Artivion Reports Second Quarter 2026 Financial Results

• Achieved revenue of $125.8 million in the second quarter of 2026 versus $113.0 million in the second quarter of 2025, an increase of 11% on a GAAP basis and 9% on a non-GAAP constant currency basis

• Net loss for the second quarter of 2026 was $(13.5) million, or $(0.28) per fully diluted share, and non-GAAP net income was $6.3 million, or $0.13 per fully diluted share

• Adjusted EBITDA increased 7% to $26.4 million in the second quarter of 2026 compared to $24.8 million in the second quarter of 2025

• Announced U.S. FDA PMA Approval of the AMDS Hybrid Prosthesis

• Completed acquisition of Endospan Ltd.

ATLANTA, Aug. 6, 2026 /PRNewswire/ -- Artivion, Inc. (NYSE: AORT), a leading cardiac and vascular surgery company focused on aortic disease, today announced financial results for the second quarter ended June 30, 2026.

"In the second quarter of 2026, we delivered 9% constant currency revenue growth and 7% adjusted EBITDA growth, reflecting continued execution of our strategy to drive long-term, profitable growth through an expanding and clinically differentiated product portfolio. Revenue growth was once again driven primarily by On-X and stent grafts, including AMDS, with On-X growing 18% and stent grafts growing 12% on a constant currency basis, both compared to the second quarter of 2025," said Pat Mackin, Chairman, President, and Chief Executive Officer.

Mr. Mackin continued, "During the quarter, we achieved two milestones we have been focused on since the start of the year. First, we completed the acquisition of Endospan Ltd. and its NEXUS Aortic Arch Stent Graft System sooner than we had anticipated; and second, we received U.S. FDA approval of the PMA for our AMDS Hybrid Prosthesis. Together with ARCEVO LSA, AMDS and NEXUS complete our market-leading, three-pronged aortic arch portfolio, positioning us as the only company globally with a complete portfolio of aortic arch solutions. NEXUS is also a platform technology that is supporting three additional PMA programs in development, which we expect will further extend and solidify our leadership in the aortic arch market over time."

Mr. Mackin concluded, "Overall, we are pleased with our second quarter performance, which included an acceleration in stent graft revenue and a return to growth across all international geographies. Combined with the AMDS PMA approval, we have even greater confidence in our ability to deliver our full year guidance. We continue to build our broader market expansion pipeline, with ARTIZEN enrolling as expected, and remain confident in our longer-term growth outlook."

Second Quarter 2026 Financial Results Total revenues for the second quarter of 2026 were $125.8 million, an increase of 11% on a GAAP basis and 9% on a non-GAAP constant currency basis, both compared to the second quarter of 2025.

Net loss for the second quarter of 2026 was $(13.5) million, or $(0.28) per fully diluted common share, compared to net income of $1.3 million, or $0.03 per fully diluted common share for the second quarter of 2025. Non-GAAP net income for the second quarter of 2026 was $6.3 million, or $0.13 per fully diluted common share, compared to non-GAAP net income of $10.7 million, or $0.24 per fully diluted common share, for the second quarter of 2025. Non-GAAP net income for the second quarter of 2026 includes pretax losses related to foreign currency revaluation of $0.7 million.

2026 Financial Outlook Artivion is reiterating its expectations for revenue for the full year 2026 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 guidance contemplates a continued expectation for currency to represent an approximate one percentage point tailwind for the full year.

Artivion is reiterating its full year 2026 adjusted EBITDA to be in the range of $92 to $99 million. This guidance includes the previously articulated expectation to incur approximately $8 million of expense through the full year 2026 associated with the acquisition of Endospan, which closed in May 2026.

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, losses on inducement/extinguishment of debt, 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 depreciation and 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 2026 exclude potential charges or gains that may be recorded during the fiscal year, relating to, among other things, non-cash compensation; expense/(income) for business development, integration, and severance; 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 August 6, 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 13760537.

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.

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, growth drivers and short and long term growth prospects, earnings, currency impacts, and other financial measures and related information; our beliefs about our competitive advantages and market opportunities; our expected product mix and business strategy; anticipated quarterly fluctuations in our business; our ability to scale our business and expand adjusted EBITDA margins; that our revenues for the full year 2026 will be in the range of $480 to $496 million, representing revenue growth of between 7% to 11% compared to 2025 on an adjusted constant currency basis; that we expect non-GAAP adjusted EBITDA to be in the range of $92 to $99 million in 2026; the expected benefits to be achieved from our Endospan acquisition; and our expected expenses to be incurred after close of the acquisition. 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 the Ascyrus Medical LLC and Endospan transactions, including the expected benefits of the NEXUS Aortic Arch Stent Graft System and other pipeline products; the benefits anticipated from our clinical trials may not be achieved or achieved on our anticipated timelines; 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-Q for the quarter ended June 30, 2026. Artivion does not undertake to update its forward-looking statements, whether as a result of new information, future events, or otherwise.

In Thousands, Except Per Share Data

Products

$99,905

$87,444

$191,347

$166,242

Preservation services

25,852

25,528

50,747

45,708

Products

33,991

28,315

63,688

53,578

Preservation services

11,249

11,545

22,441

21,683

General, administrative, and marketing

79,826

57,665

140,646

112,369

Research and development

9,055

7,063

17,896

13,791

Interest expense

7,253

7,270

12,620

14,933

Interest income

(367)

(68)

(572)

(212)

Losses on inducement/extinguishment of debt

—

2,664

—

2,664

Other income

(3,551)

(4,964)

(3,265)

(8,043)

Income tax expense

1,811

2,137

733

347

Basic

48,541

44,296

48,309

43,270

Diluted

48,541

45,378

48,309

44,503

Foreign currency translation adjustments, net of tax

(911)

15,768

(9,757)

22,099

In Thousands

(Unaudited)

Cash and cash equivalents

$77,316

$64,908

Trade receivables, net

97,928

89,758

Other receivables

12,835

13,921

Inventories

103,364

92,427

Deferred preservation costs

53,365

54,531

Prepaid expenses and other

26,572

42,537

Goodwill

349,862

254,091

Acquired technology, net

149,274

123,664

Operating lease right-of-use assets, net

36,580

34,701

Property and equipment, net

73,699

64,988

Other intangibles, net

74,696

32,831

Deferred tax assets, net

1,216

1,201

Other long-term assets

15,227

15,238

Accounts payable

$20,870

$16,042

Accrued compensation

17,843

22,484

Accrued expenses

16,252

16,447

Accrued interest

6,526

4,815

Taxes payable

5,580

7,489

Accrued procurement fees

1,541

3,436

Current portion of contingent consideration

25,000

20,690

Current maturities of operating leases

5,058

4,649

Current portion of finance lease obligations

860

726

Other current liabilities

7,401

4,778

Long-term debt, net

363,423

215,114

Non-current contingent consideration

71,517

39,890

Non-current maturities of operating leases

35,824

34,427

Deferred tax liabilities, net

25,884

24,308

Deferred compensation liability

10,739

9,464

Non-current finance lease obligations

2,802

2,698

Other long-term liabilities

9,229

9,107

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, 50,179 and 49,330 shares issued as of June 30, 2026 and December 31, 2025, respectively

502

493

Additional paid-in capital

535,798

516,604

Retained deficit

(63,591)

(51,498)

Accumulated other comprehensive loss

(12,476)

(2,719)

Treasury stock, at cost, 1,487 shares as of June 30, 2026 ‎and December 31, 2025

(14,648)

(14,648)

In Thousands

Net (loss) income

$ (12,093)

$840

Adjustments to reconcile net (loss) income to net cash from operating activities:

Depreciation and amortization

13,088

10,984

Non-cash compensation

16,578

14,167

Non-cash lease expense

2,612

2,510

Write-down of inventories and deferred preservation costs

2,368

2,379

Deferred income taxes

(1,421)

(231)

Change in fair value of contingent consideration

9,710

(210)

Losses on inducement/extinguishment of debt

—

2,664

Other

(2,590)

(7,423)

Changes in operating assets and liabilities, net of acquisition:

Receivables

(7,971)

(9,660)

Inventories and deferred preservation costs

(10,752)

(5,521)

Prepaid expenses and other assets

(5,271)

(6,215)

Accounts payable, accrued expenses, and other liabilities

(4,370)

(6,226)

Capital expenditures

(18,751)

(6,925)

Acquisition of Endospan, net of cash acquired

(116,661)

—

Payments related to sale of non-financial assets

(1,500)

—

Other

(3,000)

—

Proceeds from issuance of long-term debt, net

148,875

—

Repayment of debt

—

(134)

Proceeds from exercise of stock options and issuance of common stock

2,625

4,459

Proceeds from financing insurance premiums

3,217

3,117

Principal payments on short-term notes payable

(1,440)

(554)

Other

(426)

(353)

Effect of exchange rate changes on cash and cash equivalents

(419)

2,345

Cash and cash equivalents beginning of period

64,908

53,463

In Thousands

Aortic stent grafts

$46,414

$39,841

$90,811

$76,443

On-X

30,506

25,572

56,457

47,146

Surgical sealants

19,287

19,288

38,092

37,394

Other

3,698

2,743

5,987

5,259

Preservation services

25,852

25,528

50,747

45,708

North America

$62,333

$57,569

$121,028

$105,362

Europe, the Middle East, and Africa

44,548

38,713

88,534

75,758

Asia Pacific

12,169

11,131

20,859

19,345

Latin America

6,707

5,559

11,673

11,485

$ In Thousands

Aortic stent grafts

$46,414

$39,841

$1,632

$41,473

12%

On-X

30,506

25,572

311

25,883

18%

Surgical sealants

19,287

19,288

361

19,649

-2%

Other

3,698

2,743

7

2,750

34%

Preservation services

25,852

25,528

20

25,548

1%

North America

62,333

57,569

50

57,619

8%

Europe, the Middle East, and Africa

44,548

38,713

1,781

40,494

10%

Asia Pacific

12,169

11,131

—

11,131

9%

Latin America

6,707

5,559

500

6,059

11%

Aortic stent grafts

$90,811

$76,443

$5,509

$81,952

11%

On-X

56,457

47,146

945

48,091

17%

Surgical sealants

38,092

37,394

1,110

38,504

-1%

Other

5,987

5,259

32

5,291

13%

Preservation services

50,747

45,708

41

45,749

11%

North America

121,028

105,362

136

105,498

15%

Europe, the Middle East, and Africa

88,534

75,758

6,462

82,220

8%

Asia Pacific

20,859

19,345

—

19,345

8%

Latin America

11,673

11,485

1,039

12,524

-7%

In Thousands

General, administrative, and marketing expense, GAAP

$79,826

$57,665

$140,646

$112,369

Business development, integration, and severance

19,834

3,050

22,848

266

Cybersecurity incident

—

1,243

(1,478)

5,693

Net (loss) income, GAAP

$ (13,510)

$1,345

$ (12,093)

$840

Adjustments:

Interest expense

7,253

7,270

12,620

14,933

Interest income

(367)

(68)

(572)

(212)

Income tax expense

1,811

2,137

733

347

Depreciation and amortization expense

6,748

5,538

13,088

10,984

Non-cash compensation

8,164

6,122

16,578

14,167

Business development, integration, and severance

15,538

2,568

18,022

(489)

Cybersecurity incident

—

1,683

(1,478)

6,429

Losses on inducement/extinguishment of debt

—

2,664

—

2,664

Loss (gain) on foreign currency revaluation

746

(4,495)

1,568

(7,351)

Net cash flows (used in) provided by operating activities

$ (1,266)

$15,011

$ (112)

$ (1,942)

Capital expenditures

(10,748)

(3,287)

(18,751)

(6,925)

In Thousands, Except Per Share Data

Income tax expense

1,811

2,137

733

347

Adjustments:

Amortization expense

4,226

3,427

8,137

6,815

Business development, integration, and severance

15,538

2,568

18,022

(489)

Non-cash interest expense

396

485

711

1,028

Cybersecurity incident

—

1,683

(1,478)

6,429

Losses on inducement/extinguishment of debt

—

2,664

—

2,664

Income tax expense calculated at a tax rate of 25%

2,115

3,577

3,508

4,408

Adjustments:

Amortization expense

0.09

0.07

0.17

0.15

Business development, integration, and severance

0.31

0.06

0.36

(0.01)

Non-cash interest expense

0.01

0.01

0.02

0.02

Cybersecurity incident

—

0.03

(0.03)

0.14

Losses on inducement/extinguishment of debt

—

0.06

—

0.06

Tax effect of non-GAAP adjustments

(0.10)

(0.06)

(0.13)

(0.09)

Effect of 25% tax rate

0.10

0.04

0.07

0.01

Adjustments:

Effect of dilutive stock options and awards

1,077

—

1,360

—

Lance A. Berry

Brian Johnston

Executive Vice President,

Phone: 332-895-3222

Chief Operating Officer &

[email protected]