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AtriCure, Inc. (ATRC) vs Merit Medical Systems, Inc. (MMSI)

AtriCure, Inc. and Merit Medical Systems, Inc. are both Medical Instruments & Supplies companies. Merit Medical Systems, Inc. is the larger, with a market value of $5.4B against $3.1B — 1.7× the size. Merit Medical Systems, Inc. trades at the lower P/E: 33.2× against 199×. AtriCure, Inc. grew revenue faster over the last twelve months: 13.8% against 9.06%. Merit Medical Systems, Inc. has the higher net margin (9.94% vs 2.52%) and the higher return on invested capital (6.87% vs 2.61%). Across the 21 metrics below, Merit Medical Systems, Inc. leads on 15 and AtriCure, Inc. on 6.

Valuation

Metric ATRC MMSI Medical Instruments & Supplies median
P/E 198.82 33.20 30.28
P/S 5.03 3.31 2.49
P/B 5.57 3.06 2.34
Price to free cash flow 129.39 23.64 23.49
EV/EBITDA 83.71 15.50 14.87
EV/Sales 4.85 3.46 2.75
Earnings yield 0.50% 3.01% 0.00%
Free cash flow yield 0.77% 4.23% 0.59%

Profitability

Metric ATRC MMSI Medical Instruments & Supplies median
Gross margin 76.74% 49.41% 53.60%
Operating margin 2.89% 13.50% 1.97%
Net margin 2.52% 9.94% 0.00%
Free cash flow margin 8.98% 14.01% 2.36%
Return on equity 2.95% 9.78% 0.00%
Return on assets 2.20% 5.76% 0.00%
Return on invested capital 2.61% 6.87% 0.13%

Growth

Metric ATRC MMSI Medical Instruments & Supplies median
Revenue growth (TTM) 13.79% 9.06% 8.97%
EPS growth (last fiscal year) 74.74% 4.93% 6.51%
Revenue growth, 5-year CAGR 20.95% 9.48% 8.85%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric ATRC MMSI Medical Instruments & Supplies median
Debt to equity 0.11 0.42 0.10
Current ratio 4.33 4.52 2.47
Net debt to EBITDA (9.13) 0.89 0.97

Dividend

Metric ATRC MMSI Medical Instruments & Supplies median
Dividend yield — — 1.02%
Payout ratio — — 0.27

Size

Metric ATRC MMSI Medical Instruments & Supplies median
Market cap 3.12b 5.37b 1.71b

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