Artivion Reports First Quarter 2026 Financial Results and Announces Exercise of Option to Acquire Endospan
Rhea-AI Summary
Artivion (NYSE: AORT) reported Q1 2026 revenue of $116.3M (GAAP, +18% YoY; +12% non-GAAP constant currency), net income of $1.4M ($0.03/share), and adjusted EBITDA of $22.1M (+26% YoY). The company received FDA PMA for NEXUS and exercised its option to acquire Endospan for $135M, expecting close in Q2 2026. Full-year 2026 guidance was lowered to $480–496M revenue and $100–107M adjusted EBITDA; NEXUS U.S. sales are expected to be negligible in 2026.
Positive
- Revenue $116.3M in Q1 2026 (+18% GAAP)
- Adjusted EBITDA $22.1M in Q1 2026 (+26% YoY)
- FDA PMA approval for the NEXUS Aortic Arch System
- Exercised option to acquire Endospan for $135M
Negative
- Full-year 2026 revenue guidance lowered to $480–496M
- Full-year 2026 adjusted EBITDA guidance lowered to $100–107M
- NEXUS U.S. revenue expected to be negligible in 2026
- Guidance excludes ~ $8M of Endospan-related expenses if deal closes
News Market Reaction – AORT
In the May 8 session, AORT declined 28.26%, reflecting a significant negative market reaction. Argus tracked a trough of -43.2% from its starting point during tracking. Our momentum scanner triggered 23 alerts that day, indicating elevated trading interest and price volatility. Trading volume was elevated at 2.1x the daily average, suggesting increased selling activity.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Apr 23 | Earnings call notice | Neutral | +1.6% | Announcement of Q1 2026 earnings release date and webcast details. |
| Apr 07 | FDA approval | Positive | +5.3% | U.S. FDA approval of NEXUS Aortic Arch System enabling Endospan option. |
| Mar 03 | Conference participation | Neutral | -0.3% | Participation in Oppenheimer healthcare MedTech & Services conference. |
| Feb 12 | Earnings report | Positive | -10.0% | Strong Q4 and FY 2025 financial results and PMA/clinical trial updates. |
| Feb 02 | Clinical data update | Positive | +1.1% | Positive NEXUS TRIOMPHE and AMDS PERSEVERE trial outcomes at major meeting. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent news skewed positive (earnings, FDA approval, clinical data), but the stock sold off sharply on strong Q4/FY 2025 earnings, showing occasional negative reactions to fundamentally positive updates.
Over the last few months, Artivion has reported multiple catalysts, including strong Q4 2025 and full-year results with $441.3M GAAP revenue, positive IDE trial data, and U.S. FDA approval of the NEXUS Aortic Arch System. The FDA approval on Apr 7, 2026 coincided with a 5.29% gain, while Q4/FY 2025 earnings on Feb 12, 2026 saw a -9.96% reaction. Today’s Q1 2026 earnings and Endospan acquisition option build directly on these prior clinical and regulatory milestones.
Key Terms
pma approval regulatory
non-gaap financial
ebitda financial
adjusted ebitda financial
free cash flows financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
First Quarter & Recent Business Highlights:
- Achieved revenue of
$116.3 million $99.0 million 18% on a GAAP basis and12% on a non-GAAP constant currency basis - Net income for the first quarter of 2026 was
$1.4 million $0.03 $4.2 million $0.08 - Adjusted EBITDA increased
26% to$22.1 million $17.5 million - Announced
U.S. FDA PMA Approval of the NEXUS Aortic Arch System for the treatment of aortic arch disease, including chronic aortic dissections - Exercised option to acquire Endospan for an upfront purchase price of
$135 million
"In the first quarter of 2026, we achieved
Mr. Mackin continued, "We also continued to advance our best-in-class, aortic-focused product pipeline in the first quarter, driving strong enrollment in the ARTIZEN clinical trial. Further, we were pleased to see our partner Endospan receive
Mr. Mackin concluded, "While our first quarter performance fell short of our constant currency expectations due to some transient factors, we are confident that the fundamentals underpinning our strategy remain intact. We are seeing strong reordering behavior within AMDS accounts, which exceeded our expectations and reinforces our conviction in long-term adoption. Meanwhile, On-X continues to take share from both mechanical and bioprosthetic valves as the leading aortic valve on the market for patients under the age of 65."
First Quarter 2026 Financial Results
Total revenues for the first quarter of 2026 were
Net income for the first quarter of 2026 was
2026 Financial Outlook
Artivion has lowered its expectations for revenue for the full year 2026 and now expects revenue to be in the range of
Additionally, Artivion has lowered its expectations for adjusted EBITDA, and now expects adjusted EBITDA growth of between
Full year 2026 adjusted EBITDA guidance excludes approximately
The Company's financial performance for 2026 and future periods is subject to the risks identified below.
____________________
1 Full year 2025 adjusted revenue excluded a
Non-GAAP Financial Measures
This press release contains non-GAAP financial measures, including non-GAAP adjusted revenue, non-GAAP net income, EBITDA, adjusted EBITDA, non-GAAP general, administrative, and marketing expenses, and free cash flows. Investors should consider this non-GAAP information in addition to, and not as a substitute for, financial measures prepared in accordance with US GAAP. In addition, this non-GAAP financial information may not be the same as similar measures presented by other companies. The Company's non-GAAP adjusted constant currency growth rates compare current year revenues to prior period revenues adjusted for the impact of changes in currency exchange. The Company's non-GAAP net income, EBITDA, adjusted EBITDA, general, administrative, and marketing, and free cash flows results primarily exclude (as applicable) depreciation and amortization expense, interest income and expense, non-cash compensation expense, loss or gain on foreign currency revaluation, income tax expense or benefit, expense/(income) for business development, integration, and severance, non-cash interest expense, capital expenditures, and other non-recurring items.
The Company generally uses non-GAAP financial measures to facilitate management's review of the operational performance of the Company and as a basis for strategic planning. Company management believes that these non-GAAP presentations provide useful information to investors regarding unusual non-operating transactions, the operating expense structure of the Company's existing and acquired operations, without regard to its on-going efforts to acquire additional complementary products and businesses, and the transaction and integration expenses incurred in connection with recently acquired and divested product lines, and the operating expense structure excluding fluctuations resulting from foreign currency revaluation and non-cash compensation expense. The Company believes it is useful to exclude this revenue impact and certain expenses from non-GAAP financial measures because such amounts in any specific period may not directly correlate to the underlying performance of its business operations or can vary significantly between periods as a result of factors such as impact of recent acquisitions, non-cash expense related to amortization of previously acquired tangible and intangible assets, and any related adjustments to their carrying values. The Company has adjusted for the impact of changes in currency exchange from certain revenues to evaluate comparable product growth rates on a constant currency basis. The Company does, however, expect to incur similar types of expenses and currency exchange impacts in the future, and this non-GAAP financial information should not be viewed as a statement or indication that these types of expenses will not recur. Company management encourages investors to review the Company's consolidated financial statements and publicly filed reports in their entirety, including the reconciliation of GAAP to non-GAAP financial measures.
The Company's adjusted EBITDA expectations for fiscal 2026 exclude potential charges or gains that may be recorded during the fiscal year, relating to, among other things, non-cash compensation; expense/(income) for business development, integration, and severance; and foreign currency revaluations. The Company does not attempt to provide reconciliations of forward-looking adjusted EBITDA to the comparable GAAP measure because the impact and timing of these potential charges or gains are inherently uncertain and difficult to predict and are unavailable without unreasonable efforts. In addition, the Company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a material impact on GAAP measures of the Company's financial performance.
Webcast and Conference Call Information
The Company will hold a teleconference call and live webcast on May 7, 2026, at 4:30 p.m. ET to discuss the results, followed by a question-and-answer session. To participate in the conference call dial 201-689-8261 a few minutes prior to 4:30 p.m. ET. The teleconference replay will be available approximately one hour following the completion of the event and can be accessed by calling (toll free) 877-660-6853 or 201-612-7415. The conference number for the replay is 13759187.
The live webcast and replay can be accessed by going to the Investors section of the Artivion website at www.Artivion.com and selecting the heading Webcasts & Presentations.
About Artivion, Inc.
Headquartered in suburban
Forward-Looking Statements
Statements made in this press release that look forward in time or that express management's beliefs, expectations, or hopes are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the views of management at the time such statements are made. These statements include, but are not limited to, our beliefs and expectations about our revenue, year-over-year growth and growth drivers, earnings, currency impacts, and other financial measures and related information; our beliefs about our competitive advantages and market opportunities; our expected product mix and business strategy; anticipated quarterly fluctuations in our business; our ability to scale our business and expand adjusted EBITDA margins; that our revenues for the full year 2026 will be in the range of
Artivion, Inc. and Subsidiaries Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income In Thousands, Except Per Share Data (Unaudited) | |||
Three Months Ended | |||
2026 | 2025 | ||
Revenues: | |||
Products | $ 91,442 | $ 78,798 | |
Preservation services | 24,895 | 20,180 | |
Total revenues | 116,337 | 98,978 | |
Cost of products and preservation services: | |||
Products | 29,697 | 25,263 | |
Preservation services | 11,192 | 10,138 | |
Total cost of products and preservation services | 40,889 | 35,401 | |
Gross margin | 75,448 | 63,577 | |
Operating expenses: | |||
General, administrative, and marketing | 60,820 | 54,704 | |
Research and development | 8,841 | 6,728 | |
Total operating expenses | 69,661 | 61,432 | |
Operating income | 5,787 | 2,145 | |
Interest expense | 5,367 | 7,663 | |
Interest income | (205) | (144) | |
Other expense (income), net | 286 | (3,079) | |
Income (loss) before income taxes | 339 | (2,295) | |
Income tax benefit | (1,078) | (1,790) | |
Net income (loss) | $ 1,417 | $ (505) | |
Income (loss) per share | |||
Basic | $ 0.03 | $ (0.01) | |
Diluted | $ 0.03 | $ (0.01) | |
Weighted-average common shares outstanding: | |||
Basic | 48,074 | 42,232 | |
Diluted | 49,731 | 42,232 | |
Net income (loss) | $ 1,417 | $ (505) | |
Other comprehensive (loss) income: | |||
Foreign currency translation adjustments, net of tax | (8,846) | 6,331 | |
Comprehensive (loss) income | $ (7,429) | $ 5,826 | |
Artivion, Inc. and Subsidiaries Condensed Consolidated Balance Sheets In Thousands | |||
March 31, | December 31, | ||
(Unaudited) | |||
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | $ 55,764 | $ 64,908 | |
Trade receivables, net | 91,871 | 89,758 | |
Other receivables | 13,749 | 13,921 | |
Inventories | 97,995 | 92,427 | |
Deferred preservation costs | 53,412 | 54,531 | |
Prepaid expenses and other | 44,725 | 42,537 | |
Total current assets | 357,516 | 358,082 | |
Goodwill | 251,660 | 254,091 | |
Acquired technology, net | 120,001 | 123,664 | |
Operating lease right-of-use assets, net | 34,555 | 34,701 | |
Property and equipment, net | 67,744 | 64,988 | |
Other intangibles, net | 34,886 | 32,831 | |
Deferred tax assets, net | 1,139 | 1,201 | |
Other long-term assets | 15,656 | 15,238 | |
Total assets | $ 883,157 | $ 884,796 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Current liabilities: | |||
Accounts payable | $ 18,337 | $ 16,042 | |
Accrued compensation | 13,852 | 22,484 | |
Accrued expenses | 17,427 | 16,447 | |
Accrued interest | 4,482 | 4,815 | |
Taxes payable | 7,130 | 7,489 | |
Accrued procurement fees | 1,785 | 3,436 | |
Current portion of contingent consideration | 21,490 | 20,690 | |
Current maturities of operating leases | 4,667 | 4,649 | |
Current portion of finance lease obligations | 862 | 726 | |
Other current liabilities | 2,668 | 4,778 | |
Total current liabilities | 92,700 | 101,556 | |
Long-term debt, net | 215,352 | 215,114 | |
Non-current contingent consideration | 40,830 | 39,890 | |
Non-current maturities of operating leases | 34,231 | 34,427 | |
Deferred tax liabilities, net | 27,637 | 24,308 | |
Deferred compensation liability | 9,738 | 9,464 | |
Non-current finance lease obligations | 3,045 | 2,698 | |
Other long-term liabilities | 9,157 | 9,107 | |
Total liabilities | $ 432,690 | $ 436,564 | |
Commitments and contingencies | |||
Stockholders' equity: | |||
Preferred stock | — | — | |
Common stock | 500 | 493 | |
Additional paid-in capital | 526,261 | 516,604 | |
Retained deficit | (50,081) | (51,498) | |
Accumulated other comprehensive loss | (11,565) | (2,719) | |
Treasury stock, at cost, 1,487 shares as of March 31, 2026 and December 31, 2025 | (14,648) | (14,648) | |
Total stockholders' equity | 450,467 | 448,232 | |
Total liabilities and stockholders' equity | $ 883,157 | $ 884,796 | |
Artivion, Inc. and Subsidiaries Condensed Consolidated Statement of Cash Flows In Thousands (Unaudited) | |||
Three Months Ended | |||
2026 | 2025 | ||
Net cash flows from operating activities: | |||
Net income (loss) | $ 1,417 | $ (505) | |
Adjustments to reconcile net income (loss) to net cash from operating activities: | |||
Depreciation and amortization | 6,340 | 5,446 | |
Non-cash compensation | 8,414 | 8,045 | |
Non-cash lease expense | 1,297 | 1,226 | |
Write-down of inventories and deferred preservation costs | 1,062 | 1,312 | |
Deferred income taxes | (524) | — | |
Change in fair value of contingent consideration | 1,740 | (2,830) | |
Other | 537 | (2,891) | |
Changes in operating assets and liabilities: | |||
Receivables | (2,760) | (7,922) | |
Inventories and deferred preservation costs | (6,379) | (2,453) | |
Prepaid expenses and other assets | (1,286) | (327) | |
Accounts payable, accrued expenses, and other liabilities | (8,704) | (16,054) | |
Net cash flows provided by (used in) operating activities | 1,154 | (16,953) | |
Net cash flows from investing activities: | |||
Capital expenditures | (8,003) | (3,638) | |
Payments related to sale of non-financial assets | (1,500) | — | |
Payments for Endospan agreements | (1,000) | — | |
Net cash flows used in investing activities | (10,503) | (3,638) | |
Net cash flows from financing activities: | |||
Repayment of debt | — | (66) | |
Proceeds from exercise of stock options and issuance of common stock | 1,250 | 4,181 | |
Principal payments on short-term notes payable | (577) | — | |
Other | (210) | (178) | |
Net cash flows provided by financing activities | 463 | 3,937 | |
Effect of exchange rate changes on cash and cash equivalents | (258) | 884 | |
Decrease in cash and cash equivalents | (9,144) | (15,770) | |
Cash and cash equivalents beginning of period | 64,908 | 53,463 | |
Cash and cash equivalents end of period | $ 55,764 | $ 37,693 | |
Artivion, Inc. and Subsidiaries Financial Highlights In Thousands (Unaudited) | |||
Three Months Ended | |||
2026 | 2025 | ||
Products: | |||
Aortic stent grafts | $ 44,397 | $ 36,602 | |
On-X | 25,951 | 21,574 | |
Surgical sealants | 18,805 | 18,106 | |
Other | 2,289 | 2,516 | |
Total products | 91,442 | 78,798 | |
Preservation services | 24,895 | 20,180 | |
Total revenues | $ 116,337 | $ 98,978 | |
$ 58,695 | $ 47,793 | ||
43,986 | 37,045 | ||
8,690 | 8,214 | ||
4,966 | 5,926 | ||
Total revenues | $ 116,337 | $ 98,978 | |
Artivion, Inc. and Subsidiaries Reconciliation of GAAP to Non-GAAP Revenues $ In Thousands (Unaudited) | |||||||||
Revenues for the Three Months Ended March 31, | Percent Change From Prior Year | ||||||||
2026 | 2025 | ||||||||
US GAAP | US GAAP | Exchange | Constant | Constant | |||||
Products: | |||||||||
Aortic stent grafts | $ 44,397 | $ 36,602 | $ 3,877 | $ 40,479 | 10 % | ||||
On-X | 25,951 | 21,574 | 634 | 22,208 | 17 % | ||||
Surgical sealants | 18,805 | 18,106 | 749 | 18,855 | — % | ||||
Other | 2,289 | 2,516 | 25 | 2,541 | -10 % | ||||
Total products | 91,442 | 78,798 | 5,285 | 84,083 | 9 % | ||||
Preservation services | 24,895 | 20,180 | 21 | 20,201 | 23 % | ||||
Total | $ 116,337 | $ 98,978 | $ 5,306 | $ 104,284 | 12 % | ||||
58,695 | 47,793 | 86 | 47,879 | 23 % | |||||
43,986 | 37,045 | 4,681 | 41,726 | 5 % | |||||
8,690 | 8,214 | — | 8,214 | 6 % | |||||
4,966 | 5,926 | 539 | 6,465 | -23 % | |||||
Total | $ 116,337 | $ 98,978 | $ 5,306 | $ 104,284 | 12 % | ||||
Artivion, Inc. and Subsidiaries Reconciliation of GAAP to Non-GAAP General, Administrative, and Marketing Expense, EBITDA, Adjusted EBITDA, and Free Cash Flows In Thousands (Unaudited) | |||
Three Months Ended | |||
2026 | 2025 | ||
Reconciliation of G&A expenses, GAAP to adjusted G&A, non-GAAP: | |||
General, administrative, and marketing expense, GAAP | $ 60,820 | $ 54,704 | |
Business development, integration, and severance | 3,014 | (2,784) | |
Cybersecurity incident | (1,478) | 4,450 | |
Adjusted G&A, non-GAAP | $ 59,284 | $ 53,038 | |
Three Months Ended | |||
2026 | 2025 | ||
Reconciliation of net income (loss), GAAP and EBITDA, non-GAAP to adjusted EBITDA, non- | |||
Net income (loss), GAAP | $ 1,417 | $ (505) | |
Adjustments: | |||
Interest expense | 5,367 | 7,663 | |
Interest income | (205) | (144) | |
Income tax benefit | (1,078) | (1,790) | |
Depreciation and amortization expense | 6,340 | 5,446 | |
EBITDA, non-GAAP | 11,841 | 10,670 | |
Non-cash compensation | 8,414 | 8,045 | |
Business development, integration, and severance | 2,484 | (3,057) | |
Cybersecurity incident | (1,478) | 4,746 | |
Loss (gain) on foreign currency revaluation | 822 | (2,856) | |
Adjusted EBITDA, non-GAAP | $ 22,083 | $ 17,548 | |
Three Months Ended | |||
2026 | 2025 | ||
Reconciliation of cash flows from operating activities, GAAP to free cash flows, non-GAAP: | |||
Net cash flows provided by (used in) operating activities | $ 1,154 | $ (16,953) | |
Capital expenditures | (8,003) | (3,638) | |
Free cash flows, non-GAAP | $ (6,849) | $ (20,591) | |
Artivion Inc. and Subsidiaries Reconciliation of GAAP to Non-GAAP Net Income and Diluted Income Per Common Share In Thousands, Except Per Share Data (Unaudited) | |||
Three Months Ended | |||
2026 | 2025 | ||
GAAP: | |||
Income (loss) before income taxes | $ 339 | $ (2,295) | |
Income tax benefit | (1,078) | (1,790) | |
Net income (loss) | $ 1,417 | $ (505) | |
Diluted income (loss) per common share | $ 0.03 | $ (0.01) | |
Diluted weighted-average common shares outstanding | 49,731 | 42,232 | |
Reconciliation of income (loss) before income taxes, GAAP to adjusted income, non-GAAP: | |||
Income (loss) before income taxes, GAAP: | $ 339 | $ (2,295) | |
Adjustments: | |||
Amortization expense | 3,911 | 3,388 | |
Business development, integration, and severance | 2,484 | (3,057) | |
Non-cash interest expense | 315 | 543 | |
Cybersecurity incident | (1,478) | 4,746 | |
Adjusted income before income taxes, non-GAAP | 5,571 | 3,325 | |
Income tax expense calculated at a tax rate of | 1,393 | 831 | |
Adjusted net income, non-GAAP | $ 4,178 | $ 2,494 | |
Reconciliation of diluted income (loss) per common share, GAAP to adjusted diluted income | |||
Diluted income (loss) per common share, GAAP: | $ 0.03 | $ (0.01) | |
Adjustments: | |||
Amortization expense | 0.08 | 0.08 | |
Business development, integration, and severance | 0.05 | (0.07) | |
Non-cash interest expense | 0.01 | 0.01 | |
Cybersecurity incident | (0.03) | 0.11 | |
Tax effect of non-GAAP adjustments | (0.03) | (0.03) | |
Effect of | (0.03) | (0.03) | |
Adjusted diluted income per common share, non-GAAP | $ 0.08 | $ 0.06 | |
Reconciliation of diluted weighted-average common shares outstanding GAAP to diluted | |||
Diluted weighted-average common shares outstanding, GAAP: | 49,731 | 42,232 | |
Adjustments: | |||
Effect of dilutive stock options and awards | — | 1,306 | |
Diluted weighted-average common shares outstanding, non-GAAP | 49,731 | 43,538 | |
Contacts: | |
Artivion | Gilmartin Group LLC |
Lance A. Berry | Brian Johnston |
Executive Vice President, | Phone: 332-895-3222 |
Chief Operating Officer & | investors@artivion.com |
Chief Financial Officer | |
Phone: 770-419-3355 |
View original content to download multimedia:https://www.prnewswire.com/news-releases/artivion-reports-first-quarter-2026-financial-results-and-announces-exercise-of-option-to-acquire-endospan-302766107.html
SOURCE Artivion, Inc.