Artivion Reports Third Quarter 2026 Financial Results

Revenue growth accompanied a quarterly swing to a GAAP loss, while Artivion narrowed both full-year guidance ranges.

Rhea-AI Summary

Artivion (NYSE: AORT) reported third-quarter 2026 revenue of $123.8 million, up 9% from the same quarter of 2025. GAAP net loss was $7.9 million, or $0.16 per diluted share, versus net income of $6.5 million, or $0.13 per diluted share. Adjusted EBITDA fell 8% to $22.5 million.

The company narrowed its 2026 revenue outlook to $484–$492 million from $480–$496 million and adjusted EBITDA outlook to $93–$98 million from $92–$99 million. Guidance includes approximately $8 million of expense associated with the Endospan acquisition, completed in May. Following U.S. premarket approvals for AMDS and NEXUS, Artivion plans a January 2027 U.S. commercial launch for NEXUS; its ARCEVO LSA trial remains on schedule for enrollment. Cash was $48.399 million at September 30, versus $64.908 million at year-end 2025; net long-term debt rose to $363.787 million from $215.114 million.

12 points · 1 major

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0 major · 12 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major pointAMDS and NEXUS received U.S. premarket approvals, advancing Artivion's aortic product portfolio.
• Moderate pointThird-quarter revenue of $123.8 million increased 9% year over year on both GAAP and constant-currency bases.
• Moderate pointOn-X revenue grew 13% year over year on a constant-currency basis in the third quarter.
• Moderate pointStent graft revenue grew 12% for the second consecutive quarter.
• Moderate pointNine-month revenue rose to $365.884 million from $325.338 million in the comparable 2025 period.

7 minor points

• Minor point. Forward-looking: it has not happened yet and may not happen.2026 revenue guidance narrowed to $484–$492 million from $480–$496 million; expected adjusted constant-currency growth is 8%–10%, previously 7%–11%.
• Minor point. Forward-looking: it has not happened yet and may not happen.2026 adjusted EBITDA guidance narrowed to $93–$98 million, versus the previous $92–$99 million range.
• Minor point. Forward-looking: it has not happened yet and may not happen.NEXUS U.S. commercial launch is planned for January 2027, with first surgeon training planned in December.
• Minor pointEndospan acquisition closed in May 2026.
• Minor pointU.S. AMDS implants increased from the second quarter of 2026.
• Minor point. Forward-looking: it has not happened yet and may not happen.ARTIZEN trial enrollment remains on schedule for ARCEVO LSA.
• Minor pointThird-quarter gross profit rose to $75.977 million from $74.395 million a year earlier.

Negative

• Moderate pointThird-quarter GAAP net loss was $7.9 million, versus $6.5 million net income a year earlier.
• Moderate pointAdjusted EBITDA declined 8% to $22.5 million from $24.6 million in the third quarter of 2025.
• Moderate pointNon-GAAP net income fell to $3.8 million, or $0.08 per diluted share, from $7.9 million, or $0.16.
• Moderate pointNet long-term debt increased to $363.787 million at September 30, 2026, from $215.114 million at year-end 2025.
• Moderate pointNine-month operating cash outflow was $4.668 million, versus $20.320 million inflow in the comparable 2025 period.
• Moderate point. Forward-looking: it has not happened yet and may not happen.2026 guidance includes approximately $8 million of expense associated with the Endospan acquisition.
• Moderate pointThird-quarter operating expenses increased to $73.030 million from $65.359 million a year earlier.
• Moderate pointNine-month capital expenditures increased to $31.764 million from $11.534 million in the comparable 2025 period.

4 minor points

• Minor pointNine-month GAAP net loss was $20.019 million, versus $7.342 million net income in the comparable 2025 period.
• Minor pointCash declined to $48.399 million at September 30, 2026, from $64.908 million at year-end 2025.
• Minor pointThird-quarter interest expense increased to $8.518 million from $6.119 million a year earlier.
• Minor pointThird-quarter non-GAAP net income included $0.6 million in pretax foreign-currency revaluation losses.

News Explained

At September 30, 2026, Artivion reported 50,277 thousand common shares issued, versus 49,330 thousand at December 31, 2025; issuing additional shares increases total share count and reduces an existing holder’s percentage ownership absent offsetting changes.

Key Figures

Q3 revenue: $123.8 million; up 9% GAAP net loss: $(7.9) million; $(0.16) per diluted share Non-GAAP net income: $3.8 million; $0.08 per diluted share +3 more

Q3 revenue

$123.8 million; up 9%

Third quarter 2026 versus third quarter 2025

GAAP net loss

$(7.9) million; $(0.16) per diluted share

Third quarter 2026; prior-year quarter had net income of $6.5 million

Non-GAAP net income

$3.8 million; $0.08 per diluted share

Third quarter 2026 versus $7.9 million and $0.16 per share in 2025

Adjusted EBITDA

$22.5 million; declined 8%

Third quarter 2026 versus $24.6 million in 2025

2026 revenue outlook

$484–$492 million; 8%–10% adjusted constant-currency growth

Narrowed from $480–$496 million and 7%–11% growth

2026 adjusted EBITDA outlook

$93–$98 million

Narrowed from $92–$99 million

Previous Earnings Reports

1 past event · Latest: Aug 06

Same Type 1 event

1. Aug 06

   Q2 earnings

   24h Move

   +2.1%

   Reiterated the FY2026 revenue and adjusted EBITDA ranges that the current report subsequently narrowed.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

gaap, non-gaap, pma, adjusted ebitda

4 terms

gaap financial

"an increase of 9% on a GAAP basis"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

non-gaap financial

"9% on a non-GAAP constant currency basis"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

pma regulatory

"the impact of our recent PMA approval"

PMA stands for Premarket Approval, the U.S. Food and Drug Administration’s highest-level review for high-risk medical devices. It’s a thorough evaluation to confirm a device is safe and effective before it can be sold, like a final safety inspection and license to operate. Investors care because receiving PMA can open a significant revenue stream, while delays or rejection can postpone sales and reduce a company’s value.

adjusted ebitda financial

"Adjusted EBITDA declined 8%"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Third Quarter & Recent Business Highlights:

• Achieved revenue of $123.8 million in the third quarter of 2026 versus $113.4 million in the third quarter of 2025, an increase of 9% on a GAAP basis and 9% on a non-GAAP constant currency basis 
• Net loss for the third quarter of 2026 was $(7.9) million, or $(0.16) per fully diluted share, and non-GAAP net income was $3.8 million, or $0.08 per fully diluted share
• Adjusted EBITDA declined 8% to $22.5 million in the third quarter of 2026 compared to $24.6 million in the third quarter of 2025

ATLANTA, Nov. 5, 2026 /PRNewswire/ -- Artivion, Inc. (NYSE: AORT), a leading cardiac and vascular surgery company focused on aortic disease, today announced financial results for the third quarter ended September 30, 2026.

"In the third quarter of 2026, we delivered 9% constant currency revenue growth, reflecting continued execution of our strategy to drive long-term, profitable growth through an expanding and clinically differentiated product portfolio. Revenue growth was led by On-X, which grew 13% on a constant currency basis compared to the third quarter of 2025. Stent grafts revenue grew 12% for the second consecutive quarter, despite a tougher AMDS prior year comparison," said Pat Mackin, Chairman, President, and Chief Executive Officer.

Mr. Mackin continued, "The number of U.S. AMDS implants increased from the second quarter, which we believe reflects the impact of our recent PMA approval and our efforts to drive adoption of this new technology. Preparations for the U.S. commercial launch of NEXUS in January 2027 are progressing well, and we look forward to our first surgeon training event in December. We also exited the quarter in a strong supply position for On-X following our investments in our Austin manufacturing facility, and ARTIZEN, our clinical trial for ARCEVO LSA, continues to enroll on schedule."

Mr. Mackin concluded, "Overall, we are encouraged by our third quarter performance and the progress we have made so far in 2026. With the recent PMAs of AMDS and NEXUS in the U.S., and ARCEVO LSA on track with enrollment in the ARTIZEN IDE trial, we believe we are on track to being the only company with a comprehensive aortic arch portfolio, which represents an approximately $330 million annual U.S. market opportunity."

Third Quarter 2026 Financial Results
Total revenues for the third quarter of 2026 were $123.8 million, an increase of 9% on a GAAP basis and 9% on a non-GAAP constant currency basis, both compared to the third quarter of 2025.

Net loss for the third quarter of 2026 was $(7.9) million, or $(0.16) per fully diluted common share, compared to net income of $6.5 million, or $0.13 per fully diluted common share for the third quarter of 2025. Non-GAAP net income for the third quarter of 2026 was $3.8 million, or $0.08 per fully diluted common share, compared to non-GAAP net income of $7.9 million, or $0.16 per fully diluted common share, for the third quarter of 2025. Non-GAAP net income for the third quarter of 2026 includes pretax losses related to foreign currency revaluation of $0.6 million.

2026 Financial Outlook
Artivion has narrowed its expectations for the full year 2026 and now expects revenue to be in the range of $484 to $492 million, representing growth of 8% to 10% on an adjusted constant currency basis compared to 2025 adjusted revenue¹. This compares to the previous 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 narrowing its full year 2026 adjusted EBITDA to be in the range of $93 to $98 million. This compares to the previous 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 November 5, 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 13762025.

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 $484 to $492 million, representing growth of 8% to 10% compared to 2025 on an adjusted constant currency basis; that we expect non-GAAP adjusted EBITDA to be in the range of $93 to $98 million in 2026; 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, which we may not realize; 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 September 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 September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Revenues:
Products	$      98,160		$      87,665		$     289,507		$     253,907
Preservation services	25,630		25,723		76,377		71,431
Total revenues	123,790		113,388		365,884		325,338
Cost of products and preservation services:
Products	35,701		27,811		99,389		81,389
Preservation services	12,112		11,182		34,553		32,865
Total cost of products and preservation services	47,813		38,993		133,942		114,254
Gross margin	75,977		74,395		231,942		211,084
Operating expenses:
General, administrative, and marketing	63,222		57,281		203,868		169,650
Research and development	9,808		8,078		27,704		21,869
Total operating expenses	73,030		65,359		231,572		191,519
Gain from sale of non-financial assets	—		(3,500)		—		(3,500)
Operating income	2,947		12,536		370		23,065
Interest expense	8,518		6,119		21,138		21,052
Interest income	(102)		(240)		(674)		(452)
Losses on inducement/extinguishment of debt	—		—		—		2,664
Other expense (income), net	451		(399)		(2,814)		(8,442)
(Loss) income before income taxes	(5,920)		7,056		(17,280)		8,243
Income tax expense	2,006		554		2,739		901
Net (loss) income	$      (7,926)		$       6,502		$     (20,019)		$       7,342
(Loss) income per share
Basic	$        (0.16)		$         0.14		$        (0.41)		$         0.16
Diluted	$        (0.16)		$         0.13		$        (0.41)		$         0.16
Weighted-average common shares outstanding:
Basic	48,718		47,233		48,447		44,605
Diluted	48,718		48,775		48,447		45,993
Net (loss) income	$      (7,926)		$       6,502		$     (20,019)		$       7,342
Other comprehensive (loss) income:
Foreign currency translation adjustments, net of tax	1,021		541		(8,736)		22,640
Comprehensive (loss) income	$      (6,905)		$       7,043		$     (28,755)		$      29,982

 

Artivion, Inc. and Subsidiaries Condensed Consolidated Balance Sheets In Thousands
	September 30, 2026		December 31, 2025
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$         48,399		$         64,908
Trade receivables, net	94,912		89,758
Other receivables	11,461		13,921
Inventories	107,053		92,427
Deferred preservation costs	53,730		54,531
Prepaid expenses and other	23,256		42,537
Total current assets	338,811		358,082
Goodwill	344,961		254,091
Acquired technology, net	145,901		123,664
Operating lease right-of-use assets, net	35,539		34,701
Property and equipment, net	81,728		64,988
Other intangibles, net	76,008		32,831
Deferred tax assets, net	1,273		1,201
Other long-term assets	17,867		15,238
Total assets	$     1,042,088		$       884,796
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$         17,632		$         16,042
Accrued compensation	18,914		22,484
Accrued expenses	17,721		16,447
Accrued interest	6,620		4,815
Taxes payable	4,095		7,489
Accrued procurement fees	1,797		3,436
Current portion of contingent consideration	—		20,690
Current maturities of operating leases	5,093		4,649
Current portion of finance lease obligations	857		726
Other current liabilities	3,926		4,778
Total current liabilities	76,655		101,556
Long-term debt, net	363,787		215,114
Non-current contingent consideration	71,100		39,890
Non-current maturities of operating leases	34,715		34,427
Deferred tax liabilities, net	24,721		24,308
Deferred compensation liability	10,687		9,464
Non-current finance lease obligations	2,575		2,698
Other long-term liabilities	11,448		9,107
Total liabilities	$       595,688		$       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, 50,277 and 49,330 shares issued as of September 30, 2026 and December 31, 2025, respectively	503		493
Additional paid-in capital	543,517		516,604
Retained deficit	(71,517)		(51,498)
Accumulated other comprehensive loss	(11,455)		(2,719)
Treasury stock, at cost, 1,487 shares as of September 30, 2026 ‎and December 31, 2025	(14,648)		(14,648)
Total stockholders' equity	446,400		448,232
Total liabilities and stockholders' equity	$     1,042,088		$       884,796

 

Artivion, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows In Thousands (Unaudited)
	Nine Months Ended September 30,
	2026		2025
Net cash flows from operating activities:
Net (loss) income	$      (20,019)		$        7,342
Adjustments to reconcile net (loss) income to net cash from operating activities:
Depreciation and amortization	20,432		16,701
Non-cash compensation	22,802		20,302
Non-cash lease expense	3,968		3,824
Write-down of inventories and deferred preservation costs	3,765		3,779
Deferred income taxes	(835)		(1,484)
Change in fair value of contingent consideration	13,738		2,390
Losses on inducement/extinguishment of debt	—		2,664
Gain from sale of non-financial assets	—		(3,500)
Other	(2,089)		(7,315)
Changes in operating assets and liabilities, net of acquisition:
Receivables	(4,038)		(924)
Inventories and deferred preservation costs	(16,409)		(11,563)
Prepaid expenses and other assets	(4,511)		(4,703)
Accounts payable, accrued expenses, and other liabilities	(21,472)		(7,193)
Net cash flows (used in) provided by operating activities	(4,668)		20,320
Net cash flows from investing activities:
Capital expenditures	(31,764)		(11,534)
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	(152,925)		(11,534)
Net cash flows from financing activities:
Proceeds from issuance of long-term debt, net	148,875		—
Repayment of debt	—		(207)
Proceeds from exercise of stock options and issuance of common stock	4,121		9,613
Payment of debt issuance costs	—		(1,750)
Proceeds from financing insurance premiums	3,217		3,117
Principal payments on short-term notes payable	(2,309)		(1,395)
Payment of contingent consideration	(11,686)		—
Other	(648)		(526)
Net cash flows provided by financing activities	141,570		8,852
Effect of exchange rate changes on cash and cash equivalents	(486)		2,325
(Decrease) increase in cash and cash equivalents	(16,509)		19,963
Cash and cash equivalents beginning of period	64,908		53,463
Cash and cash equivalents end of period	$       48,399		$       73,426

 

Artivion, Inc. and Subsidiaries Financial Highlights In Thousands (Unaudited)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Products:
Aortic stent grafts	$        44,278		$        39,585		$      135,089		$      116,028
On-X	30,317		26,797		86,774		73,943
Surgical sealants	18,946		18,893		57,038		56,287
Other	4,619		2,390		10,606		7,649
Total products	98,160		87,665		289,507		253,907
Preservation services	25,630		25,723		76,377		71,431
Total revenues	$     123,790		$     113,388		$     365,884		$     325,338
North America	$        63,222		$        58,315		$      184,250		$      163,677
Europe, the Middle East, and Africa	40,087		36,224		128,621		111,982
Asia Pacific	13,267		12,237		34,126		31,582
Latin America	7,214		6,612		18,887		18,097
Total revenues	$     123,790		$     113,388		$     365,884		$     325,338

 

Artivion, Inc. and Subsidiaries Reconciliation of GAAP to Non-GAAP Revenues  $ In Thousands (Unaudited)
	Revenues for the Three Months Ended September 30,								Percent Change From Prior Year
	2026		2025
	US GAAP		US GAAP		Exchange Rate Effect		Constant Currency		Constant Currency
Products:
Aortic stent grafts	$       44,278		$       39,585		$           (67)		$       39,518		12 %
On-X	30,317		26,797		6		26,803		13 %
Surgical sealants	18,946		18,893		26		18,919		— %
Other	4,619		2,390		(2)		2,388		93 %
Total products	98,160		87,665		(37)		87,628		12 %
Preservation services	25,630		25,723		(17)		25,706		— %
Total	$     123,790		$     113,388		$           (54)		$     113,334		9 %
North America	63,222		58,315		(40)		58,275		8 %
Europe, the Middle East, and Africa	40,087		36,224		(268)		35,956		11 %
Asia Pacific	13,267		12,237		—		12,237		8 %
Latin America	7,214		6,612		254		6,866		5 %
Total	$     123,790		$     113,388		$           (54)		$     113,334		9 %
	Revenues for the Nine Months Ended September 30,								Percent Change From Prior Year
	2026		2025
	US GAAP		US GAAP		Exchange Rate Effect		Constant Currency		Constant Currency
Products:
Aortic stent grafts	$      135,089		$      116,028		$        5,442		$      121,470		11 %
On-X	86,774		73,943		951		74,894		16 %
Surgical sealants	57,038		56,287		1,136		57,423		-1 %
Other	10,606		7,649		30		7,679		38 %
Total products	289,507		253,907		7,559		261,466		11 %
Preservation services	76,377		71,431		24		71,455		7 %
Total	$     365,884		$     325,338		$        7,583		$     332,921		10 %
North America	184,250		163,677		96		163,773		13 %
Europe, the Middle East, and Africa	128,621		111,982		6,194		118,176		9 %
Asia Pacific	34,126		31,582		—		31,582		8 %
Latin America	18,887		18,097		1,293		19,390		-3 %
Total	$     365,884		$     325,338		$        7,583		$     332,921		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 September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Reconciliation of G&A expenses, GAAP to adjusted G&A, non-GAAP:
General, administrative, and marketing expense, GAAP	$   63,222		$   57,281		$  203,868		$  169,650
Business development, integration, and severance	5,493		2,952		28,341		3,218
Cybersecurity incident	—		728		(1,478)		6,421
Adjusted G&A, non-GAAP	$   57,729		$   53,601		$ 177,005		$ 160,011
	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Reconciliation of net (loss) income, GAAP and EBITDA, non-GAAP   to adjusted EBITDA, non-GAAP:
Net (loss) income, GAAP	$   (7,926)		$    6,502		$  (20,019)		$    7,342
Adjustments:
Interest expense	8,518		6,119		21,138		21,052
Interest income	(102)		(240)		(674)		(452)
Income tax expense	2,006		554		2,739		901
Depreciation and amortization expense	7,344		5,717		20,432		16,701
EBITDA, non-GAAP	9,840		18,652		23,616		45,544
Non-cash compensation	6,224		6,135		22,802		20,302
Business development, integration, and severance	5,786		2,479		23,808		1,990
Cybersecurity incident	—		728		(1,478)		7,157
Losses on inducement/extinguishment of debt	—		—		—		2,664
Loss (gain) on foreign currency revaluation	642		73		2,210		(7,278)
Gain from sale of non-financial assets	—		(3,500)		—		(3,500)
Adjusted EBITDA, non-GAAP	$   22,492		$   24,567		$   70,958		$   66,879
	Three Months Ended September 30,				Nine Months Ended September 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	$   (4,556)		$   22,262		$   (4,668)		$   20,320
Capital expenditures	(13,013)		(4,609)		(31,764)		(11,534)
Free cash flows, non-GAAP	$  (17,569)		$   17,653		$  (36,432)		$    8,786

   

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 September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
GAAP:
(Loss) income before income taxes	$  (5,920)		$   7,056		$ (17,280)		$   8,243
Income tax expense	2,006		554		2,739		901
Net (loss) income	$  (7,926)		$    6,502		$ (20,019)		$    7,342
Diluted (loss) income per common share	$   (0.16)		$     0.13		$    (0.41)		$     0.16
Diluted weighted-average common shares outstanding	48,718		48,775		48,447		45,993
Reconciliation of (loss) income before income taxes, GAAP to   adjusted income, non-GAAP:
(Loss) income before income taxes, GAAP:	$  (5,920)		$   7,056		$ (17,280)		$   8,243
Adjustments:
Amortization expense	4,771		3,476		12,908		10,291
Business development, integration, and severance	5,786		2,479		23,808		1,990
Non-cash interest expense	441		351		1,152		1,379
Cybersecurity incident	—		728		(1,478)		7,157
Losses on inducement/extinguishment of debt	—		—		—		2,664
Gain from sale of non-financial assets	—		(3,500)		—		(3,500)
Adjusted income before income taxes, non-GAAP	5,078		10,590		19,110		28,224
Income tax expense calculated at a tax rate of 25%	1,270		2,648		4,778		7,056
Adjusted net income, non-GAAP	$    3,808		$    7,942		$  14,332		$  21,168
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:	$   (0.16)		$     0.13		$    (0.41)		$     0.16
Adjustments:
Amortization expense	0.10		0.07		0.26		0.22
Business development, integration, and severance	0.12		0.05		0.48		0.04
Non-cash interest expense	0.01		0.01		0.02		0.03
Cybersecurity incident	—		0.02		(0.03)		0.16
Losses on inducement/extinguishment of debt	—		—		—		0.06
Gain from sale of non-financial assets	—		(0.07)		—		(0.07)
Tax effect of non-GAAP adjustments	(0.06)		(0.02)		(0.18)		(0.11)
Effect of 25% tax rate	0.07		(0.03)		0.15		(0.03)
Adjusted diluted income per common share, non-GAAP	$     0.08		$     0.16		$     0.29		$     0.46
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:	48,718		48,775		48,447		45,993
Adjustments:
Effect of dilutive stock options and awards	1,096		—		1,259		—
Diluted weighted-average common shares outstanding, non-GAAP	49,814		48,775		49,706		45,993

 

	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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Artivion's third-quarter 2026 revenue and earnings?

Artivion reported $123.8 million in revenue and a $7.9 million GAAP net loss, or $0.16 per diluted share. Revenue increased 9% year over year, while the comparable 2025 quarter had net income of $6.5 million, or $0.13 per diluted share.

What is Artivion's updated full-year 2026 guidance?

Artivion expects $484–$492 million in revenue and $93–$98 million in adjusted EBITDA for 2026. The revenue outlook represents 8%–10% growth on an adjusted constant-currency basis compared with 2025 adjusted revenue. The previous ranges were $480–$496 million and $92–$99 million, respectively.

What currency assumption and prior-year adjustment underpin Artivion's 2026 revenue outlook?

Artivion's guidance assumes currency provides an approximate one percentage point tailwind for the full year. The 2025 adjusted revenue comparison excludes a $2.3 million reserve for estimated repayments to the Italian government covering fiscal years 2019 through 2025.