Artivion Reports Third Quarter 2025 Financial Results
Third Quarter Highlights:
•Achieved revenue of $113.4 million in the third quarter of 2025 versus $95.8 million in the third quarter of 2024, an increase of 18% on a GAAP basis and 16% on a non-GAAP constant currency basis
•Net income was $6.5 million, or $0.13 per fully diluted share, and non-GAAP net income was $7.9 million, or $0.16 per fully diluted share in the third quarter of 2025
•Adjusted EBITDA increased 39% to $24.6 million in the third quarter of 2025 compared to $17.7 million in the third quarter of 2024
•Enrolled first patient in ARTIZEN U.S. Investigational Device Exemption trial for Arcevo
ATLANTA, GA – (November 6, 2025) – 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, 2025.
“Our third quarter performance was exceptionally strong as we made progress across each of our strategic initiatives while delivering 16% constant currency revenue growth. Revenue growth was driven by year-over-year growth in stent grafts of 38%, On-X of 25%, preservation services of 5%, BioGlue of 2%, all compared to the third quarter of 2024. On a constant currency basis, year-over-year stent grafts, On-X, preservation services, and BioGlue grew 31%, 23%, 5%, and 1%, respectively.” said Pat Mackin, Chairman, President, and Chief Executive Officer.
Mr. Mackin continued, “In addition to our strong commercial results, we saw continued progress with our market expanding clinical programs. We enrolled the first patient in our ARTIZEN trial for Arcevo, marking an important milestone. In addition, new favorable clinical data from our AMDS PERSEVERE and PROTECT trials were presented in two late-breaking science sessions at the European Association for Cardio-Thoracic Surgery, which further validated the positive clinical benefits of our AMDS technology.”
Mr. Mackin added, “We also took strategic steps to strengthen our balance sheet by refinancing our existing credit agreement to extend the maturity date to 2031, secure a more favorable interest rate, and gain access to a new $150 million delayed draw term loan facility.”
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Mr. Mackin concluded, “Given our strong third quarter performance and continued business momentum, we are raising the midpoints of our full year 2025 constant currency revenue and EBITDA guidance and remain confident in our ability to grow adjusted EBITDA at twice the rate of constant currency revenue growth.”
Third Quarter 2025 Financial Results
Total revenues for the third quarter of 2025 were $113.4 million, an increase of 18% on a GAAP basis and 16% on a non-GAAP constant currency basis, both compared to the third quarter of 2024.
Net income for the third quarter of 2025 was $6.5 million, or $0.13 per fully diluted common share, compared to net loss of $(2.3) million, or $(0.05) per fully diluted common share for the third quarter of 2024. Non-GAAP net income for the third quarter of 2025 was $7.9 million, or $0.16 per fully diluted common share, compared to non-GAAP net income of $5.0 million, or $0.12 per fully diluted common share for the third quarter of 2024. Non-GAAP net income for the third quarter of 2025 includes pretax losses related to foreign currency revaluation of $0.1 million.
2025 Financial Outlook
Artivion is raising the midpoint of its full year 2025 revenue guidance and now expects constant currency growth of 13% to 14%, compared to the previous range of 12% to 14%. The Company expects reported revenues to be in the range of $439 to $445 million compared to the previous range of $435 to $443 million. This guidance contemplates a slightly positive currency impact for full year 2025 compared to 2024.
Additionally, Artivion is raising the midpoint of its adjusted EBITDA guidance and now expects growth of between 24% and 28% for the full year 2025 compared to 21% to 28% previously provided. Growth rates are compared to 2024. The Company expects adjusted EBITDA to be in the range of $88 to $91 million, compared to the previously articulated range of $86 to $91 million.
The Company's financial performance for 2025 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 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 revenues are 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, business development, integration, and severance income or expense, losses on inducement/extinguishment of debt, non-cash interest expense, capital expenditures, and other non-recurring items.
Page 2 of 11
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 certain expenses and revenues 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 2025 exclude potential charges or gains that may be recorded during the fiscal year, relating to, among other things, non-cash compensation; business development, integration, and severance income or expense; 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 6, 2025, 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 13755945.
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.
Page 3 of 11
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 2025 will be in the range of $439 to $445 million, representing revenue growth of between 13% to 14% compared to 2024 on a constant currency basis; that we expect non-GAAP adjusted EBITDA to increase between 24% and 28% for the full year 2025 compared to 2024, resulting in non-GAAP adjusted EBITDA in the range of $88 to $91 million in 2025; and our belief that we will be able to grow adjusted EBITDA at twice the rate of constant currency revenue growth. 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 our 2024 credit facility and the 2025 amendments thereof, the Ascyrus Medical LLC transaction and Endospan agreements, and our operational improvements in our tissue and stent graft business may not be achieved at all or at the levels we anticipate or had originally anticipated; the benefits anticipated from our clinical trials and regulatory approvals may not be achieved or achieved on our anticipated timelines; the uncertainty regarding potential unknown or future impacts of the November 2024 cybersecurity incident, including the extent to which we are able to recover against our insurance policies; 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-K for the year ended December 31, 2025, and our Form 10-Q for the quarter ended September 30, 2025. Artivion does not undertake to update its forward-looking statements, whether as a result of new information, future events, or otherwise.
Page 4 of 11
Artivion, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations and Comprehensive Income
In Thousands, Except Per Share Data
(Unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
2025
2024
Revenues:
Products
$
87,665
$
71,244
$
253,907
$
215,568
Preservation services
25,723
24,535
71,431
75,661
Total revenues
113,388
95,779
325,338
291,229
Cost of products and preservation services:
Products
27,811
24,412
81,389
72,707
Preservation services
11,182
10,358
32,865
31,243
Total cost of products and preservation services
38,993
34,770
114,254
103,950
Gross margin
74,395
61,009
211,084
187,279
Operating expenses:
General, administrative, and marketing
57,281
50,017
169,650
130,026
Research and development
8,078
6,605
21,869
21,048
Total operating expenses
65,359
56,622
191,519
151,074
Gain from sale of non-financial assets
(3,500)
—
(3,500)
—
Operating income
12,536
4,387
23,065
36,205
Interest expense
6,119
8,405
21,052
24,535
Interest income
(240)
(366)
(452)
(1,093)
Losses on inducement/extinguishment of debt
—
—
2,664
3,669
Other (income) expense, net
(399)
(2,386)
(8,442)
6
Income (loss) before income taxes
7,056
(1,266)
8,243
9,088
Income tax expense
554
1,022
901
5,964
Net income (loss)
$
6,502
$
(2,288)
$
7,342
$
3,124
Income (loss) per share:
Basic
$
0.14
$
(0.05)
$
0.16
$
0.07
Diluted
$
0.13
$
(0.05)
$
0.16
$
0.07
Weighted-average common shares outstanding:
Basic
47,233
41,844
44,605
41,607
Diluted
48,775
41,844
45,993
42,621
Net income (loss)
$
6,502
$
(2,288)
$
7,342
$
3,124
Other comprehensive income:
Foreign currency translation adjustments, net of tax
541
6,333
22,640
2,482
Comprehensive income
$
7,043
$
4,045
$
29,982
$
5,606
Page 5 of 11
Artivion, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
In Thousands
September 30, 2025
December 31, 2024
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$
73,426
$
53,463
Trade receivables, net
88,112
79,462
Other receivables
9,257
6,431
Inventories
90,547
79,766
Deferred preservation costs
53,711
51,701
Prepaid expenses and other
22,445
19,257
Total current assets
337,498
290,080
Goodwill
254,004
240,958
Acquired technology, net
126,491
128,051
Operating lease right-of-use assets, net
38,883
39,726
Property and equipment, net
40,711
36,403
Other intangibles, net
30,342
28,332
Deferred tax assets, net
601
1,068
Other long-term assets
29,132
24,483
Total assets
$
857,662
$
789,101
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
16,496
$
17,971
Accrued compensation
17,609
18,342
Accrued expenses
12,202
11,834
Accrued interest
5,590
8,170
Taxes payable
2,068
2,934
Accrued procurement fees
3,009
1,704
Current portion of contingent consideration
18,730
—
Current maturities of operating leases
5,082
4,489
Current portion of finance lease obligations
716
601
Current portion of long-term debt
—
195
Other current liabilities
4,334
583
Total current liabilities
85,836
66,823
Long-term debt, net
214,869
314,152
Non-current contingent consideration
36,540
52,880
Non-current maturities of operating leases
38,442
39,988
Deferred tax liabilities, net
21,932
20,183
Deferred compensation liability
9,191
7,977
Non-current finance lease obligations
2,880
2,833
Other long-term liabilities
9,278
8,065
Total liabilities
$
418,968
$
512,901
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, 48,862 and 43,432 shares issued as of September 30, 2025 and December 31, 2024, respectively
488
434
Additional paid-in capital
509,065
376,607
Retained deficit
(53,924)
(61,266)
Accumulated other comprehensive loss
(2,287)
(24,927)
Treasury stock, at cost, 1,487 shares as of September 30, 2025 and December 31, 2024
(14,648)
(14,648)
Total stockholders’ equity
438,694
276,200
Total liabilities and stockholders’ equity
$
857,662
$
789,101
Page 6 of 11
Artivion, Inc. and Subsidiaries
Condensed Consolidated Statement of Cash Flows
In Thousands
(Unaudited)
Nine Months Ended September 30,
2025
2024
Net cash flows from operating activities:
Net income
$
7,342
$
3,124
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization
16,701
17,910
Non-cash compensation
20,302
11,499
Non-cash lease expense
3,824
5,860
Write-down of inventories and deferred preservation costs
3,779
2,911
Deferred income taxes
(1,484)
(4,187)
Change in fair value of contingent consideration
2,390
(12,170)
Losses on inducement/extinguishment of debt
2,664
3,669
Gain from sale of non-financial assets
(3,500)
—
Other
(7,315)
1,623
Changes in operating assets and liabilities:
Receivables
(924)
(3,356)
Inventories and deferred preservation costs
(11,563)
(4,791)
Prepaid expenses and other assets
(4,703)
(4,758)
Accounts payable, accrued expenses, and other liabilities
(7,193)
(5,237)
Net cash flows provided by operating activities
20,320
12,097
Net cash flows from investing activities:
Capital expenditures
(11,534)
(9,763)
Payments for Endospan agreements
—
(7,000)
Net cash flows used in investing activities
(11,534)
(16,763)
Net cash flows from financing activities:
Proceeds from issuance of long-term debt
—
190,000
Proceeds from revolving credit facility
—
30,000
Repayment of debt
(207)
(211,765)
Proceeds from exercise of stock options and issuance of common stock
9,613
5,285
Payment of debt issuance costs
(1,750)
(10,044)
Proceeds from financing insurance premiums
3,117
—
Principal payments on short-term notes payable
(1,395)
(1,027)
Other
(526)
(420)
Net cash flows provided by financing activities
8,852
2,029
Effect of exchange rate changes on cash and cash equivalents
2,325
(130)
Increase (decrease) in cash and cash equivalents
19,963
(2,767)
Cash and cash equivalents beginning of period
53,463
58,940
Cash and cash equivalents end of period
$
73,426
$
56,173
Page 7 of 11
Artivion, Inc. and Subsidiaries
Financial Highlights
In Thousands
(Unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
2025
2024
Products:
Aortic stent grafts
$
39,585
$
28,643
$
116,028
$
92,936
On-X
26,797
21,478
73,943
61,804
Surgical sealants
18,893
18,437
56,287
53,963
Other
2,390
2,686
7,649
6,865
Total products
87,665
71,244
253,907
215,568
Preservation services
25,723
24,535
71,431
75,661
Total revenues
$
113,388
$
95,779
$
325,338
$
291,229
North America
58,315
49,089
163,677
148,679
Europe, the Middle East, and Africa
36,224
30,423
111,982
98,156
Asia Pacific
12,237
10,366
31,582
27,628
Latin America
6,612
5,901
18,097
16,766
Total revenues
$
113,388
$
95,779
$
325,338
$
291,229
Page 8 of 11
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
2025
2024
US GAAP
US GAAP
Exchange Rate Effect
Constant Currency
Constant Currency
Products:
Aortic stent grafts
$
39,585
$
28,643
$
1,583
$
30,226
31%
On-X
26,797
21,478
263
21,741
23%
Surgical sealants
18,893
18,437
319
18,756
1%
Other
2,390
2,686
7
2,693
-11%
Total products
87,665
71,244
2,172
73,416
19%
Preservation services
25,723
24,535
(2)
24,533
5%
Total
$
113,388
$
95,779
$
2,170
$
97,949
16%
North America
58,315
49,089
—
49,089
19%
Europe, the Middle East, and Africa
36,224
30,423
2,050
32,473
12%
Asia Pacific
12,237
10,366
—
10,366
18%
Latin America
6,612
5,901
120
6,021
10%
Total
$
113,388
$
95,779
$
2,170
$
97,949
16%
Revenues for the Nine Months Ended September 30,
Percent Change From Prior Year
2025
2024
US GAAP
US GAAP
Exchange Rate Effect
Constant Currency
Constant Currency
Products:
Aortic stent grafts
$
116,028
$
92,936
$
859
$
93,795
24%
On-X
73,943
61,804
32
61,836
20%
Surgical sealants
56,287
53,963
63
54,026
4%
Other
7,649
6,865
7
6,872
11%
Total products
253,907
215,568
961
216,529
17%
Preservation services
71,431
75,661
(86)
75,575
-5%
Total
$
325,338
$
291,229
$
875
$
292,104
11%
North America
163,677
148,679
(198)
148,481
10%
Europe, the Middle East, and Africa
111,982
98,156
1,931
100,087
12%
Asia Pacific
31,582
27,628
—
27,628
14%
Latin America
18,097
16,766
(858)
15,908
14%
Total
$
325,338
$
291,229
$
875
$
292,104
11%
Page 9 of 11
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,
2025
2024
2025
2024
Reconciliation of G&A expenses, GAAP to adjusted G&A, non-GAAP:
General, administrative, and marketing expense, GAAP
$
57,281
$
50,017
$
169,650
$
130,026
Business development, integration, and severance expense (income)
2,952
3,431
3,218
(11,923)
Cybersecurity incident
728
—
6,421
—
Adjusted G&A, non-GAAP
$
53,601
$
46,586
$
160,011
$
141,949
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
2025
2024
Reconciliation of net income (loss), GAAP and EBITDA, non-GAAP to adjusted EBITDA, non-GAAP:
Net income (loss), GAAP
$
6,502
$
(2,288)
$
7,342
$
3,124
Adjustments:
Interest expense
6,119
8,405
21,052
24,535
Interest income
(240)
(366)
(452)
(1,093)
Income tax expense
554
1,022
901
5,964
Depreciation and amortization expense
5,717
6,110
16,701
17,910
EBITDA, non-GAAP
18,652
12,883
45,544
50,440
Non-cash compensation
6,135
3,769
20,302
11,499
Business development, integration, and severance expense (income)
2,479
3,431
1,990
(11,923)
Cybersecurity incident
728
—
7,157
—
Losses on inducement/extinguishment of debt
—
—
2,664
3,669
Loss (gain) on foreign currency revaluation
73
(2,382)
(7,278)
(29)
Gain from sale of non-financial assets
(3,500)
—
(3,500)
—
Adjusted EBITDA, non-GAAP
$
24,567
$
17,701
$
66,879
$
53,656
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
2025
2024
Reconciliation of cash flows from operating activities, GAAP to free cash flows, non-GAAP:
Net cash flows provided by operating activities
$
22,262
$
11,455
$
20,320
$
12,097
Capital expenditures
(4,609)
(3,639)
(11,534)
(9,763)
Free cash flows, non-GAAP
$
17,653
$
7,816
$
8,786
$
2,334
Page 10 of 11
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,
2025
2024
2025
2024
GAAP:
Income (loss) before income taxes
$
7,056
$
(1,266)
$
8,243
$
9,088
Income tax expense
554
1,022
901
5,964
Net income (loss)
$
6,502
$
(2,288)
$
7,342
$
3,124
Diluted income (loss) per common share
$
0.13
$
(0.05)
$
0.16
$
0.07
Diluted weighted-average common shares outstanding
48,775
41,844
45,993
42,621
Reconciliation of income (loss) before income taxes, GAAP to adjusted income, non-GAAP:
Income (loss) before income taxes, GAAP:
$
7,056
$
(1,266)
$
8,243
$
9,088
Adjustments:
Amortization expense
3,476
3,990
10,291
11,650
Business development, integration, and severance expense (income)
2,479
3,431
1,990
(11,923)
Non-cash interest expense
351
546
1,379
1,610
Cybersecurity incident
728
—
7,157
—
Losses on inducement/extinguishment of debt
—
—
2,664
3,669
Gain from sale of non-financial assets
(3,500)
—
(3,500)
—
Adjusted income before income taxes, non-GAAP
10,590
6,701
28,224
14,094
Income tax expense calculated at a tax rate of 25%
2,648
1,675
7,056
3,523
Adjusted net income, non-GAAP
$
7,942
$
5,026
$
21,168
$
10,571
Reconciliation of diluted income (loss) per common share, GAAP to adjusted diluted income per common share, non-GAAP:
Diluted income (loss) per common share, GAAP:
$
0.13
$
(0.05)
$
0.16
$
0.07
Adjustments:
Amortization expense
0.07
0.09
0.22
0.27
Business development, integration, and severance expense (income)
0.05
0.08
0.04
(0.28)
Non-cash interest expense
0.01
0.02
0.03
0.04
Cybersecurity incident
0.02
—
0.16
—
Losses on inducement/extinguishment of debt
—
—
0.06
0.09
Gain from sale of non-financial assets
(0.07)
—
(0.07)
—
Tax effect of non-GAAP adjustments
(0.02)
(0.05)
(0.11)
(0.03)
Effect of 25% tax rate
(0.03)
0.03
(0.03)
0.09
Adjusted diluted income per common share, non-GAAP
$
0.16
$
0.12
$
0.46
$
0.25
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:
48,775
41,844
45,993
42,621
Adjustments:
Effect of dilutive stock options and awards
—
1,160
—
—
Diluted weighted-average common shares outstanding, non-GAAP
