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AORT

Artivion, Inc.

AORT

Artivion, Inc. • NYSE
$46.66 ▲ 0.28% (+0.13)
Market Cap $2.21 B
52w High $48.04
52w Low $21.97
Dividend Yield 0%
P/E -202.87
Volume 172.64K
Outstanding Shares 47.37M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $113.388M ▲ $61.859M ▼ $6.502M ▲ 5.734% ▲ $0.14 ▲ $18.892M ▲
Q2-2025 $112.972M ▲ $64.728M ▲ $1.345M ▲ 1.191% ▲ $0.03 ▲ $16.29M ▲
Q1-2025 $98.978M ▲ $61.432M ▲ $-505K ▲ -0.51% ▲ $-0.012 ▲ $10.814M ▲
Q4-2024 $97.308M ▲ $58.833M ▲ $-16.483M ▼ -16.939% ▼ $-0.39 ▼ $-565K ▼
Q3-2024 $95.779M $56.622M $-2.288M -2.389% $-0.055 $13.249M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $73.426M ▲ $857.662M ▲ $418.968M ▲ $438.694M ▲
Q2-2025 $53.476M ▲ $838.387M ▲ $418.485M ▼ $419.902M ▲
Q1-2025 $37.693M ▼ $791.163M ▲ $496.911M ▼ $294.252M ▲
Q4-2024 $53.463M ▼ $789.101M ▼ $512.901M ▲ $276.2M ▼
Q3-2024 $56.173M $803.144M $498.405M $304.739M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $6.502M ▲ $20.512M ▲ $-4.609M ▼ $4.067M ▲ $19.95M ▲ $15.903M ▲
Q2-2025 $1.343M ▲ $15.011M ▲ $-3.287M ▲ $2.598M ▼ $15.783M ▲ $11.724M ▲
Q1-2025 $-505K ▲ $-16.953M ▼ $-3.638M ▲ $3.937M ▲ $-15.77M ▼ $-20.591M ▼
Q4-2024 $-16.483M ▼ $10.139M ▼ $-11.425M ▼ $174K ▼ $-2.71M ▼ $8.714M ▲
Q3-2024 $-2.285M $11.455M $-10.639M $1.473M $1.154M $7.816M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Aortic Stent Grafts
Aortic Stent Grafts
 $30.00M ▲$30.00M ▲$40.00M ▲$40.00M ▲
On X
On X
 $20.00M ▲$20.00M ▲$20.00M ▲$30.00M ▲
Other Products
Other Products
 $0 ▲$0 ▲$0 ▲$0 ▲
Preservation Services
Preservation Services
 $20.00M ▲$20.00M ▲$20.00M ▲$30.00M ▲
Surgical Sealants
Surgical Sealants
 $20.00M ▲$20.00M ▲$20.00M ▲$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Artivion’s income statement shows a company that is growing and gradually becoming more efficient, but still not consistently profitable. Revenue has increased at a steady pace over the past five years, and gross profit has risen along with it, suggesting the core products carry healthy margins. Operating income has shifted from roughly breakeven to clearly positive, and underlying operating performance (EBITDA) has been stable to improving. However, the bottom line is still weak. Net income remains negative in every year shown, with losses that narrowed over time but have not disappeared. Earnings per share follow the same pattern: still in the red, though the direction is generally improving. Overall, the income statement tells a story of a niche medical device company with growing sales and better operations, but one that has not yet translated that into consistent net profitability.

Balance Sheet

Balance Sheet The balance sheet looks stable but somewhat constrained. Total assets have been fairly flat over the five-year period, indicating a mature base of equipment, technology, and intangible assets rather than rapid expansion. Cash levels are modest and have not grown meaningfully, which limits flexibility but does not suggest immediate stress. Debt is significant relative to the size of the business and has stayed at about the same level for several years. Equity has edged down slightly from earlier levels and is not expanding, which reflects the ongoing net losses. Put simply, Artivion has a reasonably solid asset base but carries notable leverage and has not been building up its financial cushion through retained profits.

Cash Flow

Cash Flow Cash flow paints a more encouraging picture than the income statement, but with tight margins for error. Operating cash flow has been modestly positive in most recent years after a weaker stretch earlier in the period. This suggests that the business model is capable of generating cash from operations even when accounting profits are still negative. Free cash flow has also been slightly positive in the most recent years, after earlier periods where it dipped below zero. Capital spending has been steady and relatively small, which keeps cash needs manageable but also means growth investments must be carefully prioritized. Overall, Artivion appears largely able to fund itself from internal cash generation, yet with only a thin buffer against shocks or major new investment needs.

Competitive Edge

Competitive Edge Artivion occupies a very specialized corner of the medical device world: complex aortic and cardiac surgery. That focus is a key strength. It allows the company to understand surgeons’ needs in depth, build highly tailored products, and maintain close clinical relationships. Products like the On-X mechanical heart valve, BioGlue surgical adhesive, and specialized stent grafts give it a differentiated portfolio that is not easily replicated. Many of these offerings are protected by patents, strict regulatory approvals, and first-mover advantages, creating real barriers to entry. The company also benefits from premium pricing on its more unique devices and a broad international footprint. On the risk side, Artivion competes against much larger diversified device makers, depends heavily on a narrow group of complex procedures, and is exposed to hospital purchasing dynamics and reimbursement pressures. Its position is strong within its niche but concentrated and clinically demanding.

Innovation and R&D

Innovation and R&D Innovation is clearly at the center of Artivion’s strategy. The company has built a set of distinctive technologies—such as the low-anticoagulation On-X valve, the versatile BioGlue sealant, and novel hybrid aortic devices—that address challenging surgical situations where alternatives are limited. These innovations are backed by clinical data and specialized surgical techniques, which deepens surgeon loyalty but also increases dependence on continued training and evidence generation. Looking ahead, the pipeline appears meaningful. New hybrid stent graft systems, potential expansion into minimally invasive aortic arch repairs, and options to acquire related technologies (such as NEXUS) could expand Artivion’s reach if trials and regulatory reviews go well. The flip side is that regulatory timelines are long, trials can disappoint, and concentration in aortic innovations increases exposure to any shift in treatment standards. Overall, the company is innovation-driven, with clear upside tied to clinical and regulatory success, but also substantial execution and approval risk.

Summary

Artivion is a focused aortic and cardiac surgery company with a clear clinical niche and a technology-heavy product lineup. Financially, it shows steady revenue growth, improving operating performance, but persistent net losses and limited equity buildup. The balance sheet is stable yet levered, with modest cash and no significant recent asset expansion. Cash flow from operations and free cash flow are positive but thin, suggesting a business that can largely fund itself but does not have a large safety margin. Strategically, Artivion’s strength lies in its specialized products, regulatory and intellectual property protections, and deep relationships with surgeons. Its innovation pipeline offers meaningful long-term opportunities, but results depend heavily on trial outcomes and regulatory approvals. The company combines solid niche positioning and technological differentiation with ongoing profitability, leverage, and execution risks that are important to keep in view.

NEWS

November 6, 2025 · 4:05 PM UTC

Artivion Reports Third Quarter 2025 Financial Results

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November 6, 2025 · 8:00 AM UTC

Artivion Announces Treatment of First Patient with Arcevo LSA in ARTIZEN Pivotal Trial

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October 29, 2025 · 4:10 PM UTC

Artivion to Participate in the Stifel 2025 Healthcare Conference

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October 23, 2025 · 4:10 PM UTC

Artivion Announces Release Date and Teleconference Call Details for Third Quarter 2025 Financial Results

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October 13, 2025 · 8:00 AM UTC

Artivion Announces Presentation of Late-Breaking Data from AMDS PERSEVERE and AMDS PROTECT Trials at the 39th European Association for Cardio-Thoracic Surgery (EACTS) Annual Meeting

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