cloud Computing Arrangement
Loss Contingencies [Line Items]
Long-term purchase commitment, period					7 years
Purchase commitment					$ 3,616,000
Patents
Loss Contingencies [Line Items]
Payments to acquire patents and other intellectual property			$ 33,400,000
Cost					$ 30,000,000	30,000,000			$ 30,000,000
Intangible assets, useful life (in years)					5 years				5 years
SentreHEART v Atricure
Loss Contingencies [Line Items]
Reimbursement milestones plus interest	$ 260,000,000
AtriCure Versus Competitor
Loss Contingencies [Line Items]
Gain (loss) related to litigation settlement							$ 7,500,000
AtriCure Versus Competitor \| Pending Litigation
Loss Contingencies [Line Items]
Litigation settlement, amount awarded from other party				$ 7,500,000
Cooperation Agreement
Loss Contingencies [Line Items]
Payments for asset acquisitions						12,000,000
Contingent consideration, maximum payout						$ 28,000,000
Asset acquisition, effective date						10 years
Purchase commitment					$ 6,000,000	$ 0

Borrowings and Financing Obligation (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Future Maturities on Debt

Future maturities of debt, after consideration of the First Amendment to Credit Agreement on January 9, 2026, are projected as follows:


2026	$	—
2027	—
2028	—
2029	61,000
2030	—
Total long-term debt, of which $61,000 is noncurrent.	$	61,000

Unrecorded Unconditional Purchase Obligations Disclosure

Estimated rental payments for the expansion over the next five annual periods are as follows:


2026	$	1,034
2027	2,099
2028	2,162
2029	2,227
2030	2,294

Schedule of Financing Obligation Maturities

Future maturities of the financing obligation are projected as follows:


2026	$	81
2027	128
2028	152
2029	180
2030	209
2031 and thereafter	5,485
Total long-term financing obligation, of which $81 is current	$	6,235

Maturities of lease liabilities as of December 31, 2025 were as follows:


	Operating Leases		Finance Leases
2026	$	1,957	$	1,775
2027	1,905		1,808
2028	1,475		1,842
2029	1,072		1,818
2030	683		1,339
2031 and thereafter	1,748		—
Total payments	$	8,840	$	8,582
Less imputed interest	(1,565)		(1,301)
Total lease liabilities	$	7,275	$	7,281

Description of Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accounts Receivable, Allowance for Credit Loss

The following table provides a reconciliation of the changes in the allowance for estimated accounts receivable credit losses for the years ended December 31, 2025, 2024 and 2023:


	Year Ended December 31,
	2025		2024		2023
Beginning balance - January 1	$	550	$	500	$	230

Provision for expected credit losses	200		50		270
Recovery	—		—		—
Ending balance - December 31	$	750	$	550	$	500

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

In addition to net losses, comprehensive loss includes foreign currency translation adjustments and unrealized losses on investments. Accumulated other comprehensive income (loss) consisted of the following, net of tax:


	2025		2024		2023
Total accumulated other comprehensive loss at beginning of period	$	(1,035)	$	(993)	$	(4,096)
Unrealized (losses) gains on investments
Balance at beginning of period	$	—	$	(800)	$	(3,698)
Other comprehensive income (loss) before reclassifications	—		800		2,898
Amounts reclassified from accumulated other comprehensive loss to interest income	—		—		—
Balance at end of period	$	—	$	—	$	(800)
Foreign currency translation adjustment
Balance at beginning of period	$	(1,035)	$	(193)	$	(398)
Other comprehensive income (loss) before reclassifications	2,306		(951)		154
Amounts reclassified from accumulated other comprehensive income (loss) to other income (expense)	(705)		109		51
Balance at end of period	$	566	$	(1,035)	$	(193)
Total accumulated other comprehensive income (loss) at end of period	$	566	$	(1,035)	$	(993)

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning balance, shares at Dec. 31, 2022		46,563
Beginning balance at Dec. 31, 2022	$ 456,754	$ 47	$ 787,422	$ (326,619)	$ (4,096)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under equity incentive plans (in shares)		811
Issuance of common stock under equity incentive plans	(4,240)	$ 1	(4,241)
Issuance of common stock under employee stock purchase plan (in shares)		152
Issuance of common stock under employee stock purchase plan	5,261		5,261
Share-based employee compensation expense	35,728		35,728
Other comprehensive income (loss)	3,103				3,103
Net loss	(30,438)			(30,438)
Ending balance, shares at Dec. 31, 2023		47,526
Ending balance at Dec. 31, 2023	466,168	$ 48	824,170	(357,057)	(993)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under equity incentive plans (in shares)		1,080
Issuance of common stock under equity incentive plans	(5,928)	$ 1	(5,929)
Issuance of common stock under employee stock purchase plan (in shares)		263
Issuance of common stock under employee stock purchase plan	5,064		5,064
Share-based employee compensation expense	40,405		40,405
Other comprehensive income (loss)	(42)				(42)
Net loss	(44,698)			(44,698)
Ending balance, shares at Dec. 31, 2024		48,869
Ending balance at Dec. 31, 2024	460,969	$ 49	863,710	(401,755)	(1,035)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under equity incentive plans (in shares)		699
Issuance of common stock under equity incentive plans	(9,795)	$ 1	(9,796)
Issuance of common stock under employee stock purchase plan (in shares)		224
Issuance of common stock under employee stock purchase plan	5,923		5,923
Share-based employee compensation expense	44,685		44,685
Other comprehensive income (loss)	1,601				1,601
Net loss	(11,448)			(11,448)
Ending balance, shares at Dec. 31, 2025		49,792
Ending balance at Dec. 31, 2025	$ 491,935	$ 50	$ 904,522	$ (413,203)	$ 566

Income Taxes (Summary Of Difference Between Effective Income Tax Rates And Federal Statutory Rate) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Percent
Federal tax at statutory rate	21.00%	21.00%	21.00%
Permanent differences		(6.70%)	(10.40%)
Nontaxable or nondeductible items
Officer compensation disallowance	(19.00%)
Share-Based Payment Awards	(19.70%)
50% meals disallowance	(7.10%)
Other	0.90%
Changes in valuation allowance		(17.10%)	(25.30%)
Tax Credits
Federal R&D tax credit	38.50%	6.90%	6.60%
State & local income taxes, net of federal income tax effect	(5.50%)	1.70%	1.80%
Foreign tax effects		(1.30%)	3.40%
Effect of cross-border tax laws	(0.20%)
Federal deferred adjustments		(6.80%)	0.90%
Effective tax rate	(12.60%)	(2.30%)	(2.00%)
Amount
Federal tax at statutory rate	$ (2,134)	$ (9,171)	$ (6,268)
Permanent differences		2,942	3,092
Nontaxable or nondeductible items
Officer compensation disallowance	1,927
Share-Based Payment Awards	2,003
50% meals disallowance	721
Other	(96)
Changes in valuation allowance		7,457	7,556
Tax Credits
Federal R&D tax credit	(3,908)	(3,010)	(1,966)
State & local income taxes, net of federal income tax effect	565	(742)	(539)
Foreign tax effects		567	(1,012)
Effect of cross-border tax laws	24
Federal deferred adjustments		2,981	(272)
Total tax expense	$ 1,285	$ 1,024	$ 591
NETHERLANDS
Percent
Federal tax at statutory rate	1.30%
Nontaxable or nondeductible items
Changes in valuation allowance	(11.90%)
Tax Credits
Deferred adjustments	5.00%
Amount
Federal tax at statutory rate	$ (131)
Nontaxable or nondeductible items
Changes in valuation allowance	1,212
Tax Credits
Deferred adjustments	$ (507)
Foreign Tax Jurisdiction, Other
Tax Credits
Foreign tax effects	(3.90%)
Tax Credits
Foreign tax effects	$ 394
United States
Nontaxable or nondeductible items
Changes in valuation allowance	(12.00%)
Nontaxable or nondeductible items
Changes in valuation allowance	$ 1,215

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 167,428	$ 122,721
Accounts receivable, less allowance for credit losses of $750 and $550	66,653	60,339
Inventories	78,492	75,335
Prepaid and other current assets	9,944	9,431
Total current assets	322,517	267,826
Property and equipment, net	39,123	41,659
Operating lease right-of-use assets	6,868	5,727
Intangible assets, net	48,026	56,467
Goodwill	234,781	234,781
Other noncurrent assets	2,864	2,868
Total Assets	654,179	609,328
Current liabilities:
Accounts payable	25,310	25,032
Accrued liabilities	53,089	45,587
Other current liabilities	3,121	2,805
Total current liabilities	81,520	73,424
Long-term debt	61,865	61,865
Finance and operating lease liabilities	11,516	11,860
Other noncurrent liabilities	7,343	1,210
Total Liabilities	162,244	148,359
Commitments and contingencies (Note 10)
Stockholders’ Equity:
Common stock, $0.001 par value, 90,000 shares authorized; 49,792 and 48,869 issued and outstanding	50	49
Additional paid-in capital	904,522	863,710
Accumulated other comprehensive income (loss)	566	(1,035)
Accumulated deficit	(413,203)	(401,755)
Total Stockholders’ Equity	491,935	460,969
Total Liabilities and Stockholders’ Equity	$ 654,179	$ 609,328

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

The Company files federal, state and foreign income tax returns in jurisdictions with varying statutes of limitations. The Company uses the asset and liability method under which deferred income taxes are provided for the temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities. Deferred taxes are measured using provisions of currently enacted tax laws. A valuation allowance against deferred tax assets is recorded when it is more likely than not that such assets will not be fully realized. The Company's valuation allowance offsets substantially all its net deferred tax assets as it is more likely than not that the benefit of the deferred tax assets will not be recognized in future periods.

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was signed into law. Key elements of the Tax Cuts and Jobs Act of 2017 are made permanent under the OBBBA, including 100% bonus depreciation, domestic research cost expensing and the business interest expense limitation. The legislation has multiple effective dates, with certain provisions effective in 2025 and others effective in 2026 or 2027. FASB ASC 740, "Income Taxes", requires the effects of changes in tax rates and laws on tax balances to be recognized in the period in which the legislation is enacted. As the Company maintains a full valuation allowance on its U.S. deferred tax assets, the legislation did not have a material impact on the income tax expense or effective tax rate for the year ended December 31, 2025.

The Company’s pre-tax book loss for domestic and international operations was $8,811 and $1,352 for 2025, $36,983 and $6,691 for 2024, and $17,822 and $12,025 for 2023. The Company had undistributed earnings of foreign subsidiaries of approximately $774 at December 31, 2025. The Company does not consider these earnings as permanently reinvested but has determined that any related deferred taxes upon repatriation would be offset by our valuation allowance.

The Company’s provision for income taxes for each of the years ended December 31 is as follows:


	2025		2024		2023
Current tax expense
Federal	$	—	$	—	$	—
State	698		450		389
Foreign	649		568		217
Total current tax expense	1,347		1,018		606
Deferred tax expense
Federal	$	(1,215)	$	(4,985)	$	(2,972)
State	1,276		(1,087)		(928)
Foreign	(1,273)		(1,379)		(3,671)
Change in valuation allowance	1,150		7,457		7,556
Total deferred tax expense	(62)		6		(15)
Total tax expense	$	1,285	$	1,024	$	591

The detail of deferred tax assets and liabilities at December 31 is as follows:


	2025		2024
Deferred tax assets:
Net operating loss carryforwards	$	117,132	$	116,679
Research and development credit carryforwards	22,089		18,181
Research and experimental expenditures	24,257		31,106
Equity compensation	12,486		11,738
Finance and operating lease liabilities	5,250		2,494

Inventories	3,179		3,325
Accruals and reserves	1,863		1,478
Property and equipment	327		1,052

Total deferred tax assets	186,583		186,053

Deferred tax liabilities:
Intangible assets	(3,085)		(5,005)
Right-of-use assets	(3,029)		(1,749)
Other	(217)		(254)

Total deferred tax liabilities	(6,331)		(7,008)
Valuation allowance	(180,177)		(179,027)
Net deferred tax assets	$	75	$	18

The Company’s 2025 effective income tax rate differs from the federal statutory rate as follows:


	2025
Federal tax at statutory rate	21.0	%	$	(2,134)
Nontaxable or nondeductible items
Officer compensation disallowance	(19.0)		1,927
Share-Based Payment Awards	(19.7)		2,003
50% meals disallowance	(7.1)		721
Other	0.9		(96)
Changes in valuation allowance	(12.0)		1,215
Tax Credits
Federal R&D tax credit	38.5		(3,908)
State & local income taxes, net of federal income tax effect†	(5.5)		565
Foreign tax effects
Netherlands
Change in valuation allowance	(11.9)		1,212
Deferred adjustments	5.0		(507)
Statutory rate difference	1.3		(131)
Other foreign jurisdictions	(3.9)		394
Effect of cross-border tax laws	(0.2)	%	24
Effective tax rate	(12.6)	%	$	1,285



†			California, Texas and Pennsylvania make up the majority (greater than 50%) of the tax effect in this category.

The Company's 2024 and 2023 effective income tax rates differ from the federal statutory rate as follows:


	2024				2023
Federal tax at statutory rate	21.0	%	$	(9,171)	21.0	%	$	(6,268)
Permanent differences	(6.7)		2,942		(10.4)		3,092
Valuation allowance	(17.1)		7,457		(25.3)		7,556
State income taxes	1.7		(742)		1.8		(539)
Federal R&D credit	6.9		(3,010)		6.6		(1,966)
Foreign income taxes	(1.3)		567		3.4		(1,012)
Federal deferred adjustments	(6.8)		2,981		0.9		(272)
Effective tax rate	(2.3)	%	$	1,024	(2.0)	%	$	591

The Company has federal net operating loss carryforwards of $216,111 which expire between 2029 and 2037 and $175,808 which have no expiration. The Company has state and local net operating loss carryforwards of $229,449 which expire between 2026 to 2045. A portion of the Company’s federal and state net operating loss carryforwards are subject to certain limitations under Internal Revenue Code Sections 382 and 383. The Company has federal research and development credit carryforwards of $22,089 which expire between 2026 and 2045. Additionally, the Company has foreign net operating loss carryforwards of $84,431 which have no expiration.

The Company's federal, state, local and foreign tax returns are routinely subject to review by various taxing authorities. Federal income tax returns for periods beginning in 2022 are open for examination. Generally, state and foreign income tax returns for periods beginning in 2021 are open for examination. However, taxing authorities have the ability to audit net operating loss and tax credit carryforwards from years prior to these periods. The Company has not recognized certain tax benefits because of the uncertainty of realizing the entire value of the tax position taken on income tax returns upon review by the taxing authorities. The Company has not accrued any interest and penalties related to unrecognized

income tax benefits as a result of offsetting net operating losses. However, if required, the Company will recognize interest and penalties within income tax expense and within the related tax liability.

A reconciliation of the change in federal and state unrecognized tax benefits for 2025, 2024 and 2023 is presented below:


	2025		2024		2023
Balance at the beginning of the year	$	1,514	$	1,672	$	1,762
Increases (decreases) for prior year tax positions	(296)		(158)		(90)
Increases (decreases) for current year tax positions	—		—		—
Increases (decreases) related to settlements	—		—		—
Decreases related to statute lapse	—		—		—
Balance at the end of the year	$	1,218	$	1,514	$	1,672

The balance of unrecognized tax benefits, as disclosed above, would result in adjustments to deferred taxes and related valuation allowances

Income taxes paid (net of refunds) was $1,290 for the year ended December 31, 2025. The following jurisdictions exceeded 5% of total income taxes paid (net of refunds) in 2025:


	2025
Federal	$	—
State
California	213
Texas	134
Pennsylvania	118
Foreign
United Kingdom	225
Spain	105
Australia	99
Canada	82

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 270
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Borrowings and Financing Obligation

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Borrowings and Financing Obligation

BORROWINGS AND FINANCING OBLIGATION

Asset backed revolving credit facility. The Company has an asset-based credit agreement (Credit Agreement) among the Borrowers, JPMorgan Chase Bank, N.A., as administrative agent, and JPMorgan Chase Bank, N.A., as bookrunner and lead arranger (JPMCB), and Silicon Valley Bank, a Division of First-Citizen Bank & Trust Company, as Joint Lead Arrangers and Joint Bookrunners, and the lenders party thereto (Lenders). The Credit Agreement provides for an asset based revolving credit facility (ABL Facility) in an amount of up to $125,000. The Company may request an increase in the revolving commitment by up to $40,000 (not to exceed a total of $165,000). Borrowing availability under the ABL Facility is based on the lesser of $125,000 or a borrowing base calculation as defined by the Credit Agreement. A portion of the ABL Facility, limited to $5,000, is available for the issuance of letters of credit by JPMCB or other financial institutions. JPMCB in its sole discretion, may create swingline loans by advancing floating rate revolving loans requested. Any such swingline loans will reduce availability under the ABL Facility on a dollar-for-dollar basis.

At the initial closing, the Company borrowed $61,865. The proceeds of the ABL Facility were used to terminate the Company’s outstanding indebtedness and final fee under its then-existing Loan and Security Agreement with Silicon Valley Bank (SVB Loan Agreement). Certain prepayment and early termination fees under the SVB Loan Agreement were waived at termination. The SVB Loan Agreement terminated on January 5, 2024 and was treated as a debt extinguishment. The resulting loss on debt extinguishment is $1,362.

Through January 2025, the Company's required minimum utilization of the ABL facility was 40% of the aggregate revolving commitment or $50,000. This minimum utilization requirement was removed in connection with the First Amendment to Credit Agreement (as further described below). Subject to customary exceptions and restrictions, the Company may voluntarily prepay outstanding amounts under the ABL Facility at any time thereafter without premium or penalty. Any voluntary prepayments made will not reduce commitments under the ABL Facility. The Credit Agreement contains mandatory prepayment provisions which require prepayment of amounts outstanding under the ABL Facility upon specified events or Availability shortfall.

The ABL facility is subject to a commitment fee of 0.37% per annum of the daily available revolving commitment and paid on a quarterly basis. Outstanding amounts under the Credit Agreement bear interest at a rate per annum equal to, at the Company's election: (i) an alternate base rate (ABR) plus an applicable margin or (ii) an adjusted term secured overnight financing rate (SOFR) plus an applicable margin. All swingline loans bear interest at a rate per annum equal to the ABR plus the applicable margin under the Credit Agreement. Alternate base rate is equal to the greatest of Prime, the NYFRB Rate plus 0.50% and Adjusted Term SOFR Rate plus 1.00%. The applicable margin on borrowings will adjust ranging from 1.50% to 1.75% per annum for ABR borrowings and from 2.50% to 2.75% per annum for SOFR term borrowings determined by the average historical excess availability. Participation and fronting fees are accrued and paid on a quarterly basis. As of December 31, 2025, the effective interest rate on the ABL Facility was 6.59%.

The ABL Facility is secured by the assets of the Company, consisting of personal, tangible or intangible property, including certain outstanding equity interests of the Company’s direct subsidiaries, subject to limitations specified in the Credit Agreement. The Credit Agreement contains customary representations and warranties, events of default and financial, affirmative and negative covenants for facilities of this type, including but not limited to financial covenants relating to a fixed charge coverage ratio and a minimum excess availability requirement, and restrictions on indebtedness, liens, investments and acquisitions, asset dispositions, specified agreements, restricted payments and prepayment of certain indebtedness.

First Amendment to Credit Agreement. On January 9, 2026, the Company entered into a First Amendment to Credit Agreement (First Amendment). The First Amendment provides a three-year extension of the term of the Credit Agreement, and all outstanding borrowings are due upon maturity of the Credit Agreement on January 9, 2029. The First Amendment provides for a reduction in the overall interest rate on the loans under the ABL Facility. The applicable margin on borrowings will adjust ranging from 1.25% to 1.50% per annum for ABR borrowings and from 2.25% to 2.50% per annum for SOFR term borrowings determined by the average historical excess availability. The First Amendment removes the minimum utilization financial covenant in addition to certain other loan administration updates. At the time of closing, the Company paid down $865 of borrowings and had $62,750 available borrowing capacity under the ABL Facility. The First Amendment was treated as a debt modification. Borrowings outstanding under the existing Credit Agreement have been classified as long-term in the Consolidated Balance Sheet as of December 31, 2025.

Future maturities of debt, after consideration of the First Amendment to Credit Agreement on January 9, 2026, are projected as follows:


2026	$	—
2027	—
2028	—
2029	61,000
2030	—
Total long-term debt, of which $61,000 is noncurrent.	$	61,000

Financing obligation. In August 2025, the Company transferred legal ownership of a building and certain real property on its corporate headquarters campus in Mason, Ohio for cash consideration of $6,250. Simultaneously, the Company entered into a contract to lease back the existing building and real property, as well as the planned building expansion space from the buyer-lessor. The buyer-lessor is financing the development and construction of the expansion of additional manufacturing and office space. During construction of the expansion, the Company will maintain occupancy and pay rent for the existing building. Upon construction completion, the expanded premises will be leased for fifteen years with three five-year options to renew. Annual rental payments will be calculated at an amount equal to 8% of the construction costs and will escalate 3% annually. Rental payments will be allocated between the existing and the expanded property based on the relative fair value upon construction completion. Expansion rental payments are projected to be $38,469 for the fifteen year lease term expected to begin during 2026. The classification of the lease related to the expansion will be assessed upon completion of construction. Rental payments will be finalized upon completion of the expansion construction. Estimated rental payments for the expansion over the next five annual periods are as follows:


2026	$	1,034
2027	2,099
2028	2,162
2029	2,227
2030	2,294

The lease of the existing building and certain real property sold is a failed sale-and-leaseback as a result of finance lease classification. The Company established a financing obligation equal to the $6,250 cash proceeds received. The Company allocated projected rental payments during the term of construction and fifteen-year lease term based on the estimated fair value of the existing real property assets and future expansion. The company imputes interest monthly at a

rate of 6.76%. During the year ended December 31, 2025, interest expense was not significant. Future maturities of the financing obligation are projected as follows:


2026	$	81
2027	128
2028	152
2029	180
2030	209
2031 and thereafter	5,485
Total long-term financing obligation, of which $81 is current	$	6,235

The financing obligation is included in Other current liabilities and Other noncurrent liabilities on the Condensed Consolidated Balance Sheet.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
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-Section 50
-Paragraph 6
-Subparagraph (a)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Auditor Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	Cincinnati, Ohio

Income Taxes (Summary Of Detail Of Income Tax Paid Net) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Income Tax Paid, by Individual Jurisdiction [Line Items]
Federal	$ 0
California
Income Tax Paid, by Individual Jurisdiction [Line Items]
State	213
Texas
Income Tax Paid, by Individual Jurisdiction [Line Items]
State	134
Pennsylvania
Income Tax Paid, by Individual Jurisdiction [Line Items]
State	118
United Kingdom
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	225
Spain
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	99
Australia
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	105
Canada
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	$ 82

Property and Equipment (Summary Of Property And Equipment) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Total	$ 108,889	$ 102,954
Less accumulated depreciation	(69,766)	(61,295)
Property and equipment, net	39,123	41,659
Buildings and improvements
Property, Plant and Equipment [Line Items]
Total	28,915	29,309
Generators
Property, Plant and Equipment [Line Items]
Total	27,396	25,687
Machinery and office equipment
Property, Plant and Equipment [Line Items]
Total	35,511	31,321
Computer equipment and software
Property, Plant and Equipment [Line Items]
Total	10,767	11,300
Construction in progress
Property, Plant and Equipment [Line Items]
Total	5,042	4,331
Land
Property, Plant and Equipment [Line Items]
Total	$ 1,258	$ 1,006

Borrowings and Financing Obligation (Financing Lease Obligation Maturities) (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Lessee, Lease, Description [Line Items]
2026	$ 1,775,000
2027	1,808,000
2028	1,842,000
2029	1,818,000
2030	1,339,000
2031 and thereafter	0
Total long-term financing obligation, of which $81 is current	8,582,000
Current lease liabilities	1,306,000	$ 1,186,000
Building And Real Property
Lessee, Lease, Description [Line Items]
2026	81,000
2027	128,000
2028	152,000
2029	180,000
2030	209,000
2031 and thereafter	5,485,000
Total long-term financing obligation, of which $81 is current	6,235,000
Building And Real Property \| Financing Obligation \| Secured Debt
Lessee, Lease, Description [Line Items]
Current lease liabilities	$ 81,000

Equity Compensation Plans (Weighted Average Estimated Grant Date Fair Value Per Share Of Stock Options, Restricted Stock Granted, And Performance Awards) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense	$ 44,685	$ 40,405	$ 35,728
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average estimated grant date fair value (usd per share)	$ 44.73	$ 33.19	$ 46.16
Expense	$ 12,246	$ 11,356	$ 11,417
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average estimated grant date fair value (usd per share)	$ 37.49	$ 33.47	$ 39.21
Expense	$ 30,396	$ 26,975	$ 21,797

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
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-Topic 718
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+ Details

Intangible Assets and Goodwill (Disaggregation Of Amortization Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 8,441	$ 7,519	$ 5,353
Cost of revenue
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	5,400	4,500	2,400
Research and development expenses
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 3,041	$ 3,019	$ 2,953

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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- Definition

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+ Details

Inventories

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Inventories

INVENTORIES

Inventories consisted of the following at December 31:


	2025		2024
Raw materials	$	39,052	$	37,703
Work in process	3,759		3,604
Finished goods	35,681		34,028
Inventories	$	78,492	$	75,335

Fair Value

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value

FAIR VALUE

The following table represents the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2025:


	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)		Total
Assets:
Money market funds	$	156,491	$	—	$	—	$	156,491




Total assets	$	156,491	$	—	$	—	$	156,491

The following table represents the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2024:


	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)		Total
Assets:
Money market funds	$	101,147	$	—	$	—	$	101,147




Total assets	$	101,147	$	—	$	—	$	101,147

There were no changes in the levels or methodology of measurement of financial assets and liabilities during the year ended December 31, 2025. The estimated fair value of money market funds transferred from a Level 2 fair value measurement to a Level 1 fair value measurement during the year ended December 31, 2024.

Contingent Consideration-Business Combination. The Company's contingent consideration arrangements arising from the SentreHEART acquisition obligate the Company to pay certain defined amounts to former shareholders of SentreHEART if specified milestones are met related to the aMAZE IDE clinical trial, including PMA approval and reimbursement for the therapy involving SentreHEART's devices. The PMA approval milestone expired on December 31, 2023, while the achievement period for the reimbursement milestone expires on December 31, 2026. The contingent consideration liability is measured by applying the probability weighted scenario method using unobservable inputs, thus representing a Level 3 measurement within the fair value hierarchy. The Company continues to assess the projected probability of payment during the contractual achievement periods to be remote, resulting in no reported fair value as of December 31, 2025 and 2024.

The Company had no Level 3 fair value measurements using significant other unobservable inputs for contingent consideration in the years ended December 31, 2025, 2024 and 2023.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Paragraph 107
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 2
-Subparagraph (c)(3)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Subparagraph (a)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Equity Compensation Plans (Assumptions Used For Determining Fair Value Of Stock) (Details) - Performance Shares - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price (in usd per share)	$ 38.74	$ 36.28
Expected term (years)		2 years 9 months 18 days
Company volatility (in percent)	48.00%	45.00%
Market index average volatility (in percent)	99.30%	92.70%
Market index average correlation (in percent)	0.258	0.301
Risk-free interest rate (in percent)		4.30%
Dividend yield (in percent)	0.00%	0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	2 years 9 months 18 days
Company volatility (in percent)			44.80%
Market index average volatility (in percent)			91.00%
Market index average correlation (in percent)			0.322
Risk-free interest rate (in percent)	4.20%		4.60%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price (in usd per share)			$ 38.81
Expected term (years)	4 years		2 years 9 months 18 days
Risk-free interest rate (in percent)	4.00%

Equity Compensation Plans

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Equity Compensation Plans

EQUITY COMPENSATION PLANS

The Company has two share-based incentive plans: the 2023 Stock Incentive Plan (2023 Plan) and the 2018 Employee Stock Purchase Plan (ESPP).

Stock Incentive Plan

Under the 2023 Plan, the Board of Directors may grant restricted stock awards or restricted stock units (collectively RSAs), nonstatutory stock options, performance share awards, performance share units or stock appreciation rights to Company employees, directors and consultants, and may grant incentive stock options to Company employees. The Compensation Committee of the Board of Directors, as the administrator of the 2023 Plan, has the authority to determine

the terms of any awards, including the number of shares subject to each award, the exercisability of the awards and the form of consideration. As of December 31, 2025, 5,787 shares of common stock had been reserved for issuance under the 2023 Plan and 3,157 shares were available for future grants. The Company issues registered shares of common stock for stock option exercises, restricted stock grants and performance award grants.

The following table summarizes total share-based compensation expense related to employees, directors and consultants for 2025, 2024 and 2023. The expense was allocated as follows:


	2025		2024		2023
Cost of revenue	$	2,699	$	2,323	$	1,817
Research and development expenses	7,976		6,951		5,802
Selling, general and administrative expenses	34,010		31,131		28,109
Total	$	44,685	$	40,405	$	35,728

Performance Share Awards and Units. The award agreements for the performance share awards (PSAs) provide that each PSA that vests represents the right to receive one share of the Company’s common stock at the end of the performance period. The number of shares that vest and are issued to the recipient is based upon the Company’s performance with respect to specified targets at the end of the three-year performance period. Each target has a range of payouts that are used to determine the number of shares that will be issuable when the award vests. The performance and market condition payouts will be determined independently and accumulated to determine the total payout for the three-year performance period, subject to the maximum payout defined in the PSA agreements. All or a portion of the PSAs may vest following a change of control or a termination of service by reason of death or disability.

PSAs granted in 2025 have three weighted performance targets measured over a three-year performance period: (i) the Company’s compound annual revenue growth rate (CAGR) in constant currency, a performance condition, (ii) percentage increase in Adjusted EBITDA over base year, a performance condition, and (iii) relative total shareholder return (TSR), a market condition. Adjusted EBITDA is calculated as net income/loss before other income/expense (including interest), income tax expense, depreciation and amortization expense, share-based compensation expense and non-recurring charges that are not reflective of the operational results of the Company's core business and may affect comparability of results period-over-period. Adjusted EBITDA specifically excludes PFA co-development upfront and milestone payments. TSR is measured against the NASDAQ Health Care Index constituents and the 20-trading-day average stock price prior to the start and end of the performance period. The 2025 PSAs are weighted 50% on the CAGR performance target, 30% on the Adjusted EBITDA target, and 20% on the TSR performance target. PSAs granted in 2025 have payout opportunities ranging from 0% to 200% of the target amount. PSAs awarded prior to 2025 have two weighted performance targets measured over a three-year performance period: (i) the Company’s compound annual revenue growth rate (CAGR), a performance condition and (ii) relative total shareholder return (TSR), a market condition. PSAs granted in 2023 and 2024 are weighted 75% on the CAGR performance target and 25% on the TSR performance target and have payout opportunities ranging from 0% to 300% of the target amount.

During 2024, the Compensation Committee approved the grant of Performance Share Units (PSUs) to the Company's President and Chief Executive Officer. The award agreement for the PSUs provides that each PSU that vests represents the right to receive one share of the Company's common stock at the end of the measurement periods. The number of shares that vest and are issued are based on the attainment of specified stock prices over three measurement periods over a four year period. PSUs vest in defined tranches on the last day of the measurement period, subject to a market vesting condition upon the simple moving average of the closing share price during the 60 consecutive calendar days immediately prior to and including the measurement period date. PSUs that do not vest on the last day of the measurement period are forfeited. PSUs may vest following termination of service by reason of death or disability or change in control based on the performance criteria achieved as of the termination date or in connection with the change in control as specified in the award agreement.

Performance share activity at target attainment under the plans during 2025 was as follows:


Performance Share Awards and Units	Number of Shares Outstanding	Weighted Average Grant Date Fair Value
Outstanding at January 1, 2025	688	$	37.63
Awarded	261	44.73
Vested	(211)	46.60
Forfeited	(44)	23.87
Outstanding at December 31, 2025	694	$	37.21

The total fair value of performance share awards vested during 2025, 2024 and 2023 was $8,335, $3,459 and $4,955.

In determining compensation expense, the fair value of performance share awards with a performance condition is based on the market value of the Company’s stock on the grant date of the awards. The fair value of performance share awards and performance share units with a market condition is estimated on the grant date using a Monte Carlo simulation and includes the following assumptions:


	2025		2024		2023
Stock price	$	38.74	$	36.28	$38.81
Expected term (years)	2.8		2.8 to 4.0		2.8
Company volatility	48.0%		45.0%		44.8%
Market index average volatility †	99.3%		92.7%		91.0%
Market index average correlation †	25.8%		30.1%		32.2%
Risk-free interest rate	4.0%		4.2 to 4.3%		4.6%
Dividend yield	0.0%		0.0%		0.0%



†			Not applicable to valuation of performance share units.

The expected term is estimated as the remaining performance period at the grant date. Expected volatility is estimated based on the Company and daily trading prices of the market index, adjusted for dividends and stock splits over the remaining performance period. The risk-free interest rate is based upon the United States Constant Maturity yield curve at the time of grant for the expected term of the performance share awards. Based on the assumptions above, the weighted average estimated grant date fair value per share and expense was as follows:


	2025		2024		2023
Weighted average estimated grant date fair value	$	44.73	$	33.19	$	46.16
Expense	12,246		11,356		11,417

As of December 31, 2025, $15,414 of unrecognized compensation costs related to non-vested performance share awards and performance share units are expected to be recognized over a weighted-average period of 1.7 years.

Restricted Stock Awards and Units. Restricted stock awards and restricted stock units granted generally vest at a rate of 33.3% on the first, second and third anniversaries of the grant date. Activity under the plans during 2025 was as follows:


Restricted Stock Awards	RSA Shares Outstanding	Weighted Average Grant Date Fair Value
Outstanding at January 1, 2025	1,633	$	36.69
Awarded	958	37.49
Released	(710)	38.47
Forfeited	(143)	36.06
Outstanding at December 31, 2025	1,738	$	36.45

The total fair value of restricted stock vested during 2025, 2024 and 2023 was $26,270, $14,732 and $13,824.

In determining compensation expense, the fair value of restricted stock awards and restricted stock units is based on the market value of the Company’s stock on the grant date of the awards. The weighted average estimated grant date fair value per share and expense was as follows:


	2025		2024		2023
Weighted average estimated grant date fair value	$	37.49	$	33.47	$	39.21
Expense	30,396		26,975		21,797

As of December 31, 2025, $37,652 of unrecognized compensation costs related to non-vested restricted stock awards and restricted stock units are expected to be recognized over a weighted-average period of 1.8 years.


Time-Based Stock Options	Number of Shares Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2025	262	$	35.71
Granted	—	—
Exercised	(64)	21.21
Forfeited	(8)	(68.65)
Outstanding at December 31, 2025	190	$	39.23	3.0	$	2,044
Vested and expected to vest	190	$	39.23	2.9	$	2,044
Exercisable at December 31, 2025	190	$	39.23	3.0	$	2,044

The total intrinsic value of options exercised during the years ended December 31, 2025, 2024 and 2023 was $895, $711 and $2,982. As a result of the Company’s full valuation allowance on its net deferred tax assets, no tax benefit was recognized related to the stock option exercises. The exercise price per share of each option is equal to the fair market value of the underlying share on the date of grant. For 2025, 2024 and 2023, $1,367, $1,022 and $2,316 in cash proceeds from the exercise of stock options were included in the Consolidated Statements of Cash Flows.

No options were granted in 2025, 2024, or 2023. Option expense was $0, $328, and $765 for the years ended December 31, 2025, 2024 and 2023. As of December 31, 2025 there is no unrecognized compensation cost related to stock options.

Employee Stock Purchase Plan

Under the ESPP, shares of the Company’s common stock may be purchased at a discount (15%) to the lesser of the closing price of the Company’s common stock on the first or last trading day of the offering period. The offering period (currently six months) and the offering price are subject to change. Participants may not purchase more than $25 of the Company’s common stock in a calendar year and may not purchase a value of more than 3 shares during an offering period. As of December 31, 2025, 295 shares are available for future issuance under the ESPP. ESPP expense was $2,043, $1,746 and $1,749 for the years ended December 31, 2025, 2024 and 2023.

Intangible Assets and Goodwill (Company's Intangible Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	May 31, 2023
Finite-Lived Intangible Assets [Line Items]
Cost	$ 76,470	$ 76,470
Accumulated Amortization	28,444	20,003
Technology
Finite-Lived Intangible Assets [Line Items]
Cost	46,470	46,470
Accumulated Amortization	16,144	13,103
Patents
Finite-Lived Intangible Assets [Line Items]
Cost	30,000	30,000	$ 30,000
Accumulated Amortization	$ 12,300	$ 6,900

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Intangible Assets and Goodwill (Future Amortization Expense Related To Intangible Assets With Definite Lives) (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 9,535
2027	10,435
2028	6,535
2029	2,935
2030	2,935
2031 and thereafter	15,651
Total	$ 48,026

Employee Benefit Plans (Details) - USD ($)	12 Months Ended
Employee Benefit Plans (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Postemployment Benefits [Abstract]
Employee contribution percent	50.00%	50.00%	50.00%
Maximum percentage of employee contribution to the plan	8.00%	8.00%	8.00%
Company's matching contribution	$ 6,157,000	$ 5,477,000	$ 4,949,000
Discretionary contributions made	0	0	0
Total contributions to retirement plan	$ 697,000	$ 702,000	$ 503,000

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net loss	$ (11,448)	$ (44,698)	$ (30,438)
Adjustments to reconcile net loss to net cash provided by operating activities:
Share-based compensation expense	44,685	40,405	35,728
Depreciation	12,090	11,214	9,460
Amortization of intangible assets	8,441	7,519	5,353
Amortization of deferred financing costs	478	478	486
Amortization of investments	0	107	632
Acquired in-process research and development expense	6,000	12,000	0
Loss on debt extinguishment	0	1,362	0
Other non-cash adjustments	1,374	2,175	1,503
Changes in operating assets and liabilities:
Accounts receivable	(5,610)	(8,301)	(9,872)
Inventories	(2,256)	(7,740)	(21,830)
Other current assets	(328)	(949)	(3,084)
Accounts payable	(960)	(1,531)	6,177
Accrued liabilities	6,997	1,199	11,562
Other noncurrent assets and liabilities	(2,129)	(1,036)	(1,193)
Net cash provided by operating activities	57,334	12,204	4,484
Cash flows from investing activities:
Sales and maturities of available-for-sale securities	0	53,668	63,815
Purchases of property and equipment	(9,050)	(11,459)	(11,998)
Proceeds from sale of property and equipment	0	25	0
Acquisitions, including in-process research and development	(6,000)	(12,000)	(30,000)
Proceeds from capital grant	500	0	0
Net cash (used in) provided by investing activities	(14,550)	30,234	21,817
Cash flows from financing activities:
Proceeds from revolving credit facility, net of financing costs	0	61,210	0
Payments on debt, leases and financing obligation	(1,201)	(62,879)	(992)
Proceeds from financing obligation	6,250	0	0
Payment of financing costs and bank fees	0	(1,069)	(60)
Proceeds from stock option exercises	1,367	1,022	2,316
Shares repurchased for payment of taxes on stock awards	(11,163)	(6,951)	(6,557)
Proceeds from issuance of common stock under employee stock purchase plan	5,923	5,064	5,261
Net cash provided by (used in) financing activities	1,176	(3,603)	(32)
Effect of exchange rate changes on cash and cash equivalents	747	(424)	(58)
Net increase in cash and cash equivalents	44,707	38,411	26,211
Cash and cash equivalents—beginning of period	122,721	84,310	58,099
Cash and cash equivalents—end of period	167,428	122,721	84,310
Supplemental cash flow information:
Cash paid for interest	5,255	5,951	6,376
Cash paid for income taxes, net of refunds	1,290	619	395
Non-cash investing and financing activities:
Accrued purchases of property and equipment	$ 1,262	$ 334	$ 1,427

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment

Property and equipment consisted of the following at December 31:


	2025		2024
Buildings and improvements	$	28,915	$	29,309
Generators	27,396		25,687
Machinery and office equipment	35,511		31,321
Computer equipment and software	10,767		11,300
Construction in progress	5,042		4,331
Land	1,258		1,006
Total	108,889		102,954
Less accumulated depreciation	(69,766)		(61,295)
Property and equipment, net	$	39,123	$	41,659

Leases (Summary Of Supplemental Balance Sheet Information Related To Leases) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Operating Leases
Operating lease right-of-use assets	$ 6,868	$ 5,727
Current lease liabilities	1,734	1,619
Operating lease liabilities	5,541	4,579
Total operating lease liabilities	$ 7,275	$ 6,198
Operating lease, liability, current, statement of financial position Flag	Finance And Operating Lease, Liability, Current	Finance And Operating Lease, Liability, Current
Operating Lease, Liability, Noncurrent, Statement of Financial Position Flag	Operating and Financing Lease Liabilities, Noncurrent	Operating and Financing Lease Liabilities, Noncurrent
Finance Leases
Property and equipment, at cost	$ 14,765	$ 14,765
Accumulated depreciation	(9,922)	(8,875)
Property and equipment, net	$ 4,843	$ 5,890
Finance lease, right-of-use asset, statement of financial position Flag	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Current lease liabilities	$ 1,306	$ 1,186
Finance lease liabilities	5,975	7,281
Total finance lease liabilities	$ 7,281	$ 8,467
Finance lease, liability, current, statement of financial position Flag	Other noncurrent liabilities	Other noncurrent liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position Flag	Operating and Financing Lease Liabilities, Noncurrent	Operating and Financing Lease Liabilities, Noncurrent

Leases (Summary Of Weighted Average Remaining Lease Term And Discount Rate) (Details)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Leases
Weighted average remaining lease term (years)	5 years 1 month 6 days	4 years 4 months 24 days	4 years 9 months 18 days
Weighted average discount rate	7.00%	6.90%	5.80%
Finance Leases
Weighted average remaining lease term (years)	4 years 8 months 12 days	5 years 8 months 12 days	6 years 8 months 12 days
Weighted average discount rate	7.00%	7.00%	6.90%

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2025
Postemployment Benefits [Abstract]
Employee Benefit Plans	EMPLOYEE BENEFIT PLANS The Company sponsors the AtriCure, Inc. 401(k) Plan (401(k) Plan), a defined contribution plan covering substantially all U.S. employees. Eligible employees may contribute pre- or post-tax annual compensation up to specified maximums under the Internal Revenue Code. The Company matches 50% on the first 8% of employee contributions to the 401(k) Plan. The Company’s matching contributions were $6,157, $5,477 and $4,949 in 2025, 2024 and 2023. Additional amounts may be contributed to the 401(k) Plan at the discretion of the Company’s Board of Directors; however, no such discretionary contributions were made in 2025, 2024 or 2023. The Company also provides retirement benefits for employees of its foreign subsidiaries. Total contributions to foreign retirement plans were $697, $702 and $503 in 2025, 2024 and 2023.

Leases (Narrative) (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Lessee, Lease, Description [Line Items]
Letter of credit outstanding	$ 1,250
Minimum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, remaining lease term	1 year
Remaining lease terms, finance lease	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, remaining lease term	10 years
Remaining lease terms, finance lease	10 years

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) consisted of the following, net of tax:


	2025		2024		2023
Total accumulated other comprehensive loss at beginning of period	$	(1,035)	$	(993)	$	(4,096)
Unrealized (losses) gains on investments
Balance at beginning of period	$	—	$	(800)	$	(3,698)
Other comprehensive income (loss) before reclassifications	—		800		2,898
Amounts reclassified from accumulated other comprehensive loss to interest income	—		—		—
Balance at end of period	$	—	$	—	$	(800)
Foreign currency translation adjustment
Balance at beginning of period	$	(1,035)	$	(193)	$	(398)
Other comprehensive income (loss) before reclassifications	2,306		(951)		154
Amounts reclassified from accumulated other comprehensive income (loss) to other income (expense)	(705)		109		51
Balance at end of period	$	566	$	(1,035)	$	(193)
Total accumulated other comprehensive income (loss) at end of period	$	566	$	(1,035)	$	(993)

Leases (Schedule Of Maturities Of Lease Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Operating Leases
2026	$ 1,957
2027	1,905
2028	1,475
2029	1,072
2030	683
2031 and thereafter	1,748
Total payments	8,840
Less imputed interest	(1,565)
Total lease liabilities	7,275	$ 6,198
Finance Leases
2026	1,775
2027	1,808
2028	1,842
2029	1,818
2030	1,339
2031 and thereafter	0
Total payments	8,582
Less imputed interest	(1,301)
Total lease liabilities	$ 7,281	$ 8,467

Income Taxes (Summary Of Company's Provision For Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current tax expense
Federal	$ 0	$ 0	$ 0
State	698	450	389
Foreign	649	568	217
Total current tax expense	1,347	1,018	606
Deferred tax expense
Federal	(1,215)	(4,985)	(2,972)
State	1,276	(1,087)	(928)
Foreign	(1,273)	(1,379)	(3,671)
Change in valuation allowance	1,150	7,457	7,556
Total deferred tax expense	(62)	6	(15)
Total tax expense	$ 1,285	$ 1,024	$ 591

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Summary of Company's Provision for Income Taxes

The Company’s provision for income taxes for each of the years ended December 31 is as follows:


	2025		2024		2023
Current tax expense
Federal	$	—	$	—	$	—
State	698		450		389
Foreign	649		568		217
Total current tax expense	1,347		1,018		606
Deferred tax expense
Federal	$	(1,215)	$	(4,985)	$	(2,972)
State	1,276		(1,087)		(928)
Foreign	(1,273)		(1,379)		(3,671)
Change in valuation allowance	1,150		7,457		7,556
Total deferred tax expense	(62)		6		(15)
Total tax expense	$	1,285	$	1,024	$	591

Summary of Detail of Deferred Tax Assets and Liabilities

The detail of deferred tax assets and liabilities at December 31 is as follows:


	2025		2024
Deferred tax assets:
Net operating loss carryforwards	$	117,132	$	116,679
Research and development credit carryforwards	22,089		18,181
Research and experimental expenditures	24,257		31,106
Equity compensation	12,486		11,738
Finance and operating lease liabilities	5,250		2,494

Inventories	3,179		3,325
Accruals and reserves	1,863		1,478
Property and equipment	327		1,052

Total deferred tax assets	186,583		186,053

Deferred tax liabilities:
Intangible assets	(3,085)		(5,005)
Right-of-use assets	(3,029)		(1,749)
Other	(217)		(254)

Total deferred tax liabilities	(6,331)		(7,008)
Valuation allowance	(180,177)		(179,027)
Net deferred tax assets	$	75	$	18

Summary of Difference Between Effective Income Tax Rates and Federal Statutory Rate

The Company’s 2025 effective income tax rate differs from the federal statutory rate as follows:


	2025
Federal tax at statutory rate	21.0	%	$	(2,134)
Nontaxable or nondeductible items
Officer compensation disallowance	(19.0)		1,927
Share-Based Payment Awards	(19.7)		2,003
50% meals disallowance	(7.1)		721
Other	0.9		(96)
Changes in valuation allowance	(12.0)		1,215
Tax Credits
Federal R&D tax credit	38.5		(3,908)
State & local income taxes, net of federal income tax effect†	(5.5)		565
Foreign tax effects
Netherlands
Change in valuation allowance	(11.9)		1,212
Deferred adjustments	5.0		(507)
Statutory rate difference	1.3		(131)
Other foreign jurisdictions	(3.9)		394
Effect of cross-border tax laws	(0.2)	%	24
Effective tax rate	(12.6)	%	$	1,285



†			California, Texas and Pennsylvania make up the majority (greater than 50%) of the tax effect in this category.

The Company's 2024 and 2023 effective income tax rates differ from the federal statutory rate as follows:


	2024				2023
Federal tax at statutory rate	21.0	%	$	(9,171)	21.0	%	$	(6,268)
Permanent differences	(6.7)		2,942		(10.4)		3,092
Valuation allowance	(17.1)		7,457		(25.3)		7,556
State income taxes	1.7		(742)		1.8		(539)
Federal R&D credit	6.9		(3,010)		6.6		(1,966)
Foreign income taxes	(1.3)		567		3.4		(1,012)
Federal deferred adjustments	(6.8)		2,981		0.9		(272)
Effective tax rate	(2.3)	%	$	1,024	(2.0)	%	$	591

Summary of Reconciliation of Change in Federal and State Unrecognized Tax Benefits

A reconciliation of the change in federal and state unrecognized tax benefits for 2025, 2024 and 2023 is presented below:


	2025		2024		2023
Balance at the beginning of the year	$	1,514	$	1,672	$	1,762
Increases (decreases) for prior year tax positions	(296)		(158)		(90)
Increases (decreases) for current year tax positions	—		—		—
Increases (decreases) related to settlements	—		—		—
Decreases related to statute lapse	—		—		—
Balance at the end of the year	$	1,218	$	1,514	$	1,672

Summary of Supplemental Cash Flow Information Related to Leases

The following jurisdictions exceeded 5% of total income taxes paid (net of refunds) in 2025:


	2025
Federal	$	—
State
California	213
Texas	134
Pennsylvania	118
Foreign
United Kingdom	225
Spain	105
Australia	99
Canada	82

Income Taxes (Summary Of Reconciliation of Change In Federal And State Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Balance at the beginning of the year	$ 1,514	$ 1,672	$ 1,762
Increases (decreases) for prior year tax positions	(296)	(158)	(90)
Increases (decreases) for current year tax positions	0	0	0
Increases (decreases) related to settlements	0	0	0
Decreases related to statute lapse	0	0	0
Balance at the end of the year	$ 1,218	$ 1,514	$ 1,672

Equity Compensation Plans (Activity Under Performance Share Activity and Restricted Stock Awards) (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Performance Shares
Number of Shares Outstanding
Beginning balance, number of shares outstanding (in shares)	688
Awarded, number of shares outstanding (in shares)	261
Vested, number of shares outstanding (in shares)	(211)
Forfeited, number of shares outstanding (in shares)	(44)
Ending balance, number of shares outstanding (in shares)	694	688
Weighted Average Grant Date Fair Value
Beginning balance, weighted average grant date fair value (in usd per share)	$ 37.63
Awarded, weighted average grant date fair value (in usd per share)	44.73	$ 33.19	$ 46.16
Vested, weighted average grant date fair value (in usd per share)	46.60
Forfeited, weighted average grant date fair value (in usd per share)	23.87
Ending balance, weighted average grant date fair value (in usd per share)	$ 37.21	$ 37.63
Restricted Stock Awards
Number of Shares Outstanding
Beginning balance, number of shares outstanding (in shares)	1,633
Awarded, number of shares outstanding (in shares)	958
Vested, number of shares outstanding (in shares)	(710)
Forfeited, number of shares outstanding (in shares)	(143)
Ending balance, number of shares outstanding (in shares)	1,738	1,633
Weighted Average Grant Date Fair Value
Beginning balance, weighted average grant date fair value (in usd per share)	$ 36.69
Awarded, weighted average grant date fair value (in usd per share)	37.49	$ 33.47	$ 39.21
Vested, weighted average grant date fair value (in usd per share)	38.47
Forfeited, weighted average grant date fair value (in usd per share)	36.06
Ending balance, weighted average grant date fair value (in usd per share)	$ 36.45	$ 36.69

Borrowings and Financing Obligation (Narrative) (Details) $ in Thousands			1 Months Ended	12 Months Ended			13 Months Ended
	Jan. 09, 2026 USD ($)	Jan. 05, 2024 USD ($)	Aug. 31, 2025 USD ($) renewal	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jan. 31, 2025
Line of Credit Facility [Line Items]
Loss on debt extinguishment				$ 0	$ 1,362	$ 0
Number of finance lease options to renew \| renewal			3
ABL Facility \| Subsequent Event
Line of Credit Facility [Line Items]
Debt instrument, term of extension	3 years
Line of Credit \| ABL Facility
Line of Credit Facility [Line Items]
Minimum utilization (in percent)							0.40
Commitment fee percentage		0.37%
Effective interest rate				6.59%
Line of Credit \| ABL Facility \| Adjusted Base Rate \| Minimum
Line of Credit Facility [Line Items]
Basis rate		1.50%
Line of Credit \| ABL Facility \| Adjusted Base Rate \| Minimum \| Subsequent Event
Line of Credit Facility [Line Items]
Basis rate	1.25%
Line of Credit \| ABL Facility \| Adjusted Base Rate \| Maximum
Line of Credit Facility [Line Items]
Basis rate		1.75%
Line of Credit \| ABL Facility \| Adjusted Base Rate \| Maximum \| Subsequent Event
Line of Credit Facility [Line Items]
Basis rate	1.50%
Line of Credit \| ABL Facility \| Secured Overnight Financing Rate (SOFR) \| Minimum
Line of Credit Facility [Line Items]
Basis rate		2.50%
Line of Credit \| ABL Facility \| Secured Overnight Financing Rate (SOFR) \| Minimum \| Subsequent Event
Line of Credit Facility [Line Items]
Basis rate	2.25%
Line of Credit \| ABL Facility \| Secured Overnight Financing Rate (SOFR) \| Maximum
Line of Credit Facility [Line Items]
Basis rate		2.75%
Line of Credit \| ABL Facility \| Secured Overnight Financing Rate (SOFR) \| Maximum \| Subsequent Event
Line of Credit Facility [Line Items]
Basis rate	2.50%
Line of Credit \| ABL Facility \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity				$ 125,000
Line of credit facility, accordion feature, increase limit		$ 40,000
Line of credit facility, maximum borrowing capacity, including accordion feature		165,000
Line of credit, borrowings		61,865
Minimum utilization threshold, amount		$ 50,000
Line of Credit \| ABL Facility \| Revolving Credit Facility \| Subsequent Event
Line of Credit Facility [Line Items]
Line of credit, borrowings	$ 865
Line of credit facility, remaining borrowing capacity	$ 62,750
Line of Credit \| ABL Facility \| Revolving Credit Facility \| Adjusted Term Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis rate		0.50%
Line of Credit \| ABL Facility \| Revolving Credit Facility \| NTFRB Rate
Line of Credit Facility [Line Items]
Basis rate		1.00%
Line of Credit \| ABL Facility \| Letter of Credit
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity		$ 5,000
Term Loan \| Silicon Valley Bank Agreement Effective 11/1/2021
Line of Credit Facility [Line Items]
Loss on debt extinguishment		$ 1,362
Secured Debt \| Financing Obligation
Line of Credit Facility [Line Items]
Proceeds from financing obligation			$ 6,250
Finance lease term of contract			15 years
Finance lease renewal term			5 years
Annual rental payments, percent of construction costs			8.00%
Annual rental costs, percent increase			3.00%
Cumulative expected expansion rental payments			$ 38,469
Lease term, not yet commenced, building expansion			15 years
Imputed interest			6.76%

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Summary of Weighted Average Remaining Lease Term and Discount Rate

The weighted average remaining lease term and the discount rate for the reporting periods are as follows:


	As of	As of	As of
	December 31, 2025	December 31, 2024	December 31, 2023
Operating Leases
Weighted average remaining lease term (years)	5.1	4.4	4.8
Weighted average discount rate	7.0 %	6.9 %	5.8 %

Finance Leases
Weighted average remaining lease term (years)	4.7	5.7	6.7
Weighted average discount rate	7.0 %	7.0 %	6.9 %

Summary of Components of Lease Expense

The components of lease expense are as follows:


	Year Ended		Year Ended		Year Ended
	December 31, 2025		December 31, 2024		December 31, 2023
Operating lease cost	$	1,981	$	1,614	$	1,284

Finance lease cost:
Amortization of right-of-use assets	1,047		1,047		1,020
Interest on lease liabilities	557		626		673
Total finance lease cost	$	1,604	$	1,673	$	1,693

Supplemental cash flow information related to leases was as follows:


	Year Ended		Year Ended		Year Ended
	December 31, 2025		December 31, 2024		December 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	2,053	$	1,486	$	1,235
Operating cash flows for finance leases	557		626		673
Financing cash flows for finance leases	1,186		1,056		992

Right-of-use assets obtained in exchange for lease obligations:
Operating Leases	2,474		2,765		1,509
Finance Leases	—		421		—

Summary of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases was as follows:


	As of December 31, 2025		As of December 31, 2024
Operating Leases
Operating lease right-of-use assets	$	6,868	$	5,727

Current lease liabilities	1,734		1,619
Operating lease liabilities	5,541		4,579
Total operating lease liabilities	$	7,275	$	6,198

Finance Leases
Property and equipment, at cost	$	14,765	$	14,765
Accumulated depreciation	(9,922)		(8,875)
Property and equipment, net	$	4,843	$	5,890

Current lease liabilities	$	1,306	$	1,186
Finance lease liabilities	5,975		7,281
Total finance lease liabilities	$	7,281	$	8,467

Schedule of Operating Lease Maturities

Maturities of lease liabilities as of December 31, 2025 were as follows:


	Operating Leases		Finance Leases
2026	$	1,957	$	1,775
2027	1,905		1,808
2028	1,475		1,842
2029	1,072		1,818
2030	683		1,339
2031 and thereafter	1,748		—
Total payments	$	8,840	$	8,582
Less imputed interest	(1,565)		(1,301)
Total lease liabilities	$	7,275	$	7,281

Schedule of Financing Obligation Maturities

Future maturities of the financing obligation are projected as follows:


2026	$	81
2027	128
2028	152
2029	180
2030	209
2031 and thereafter	5,485
Total long-term financing obligation, of which $81 is current	$	6,235

Maturities of lease liabilities as of December 31, 2025 were as follows:


	Operating Leases		Finance Leases
2026	$	1,957	$	1,775
2027	1,905		1,808
2028	1,475		1,842
2029	1,072		1,818
2030	683		1,339
2031 and thereafter	1,748		—
Total payments	$	8,840	$	8,582
Less imputed interest	(1,565)		(1,301)
Total lease liabilities	$	7,275	$	7,281

Intangible Assets and Goodwill (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 8,441	$ 7,519	$ 5,353

- Definition

+ References

+ Details