Artivion Reports Second Quarter 2026 Financial Results

Rhea-AI Summary

Artivion (NYSE:AORT) reported second quarter 2026 revenue of $125.8 million, up 11% on a GAAP basis and 9% on a non-GAAP constant currency basis versus 2025. Growth was led by On-X mechanical valves and stent grafts, which grew 18% and 12% in constant currency, respectively.

The company posted a GAAP net loss of $13.5 million (−$0.28 per diluted share) versus prior-year net income of $1.3 million, while non-GAAP net income was $6.3 million ($0.13 per share) versus $10.7 million in 2025. Adjusted EBITDA rose 7% to $26.4 million. Artivion completed the acquisition of Endospan, adding the NEXUS Aortic Arch Stent Graft System, and received U.S. FDA PMA approval for its AMDS Hybrid Prosthesis. For full-year 2026, the company reiterated revenue guidance of $480–$496 million (7–11% adjusted constant currency growth) and adjusted EBITDA guidance of $92–$99 million, including about $8 million of Endospan-related expenses.

Positive

• Q2 2026 revenue up 11% GAAP to $125.8 million
• On-X revenue up 18% constant currency versus Q2 2025
• Stent graft revenue up 12% constant currency versus Q2 2025
• Adjusted EBITDA up 7% to $26.4 million in Q2 2026
• 2026 revenue guidance reaffirmed at $480–$496 million, 7–11% growth
• FDA PMA approval obtained for AMDS Hybrid Prosthesis
• Endospan acquisition completed, adding NEXUS aortic arch platform

Negative

• GAAP net result swung to Q2 2026 loss of $13.5 million
• Non-GAAP net income declined to $6.3 million from $10.7 million
• General, administrative, and marketing expenses rose to $79.8 million
• Long-term debt increased to $363.4 million from $215.1 million
• Net cash from operating activities was a $0.1 million outflow
• Contingent consideration liabilities increased to $96.5 million total

News Explained

By June 30, the completed acquisition had consumed cash, while issued shares and long-term debt stood above year-end levels.

Artivion completed its acquisition of Endospan and its NEXUS system; the six-month cash-flow statement records acquisition cash outflow, so the transaction is closed and has reduced cash.

The balance sheet lists common shares issued at June 30 and December 31; under the supplied dilution definition, issuing additional shares reduces an existing holder’s percentage ownership absent offsetting changes.

The six-month cash-flow statement also reports net proceeds from long-term debt, and the balance sheet shows long-term debt above its year-end level.

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Second Quarter & Recent Business Highlights:

• Achieved revenue of $125.8 million in the second quarter of 2026 versus $113.0 million in the second quarter of 2025, an increase of 11% on a GAAP basis and 9% on a non-GAAP constant currency basis 
• Net loss for the second quarter of 2026 was $(13.5) million, or $(0.28) per fully diluted share, and non-GAAP net income was $6.3 million, or $0.13 per fully diluted share
• Adjusted EBITDA increased 7% to $26.4 million in the second quarter of 2026 compared to $24.8 million in the second quarter of 2025
• Announced U.S. FDA PMA Approval of the AMDS Hybrid Prosthesis
• Completed acquisition of Endospan Ltd.

ATLANTA, Aug. 6, 2026 /PRNewswire/ -- Artivion, Inc. (NYSE: AORT), a leading cardiac and vascular surgery company focused on aortic disease, today announced financial results for the second quarter ended June 30, 2026.

"In the second quarter of 2026, we delivered 9% constant currency revenue growth and 7% adjusted EBITDA growth, reflecting continued execution of our strategy to drive long-term, profitable growth through an expanding and clinically differentiated product portfolio. Revenue growth was once again driven primarily by On-X and stent grafts, including AMDS, with On-X growing 18% and stent grafts growing 12% on a constant currency basis, both compared to the second quarter of 2025," said Pat Mackin, Chairman, President, and Chief Executive Officer.

Mr. Mackin continued, "During the quarter, we achieved two milestones we have been focused on since the start of the year. First, we completed the acquisition of Endospan Ltd. and its NEXUS Aortic Arch Stent Graft System sooner than we had anticipated; and second, we received U.S. FDA approval of the PMA for our AMDS Hybrid Prosthesis. Together with ARCEVO LSA, AMDS and NEXUS complete our market-leading, three-pronged aortic arch portfolio, positioning us as the only company globally with a complete portfolio of aortic arch solutions. NEXUS is also a platform technology that is supporting three additional PMA programs in development, which we expect will further extend and solidify our leadership in the aortic arch market over time."

Mr. Mackin concluded, "Overall, we are pleased with our second quarter performance, which included an acceleration in stent graft revenue and a return to growth across all international geographies. Combined with the AMDS PMA approval, we have even greater confidence in our ability to deliver our full year guidance. We continue to build our broader market expansion pipeline, with ARTIZEN enrolling as expected, and remain confident in our longer-term growth outlook."

Second Quarter 2026 Financial Results
Total revenues for the second quarter of 2026 were $125.8 million, an increase of 11% on a GAAP basis and 9% on a non-GAAP constant currency basis, both compared to the second quarter of 2025.

Net loss for the second quarter of 2026 was $(13.5) million, or $(0.28) per fully diluted common share, compared to net income of $1.3 million, or $0.03 per fully diluted common share for the second quarter of 2025. Non-GAAP net income for the second quarter of 2026 was $6.3 million, or $0.13 per fully diluted common share, compared to non-GAAP net income of $10.7 million, or $0.24 per fully diluted common share, for the second quarter of 2025. Non-GAAP net income for the second quarter of 2026 includes pretax losses related to foreign currency revaluation of $0.7 million.

2026 Financial Outlook
Artivion is reiterating its expectations for revenue for the full year 2026 to be in the range of $480 to $496 million, representing growth of 7% to 11% on an adjusted constant currency basis compared to 2025 adjusted revenue¹. This guidance contemplates a continued expectation for currency to represent an approximate one percentage point tailwind for the full year.

Artivion is reiterating its full year 2026 adjusted EBITDA to be in the range of $92 to $99 million. This guidance includes the previously articulated expectation to incur approximately $8 million of expense through the full year 2026 associated with the acquisition of Endospan, which closed in May 2026. 

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 $2.3 million reserve for estimated payback to the Italian government for fiscal years 2019 through 2025 as a result of legislation adopted in Italy that would require medical device manufacturers to repay previously paid amounts to the extent that such expenditures ostensibly exceed annual regional maximum ceilings. In the fourth quarter of 2025, the Company recorded a liability of $2.3 million as a reduction to revenue as an estimate of the amount that the Company may be required to repay for certain years after 2018. See "Non-GAAP Financial Measures" for important information about our use of non-GAAP measures.

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, 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. 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 depreciation and 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 August 6, 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 13760537.

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 Atlanta, Georgia, Artivion, Inc. is a medical device company focused on developing simple, elegant solutions that address cardiac and vascular surgeons' most difficult challenges in treating patients with aortic diseases. Artivion's four major groups of products include: aortic stent grafts, surgical sealants, On-X mechanical heart valves, and implantable cardiac and vascular human tissues. Artivion markets and sells products in more than 100 countries worldwide. For additional information about Artivion, visit our website, www.Artivion.com.

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, growth drivers and short and long term growth prospects, 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 $480 to $496 million, representing revenue growth of between 7% to 11% compared to 2025 on an adjusted constant currency basis; that we expect non-GAAP adjusted EBITDA to be in the range of $92 to $99 million in 2026; the expected benefits to be achieved from our Endospan acquisition; and our expected expenses to be incurred after close of the acquisition. These forward-looking statements are subject to a number of risks, uncertainties, estimates and assumptions that may cause actual results to differ materially from current expectations, including, but not limited to, the unpredictability of the timing and outcome of regulatory decisions and other regulatory developments; risks relating to our international operations; the benefits anticipated from the Ascyrus Medical LLC and Endospan transactions, including the expected benefits of the NEXUS Aortic Arch Stent Graft System and other pipeline products; the benefits anticipated from our clinical trials may not be achieved or achieved on our anticipated timelines; and the benefits anticipated from our expansion into APAC and LATAM may not be achieved or achieved on our anticipated timelines. These risks and uncertainties include the risk factors detailed in our Securities and Exchange Commission filings, including our Form 10-Q for the quarter ended June 30, 2026. Artivion does not undertake to update its forward-looking statements, whether as a result of new information, future events, or otherwise.

Artivion, Inc. and Subsidiaries Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income  In Thousands, Except Per Share Data (Unaudited)
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Revenues:
Products	$      99,905		$      87,444		$     191,347		$     166,242
Preservation services	25,852		25,528		50,747		45,708
Total revenues	125,757		112,972		242,094		211,950
Cost of products and preservation services:
Products	33,991		28,315		63,688		53,578
Preservation services	11,249		11,545		22,441		21,683
Total cost of products and preservation services	45,240		39,860		86,129		75,261
Gross margin	80,517		73,112		155,965		136,689
Operating expenses:
General, administrative, and marketing	79,826		57,665		140,646		112,369
Research and development	9,055		7,063		17,896		13,791
Total operating expenses	88,881		64,728		158,542		126,160
Operating (loss) income	(8,364)		8,384		(2,577)		10,529
Interest expense	7,253		7,270		12,620		14,933
Interest income	(367)		(68)		(572)		(212)
Losses on inducement/extinguishment of debt	—		2,664		—		2,664
Other income	(3,551)		(4,964)		(3,265)		(8,043)
(Loss) income before income taxes	(11,699)		3,482		(11,360)		1,187
Income tax expense	1,811		2,137		733		347
Net (loss) income	$     (13,510)		$        1,345		$     (12,093)		$           840
(Loss) income per share
Basic	$         (0.28)		$          0.03		$         (0.25)		$          0.02
Diluted	$         (0.28)		$          0.03		$         (0.25)		$          0.02
Weighted-average common shares outstanding:
Basic	48,541		44,296		48,309		43,270
Diluted	48,541		45,378		48,309		44,503
Net (loss) income	$     (13,510)		$        1,345		$     (12,093)		$           840
Other comprehensive (loss) income:
Foreign currency translation adjustments, net of tax	(911)		15,768		(9,757)		22,099
Comprehensive (loss) income	$     (14,421)		$      17,113		$     (21,850)		$      22,939

 

Artivion, Inc. and Subsidiaries Condensed Consolidated Balance Sheets In Thousands
	June 30, 2026		December 31, 2025
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$         77,316		$         64,908
Trade receivables, net	97,928		89,758
Other receivables	12,835		13,921
Inventories	103,364		92,427
Deferred preservation costs	53,365		54,531
Prepaid expenses and other	26,572		42,537
Total current assets	371,380		358,082
Goodwill	349,862		254,091
Acquired technology, net	149,274		123,664
Operating lease right-of-use assets, net	36,580		34,701
Property and equipment, net	73,699		64,988
Other intangibles, net	74,696		32,831
Deferred tax assets, net	1,216		1,201
Other long-term assets	15,227		15,238
Total assets	$     1,071,934		$       884,796
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$          20,870		$         16,042
Accrued compensation	17,843		22,484
Accrued expenses	16,252		16,447
Accrued interest	6,526		4,815
Taxes payable	5,580		7,489
Accrued procurement fees	1,541		3,436
Current portion of contingent consideration	25,000		20,690
Current maturities of operating leases	5,058		4,649
Current portion of finance lease obligations	860		726
Other current liabilities	7,401		4,778
Total current liabilities	106,931		101,556
Long-term debt, net	363,423		215,114
Non-current contingent consideration	71,517		39,890
Non-current maturities of operating leases	35,824		34,427
Deferred tax liabilities, net	25,884		24,308
Deferred compensation liability	10,739		9,464
Non-current finance lease obligations	2,802		2,698
Other long-term liabilities	9,229		9,107
Total liabilities	$        626,349		$       436,564
Commitments and contingencies
Stockholders' equity:
Preferred stock $0.01 par value per share, 5,000 shares authorized, no shares issued	—		—
Common stock $0.01 par value per share, 75,000 shares authorized, 50,179 and 49,330 shares           issued as of June 30, 2026 and December 31, 2025, respectively	502		493
Additional paid-in capital	535,798		516,604
Retained deficit	(63,591)		(51,498)
Accumulated other comprehensive loss	(12,476)		(2,719)
Treasury stock, at cost, 1,487 shares as of June 30, 2026 ‎and December 31, 2025	(14,648)		(14,648)
Total stockholders' equity	445,585		448,232
Total liabilities and stockholders' equity	$     1,071,934		$       884,796

 

Artivion, Inc. and Subsidiaries Condensed Consolidated Statement of Cash Flows In Thousands (Unaudited)
	Six Months Ended June 30,
	2026		2025
Net cash flows from operating activities:
Net (loss) income	$      (12,093)		$           840
Adjustments to reconcile net (loss) income to net cash from operating activities:
Depreciation and amortization	13,088		10,984
Non-cash compensation	16,578		14,167
Non-cash lease expense	2,612		2,510
Write-down of inventories and deferred preservation costs	2,368		2,379
Deferred income taxes	(1,421)		(231)
Change in fair value of contingent consideration	9,710		(210)
Losses on inducement/extinguishment of debt	—		2,664
Other	(2,590)		(7,423)
Changes in operating assets and liabilities, net of acquisition:
Receivables	(7,971)		(9,660)
Inventories and deferred preservation costs	(10,752)		(5,521)
Prepaid expenses and other assets	(5,271)		(6,215)
Accounts payable, accrued expenses, and other liabilities	(4,370)		(6,226)
Net cash flows used in operating activities	(112)		(1,942)
Net cash flows from investing activities:
Capital expenditures	(18,751)		(6,925)
Acquisition of Endospan, net of cash acquired	(116,661)		—
Payments related to sale of non-financial assets	(1,500)		—
Other	(3,000)		—
Net cash flows used in investing activities	(139,912)		(6,925)
Net cash flows from financing activities:
Proceeds from issuance of long-term debt, net	148,875		—
Repayment of debt	—		(134)
Proceeds from exercise of stock options and issuance of common stock	2,625		4,459
Proceeds from financing insurance premiums	3,217		3,117
Principal payments on short-term notes payable	(1,440)		(554)
Other	(426)		(353)
Net cash flows provided by financing activities	152,851		6,535
Effect of exchange rate changes on cash and cash equivalents	(419)		2,345
Increase in cash and cash equivalents	12,408		13
Cash and cash equivalents beginning of period	64,908		53,463
Cash and cash equivalents end of period	$       77,316		$       53,476

 

Artivion, Inc. and Subsidiaries Financial Highlights In Thousands (Unaudited)
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Products:
Aortic stent grafts	$        46,414		$        39,841		$        90,811		$        76,443
On-X	30,506		25,572		56,457		47,146
Surgical sealants	19,287		19,288		38,092		37,394
Other	3,698		2,743		5,987		5,259
Total products	99,905		87,444		191,347		166,242
Preservation services	25,852		25,528		50,747		45,708
Total revenues	$      125,757		$      112,972		$      242,094		$      211,950
North America	$        62,333		$        57,569		$      121,028		$      105,362
Europe, the Middle East, and Africa	44,548		38,713		88,534		75,758
Asia Pacific	12,169		11,131		20,859		19,345
Latin America	6,707		5,559		11,673		11,485
Total revenues	$      125,757		$      112,972		$      242,094		$      211,950

 

Artivion, Inc. and Subsidiaries Reconciliation of GAAP to Non-GAAP Revenues  $ In Thousands (Unaudited)
	Revenues for the Three Months Ended June 30,								Percent Change From Prior Year
	2026		2025
	US GAAP		US GAAP		Exchange Rate Effect		Constant Currency		Constant Currency
Products:
Aortic stent grafts	$        46,414		$        39,841		$        1,632		$       41,473		12 %
On-X	30,506		25,572		311		25,883		18 %
Surgical sealants	19,287		19,288		361		19,649		-2 %
Other	3,698		2,743		7		2,750		34 %
Total products	99,905		87,444		2,311		89,755		11 %
Preservation services	25,852		25,528		20		25,548		1 %
Total	$      125,757		$      112,972		$        2,331		$     115,303		9 %
North America	62,333		57,569		50		57,619		8 %
Europe, the Middle East, and Africa	44,548		38,713		1,781		40,494		10 %
Asia Pacific	12,169		11,131		—		11,131		9 %
Latin America	6,707		5,559		500		6,059		11 %
Total	$      125,757		$      112,972		$        2,331		$     115,303		9 %
	Revenues for the Six Months Ended June 30,								Percent Change From Prior Year
	2026		2025
	US GAAP		US GAAP		Exchange Rate Effect		Constant Currency		Constant Currency
Products:
Aortic stent grafts	$        90,811		$        76,443		$        5,509		$       81,952		11 %
On-X	56,457		47,146		945		48,091		17 %
Surgical sealants	38,092		37,394		1,110		38,504		-1 %
Other	5,987		5,259		32		5,291		13 %
Total products	191,347		166,242		7,596		173,838		10 %
Preservation services	50,747		45,708		41		45,749		11 %
Total	$      242,094		$      211,950		$        7,637		$     219,587		10 %
North America	121,028		105,362		136		105,498		15 %
Europe, the Middle East, and Africa	88,534		75,758		6,462		82,220		8 %
Asia Pacific	20,859		19,345		—		19,345		8 %
Latin America	11,673		11,485		1,039		12,524		-7 %
Total	$      242,094		$      211,950		$        7,637		$     219,587		10 %

 

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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Reconciliation of G&A expenses, GAAP to adjusted G&A, non-GAAP:
General, administrative, and marketing expense, GAAP	$     79,826		$     57,665		$   140,646		$   112,369
Business development, integration, and severance	19,834		3,050		22,848		266
Cybersecurity incident	—		1,243		(1,478)		5,693
Adjusted G&A, non-GAAP	$     59,992		$     53,372		$   119,276		$   106,410
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Reconciliation of net (loss) income, GAAP and EBITDA, non-GAAP      to adjusted EBITDA, non-GAAP:
Net (loss) income, GAAP	$   (13,510)		$      1,345		$   (12,093)		$         840
Adjustments:
Interest expense	7,253		7,270		12,620		14,933
Interest income	(367)		(68)		(572)		(212)
Income tax expense	1,811		2,137		733		347
Depreciation and amortization expense	6,748		5,538		13,088		10,984
EBITDA, non-GAAP	1,935		16,222		13,776		26,892
Non-cash compensation	8,164		6,122		16,578		14,167
Business development, integration, and severance	15,538		2,568		18,022		(489)
Cybersecurity incident	—		1,683		(1,478)		6,429
Losses on inducement/extinguishment of debt	—		2,664		—		2,664
Loss (gain) on foreign currency revaluation	746		(4,495)		1,568		(7,351)
Adjusted EBITDA, non-GAAP	$    26,383		$     24,764		$    48,466		$    42,312
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Reconciliation of cash flows from operating activities, GAAP to free      cash flows, non-GAAP:
Net cash flows (used in) provided by operating activities	$     (1,266)		$     15,011		$        (112)		$     (1,942)
Capital expenditures	(10,748)		(3,287)		(18,751)		(6,925)
Free cash flows, non-GAAP	$   (12,014)		$     11,724		$   (18,863)		$     (8,867)

 

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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
GAAP:
(Loss) income before income taxes	$ (11,699)		$    3,482		$ (11,360)		$    1,187
Income tax expense	1,811		2,137		733		347
Net (loss) income	$ (13,510)		$    1,345		$ (12,093)		$       840
Diluted (loss) income per common share	$     (0.28)		$      0.03		$     (0.25)		$      0.02
Diluted weighted-average common shares outstanding	48,541		45,378		48,309		44,503
Reconciliation of (loss) income before income taxes, GAAP to      adjusted income, non-GAAP:
(Loss) income before income taxes, GAAP:	$ (11,699)		$    3,482		$ (11,360)		$    1,187
Adjustments:
Amortization expense	4,226		3,427		8,137		6,815
Business development, integration, and severance	15,538		2,568		18,022		(489)
Non-cash interest expense	396		485		711		1,028
Cybersecurity incident	—		1,683		(1,478)		6,429
Losses on inducement/extinguishment of debt	—		2,664		—		2,664
Adjusted income before income taxes, non-GAAP	8,461		14,309		14,032		17,634
Income tax expense calculated at a tax rate of 25%	2,115		3,577		3,508		4,408
Adjusted net income, non-GAAP	$    6,346		$  10,732		$  10,524		$  13,226
Reconciliation of diluted (loss) income per common share, GAAP to           adjusted diluted income per common share, non-GAAP:
Diluted (loss) income per common share, GAAP:	$   (0.28)		$     0.03		$     (0.25)		$      0.02
Adjustments:
Amortization expense	0.09		0.07		0.17		0.15
Business development, integration, and severance	0.31		0.06		0.36		(0.01)
Non-cash interest expense	0.01		0.01		0.02		0.02
Cybersecurity incident	—		0.03		(0.03)		0.14
Losses on inducement/extinguishment of debt	—		0.06		—		0.06
Tax effect of non-GAAP adjustments	(0.10)		(0.06)		(0.13)		(0.09)
Effect of 25% tax rate	0.10		0.04		0.07		0.01
Adjusted diluted income per common share, non-GAAP	$     0.13		$     0.24		$      0.21		$      0.30
Reconciliation of diluted weighted-average common shares      outstanding GAAP to diluted weighted-average common shares      outstanding, non-GAAP:
Diluted weighted-average common shares outstanding, GAAP:	48,541		45,378		48,309		44,503
Adjustments:
Effect of dilutive stock options and awards	1,077		—		1,360		—
Diluted weighted-average common shares outstanding, non-      GAAP	49,618		45,378		49,669		44,503

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

 

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SOURCE Artivion, Inc.

FAQ

How did Artivion (AORT) perform financially in Q2 2026?

Artivion reported Q2 2026 revenue of $125.8 million, up 11% year over year. According to Artivion, non-GAAP net income was $6.3 million, while GAAP results showed a $13.5 million net loss due to higher operating expenses and other items.

What drove Artivion’s revenue growth in the second quarter of 2026 (AORT)?

Artivion’s Q2 2026 revenue growth was driven mainly by On-X mechanical valves and stent grafts. According to Artivion, On-X grew 18% and stent grafts grew 12% on a constant currency basis compared with the second quarter of 2025.

What is Artivion’s full-year 2026 guidance for revenue and EBITDA (AORT)?

Artivion expects 2026 revenue of $480–$496 million, implying 7–11% adjusted constant currency growth. According to Artivion, adjusted EBITDA is projected at $92–$99 million, including approximately $8 million of expenses tied to the Endospan acquisition closed in May 2026.

Why did Artivion report a net loss in Q2 2026 despite revenue growth (AORT)?

Artivion posted a $13.5 million GAAP net loss in Q2 2026 primarily because operating expenses increased significantly. According to Artivion, general, administrative, and marketing expense rose to $79.8 million, contributing to an operating loss despite higher gross margin dollars.

What is the significance of the FDA PMA approval for Artivion’s AMDS Hybrid Prosthesis (AORT)?

The U.S. FDA granted PMA approval for Artivion’s AMDS Hybrid Prosthesis during Q2 2026. According to Artivion, AMDS completes a three-part aortic arch portfolio alongside ARCEVO LSA and NEXUS, supporting its positioning in aortic arch treatment solutions.

How does the Endospan acquisition affect Artivion’s aortic arch portfolio (AORT)?

Artivion’s acquisition of Endospan added the NEXUS Aortic Arch Stent Graft System and related PMA programs. According to Artivion, NEXUS, together with AMDS and ARCEVO LSA, forms a three-pronged aortic arch portfolio intended to strengthen its market leadership.

What do Artivion’s Q2 2026 results indicate about its balance sheet and debt (AORT)?

As of June 30, 2026, Artivion reported $77.3 million in cash and cash equivalents and $363.4 million in long-term debt. According to Artivion, total liabilities increased to $626.3 million, reflecting higher debt and contingent consideration following the Endospan acquisition.