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olivLaw · US equity research

Anteris Technologies Global Corp. AVR

Orthopedic, Prosthetic & Surgical Appliances & Supplies · SIC 3842 · Vertical: Orthopedic, Prosthetic & Surgical Appliances & Supplies (SIC 3842)

6.12USD+9.29% · 1 dayClose 04 Nov 2026

Anteris Technologies is a structural heart company developing the DurAVR® THV transcatheter valve, built on its proprietary ADAPT® anti-calcification tissue, to treat aortic stenosis. The company is still in development, with minimal revenue and recurring losses, and in 2026 it moved into a decisive phase: the PARADIGM pivotal trial, with U.S. recruitment after Medicare coverage. If the trial supports commercial approval, the stakes for the company are high, though the outcome remains uncertain. Net sales were $1.9 million in fiscal 2025, down 29%, and the loss after income tax was $94.2 million.

At the close of 04 Nov 2026, Anteris Technologies Global Corp. (AVR) stock was 6.12 USD (+9.29% on the day), with market capitalisation 596.4 m USD, beta 1.64, 52-week range 3.38–10.57 USD. Latest reported quarter (Q2 2026): revenue of 1.0 m USD (+63.3% YoY), net income of -29.1 m USD, diluted EPS -0.30 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
596.4 m USD
shares as of 10 Aug 2026
P/E (TTM)
unavailable
Diluted EPS TTM -1.94 · TTM to 30 Jun 2026
E/P (TTM)
-31.69%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
1.64
Volatility (1y) 62%
52-week range
3.3810.57

Price history

Loading chart…

Technical reading

RSI (14)
42.9
weak (30–45)
Bollinger (20, 2)
5.57 – 6.79
in the lower half of the band · %B 0.45 · band width 19.6%
SMA 50 / 200
7.37 / 7.40
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.40 / -0.46
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

CompanyS&P 500vs S&P 500Vertical median
1 month−18.9%−2.0%−16.9 pp—
3 months−24.0%−2.2%−21.8 pp—
6 months−4.2%+4.3%−8.5 pp—
Year to date+22.6%+10.6%+12.1 pp—
1 year+43.3%+10.5%+32.9 pp−2.5%
3 yearsunavailable+73.7%unavailable−2.2%
5 yearsunavailable+61.7%unavailable—
Max drawdown (1y)
−47.0%
06 Jul 2026 → 03 Nov 2026
Max drawdown (5y)
−71.5%
18 Feb 2025 → 11 Apr 2025
Compound annual growth (5y)
unavailable
S&P 500 +10.1%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
1.0 m USD
+63.3% YoY
Net income
-29.1 m USD
unavailable YoY
Diluted EPS
-0.30
unavailable YoY
net / operating
-2,883.4% / -3,072.1%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue769.0 k536.0 k556.0 k618.0 k429.0 k310.0 k494.0 k1.0 m
Cost of revenue443.0 k208.0 k207.0 k148.0 k123.0 k91.0 k114.0 k233.0 k
Research & development13.9 m13.3 m16.5 m16.3 m16.8 m19.5 m17.5 m23.4 m
SG&A7.0 m8.5 m5.7 m5.0 m5.8 m9.7 m6.9 m8.4 m
Operating income-20.6 m-21.5 m-21.8 m-20.9 m-22.3 m-29.0 m-24.0 m-31.0 m
Depreciation & amortisation381.0 k ≈404.0 k403.0 k418.0 k ≈417.0 k ≈423.0 k429.0 k469.0 k ≈
Interest expense11.0 k8.0 k26.0 k22.0 k15.0 k10.0 k27.0 k131.0 k
Pre-tax income-21.8 m-19.2 m-21.9 m-21.1 m-22.2 m-29.0 m-22.4 m-28.8 m
Income tax000000492.0 k0
Net income-21.9 m-19.4 m-21.9 m-20.8 m-22.2 m-29.2 m-23.0 m-29.1 m
Diluted EPS-1.07-0.82 ≈-0.61-0.58-0.62-0.74 ≈-0.28-0.30
Operating cash flow-14.1 m ≈-18.2 m-21.5 m-19.5 m ≈-18.3 m ≈-18.5 m-28.7 m-20.8 m ≈
Capex540.0 k ≈363.0 k248.0 k537.0 k ≈772.0 k ≈397.0 k137.0 k648.0 k ≈

≈ 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 year20242025
Revenue2.7 m1.9 m
Revenue YoYunavailable−29.2%
Net income-76.3 m-94.1 m
Net income YoYunavailableunavailable
Diluted EPS-3.68-2.55
Diluted EPS YoYunavailableunavailable
net %-2,822.5%-4,921.3%
Free cash flow-63.5 m-79.8 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
6.7 m USD
Financial debt
16.0 k USD
Net debt
-6.7 m USD
Equity
-253.0 k USD
Total assets
23.0 m USD
Debt / equity
unavailable
Current ratio
0.73x
ROE
unavailable
ROA
-181.6%
FCF margin
-4,169.2%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2024
2.7 m
2025
1.9 m

SEC (XBRL)· 26 Feb 2026verified

Cost of revenue
2024
1.4 m
2025
569.0 k

SEC (XBRL)· 26 Feb 2026verified

Gross profit
2024
1.3 m ≈
2025
1.3 m ≈

SEC (XBRL)· 26 Feb 2026derived

Research & development
2024
51.5 m
2025
69.1 m

SEC (XBRL)· 26 Feb 2026verified

SG&A
2024
28.2 m
2025
26.1 m

SEC (XBRL)· 26 Feb 2026verified

Operating income
2024
-78.4 m
2025
-93.9 m

SEC (XBRL)· 26 Feb 2026verified

Depreciation & amortisation
2024
1.5 m
2025
1.7 m

SEC (XBRL)· 26 Feb 2026verified

EBITDA
2024
-76.9 m ≈
2025
-92.2 m ≈

SEC (XBRL)· 26 Feb 2026derived

Interest expense
2024
47.0 k
2025
73.0 k

SEC (XBRL)· 26 Feb 2026verified

Pre-tax income
2024
-76.0 m
2025
-94.2 m

SEC (XBRL)· 26 Feb 2026verified

Income tax
2024
0
2025
0

SEC (XBRL)· 26 Feb 2026verified

Net income
2024
-76.3 m
2025
-94.1 m

SEC (XBRL)· 26 Feb 2026verified

Diluted EPS
2024
-3.68
2025
-2.55

SEC (XBRL)· 26 Feb 2026verified

Weighted average diluted shares
2024
20.3 m
2025
36.9 m

SEC (XBRL)· 26 Feb 2026verified

Balance sheet · USD

Cash
2024
70.5 m
2025
6.7 m

SEC (XBRL)· 11 Aug 2026verified

Receivables
2024
208.0 k
2025
32.0 k

SEC (XBRL)· 26 Feb 2026verified

Inventories
2024
513.0 k
2025
152.0 k

SEC (XBRL)· 26 Feb 2026verified

Current assets
2024
74.7 m
2025
15.7 m

SEC (XBRL)· 26 Feb 2026verified

Property, plant & equipment, net
2024
4.8 m
2025
5.3 m

SEC (XBRL)· 26 Feb 2026verified

Intangibles (excl. goodwill)
2024
189.0 k
2025
65.0 k

SEC (XBRL)· 26 Feb 2026verified

Total assets
2024
80.7 m
2025
23.0 m

SEC (XBRL)· 26 Feb 2026verified

Accounts payable
2024
5.9 m
2025
11.1 m

SEC (XBRL)· 26 Feb 2026verified

Short-term debt
2024
3.0 k
2025
16.0 k

SEC (XBRL)· 26 Feb 2026verified

Current liabilities
2024
16.6 m
2025
21.4 m

SEC (XBRL)· 26 Feb 2026verified

Total liabilities
2024
18.0 m
2025
23.3 m

SEC (XBRL)· 26 Feb 2026verified

Equity
2024
62.7 m
2025
-253.0 k

SEC (XBRL)· 26 Feb 2026verified

Cash flow · USD

Operating cash flow
2024
-61.2 m
2025
-77.8 m

SEC (XBRL)· 26 Feb 2026verified

Capex
2024
2.3 m
2025
2.0 m

SEC (XBRL)· 26 Feb 2026verified

Free cash flow
2024
-63.5 m ≈
2025
-79.8 m ≈

SEC (XBRL)· 26 Feb 2026derived

Investing cash flow
2024
-2.3 m
2025
-596.0 k

SEC (XBRL)· 26 Feb 2026verified

Financing cash flow
2024
112.8 m
2025
20.6 m

SEC (XBRL)· 26 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-29.2%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
75.0%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
-4,660.8%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
-4,738.4%
computed by olivLawTTM to 30 Jun 2026
Net margin
-4,619.3%
computed by olivLawTTM to 30 Jun 2026
FCF margin
-3,934.4%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
-75.1%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-66.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
insufficient data
ROCE
-41.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
-249.5 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Net debt / EBITDA
unavailable
insufficient data
Debt / equity
0.0x
computed by olivLawbalance sheet at 30 Jun 2026
Interest coverage
-580.5x
computed by olivLawTTM to 30 Jun 2026

Liquidity

Current ratio
14.2x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
14.2x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
13.6x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-86.3 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
2.0 m USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
-88.2 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
101 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days inventory outstanding
149 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days payables outstanding
3,415 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Cash conversion cycle
-3,166 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

Market and valuation

Market capitalisation
596.4 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
346.9 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-31.7%
computed by olivLawTTM to 30 Jun 2026
P/B
2.4x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
266.0x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
insufficient data
EV/EBIT
unavailable
insufficient data
EV/Sales
154.7x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-14.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 4 of at least 6
  • score weight coverage: 25.0% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

6.12 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 596.4 m USD

Key indicators

Market capitalisation
596.4 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
2.4x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
insufficient data
ROE
-75.1%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-4,619.3%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
-29.2%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

31/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 10 Aug 2026
Source: SEC (XBRL)published 11 Aug 2026
verified 350derived 28

Score by group

25% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · the base of the ratio is not positive
  • Peers: EV/EBITDAunavailable · the base of the ratio is not positive
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Orthopedic, Prosthetic & Surgical Appliances & Supplies (SIC 3842)

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

Insufficient data

Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-4,619.3%9 (vs peers)25%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet-580.5x0 (on a fixed band)25%
Current ratio · Balance sheet14.2x100 (on a fixed band)17%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-14.8%0 (on a fixed band)33%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet40/100 · 2/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality· partial9/100 · 1/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial0/100 · 1/3 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

Anteris Technologies Global Corp. (AVR). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 1.9 m USD in 2025; YoY growth -29.2%; net margin -4,619.3%; ROE -75.1%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Current ratio: 14.2x

What contradicts it

  • Net margin: -4,619.3%
  • Interest coverage: -580.5x
  • FCF yield: -14.8%

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Orthopedic, Prosthetic & Surgical Appliances & Supplies (SIC 3842) · same industry (4-digit SIC) · compared with 23 companies

Multiples and returns vs the median

P/E
—
vertical median 33.3x
EV/EBITDA
—
vertical median 17.0x
P/S
266.0x
vertical median 3.2x
above median (+8,091.5%)
P/B
2.4x
vertical median 4.8x
below median (−50.3%)
ROE
-75.1%
vertical median -16.4%
below median
Net margin
-4,619.3%
vertical median -10.5%
below median
EBIT margin
-4,738.4%
vertical median -0.6%
below median
Revenue YoY
-29.2%
vertical median 7.1%
below median (−511.0%)
Net debt/EBITDA
—
vertical median 3.0x
Dividend yield
—
vertical median 1.1%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
ISRGIntuitive Surgical, Inc.152.8 bn53.318.0%25.5%+20.5%−23% / +42%
EWEdwards Lifesciences Corporation54.9 bn54.89.5%15.4%+11.5%+10% / +41%
SNNSmith & Nephew plc28.5 bn45.311.8%10.1%+6.1%−2% / +25%
STESTERIS plc22.6 bn28.011.4%13.3%+8.7%−13% / +15%
ZBHZimmer Biomet Holdings, Inc.18.5 bn23.66.4%9.5%+7.2%−0% / −17%
ALGNAlign Technology, Inc.11.7 bn28.710.2%10.0%+0.9%+12% / −23%
MSAMsa Safety Inc6.8 bn22.822.1%15.0%+3.7%+10% / +2%
ESTAEstablishment Labs Holdings Inc.2.0 bn—-175.3%-15.8%+27.1%−3% / +161%
ENOVEnovis Corp1.4 bn—-54.3%-48.0%+6.7%−19% / −51%
CDRECadre Holdings, Inc.1.3 bn38.010.6%5.3%+7.5%−28% / −4%
AVRAnteris Technologies Global Corp.596.4 m—-75.1%-4,619.3%−29.2%+43% / unavailable
COCHEnvoy Medical, Inc.549.6 m——-11,304.8%+7.1%+749% / +216%
ZJYLJin Medical International Ltd.483.7 m309.04.1%5.8%−12.0%−39% / −87%
SMTISanara Medtech Inc.297.0 m—-147.7%-29.2%+19.0%+55% / −0%
INGNInogen, Inc.191.6 m—-13.1%-6.9%+3.9%+2% / +24%
LAKELakeland Industries, Inc.88.7 m—-19.6%-14.0%+15.2%−41% / −39%
NTRBNutriband Inc.73.9 m—-100.7%-430.4%−4.8%+23% / +140%
APTAlpha Pro Tech, Ltd.58.6 m14.16.6%6.8%+2.3%+25% / +17%
CLGNCollPlant Biotechnologies Ltd54.2 m—-117.6%-484.6%+360.4%−81% / −92%
MYOMyomo, Inc.51.5 m—-123.8%-33.5%+25.7%+46% / −58%
MLSSMilestone Scientific Inc.29.2 m—-121.7%-44.0%+4.0%+6% / −61%
LFWDLifeward Ltd.17.2 m—-225.6%-141.3%−14.1%−13% / −90%
CUPRCuprina Holdings (Cayman) Limited14.1 m—-1,115.0%-9,366.7%+9.2%−64% / unavailable
BBLGBone Biologics Corporation1.2 m—-47.5%—0.0%−77% / −98%

1- and 3-year price returns: for AVR 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.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
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Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
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
What moves the 3-year price the most

    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

    Anteris Technologies is a structural heart company developing the DurAVR® THV transcatheter valve, built on its proprietary ADAPT® anti-calcification tissue, to treat aortic stenosis. The company is still in development, with minimal revenue and recurring losses, and in 2026 it moved into a decisive phase: the PARADIGM pivotal trial, with U.S. recruitment after Medicare coverage. If the trial supports commercial approval, the stakes for the company are high, though the outcome remains uncertain. Net sales were $1.9 million in fiscal 2025, down 29% 1, and the loss after income tax was $94.2 million 1.

    SWOT

    Strengths

    • The ADAPT® technology has more than ten years of clinical history and has been distributed to tens of thousands of patients in other indications, providing a scientific basis for the lead product 1.
    • The single-piece valve design and commissure alignment are distinctive features that could support differentiation from three-piece valves 1.
    • The company obtained significant financing and a strategic partner in 2026, which could support execution of the pivotal trial 2.

    Weaknesses

    • The company has no significant revenue from its lead product and reports recurring losses, which makes it dependent on external funding 1.
    • Revenue from regenerative tissue sales declined in fiscal 2025 and could be further affected by the expiry of the 4C agreement 12.
    • The product is not yet approved for commercial sale, and research and development costs continue to rise as manufacturing and the trial are scaled 13.

    Opportunities

    • If the PARADIGM trial confirms non-inferiority, the product could access a global TAVR market estimated in billions of dollars 1.
    • Medicare reimbursement eligibility and trial expansion into more countries could accelerate recruitment and launch preparation 23.
    • The segment of patients with degenerated valves and younger, more active patients could open new market niches 1.

    Threats

    • Competitors with much larger resources and consolidated market shares could limit adoption of the product even after approval 1.
    • Unfavorable results or delays in the clinical trial could postpone or prevent product approval 1.
    • Dependence on external tissue suppliers and economic volatility could affect supply continuity and costs 1.

    Risks

    • No revenue from the lead producthigh

      The company has no significant revenue from DurAVR® THV, and recurring losses could continue for a long time, potentially creating further funding needs 1.

    • PARADIGM trial riskhigh

      If the trial does not meet its non-inferiority endpoint, commercial approval could be delayed or rejected, with major effects on the company's plan 13.

    • Shareholder dilutionmedium

      The ATM program and earlier issuances could reduce the stake of existing shareholders if new funding becomes necessary 2.

    • Tissue supply chainmedium

      Supply of ADAPT® tissue depends on sources in the United States and Australia, and interruptions could affect production for the trial 1.

    • Economic and geopolitical contextlow

      Market volatility, geopolitical conflicts and policy changes could affect studies, financing and future demand 1.

    Investment thesis

    What would need to be true (bull case)

    • If the PARADIGM trial supports approval, the company could enter a large global TAVR market with a differentiated technology and an established U.S. reimbursement framework 12.
    • Financing secured in 2026 and the partnership with a major medical device maker could support execution of the plan through clinical results 2.
    • Clinical experience with ADAPT® technology and a growing number of treated patients could speed adoption if data prove favorable 13.

    What would break the thesis

    • The company has no significant revenue yet and reports losses that have grown year over year, which could mean further share issuances 1.
    • Commercial success depends on a single pivotal trial, and its failure or delay could sharply reduce the company's prospects 13.
    • Competitors with far greater resources and established relationships with clinicians could limit the product's penetration 1.

    What to watch

    • Progress of PARADIGM trial recruitment in the U.S. and EuropeQ3 2026
    • Trend in research and development spending and operating cash flowQ3 2026
    • Use of the ATM program and any new share issuancesnext 10-Q
    • Timing of the PMA submission and CE Mark approval2027

    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

    Anteris develops DurAVR® THV, a single-piece biomimetic transcatheter aortic valve made from molded tissue treated with ADAPT®, an anti-calcification process, and delivered through the ComASUR® balloon system 1. ADAPT® tissue has been distributed for use in over 55,000 patients in other indications, while the lead product DurAVR® THV had been implanted in more than 130 patients worldwide as of December 2025 1. The company describes itself as development-stage, with limited revenue from regenerative tissue sales to 4C and previously to LeMaitre, and the 4C agreement expired on June 1, 2026 without early termination penalties 12.

    The current strategy centers on showing that DurAVR® THV is comparable or superior to approved TAVR valves in the PARADIGM randomized controlled study, which plans to enroll approximately 1,000 patients 3. The company received FDA IDE approval in November 2025 and Medicare eligibility in April 2026, and U.S. recruitment began in May 2026 23. U.S. commercialization requires a PMA, while Europe requires CE Mark approval, both dependent on the trial results 2.

    The plan has been funded by a January 2026 public offering and a private placement to Medtronic that together generated approximately $320 million gross 2. In May 2026 the company also set up an at-the-market program of up to $250 million 2. Operations are run from Minneapolis and Brisbane, and the company is listed on NASDAQ and the ASX 3.

    Segments

    DurAVR® THV and delivery system

    The single reported segment covers development and commercialization of ADAPT® technology and the DurAVR® THV System, where research and development expense reached $69.1 million in fiscal 2025 1.

    Regenerative tissue sales

    Current revenue comes from sales of CardioCel™ and VascuCel™ regenerative tissue products to 4C, while sales to LeMaitre ended in January 2025 12. This segment declined in fiscal 2025, with net sales of $1.9 million 1.

    Trends

    • Aging population and earlier diagnosistailwind

      A growing elderly population and earlier identification of aortic stenosis could expand the number of patients eligible for TAVR 1.

    • Dependence on a pivotal trialheadwind

      Delays or unfavorable results in the PARADIGM trial could postpone approval and commercialization, while the company has no revenue to offset its costs 1.

    • Capital needs and dilutionmixed

      The need for capital to fund manufacturing and studies could lead to further share issuances, which could dilute existing shareholders, especially with the ATM program already in place 12.

    Competitive position

    The TAVR market is dominated by manufacturers with large market shares and substantially greater financial resources, along with established relationships in the structural heart community 1. Existing three-piece valves are the standard of care, and introducing a new product requires educating physicians on performance and durability differences 1.

    The company aims to differentiate through its single-piece biomimetic design, commissure alignment and potential for longer durability, but these advantages must be demonstrated in the PARADIGM trial, where the valve is compared directly with approved products 13.

    • Medtronic (Evolut valve)MDT

      A major TAVR valve maker with an established market position, and a strategic partner of the company through the 2026 private placement 12.

    • Edwards Lifesciences (SAPIEN valve)EW

      An important competitor in the TAVR segment, referenced in the context of comparative studies with three-piece valves 1.

    • Three-piece TAVR valve makers

      This group includes several manufacturers of three-piece valves, which are the current standard of care and are used as comparators in the PARADIGM trial 12.

    • Valve-in-valve technology providers

      These players compete for patients with degenerated surgical valves, a segment the company pursues through a parallel registry 12.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    SEC filings

    • Current report23 Sept 2026
      Material agreement · Financial statements and exhibits
    • Current report17 Sept 2026
      Departure or appointment of officers
    • Current report08 Sept 2026
      Departure or appointment of officers · Financial statements and exhibits
    • Current report12 Aug 2026
      Results of operations · Financial statements and exhibits
    • Quarterly report11 Aug 2026
    • Current report03 Aug 2026
      Regulation FD disclosure · Financial statements and exhibits
    • Current report31 Jul 2026
      Regulation FD disclosure · Financial statements and exhibits
    • Current report22 May 2026
      Material agreement · Financial statements and exhibits
    • Current report13 May 2026
      Departure or appointment of officers
    • Current report13 May 2026
      Results of operations · Financial statements and exhibits

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Anteris Technologies Global Corp. · 26 Feb 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Anteris Technologies Global Corp. · 11 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Anteris Technologies Global Corp. · 12 Aug 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.