olivLaw · US equity research
Artivion, Inc. AORT
Surgical & Medical Instruments & Apparatus · SIC 3841 · Vertical: Surgical & Medical Instruments & Apparatus (SIC 3841)
Artivion manufactures medical devices and implantable human tissues used in cardiac and vascular surgery for patients with aortic disease. Revenue grew 14% in fiscal 2025 and 11% in the second quarter of 2026, driven by stent grafts and On-X valves. The company recently completed its Endospan acquisition.
At the close of 04 Nov 2026, Artivion, Inc. (AORT) stock was 26.45 USD (+11.56% on the day), with market capitalisation 1.3 bn USD, dividend yield 0.00%, beta 0.64, 52-week range 20.10–47.63 USD. Latest reported quarter (Q2 2026): revenue of 125.8 m USD (+11.3% YoY), net income of -13.5 m USD (−1,104.5% YoY), diluted EPS -0.28 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 69.7
- strong (55–70)
- Bollinger (20, 2)
- 20.35 – 25.14
- above the upper band · %B 1.27 · band width 21.1%
- SMA 50 / 200
- 23.71 / 29.11
- mixed trend
- MACD (12, 26, 9)
- 0.29 / -0.10
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +17.0% | −1.1% | +18.1 pp | — |
| 3 months | +1.1% | −0.5% | +1.5 pp | — |
| 6 months | −23.8% | +4.4% | −28.2 pp | — |
| Year to date | −42.0% | +12.3% | −54.3 pp | — |
| 1 year | −42.2% | +13.5% | −55.7 pp | −5.2% |
| 3 years | +85.9% | +76.4% | +9.5 pp | +14.6% |
| 5 years | +19.3% | +63.7% | −44.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 95.8 m | 97.3 m | 99.0 m | 113.0 m | 113.4 m | 116.0 m | 116.3 m | 125.8 m |
| Cost of revenue | 34.8 m | 35.8 m | 35.4 m | 39.9 m | 39.0 m | 42.8 m | 40.9 m | 45.2 m |
| Gross profit | 61.0 m | 61.5 m | 63.6 m | 73.1 m | 74.4 m | 73.1 m | 75.4 m | 80.5 m |
| Research & development | 6.6 m | 7.4 m | 6.7 m | 7.1 m | 8.1 m | 9.1 m | 8.8 m | 9.1 m |
| SG&A | 50.0 m | 51.4 m | 54.7 m | 57.7 m | 57.3 m | 56.8 m | 60.8 m | 79.8 m |
| Operating income | 4.4 m | 2.7 m | 2.1 m | 8.4 m | 12.5 m | 10.7 m | 5.8 m | -8.4 m |
| Depreciation & amortisation | 6.1 m ≈ | 6.3 m | 5.4 m | 5.5 m ≈ | 5.7 m ≈ | 5.8 m | 6.3 m | 6.7 m ≈ |
| Interest expense | 8.4 m | 9.7 m | 7.7 m | 7.3 m | 6.1 m | 5.5 m | 5.4 m | 7.3 m |
| Pre-tax income | -1.3 m | -16.6 m | -2.3 m | 3.5 m | 7.1 m | 6.5 m | 339.0 k | -11.7 m |
| Income tax | 1.0 m | -119.0 k | -1.8 m | 2.1 m | 554.0 k | 4.1 m | -1.1 m | 1.8 m |
| Net income | -2.3 m | -16.5 m | -505.0 k | 1.3 m | 6.5 m | 2.4 m | 1.4 m | -13.5 m |
| Diluted EPS | -0.05 | -0.42 ≈ | -0.01 | 0.03 | 0.13 | 0.05 ≈ | 0.03 | -0.28 |
| Operating cash flow | 11.5 m ≈ | 10.1 m | -17.0 m | 15.0 m ≈ | 22.3 m ≈ | 19.6 m | 1.2 m | -1.3 m ≈ |
| Capex | 3.6 m ≈ | 1.4 m | 3.6 m | 3.3 m ≈ | 4.6 m ≈ | 27.5 m | 8.0 m | 10.7 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 262.8 m | 276.2 m | 253.2 m | 298.8 m | 313.8 m | 354.0 m | 388.5 m | 441.3 m |
| Revenue YoY | +38.6% | +5.1% | −8.3% | +18.0% | +5.0% | +12.8% | +9.8% | +13.6% |
| Net income | -2.8 m | 1.7 m | -16.7 m | -14.8 m | -19.2 m | -30.7 m | -13.4 m | 9.8 m |
| Net income YoY | −176.7% | unavailable | −1,069.9% | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -0.08 | 0.05 | -0.44 | -0.38 | -0.48 | -0.75 | -0.32 | 0.21 |
| Diluted EPS YoY | −172.7% | unavailable | −980.0% | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -1.1% | 0.6% | -6.6% | -5.0% | -6.1% | -8.7% | -3.4% | 2.2% |
| Free cash flow | 4.1 m | 7.8 m | 5.0 m | -15.7 m | -15.9 m | 9.1 m | 11.0 m | 839.0 k |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 64.9 m USD
- Financial debt
- 215.1 m USD
- Net debt
- 150.2 m USD
- Equity
- 448.2 m USD
- Total assets
- 884.8 m USD
- Debt / equity
- 0.48x
- Current ratio
- 3.53x
- ROE
- 2.7%
- ROA
- 1.2%
- FCF margin
- 0.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 253.2 m | 298.8 m | 313.8 m | 354.0 m | 388.5 m | 441.3 m | SEC (XBRL)· 18 Feb 2026verified |
| Cost of revenue | 85.4 m | 101.3 m | 111.3 m | 124.8 m | 139.8 m | 157.1 m | SEC (XBRL)· 18 Feb 2026verified |
| Gross profit | 167.8 m | 197.5 m | 202.5 m | 229.2 m | 248.8 m | 284.2 m | SEC (XBRL)· 18 Feb 2026verified |
| Research & development | 24.2 m | 35.5 m | 38.9 m | 28.7 m | 28.5 m | 31.0 m | SEC (XBRL)· 18 Feb 2026verified |
| SG&A | 141.1 m | 169.8 m | 157.4 m | 209.0 m | 181.5 m | 226.5 m | SEC (XBRL)· 18 Feb 2026verified |
| Operating income | 2.4 m | 8.1 m | 6.2 m | 5.7 m | 38.9 m | 33.7 m | SEC (XBRL)· 18 Feb 2026verified |
| Depreciation & amortisation | 20.7 m | 24.0 m | 22.4 m | 23.1 m | 24.2 m | 22.5 m | SEC (XBRL)· 18 Feb 2026verified |
| EBITDA | 23.2 m ≈ | 32.1 m ≈ | 28.6 m ≈ | 28.8 m ≈ | 63.1 m ≈ | 56.2 m ≈ | SEC (XBRL)· 18 Feb 2026derived |
| Interest expense | 16.7 m | 16.9 m | 18.2 m | 25.3 m | 34.3 m | 26.6 m | SEC (XBRL)· 18 Feb 2026verified |
| Pre-tax income | -17.2 m | -14.8 m | -15.0 m | -21.6 m | -7.5 m | 14.8 m | SEC (XBRL)· 18 Feb 2026verified |
| Income tax | -492.0 k | 7.0 k | 4.2 m | 9.1 m | 5.8 m | 5.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Net income | -16.7 m | -14.8 m | -19.2 m | -30.7 m | -13.4 m | 9.8 m | SEC (XBRL)· 18 Feb 2026verified |
| Diluted EPS | -0.44 | -0.38 | -0.48 | -0.75 | -0.32 | 0.21 | SEC (XBRL)· 18 Feb 2026verified |
| Weighted average diluted shares | 37.9 m | 39.0 m | 40.0 m | 40.7 m | 41.7 m | 47.2 m | SEC (XBRL)· 18 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 61.4 m | 55.0 m | 39.4 m | 58.9 m | 53.5 m | 64.9 m | SEC (XBRL)· 18 Feb 2026verified |
| Receivables | 46.0 m | 53.0 m | 61.8 m | 71.8 m | 79.5 m | 89.8 m | SEC (XBRL)· 18 Feb 2026verified |
| Inventories | 73.0 m | 77.0 m | 74.5 m | 82.0 m | 79.8 m | 92.4 m | SEC (XBRL)· 18 Feb 2026verified |
| Current assets | 234.6 m | 247.7 m | 247.3 m | 280.7 m | 290.1 m | 358.1 m | SEC (XBRL)· 18 Feb 2026verified |
| Property, plant & equipment, net | 33.1 m | 37.5 m | 38.7 m | 38.4 m | 36.4 m | 65.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Goodwill | 260.1 m | 250.0 m | 243.6 m | 247.3 m | 241.0 m | 254.1 m | SEC (XBRL)· 18 Feb 2026verified |
| Intangibles (excl. goodwill) | 186.1 m | 167.0 m | 151.3 m | 142.6 m | 128.1 m | 123.7 m | SEC (XBRL)· 18 Feb 2026verified |
| Total assets | 789.4 m | 793.1 m | 762.8 m | 792.4 m | 789.1 m | 884.8 m | SEC (XBRL)· 18 Feb 2026verified |
| Accounts payable | 9.6 m | 10.4 m | 12.0 m | 13.3 m | 18.0 m | 16.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Short-term debt | 1.2 m | 1.6 m | 1.6 m | 1.5 m | 195.0 k | 0 | SEC (XBRL)· 18 Feb 2026verified |
| Long-term debt | 290.5 m | 307.5 m | 306.5 m | 305.5 m | 314.2 m | 215.1 m | SEC (XBRL)· 18 Feb 2026verified |
| Current liabilities | 60.5 m | 45.0 m | 49.7 m | 57.9 m | 66.8 m | 101.6 m | SEC (XBRL)· 18 Feb 2026verified |
| Total liabilities | 460.7 m | 492.3 m | 478.5 m | 510.6 m | 512.9 m | 436.6 m | SEC (XBRL)· 18 Feb 2026verified |
| Equity | 328.7 m † | 300.7 m † | 284.3 m † | 281.8 m † | 276.2 m † | 448.2 m † | SEC (XBRL)· 18 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 12.4 m | -2.6 m | -5.2 m | 18.8 m | 22.2 m | 39.9 m | SEC (XBRL)· 18 Feb 2026verified |
| Capex | 7.3 m | 13.1 m | 10.7 m | 9.8 m | 11.2 m | 39.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Free cash flow | 5.0 m ≈ | -15.7 m ≈ | -15.9 m ≈ | 9.1 m ≈ | 11.0 m ≈ | 839.0 k ≈ | SEC (XBRL)· 18 Feb 2026derived |
| Investing cash flow | -73.1 m | 5.7 m | -10.7 m | -502.0 k | -28.2 m | -42.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Financing cash flow | 93.6 m | -12.2 m | -1.6 m | 865.0 k | 2.2 m | 11.3 m | SEC (XBRL)· 18 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 34 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.3 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet24
- Growth100
- Valuation5
- Quality47
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 6.20 – 11.64 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
- Peers: EV/EBITDA6.20 – 11.64 (Mid 9.17)10 companies used · median multiple 16.2x · quartiles 13.0x – 18.9xBDX, BSX, EMBC, HAE, ICUI, MMM, MMSI, RMD, SOLV, SYK
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the base of the ratio is not positive
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 34/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 2.6% | 44 (vs peers) | 16% |
| Net margin · Quality | -0.7% | 51 (vs peers) | 10% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 12.0% | 100 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 6.3x | 8 (vs peers) | 16% |
| Interest coverage · Balance sheet | 0.9x | 0 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 3.5x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 34.9x | 8 (vs peers) | 16% |
| FCF yield · Valuation | -0.7% | 0 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet24/100 · 3/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality47/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation5/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ARTIVION, INC. (AORT). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 441.3 m USD in 2025; YoY growth 13.6%; net margin -0.7%; ROE -0.7%; net debt/EBITDA 6.3x.
The estimated value range is 6.20–11.64 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 9.17 USD, the price of 26.45 USD leaves a potential of -65.3% (value / price − 1) and a margin of safety of -188.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 34/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 12.0%
- Current ratio: 3.5x
What contradicts it
- Net debt / EBITDA: 6.3x
- Interest coverage: 0.9x
- EV/EBITDA: 34.9x
- FCF yield: -0.7%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, P/E (TTM), Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Surgical & Medical Instruments & Apparatus (SIC 3841) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SYKStryker Corp | 129.3 bn | 36.2 | 16.0% | 13.8% | +11.2% | −8% / +15% |
| MMM3m Company | 100.2 bn | 28.9 | 80.8% | 14.0% | +1.5% | +13% / +134% |
| BSXBoston Scientific Corporation | 66.4 bn | 19.4 | 14.3% | 16.6% | +19.9% | −55% / −18% |
| BDXBecton, Dickinson And Company | 57.0 bn | 63.2 | 3.8% | 4.0% | +8.2% | +37% / +13% |
| RMDResMed Inc. | 33.8 bn | 21.9 | 26.4% | 27.8% | +9.9% | −6% / +52% |
| DXCMDexcom, Inc. | 33.0 bn | 34.8 | 37.7% | 19.4% | +15.6% | +39% / −23% |
| WSTWest Pharmaceutical Services, Inc. | 28.5 bn | 45.9 | 21.2% | 18.8% | +6.3% | +47% / +17% |
| SOLVSolventum Corporation | 15.2 bn | 10.9 | 34.0% | 17.3% | +0.9% | +5% / unavailable |
| PENPenumbra, Inc | 12.7 bn | 81.2 | 10.7% | 10.1% | +17.5% | +10% / +45% |
| GMEDGlobus Medical, Inc. | 11.7 bn | 22.3 | 11.8% | 17.0% | +16.7% | −4% / +94% |
| TFXTeleflex Incorporated | 6.4 bn | — | -28.9% | -45.8% | +17.2% | +31% / −34% |
| HAEHaemonetics Corporation | 5.8 bn | 62.3 | 11.2% | 7.1% | −2.0% | +57% / +58% |
| MMSIMerit Medical Systems Inc | 5.4 bn | 34.0 | 9.8% | 9.9% | +11.8% | +5% / +27% |
| HTFLHeartflow, Inc. | 4.9 bn | — | — | -55.8% | +39.9% | +75% / unavailable |
| ICUIIcu Medical Inc | 4.3 bn | 144.2 | 1.4% | 1.4% | −6.3% | +16% / +97% |
| LMATLemaitre Vascular, Inc. | 2.0 bn | 30.9 | 16.8% | 25.0% | +13.5% | +6% / +67% |
| TNDMTandem Diabetes Care, Inc. | 1.3 bn | — | -48.0% | -6.1% | +7.9% | −9% / −6% |
| AORTArtivion, Inc. | 1.3 bn | — | -0.7% | -0.7% | +13.6% | −42% / +86% |
| IARTIntegra Lifesciences Holdings Corp | 1.2 bn | 88.3 | 1.2% | 0.8% | +1.5% | +13% / −62% |
| BBNXBeta Bionics, Inc. | 921.5 m | — | -23.9% | -65.3% | +53.9% | −46% / unavailable |
| SSIISs Innovations International, Inc. | 454.9 m | — | -26.1% | -23.7% | +105.7% | −66% / unavailable |
| CARLCarlsmed, Inc. | 439.3 m | — | -6,196.9% | -57.4% | +85.9% | −1% / unavailable |
| BWAYBrainsway Ltd. | 439.0 m | 224.2 | 5.6% | 7.1% | +29.0% | +28% / +258% |
| EMBCEmbecta Corp. | 369.4 m | 4.4 | — | 8.6% | −3.8% | −49% / −64% |
| CLPTClearPoint Neuro, Inc. | 325.7 m | — | -167.5% | -79.4% | +17.8% | −30% / +76% |
1- and 3-year price returns: for AORT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Artivion manufactures medical devices and implantable human tissues used in cardiac and vascular surgery for patients with aortic disease. Revenue grew 14% in fiscal 2025 1 and 11% in the second quarter of 2026 2, driven by stent grafts and On-X valves. The company recently completed its Endospan acquisition 3.
SWOT
Strengths
- Comprehensive aortic arch portfolio combining in-house products and the NEXUS system 3. On-X valves carry a distinct FDA indication for low INR management 1.
- Steady revenue growth in recent quarters, supported by stent grafts and On-X 12.
- Commercial presence in more than one hundred countries, with direct sales networks in Europe and elsewhere 3.
Weaknesses
Opportunities
Risks
- Currency riskmedium
A significant share of sales is in euros and other currencies, and exchange rate moves could reduce reported dollar revenue 1. Distributors could also delay purchases denominated in dollars 1.
- Human tissue regulationhigh
FDA guidance could reduce tissue supply if applied as drafted, affecting preservation services 1.
- Dependence on key productsmedium
Stent grafts, On-X and BioGlue are significant revenue sources, and problems with any of them could affect financial results 1.
- Endospan integrationmedium
The Endospan acquisition involves significant expense and reliance on a single manufacturer in Israel for the NEXUS system, which could cause supply disruption 13.
- International regulationlow
Repayment requirements in Italy and other national rules could quickly change sales conditions and create additional financial obligations 1.
Investment thesis
What would need to be true (bull case)
- Revenue growth stayed strong through fiscal 2025 and the first half of 2026, with stent grafts and On-X as main drivers 12.
- FDA approval of AMDS and completion of the Endospan acquisition could strengthen the company's position in the aortic arch market 3.
- The 2026 guidance was reiterated, suggesting confidence in meeting revenue and adjusted EBITDA targets 3.
What would break the thesis
What to watch
- Effect of AMDS approval on US sales2026
- Impact of the Endospan integration on costs and marginsQ4 2026
- Evolution of FDA rules on human tissue2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Artivion organizes its business into four major product families: aortic stent grafts, On-X mechanical heart valves and related surgical products, surgical sealants, and implantable cardiac and vascular human tissues 1. Revenue for fiscal 2025 was 441.3 million USD 1.
The company has two reportable segments: Medical Devices, covering stent grafts, sealants, On-X products and other products, and Preservation Services, covering preservation of cardiac and vascular human tissues 1. Key operating subsidiaries include JOTEC in Germany and On-X LTI in Texas 1.
Strategy rests on four growth areas: new products, new indications, global expansion and business development through acquisitions and licensing 1. The Endospan acquisition brought the NEXUS system, which the company says could extend its position in the aortic arch market 3.
Segments
Medical Devices
This segment includes aortic stent grafts, BioGlue sealants, On-X valves and other products 1. Stent grafts were the main growth driver in 2025, with sales of 159.4 million USD 1. Sealant sales stayed nearly flat at 76.6 million USD 1.
Preservation Services
This segment covers preservation of cardiac and vascular human tissues used in valve replacement and repair procedures 1. Revenue fell slightly in 2025 to 95.5 million USD, or 22% of total revenue 1. The company notes that its growth is limited by donor availability and tissue regulation 1.
Market context
Trends
- Growth in aortic stent graftstailwind
Stent graft sales grew strongly in 2025 and continued in 2026, supported by units sold and the launch of AMDS 12. FDA approval of AMDS could accelerate US sales 3.
- Regulation of human tissueheadwind
FDA guidance on tuberculosis transmission risk in human tissue, withdrawn and reissued as drafts, could reduce the supply of safe tissue if implemented as written 1. The company is concerned about the effect on preservation services 1.
- Currency and pricing pressuremixed
The US dollar weakened against major currencies in 2025 and 2026, which raised reported USD revenue 12. A stronger dollar could reduce revenue, and inflation and government-set prices could limit margins 1.
Competitive position
Artivion competes with large medical device, pharmaceutical and tissue processing companies, some with greater financial and commercial resources 1. Competition is intense in virtually all product lines, and some rivals could obtain approvals sooner 1.
Competitors include companies selling valves, stent grafts and sealants, and some have broader distribution networks or lower costs 1. The company says it could lose market share if it does not maintain its technological advantage 1.
- Edwards LifesciencesEW
Competitor in the heart valve segment, named in the risk factors 1.
- MedtronicMDT
Competitor across several cardiovascular product lines, named in risk factors 1.
- Abbott LaboratoriesABT
Competitor in cardiovascular and vascular devices, named in the source 1.
- BaxterBAX
Partner and competitor, involved in the PerClot transition arrangement 12.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Artivion’s (AORT) Growth Story Hides A Widening Bottom-Line ProblemYahoo Finance — News · 16 Sept 2026 · EN
SEC filings
- Quarterly report07 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Current report18 May 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report15 May 2026Shareholder vote
- Quarterly report08 May 2026
- Current report07 May 2026Material agreement · Results of operations · Financial statements and exhibits
- Proxy statement01 Apr 2026
- Annual report18 Feb 2026
- Current report12 Feb 2026Results of operations · Financial statements and exhibits
- Quarterly report07 Nov 2025
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Artivion, Inc. · 18 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Artivion, Inc. · 07 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Artivion, Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.