Artivion Reports Fourth Quarter and Full Year 2025 Financial Results
Rhea-AI Summary
Artivion (NYSE: AORT) reported strong Q4 and full-year 2025 results, with GAAP revenue $116.0M Q4 and $441.3M for 2025. Adjusted revenue was $118.3M Q4 and $443.6M FY (adjusted constant currency growth 18% Q4, 13% FY). GAAP net income was $2.4M Q4 and $9.8M FY; adjusted EBITDA was $22.7M Q4 and $89.6M FY. Company filed final PMA module for AMDS Hybrid Prothesis and reported positive IDE clinical data for Endospan NEXUS TRIOMPHE and AMDS PERSEVERE.
Positive
- Revenue increased to $441.3M for full-year 2025
- Adjusted revenue growth of 13% on a constant currency basis for 2025
- Adjusted EBITDA rose 26% to $89.6M for full-year 2025
- GAAP profitability achieved: $9.8M net income for 2025
- Filed fourth and final PMA module for AMDS Hybrid Prothesis
Negative
- Estimated Italian payback reserve of $2.3M reduced reported revenue
- Guidance implies higher capital intensity to sustain double-digit growth
Key Figures
Market Reality Check
Peers on Argus
AORT slipped 0.59% while close peers were mixed: ENOV +1.33%, IART +1.64%, NVCR +0.19%, CNMD -0.35%, UFPT -2.66%. With no peers in the momentum scanner and mixed moves, trading appears stock-specific rather than a coordinated sector move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 06 | Q3 2025 earnings | Positive | +2.1% | Strong Q3 revenue, higher net income, and raised full-year 2025 guidance. |
| Aug 07 | Q2 2025 earnings | Positive | +25.2% | Robust revenue and EBITDA growth with higher 2025 guidance and note exchange. |
| May 05 | Q1 2025 earnings | Positive | +15.4% | Revenue growth, product strength, and raised 2025 guidance despite cyber impact. |
| Feb 24 | FY 2024 earnings | Positive | -8.2% | Solid 2024 growth and AMDS milestones with higher 2025 outlook. |
| Nov 07 | Q3 2024 earnings | Positive | -0.9% | Revenue and EBITDA growth plus AMDS and BioGlue regulatory progress. |
Earnings releases have often driven meaningful moves, generally positive on strong growth and guidance, but with occasional negative reactions despite solid fundamentals.
Over the last five earnings cycles, Artivion has repeatedly highlighted double-digit revenue growth, expanding adjusted EBITDA, and improving profitability. Q3 and Q2 2025 earnings showed strong revenue near $113M with rising net income and guidance raises. Earlier 2025 and 2024 reports marked the transition from net losses toward non-GAAP profitability, supported by stent graft and On-X growth and AMDS regulatory progress. The latest Q4/FY 2025 report continues this trajectory with higher revenue, positive GAAP and non-GAAP earnings, and 2026 guidance targeting further double-digit adjusted constant currency growth and adjusted EBITDA expansion.
Historical Comparison
Across the last five earnings releases, AORT’s average 24-hour move was 6.71%, typically reacting positively to strong revenue growth, guidance raises, and expanding adjusted EBITDA.
Earnings updates since late 2024 show a steady shift from net losses to consistent GAAP and non-GAAP profitability, with recurring double-digit revenue and adjusted EBITDA growth and a continued focus on AMDS and stent graft platforms.
Market Pulse Summary
This announcement highlights continued scaling of Artivion’s aortic-focused platform, with Q4 2025 GAAP revenue of $116.0M, full-year revenue of $441.3M, and improved GAAP and non-GAAP profitability. Adjusted EBITDA reached $89.6M for 2025, and 2026 guidance targets $486–$504M revenue and $105–$110M adjusted EBITDA. Investors may focus on execution against these targets, ongoing AMDS and NEXUS clinical progress, and how product growth in stent grafts and On-X sustains overall momentum.
Key Terms
non-gaap financial
ebitda financial
adjusted ebitda financial
pre-market approval application (pma) regulatory
pma regulatory
ide medical
adjusted revenue financial
AI-generated analysis. Not financial advice.
Fourth Quarter Highlights:
- GAAP revenue was
$116.0 million $97.3 million $441.3 million $388.5 million $2.4 million $0.05 $(16.5) million $(0.39) $9.8 million $(13.4) million - Adjusted revenue1 was
$118.3 million 18% on an adjusted constant currency basis compared to the fourth quarter of 2024. - Adjusted revenue1 was
$443.6 million 13% on an adjusted constant currency basis compared to the full year of 2024. - Non-GAAP net income was
$8.6 million $0.17 $29.7 million - Adjusted EBITDA increased
29% to$22.7 million $17.6 million 26% to$89.6 million - Positive new clinical data from Endospan's NEXUS TRIOMPHE IDE trial presented at the STS Annual Meeting demonstrate high patient survival with low morbidity.
- Filed the fourth and final module of the pre-market approval application (PMA) to the FDA for the AMDS Hybrid Prothesis.
1 Adjusted revenue excludes a | |||
"We are very pleased with our strong performance for the full year 2025 as we drove
Mr. Mackin continued, "We were also pleased to see Endospan present positive new clinical data for its NEXUS TRIOMPHE IDE trial at the Society of Thoracic Surgery Annual Meeting. These results highlighted
Mr. Mackin concluded, "Entering 2026, we expect to build on our strong financial performance and continued clinical and operational achievements, reinforcing our confidence in our ability to deliver sustained double-digit constant currency revenue growth and adjusted EBITDA growth at twice the pace of constant currency revenue growth over the long-term."
Fourth Quarter 2025 Financial Results
Total revenues for the fourth quarter of 2025 were
Net income for the fourth quarter of 2025 was
Full Year 2025 Financial Results
Total revenues for 2025 were
Net income for 2025 was
2026 Financial Outlooks
Artivion expects revenues for the full year 2026 to be in the range of
Additionally, Artivion expects adjusted EBITDA growth of between
The Company's financial performance for 2026 and future periods is subject to the risks identified below.
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 revenues reflect an adjustment to GAAP revenue for the impact of certain estimated Italian payback obligations recorded in the fourth quarter of 2025 for fiscal years 2019 through 2025. 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) the impact of certain estimated Italian payback reserves recorded in the fourth quarter of 2025 for fiscal years 2019 through 2025, 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, losses on inducement/extinguishment of debt, 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. Company management believes adjusted revenue is a useful metric as it eliminates the impact of the estimated Italian payback obligations recorded in the fourth quarter of 2025 for fiscal years 2019 through 2025 and allows a more direct comparison of our business performance between periods. 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; losses on inducement/extinguishment of debt; 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 February 12, 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 13758212.
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 anticipated capital needs and capital structure; our beliefs about our competitive advantages and market opportunities; the expected impact on our business of the dynamic trade policy and tariff environment; our expected product mix and business strategy; anticipated quarterly fluctuations in our business; the benefits of receiving IDE approval to initiate our Arcevo LSA pivotal trial; the expected clinical benefits of our AMDS technology as a result of data from our AMDS PERSEVERE and PROTECT trials; 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 | |||||||
Consolidated Statements of Operations and Comprehensive Income (Loss) | |||||||
In Thousands, Except Per Share Data | |||||||
Three Months Ended | Year Ended | ||||||
2025 | 2024 | 2025 | 2024 | ||||
(Unaudited) | (Unaudited) | ||||||
Revenues: | |||||||
Products | $ 91,918 | $ 74,662 | $ 345,825 | $ 290,230 | |||
Preservation services | 24,074 | 22,646 | 95,505 | 98,307 | |||
Total revenues | 115,992 | 97,308 | 441,330 | 388,537 | |||
Cost of products and preservation services: | |||||||
Products | 31,392 | 26,678 | 112,781 | 99,385 | |||
Preservation services | 11,457 | 9,128 | 44,322 | 40,371 | |||
Total cost of products and preservation services | 42,849 | 35,806 | 157,103 | 139,756 | |||
Gross margin | 73,143 | 61,502 | 284,227 | 248,781 | |||
Operating expenses: | |||||||
General, administrative, and marketing | 56,841 | 51,429 | 226,491 | 181,455 | |||
Research and development | 9,122 | 7,404 | 30,991 | 28,452 | |||
Total operating expenses | 65,963 | 58,833 | 257,482 | 209,907 | |||
Gain from sale of non-financial assets | (3,500) | — | (7,000) | — | |||
Operating income | 10,680 | 2,669 | 33,745 | 38,874 | |||
Interest expense | 5,530 | 9,742 | 26,582 | 34,277 | |||
Interest income | (311) | (374) | (763) | (1,467) | |||
Losses on inducement/extinguishment of debt | — | — | 2,664 | 3,669 | |||
Other (income) expense, net | (1,076) | 9,903 | (9,518) | 9,909 | |||
Income (loss) before income taxes | 6,537 | (16,602) | 14,780 | (7,514) | |||
Income tax expense (benefit) | 4,111 | (119) | 5,012 | 5,845 | |||
Net income (loss) | $ 2,426 | $ (16,483) | $ 9,768 | $ (13,359) | |||
Income (loss) per share: | |||||||
Basic | $ 0.05 | (0.39) | $ 0.22 | $ (0.32) | |||
Diluted | $ 0.05 | $ (0.39) | $ 0.21 | $ (0.32) | |||
Weighted-average common shares outstanding: | |||||||
Basic | 47,560 | 41,882 | 45,335 | 41,676 | |||
Diluted | 49,601 | 41,882 | 47,162 | 41,676 | |||
Net income (loss) | $ 2,426 | $ (16,483) | $ 9,768 | $ (13,359) | |||
Other comprehensive income (loss): | |||||||
Foreign currency translation adjustments, net of tax | (432) | (15,399) | 22,208 | (12,917) | |||
Comprehensive income (loss) | $ 1,994 | $ (31,882) | $ 31,976 | $ (26,276) | |||
Artivion, Inc. and Subsidiaries | |||
Consolidated Balance Sheets | |||
In Thousands | |||
December 31, | |||
2025 | 2024 | ||
(Unaudited) | |||
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | $ 64,908 | $ 53,463 | |
Trade receivables, net | 89,758 | 79,462 | |
Other receivables | 13,921 | 6,431 | |
Inventories | 92,427 | 79,766 | |
Deferred preservation costs | 54,531 | 51,701 | |
Prepaid expenses and other | 42,537 | 19,257 | |
Total current assets | 358,082 | 290,080 | |
Goodwill | 254,091 | 240,958 | |
Acquired technology, net | 123,664 | 128,051 | |
Operating lease right-of-use assets, net | 34,701 | 39,726 | |
Property and equipment, net | 64,988 | 36,403 | |
Other intangibles, net | 32,831 | 28,332 | |
Deferred tax assets, net | 1,201 | 1,068 | |
Other long-term assets | 15,238 | 24,483 | |
Total assets | $ 884,796 | $ 789,101 | |
Artivion, Inc. and Subsidiaries | |||
Consolidated Balance Sheets | |||
In Thousands, Except Par Value | |||
December 31, | |||
2025 | 2024 | ||
(Unaudited) | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Current liabilities: | |||
Accounts payable | $ 16,042 | $ 17,971 | |
Accrued compensation | 22,484 | 18,342 | |
Accrued expenses | 16,447 | 11,834 | |
Accrued interest | 4,815 | 8,170 | |
Taxes payable | 7,489 | 2,934 | |
Accrued procurement fees | 3,436 | 1,704 | |
Current portion of contingent consideration | 20,690 | — | |
Current maturities of operating leases | 4,649 | 4,489 | |
Current portion of finance lease obligations | 726 | 601 | |
Current portion of long-term debt, net | — | 195 | |
Other current liabilities | 4,778 | 583 | |
Total current liabilities | 101,556 | 66,823 | |
Long-term debt, net | 215,114 | 314,152 | |
Non-current contingent consideration | 39,890 | 52,880 | |
Non-current maturities of operating leases | 34,427 | 39,988 | |
Deferred tax liabilities, net | 24,308 | 20,183 | |
Deferred compensation liability | 9,464 | 7,977 | |
Non-current finance lease obligations | 2,698 | 2,833 | |
Other long-term liabilities | 9,107 | 8,065 | |
Total liabilities | 436,564 | 512,901 | |
Commitments and contingencies | |||
Stockholders' equity: | |||
Preferred stock | — | — | |
Common stock | 493 | 434 | |
Additional paid-in capital | 516,604 | 376,607 | |
Retained deficit | (51,498) | (61,266) | |
Accumulated other comprehensive loss | (2,719) | (24,927) | |
Treasury stock at cost, 1,487 shares as of December 31, 2025 and 2024 | (14,648) | (14,648) | |
Total stockholders' equity | 448,232 | 276,200 | |
Total liabilities and stockholders' equity | $ 884,796 | $ 789,101 | |
Artivion, Inc. and Subsidiaries | |||
Consolidated Statement of Cash Flows | |||
In Thousands | |||
Year Ended December 31, | |||
2025 | 2024 | ||
(Unaudited) | |||
Net cash flows from operating activities: | |||
Net income (loss) | $ 9,768 | $ (13,359) | |
Adjustments to reconcile net income (loss) to net cash from operating activities: | |||
Depreciation and amortization | 22,458 | 24,205 | |
Non-cash compensation | 24,385 | 14,242 | |
Non-cash lease expense | 5,170 | 4,915 | |
Write-down of inventories and deferred preservation costs | 4,900 | 4,434 | |
Non-cash interest expense | 1,705 | 3,866 | |
Deferred income taxes | 37 | (1,511) | |
Change in fair value of contingent consideration | 7,700 | (11,010) | |
Endospan fair value adjustments | (2,337) | 4,329 | |
Losses on inducement/extinguishment of debt | 2,664 | 3,669 | |
Gain on sale of non-financial assets | (7,000) | — | |
Other | (7,409) | 5,699 | |
Changes in operating assets and liabilities: | |||
Receivables | (7,269) | (15,395) | |
Inventories and deferred preservation costs | (15,277) | (6,137) | |
Prepaid expenses and other assets | (1,798) | (5,209) | |
Accounts payable, accrued expenses, and other liabilities | 2,183 | 9,498 | |
Net cash flows provided by operating activities | 39,880 | 22,236 | |
Net cash flows from investing activities: | |||
Capital expenditures | (39,041) | (11,188) | |
Payments under Endospan agreements | (8,000) | (17,000) | |
Proceeds from sale of non-financial assets, net | 5,000 | — | |
Net cash flows used in investing activities | (42,041) | (28,188) | |
Net cash flows from financing activities: | |||
Proceeds from issuance of long-term debt | — | 184,000 | |
Proceeds from revolving credit facility | — | 28,500 | |
Repayment of debt | (210) | (211,831) | |
Proceeds from exercise of stock options and issuance of common stock | 13,074 | 5,728 | |
Payment of debt issuance costs | (1,750) | (2,544) | |
Proceeds from financing insurance premiums | 3,117 | — | |
Principal payments on short-term notes payable | (2,250) | (1,027) | |
Other | (699) | (623) | |
Net cash flows provided by financing activities | 11,282 | 2,203 | |
Effect of exchange rate changes on cash and cash equivalents | 2,324 | (1,728) | |
Increase (decrease) in cash and cash equivalents | 11,445 | (5,477) | |
Cash and cash equivalents, beginning of year | 53,463 | 58,940 | |
Cash and cash equivalents, end of year | $ 64,908 | $ 53,463 | |
Artivion, Inc. and Subsidiaries | |||||||
Financial Highlights | |||||||
In Thousands | |||||||
(Unaudited) | |||||||
Three Months Ended | Year Ended | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Products: | |||||||
Aortic stent grafts | $ 43,343 | $ 30,145 | $ 159,371 | $ 123,081 | |||
On-X | 27,797 | 22,178 | 101,740 | 83,982 | |||
Surgical sealants | 20,315 | 19,935 | 76,602 | 73,898 | |||
Other (1) | 463 | 2,404 | 8,112 | 9,269 | |||
Total products | 91,918 | 74,662 | 345,825 | 290,230 | |||
Preservation services | 24,074 | 22,646 | 95,505 | 98,307 | |||
Total revenues | $ 115,992 | $ 97,308 | $ 441,330 | $ 388,537 | |||
58,065 | 49,261 | 221,742 | 197,940 | ||||
39,386 | 33,362 | 151,368 | 131,518 | ||||
12,668 | 9,574 | 44,250 | 37,202 | ||||
5,873 | 5,111 | 23,970 | 21,877 | ||||
Total revenues | $ 115,992 | $ 97,308 | $ 441,330 | $ 388,537 | |||
(1) 2025 Other revenue includes reduction in revenue from Italian government payback reserves of |
Artivion, Inc. and Subsidiaries | |||||||||||||
Reconciliation of GAAP to Non-GAAP | |||||||||||||
Revenues | |||||||||||||
$ In Thousands | |||||||||||||
(Unaudited) | |||||||||||||
Revenues for the | Percent Change From Prior Year | ||||||||||||
2025 | 2024 | ||||||||||||
US GAAP | Italian | Adjusted | US GAAP | Exchange | Constant | Adjusted | |||||||
Products: | |||||||||||||
Aortic stent grafts | $ 43,343 | $ — | $ 43,343 | $ 30,145 | $ 1,842 | $ 31,987 | 36 % | ||||||
On-X | 27,797 | — | 27,797 | 22,178 | 296 | 22,474 | 24 % | ||||||
Surgical sealants | 20,315 | — | 20,315 | 19,935 | 399 | 20,334 | — % | ||||||
Other | 463 | 2,313 | 2,776 | 2,404 | 5 | 2,409 | 15 % | ||||||
Total products | 91,918 | 2,313 | 94,231 | 74,662 | 2,542 | 77,204 | 22 % | ||||||
Preservation services | 24,074 | — | 24,074 | 22,646 | (10) | 22,636 | 6 % | ||||||
Total | $ 115,992 | $ 2,313 | $ 118,305 | $ 97,308 | $ 2,532 | $ 99,840 | 18 % | ||||||
58,065 | — | 58,065 | 49,261 | (19) | 49,242 | 18 % | |||||||
| 39,386 | 2,313 | 41,699 | 33,362 | 2,291 | 35,653 | 17 % | ||||||
12,668 | — | 12,668 | 9,574 | — | 9,574 | 32 % | |||||||
5,873 | — | 5,873 | 5,111 | 260 | 5,371 | 9 % | |||||||
Total | $ 115,992 | $ 2,313 | $ 118,305 | $ 97,308 | $ 2,532 | $ 99,840 | 18 % | ||||||
(2) Reduction in revenue from Italian government payback reserves. |
Revenues for the | Percent Change From Prior Year | ||||||||||||
2025 | 2024 | ||||||||||||
US GAAP | Italian | Adjusted | US GAAP | Exchange | Constant | Adjusted | |||||||
Products: | |||||||||||||
Aortic stent grafts | $ 159,371 | $ — | $ 159,371 | $ 123,081 | $ 2,701 | $ 125,782 | 27 % | ||||||
On-X | 101,740 | — | 101,740 | 83,982 | 328 | 84,310 | 21 % | ||||||
Surgical sealants | 76,602 | — | 76,602 | 73,898 | 462 | 74,360 | 3 % | ||||||
Other | 8,112 | 2,313 | 10,425 | 9,269 | 12 | 9,281 | 12 % | ||||||
Total products | 345,825 | 2,313 | 348,138 | 290,230 | 3,503 | 293,733 | 19 % | ||||||
Preservation services | 95,505 | — | 95,505 | 98,307 | (96) | 98,211 | (3) % | ||||||
Total | $ 441,330 | $ 2,313 | $ 443,643 | $ 388,537 | $ 3,407 | $ 391,944 | 13 % | ||||||
221,742 | — | 221,742 | 197,940 | (216) | 197,724 | 12 % | |||||||
| 151,368 | 2,313 | 153,681 | 131,518 | 4,221 | 135,739 | 13 % | ||||||
44,250 | — | 44,250 | 37,202 | — | 37,202 | 19 % | |||||||
23,970 | — | 23,970 | 21,877 | (598) | 21,279 | 13 % | |||||||
Total | $ 441,330 | $ 2,313 | $ 443,643 | $ 388,537 | $ 3,407 | $ 391,944 | 13 % | ||||||
(2) Reduction in revenue from Italian government payback reserves. |
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 | Year Ended | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Reconciliation of G&A expenses, GAAP to adjusted G&A, non- | |||||||
General, administrative, and marketing expense, GAAP | $ 56,841 | $ 51,429 | $ 226,491 | $ 181,455 | |||
Business development, integration, and severance | 6,260 | 1,297 | 9,478 | (10,626) | |||
Cybersecurity incident, net of recoveries | (2,880) | 2,602 | 3,541 | 2,602 | |||
Adjusted G&A, non-GAAP | $ 53,461 | $ 47,530 | $ 213,472 | $ 189,479 | |||
Three Months Ended | Year Ended | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Reconciliation of net income (loss), GAAP and EBITDA, non-GAAP | |||||||
Net income (loss), GAAP | $ 2,426 | $ (16,483) | $ 9,768 | $ (13,359) | |||
Adjustments: | |||||||
Interest expense | 5,530 | 9,742 | 26,582 | 34,277 | |||
Interest income | (311) | (374) | (763) | (1,467) | |||
Income tax expense (benefit) | 4,111 | (119) | 5,012 | 5,845 | |||
Depreciation and amortization | 5,757 | 6,295 | 22,458 | 24,205 | |||
EBITDA, non-GAAP | 17,513 | (939) | 63,057 | 49,501 | |||
Non-cash compensation | 4,083 | 2,743 | 24,385 | 14,242 | |||
Business development, integration, and severance | 5,151 | 5,821 | 7,141 | (6,102) | |||
Cybersecurity incident, net of recoveries | (2,880) | 4,583 | 4,277 | 4,583 | |||
Losses on inducement/extinguishment of debt | — | — | 2,664 | 3,669 | |||
Loss (gain) on foreign currency revaluation | 42 | 5,398 | (7,236) | 5,369 | |||
Gain from sale of non-financial assets | (3,500) | — | (7,000) | — | |||
Italian payback measure | 2,313 | — | 2,313 | — | |||
Adjusted EBITDA, non-GAAP | $ 22,722 | $ 17,606 | $ 89,601 | $ 71,262 | |||
Three Months Ended | Year Ended | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Reconciliation of cash flows from operating activities, GAAP to free | |||||||
Net cash flows provided by operating activities | $ 19,560 | $ 10,139 | $ 39,880 | $ 22,236 | |||
Capital expenditures | (27,507) | (1,425) | (39,041) | (11,188) | |||
Free cash flows, non-GAAP | $ (7,947) | $ 8,714 | $ 839 | $ 11,048 | |||
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 | Year Ended | ||||||
2025 | 2024 | 2025 | 2024 | ||||
GAAP: | |||||||
Income (loss) before income taxes | $ 6,537 | $ (16,602) | $ 14,780 | $ (7,514) | |||
Income tax expense (benefit) | 4,111 | (119) | 5,012 | 5,845 | |||
Net income (loss) | $ 2,426 | $ (16,483) | $ 9,768 | $ (13,359) | |||
Diluted income (loss) per common share | $ 0.05 | $ (0.39) | $ 0.21 | $ (0.32) | |||
Diluted weighted-average common shares outstanding | 49,601 | 41,882 | 47,162 | 41,676 | |||
Reconciliation of income (loss) before income taxes, GAAP to adjusted | |||||||
Income (loss) before income taxes, GAAP: | $ 6,537 | $ (16,602) | $ 14,780 | $ (7,514) | |||
Adjustments: | |||||||
Amortization expense | 3,484 | 4,205 | 13,775 | 15,855 | |||
Business development, integration, and severance | 5,151 | 5,821 | 7,141 | (6,102) | |||
Non-cash interest expense | 326 | 2,256 | 1,705 | 3,866 | |||
Cybersecurity incident, net of recoveries | (2,880) | 4,583 | 4,277 | 4,583 | |||
Losses on inducement/extinguishment of debt | — | — | 2,664 | 3,669 | |||
Gain from sale of non-financial assets | (3,500) | — | (7,000) | — | |||
Italian payback measure | 2,313 | — | 2,313 | — | |||
Adjusted income before income taxes, non-GAAP | 11,431 | 263 | 39,655 | 14,357 | |||
Income tax expense calculated at a tax rate of | 2,858 | 66 | 9,914 | 3,589 | |||
Adjusted net income, non-GAAP | $ 8,573 | $ 197 | $ 29,741 | $ 10,768 | |||
Reconciliation of diluted income (loss) per common share, GAAP to adjusted | |||||||
Diluted income (loss) per common share, GAAP: | $ 0.05 | $ (0.39) | $ 0.21 | $ (0.32) | |||
Adjustments: | |||||||
Amortization expense | 0.07 | 0.10 | 0.29 | 0.37 | |||
Business development, integration, and severance | 0.11 | 0.14 | 0.15 | (0.14) | |||
Non-cash interest expense | 0.01 | 0.05 | 0.04 | 0.09 | |||
Cybersecurity incident, net of recoveries | (0.06) | 0.11 | 0.09 | 0.11 | |||
Losses on inducement/extinguishment of debt | — | — | 0.06 | 0.09 | |||
Gain from sale of non-financial assets | (0.08) | — | (0.15) | — | |||
Italian payback measure | 0.05 | — | 0.05 | — | |||
Tax effect of non-GAAP adjustments | (0.02) | (0.10) | (0.13) | (0.13) | |||
Effect of | 0.04 | 0.09 | 0.02 | 0.18 | |||
Adjusted diluted income per common share, non-GAAP | $ 0.17 | $ — | $ 0.63 | $ 0.25 | |||
Reconciliation of diluted weighted-average common shares outstanding | |||||||
Diluted weighted-average common shares outstanding, GAAP: | 49,601 | 41,882 | 47,162 | 41,676 | |||
Adjustments: | |||||||
Effect of dilutive stock options and awards | — | 1,319 | — | 1,077 | |||
Diluted weighted-average common shares outstanding, non-GAAP | 49,601 | 43,201 | 47,162 | 42,753 | |||
Contacts: | |||
Artivion | Gilmartin Group LLC | ||
Lance A. Berry | Brian Johnston / Laine Morgan | ||
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-fourth-quarter-and-full-year-2025-financial-results-302686832.html
SOURCE Artivion, Inc.
FAQ
What were Artivion (AORT) Q4 2025 revenues and year-over-year growth?
How profitable was Artivion (AORT) in full-year 2025 and on an adjusted basis?
What 2026 financial guidance did Artivion (AORT) provide on February 12, 2026?
What clinical milestones did Artivion (AORT) announce alongside its 2025 results?
How did product categories drive Artivion's Q4 2025 growth for AORT?
What impact did the Italian payback reserve have on Artivion's reported 2025 revenue?
