Full Press Release Details
First Quarter & Recent Business Highlights:
ATLANTA , May 7, 2026 /PRNewswire/ -- Artivion, Inc. (NYSE: AORT ), a leading cardiac and vascular surgery company focused on aortic disease, today announced financial results for the first quarter ended March 31, 2026.
"In the first quarter of 2026, we achieved 12% constant currency revenue growth and 26% adjusted EBITDA growth, reflecting continued execution of our strategy to deliver long-term, profitable performance with an expanding and clinically differentiated product portfolio. Revenue results were driven by year-over-year gains in stent grafts of 21%, On-X of 20%, preservation services of 23%, BioGlue of 4%, all compared to the first quarter of 2025. On a constant currency basis, first quarter year-over-year stent grafts, On-X, and preservation services grew 10%, 17%, and 23%, respectively," said Pat Mackin, Chairman, President, and Chief Executive Officer.
Mr. Mackin continued, "We also continued to advance our best-in-class, aortic-focused product pipeline in the first quarter, driving strong enrollment in the ARTIZEN clinical trial. Further, we were pleased to see our partner Endospan receive U.S. FDA PMA approval for the NEXUS Aortic Arch System, ahead of our initial expectations. We have since exercised our option to acquire Endospan and expect the acquisition to close in the second quarter of 2026, subject to customary closing conditions. Our acquisition of the NEXUS system would expand our market-leading aortic arch portfolio, position us at the forefront of this segment, and broaden our pipeline with three additional PMA programs. With AMDS, NEXUS, and ultimately, Arcevo LSA, we stand to become the only company with a complete portfolio of aortic arch solutions."
Mr. Mackin concluded, "While our first quarter performance fell short of our constant currency expectations due to some transient factors, we are confident that the fundamentals underpinning our strategy remain intact. We are seeing strong reordering behavior within AMDS accounts, which exceeded our expectations and reinforces our conviction in long-term adoption. Meanwhile, On-X continues to take share from both mechanical and bioprosthetic valves as the leading aortic valve on the market for patients under the age of 65."
First Quarter 2026 Financial Results Total revenues for the first quarter of 2026 were $116.3 million, an increase of 18% on a GAAP basis and 12% on a non-GAAP constant currency basis, both compared to the first quarter of 2025.
Net income for the first quarter of 2026 was $1.4 million, or $0.03 per fully diluted common share, compared to net loss of $(0.5) million, or $(0.01) per fully diluted common share for the first quarter of 2025. Non-GAAP net income for the first quarter of 2026 was $4.2 million, or $0.08 per fully diluted common share, compared to non-GAAP net income of $2.5 million, or $0.06 per fully diluted common share, for the first quarter of 2025. Non-GAAP net income for the first quarter of 2026 includes pretax losses related to foreign currency revaluation of $0.8 million.
2026 Financial Outlook Artivion has lowered its expectations for revenue for the full year 2026 and now expects revenue to be in the range of $480 to $496 million, representing growth of 7% to 11% on an adjusted constant currency basis compared to 2025 adjusted revenue 1 . This compares to the previous range of $486 to $504 million, representing growth of 10% to 14% on an adjusted constant currency basis compared to 2025 adjusted revenue 1 . This guidance contemplates currency to represent an approximate one percentage point tailwind for the full year.
Additionally, Artivion has lowered its expectations for adjusted EBITDA, and now expects adjusted EBITDA growth of between 12% and 20% for the full year 2026, compared to 2025, resulting in an expected range of $100 to $107 million for 2026. This compares to the previous range of between 18% and 22% compared to 2025, or an expected range of $105 to $110 million.
Full year 2026 adjusted EBITDA guidance excludes approximately $8 million of Endospan-related expenses expected to be incurred through full year 2026, contingent on closing. U.S. revenue attributable to NEXUS product sales is expected to be negligible for full year 2026 as the Company builds inventory and secures value analysis committee approvals ahead of a planned January 1, 2027 commercial launch.
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, 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 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.
Webcast and Conference Call Information The Company will hold a teleconference call and live webcast on May 7, 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 13759187.
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 .
| Artivion, Inc. and Subsidiaries Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income In Thousands, Except Per Share Data (Unaudited) | |||
| Three Months Ended March 31, | |||
| 2026 | 2025 | ||
| Revenues: | |||
| Products | $ 91,442 | $ 78,798 | |
| Preservation services | 24,895 | 20,180 | |
| Total revenues | 116,337 | 98,978 | |
| Cost of products and preservation services: | |||
| Products | 29,697 | 25,263 | |
| Preservation services | 11,192 | 10,138 | |
| Total cost of products and preservation services | 40,889 | 35,401 | |
| Gross margin | 75,448 | 63,577 | |
| Operating expenses: | |||
| General, administrative, and marketing | 60,820 | 54,704 | |
| Research and development | 8,841 | 6,728 | |
| Total operating expenses | 69,661 | 61,432 | |
| Operating income | 5,787 | 2,145 | |
| Interest expense | 5,367 | 7,663 | |
| Interest income | (205) | (144) | |
| Other expense (income), net | 286 | (3,079) | |
| Income (loss) before income taxes | 339 | (2,295) | |
| Income tax benefit | (1,078) | (1,790) | |
| Net income (loss) | $ 1,417 | $ (505) | |
| Income (loss) per share | |||
| Basic | $ 0.03 | $ (0.01) | |
| Diluted | $ 0.03 | $ (0.01) | |
| Weighted-average common shares outstanding: | |||
| Basic | 48,074 | 42,232 | |
| Diluted | 49,731 | 42,232 | |
| Net income (loss) | $ 1,417 | $ (505) | |
| Other comprehensive (loss) income: | |||
| Foreign currency translation adjustments, net of tax | (8,846) | 6,331 | |
| Comprehensive (loss) income | $ (7,429) | $ 5,826 |
| Artivion, Inc. and Subsidiaries Condensed Consolidated Balance Sheets In Thousands | |||
| March 31, 2026 | December 31, 2025 | ||
| (Unaudited) | |||
| ASSETS | |||
| Current assets: | |||
| Cash and cash equivalents | $ 55,764 | $ 64,908 | |
| Trade receivables, net | 91,871 | 89,758 | |
| Other receivables | 13,749 | 13,921 | |
| Inventories | 97,995 | 92,427 | |
| Deferred preservation costs | 53,412 | 54,531 | |
| Prepaid expenses and other | 44,725 | 42,537 | |
| Total current assets | 357,516 | 358,082 | |
| Goodwill | 251,660 | 254,091 | |
| Acquired technology, net | 120,001 | 123,664 | |
| Operating lease right-of-use assets, net | 34,555 | 34,701 | |
| Property and equipment, net | 67,744 | 64,988 | |
| Other intangibles, net | 34,886 | 32,831 | |
| Deferred tax assets, net | 1,139 | 1,201 | |
| Other long-term assets | 15,656 | 15,238 | |
| Total assets | $ 883,157 | $ 884,796 | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||
| Current liabilities: | |||
| Accounts payable | $ 18,337 | $ 16,042 | |
| Accrued compensation | 13,852 | 22,484 | |
| Accrued expenses | 17,427 | 16,447 | |
| Accrued interest | 4,482 | 4,815 | |
| Taxes payable | 7,130 | 7,489 | |
| Accrued procurement fees | 1,785 | 3,436 | |
| Current portion of contingent consideration | 21,490 | 20,690 | |
| Current maturities of operating leases | 4,667 | 4,649 | |
| Current portion of finance lease obligations | 862 | 726 | |
| Other current liabilities | 2,668 | 4,778 | |
| Total current liabilities | 92,700 | 101,556 | |
| Long-term debt, net | 215,352 | 215,114 | |
| Non-current contingent consideration | 40,830 | 39,890 | |
| Non-current maturities of operating leases | 34,231 | 34,427 | |
| Deferred tax liabilities, net | 27,637 | 24,308 | |
| Deferred compensation liability | 9,738 | 9,464 | |
| Non-current finance lease obligations | 3,045 | 2,698 | |
| Other long-term liabilities | 9,157 | 9,107 | |
| Total liabilities | $ 432,690 | $ 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, 49,983 and 49,330 shares issued as of March 31, 2026 and December 31, 2025, respectively | 500 | 493 | |
| Additional paid-in capital | 526,261 | 516,604 | |
| Retained deficit | (50,081) | (51,498) | |
| Accumulated other comprehensive loss | (11,565) | (2,719) | |
| Treasury stock, at cost, 1,487 shares as of March 31, 2026 and December 31, 2025 | (14,648) | (14,648) | |
| Total stockholders' equity | 450,467 | 448,232 | |
| Total liabilities and stockholders' equity | $ 883,157 | $ 884,796 |
| Artivion, Inc. and Subsidiaries Condensed Consolidated Statement of Cash Flows In Thousands (Unaudited) | |||
| Three Months Ended March 31, | |||
| 2026 | 2025 | ||
| Net cash flows from operating activities: | |||
| Net income (loss) | $ 1,417 | $ (505) | |
| Adjustments to reconcile net income (loss) to net cash from operating activities: | |||
| Depreciation and amortization | 6,340 | 5,446 | |
| Non-cash compensation | 8,414 | 8,045 | |
| Non-cash lease expense | 1,297 | 1,226 | |
| Write-down of inventories and deferred preservation costs | 1,062 | 1,312 | |
| Deferred income taxes | (524) | — | |
| Change in fair value of contingent consideration | 1,740 | (2,830) | |
| Other | 537 | (2,891) | |
| Changes in operating assets and liabilities: | |||
| Receivables | (2,760) | (7,922) | |
| Inventories and deferred preservation costs | (6,379) | (2,453) | |
| Prepaid expenses and other assets | (1,286) | (327) | |
| Accounts payable, accrued expenses, and other liabilities | (8,704) | (16,054) | |
| Net cash flows provided by (used in) operating activities | 1,154 | (16,953) | |
| Net cash flows from investing activities: | |||
| Capital expenditures | (8,003) | (3,638) | |
| Payments related to sale of non-financial assets | (1,500) | — | |
| Payments for Endospan agreements | (1,000) | — | |
| Net cash flows used in investing activities | (10,503) | (3,638) | |
| Net cash flows from financing activities: | |||
| Repayment of debt | — | (66) | |
| Proceeds from exercise of stock options and issuance of common stock | 1,250 | 4,181 | |
| Principal payments on short-term notes payable | (577) | — | |
| Other | (210) | (178) | |
| Net cash flows provided by financing activities | 463 | 3,937 | |
| Effect of exchange rate changes on cash and cash equivalents | (258) | 884 | |
| Decrease in cash and cash equivalents | (9,144) | (15,770) | |
| Cash and cash equivalents beginning of period | 64,908 | 53,463 | |
| Cash and cash equivalents end of period | $ 55,764 | $ 37,693 |
| Artivion, Inc. and Subsidiaries Financial Highlights In Thousands (Unaudited) | |||
| Three Months Ended March 31, | |||
| 2026 | 2025 | ||
| Products: | |||
| Aortic stent grafts | $ 44,397 | $ 36,602 | |
| On-X | 25,951 | 21,574 | |
| Surgical sealants | 18,805 | 18,106 | |
| Other | 2,289 | 2,516 | |
| Total products | 91,442 | 78,798 | |
| Preservation services | 24,895 | 20,180 | |
| Total revenues | $ 116,337 | $ 98,978 | |
| North America | $ 58,695 | $ 47,793 | |
| Europe, the Middle East, and Africa | 43,986 | 37,045 | |
| Asia Pacific | 8,690 | 8,214 | |
| Latin America | 4,966 | 5,926 | |
| Total revenues | $ 116,337 | $ 98,978 |
| Artivion, Inc. and Subsidiaries Reconciliation of GAAP to Non-GAAP Revenues $ In Thousands (Unaudited) | |||||||||
| Revenues for the Three Months Ended March 31, | Percent Change From Prior Year | ||||||||
| 2026 | 2025 | ||||||||
| US GAAP | US GAAP | Exchange Rate Effect | Constant Currency | Constant Currency | |||||
| Products: | |||||||||
| Aortic stent grafts | $ 44,397 | $ 36,602 | $ 3,877 | $ 40,479 | 10 % | ||||
| On-X | 25,951 | 21,574 | 634 | 22,208 | 17 % | ||||
| Surgical sealants | 18,805 | 18,106 | 749 | 18,855 | — % | ||||
| Other | 2,289 | 2,516 | 25 | 2,541 | -10 % | ||||
| Total products | 91,442 | 78,798 | 5,285 | 84,083 | 9 % | ||||
| Preservation services | 24,895 | 20,180 | 21 | 20,201 | 23 % | ||||
| Total | $ 116,337 | $ 98,978 | $ 5,306 | $ 104,284 | 12 % | ||||
| North America | 58,695 | 47,793 | 86 | 47,879 | 23 % | ||||
| Europe, the Middle East, and Africa | 43,986 | 37,045 | 4,681 | 41,726 | 5 % | ||||
| Asia Pacific | 8,690 | 8,214 | — | 8,214 | 6 % | ||||
| Latin America | 4,966 | 5,926 | 539 | 6,465 | -23 % | ||||
| Total | $ 116,337 | $ 98,978 | $ 5,306 | $ 104,284 | 12 % |
| 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 March 31, | |||
| 2026 | 2025 | ||
| Reconciliation of G&A expenses, GAAP to adjusted G&A, non-GAAP: | |||
| General, administrative, and marketing expense, GAAP | $ 60,820 | $ 54,704 | |
| Business development, integration, and severance | 3,014 | (2,784) | |
| Cybersecurity incident | (1,478) | 4,450 | |
| Adjusted G&A, non-GAAP | $ 59,284 | $ 53,038 | |
| Three Months Ended March 31, | |||
| 2026 | 2025 | ||
| Reconciliation of net income (loss), GAAP and EBITDA, non-GAAP to adjusted EBITDA, non- GAAP: | |||
| Net income (loss), GAAP | $ 1,417 | $ (505) | |
| Adjustments: | |||
| Interest expense | 5,367 | 7,663 | |
| Interest income | (205) | (144) | |
| Income tax benefit | (1,078) | (1,790) | |
| Depreciation and amortization expense | 6,340 | 5,446 | |
| EBITDA, non-GAAP | 11,841 | 10,670 | |
| Non-cash compensation | 8,414 | 8,045 | |
| Business development, integration, and severance | 2,484 | (3,057) | |
| Cybersecurity incident | (1,478) | 4,746 | |
| Loss (gain) on foreign currency revaluation | 822 | (2,856) | |
| Adjusted EBITDA, non-GAAP | $ 22,083 | $ 17,548 | |
| Three Months Ended March 31, | |||
| 2026 | 2025 | ||
| Reconciliation of cash flows from operating activities, GAAP to free cash flows, non-GAAP: | |||
| Net cash flows provided by (used in) operating activities | $ 1,154 | $ (16,953) | |
| Capital expenditures | (8,003) | (3,638) | |
| Free cash flows, non-GAAP | $ (6,849) | $ (20,591) |
| 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 March 31, | |||
| 2026 | 2025 | ||
| GAAP: | |||
| Income (loss) before income taxes | $ 339 | $ (2,295) | |
| Income tax benefit | (1,078) | (1,790) | |
| Net income (loss) | $ 1,417 | $ (505) | |
| Diluted income (loss) per common share | $ 0.03 | $ (0.01) | |
| Diluted weighted-average common shares outstanding | 49,731 | 42,232 | |
| Reconciliation of income (loss) before income taxes, GAAP to adjusted income, non-GAAP: | |||
| Income (loss) before income taxes, GAAP: | $ 339 | $ (2,295) | |
| Adjustments: | |||
| Amortization expense | 3,911 | 3,388 | |
| Business development, integration, and severance | 2,484 | (3,057) | |
| Non-cash interest expense | 315 | 543 | |
| Cybersecurity incident | (1,478) | 4,746 | |
| Adjusted income before income taxes, non-GAAP | 5,571 | 3,325 | |
| Income tax expense calculated at a tax rate of 25% | 1,393 | 831 | |
| Adjusted net income, non-GAAP | $ 4,178 | $ 2,494 | |
| 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: | $ 0.03 | $ (0.01) | |
| Adjustments: | |||
| Amortization expense | 0.08 | 0.08 | |
| Business development, integration, and severance | 0.05 | (0.07) | |
| Non-cash interest expense | 0.01 | 0.01 | |
| Cybersecurity incident | (0.03) | 0.11 | |
| Tax effect of non-GAAP adjustments | (0.03) | (0.03) | |
| Effect of 25% tax rate | (0.03) | (0.03) | |
| Adjusted diluted income per common share, non-GAAP | $ 0.08 | $ 0.06 | |
| 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: | 49,731 | 42,232 | |
| Adjustments: | |||
| Effect of dilutive stock options and awards | — | 1,306 | |
| Diluted weighted-average common shares outstanding, non-GAAP | 49,731 | 43,538 |
| Contacts: | |
| Artivion | Gilmartin Group LLC |
| Lance A. Berry | Brian Johnston |
| Executive Vice President, | Phone: 332-895-3222 |
| Chief Operating Officer & | [email protected] |
| Chief Financial Officer | |
| Phone: 770-419-3355 |
SOURCE Artivion, Inc.