Artivion Reports Third Quarter 2026 Financial Results

• Achieved revenue of $123.8 million in the third quarter of 2026 versus $113.4 million in the third quarter of 2025, an increase of 9% on a GAAP basis and 9% on a non-GAAP constant currency basis

• Net loss for the third quarter of 2026 was $(7.9) million, or $(0.16) per fully diluted share, and non-GAAP net income was $3.8 million, or $0.08 per fully diluted share

• Adjusted EBITDA declined 8% to $22.5 million in the third quarter of 2026 compared to $24.6 million in the third quarter of 2025

ATLANTA, Nov. 5, 2026 /PRNewswire/ -- Artivion, Inc. (NYSE: AORT), a leading cardiac and vascular surgery company focused on aortic disease, today announced financial results for the third quarter ended September 30, 2026.

"In the third quarter of 2026, we delivered 9% constant currency revenue growth, reflecting continued execution of our strategy to drive long-term, profitable growth through an expanding and clinically differentiated product portfolio. Revenue growth was led by On-X, which grew 13% on a constant currency basis compared to the third quarter of 2025. Stent grafts revenue grew 12% for the second consecutive quarter, despite a tougher AMDS prior year comparison," said Pat Mackin, Chairman, President, and Chief Executive Officer.

Mr. Mackin continued, "The number of U.S. AMDS implants increased from the second quarter, which we believe reflects the impact of our recent PMA approval and our efforts to drive adoption of this new technology. Preparations for the U.S. commercial launch of NEXUS in January 2027 are progressing well, and we look forward to our first surgeon training event in December. We also exited the quarter in a strong supply position for On-X following our investments in our Austin manufacturing facility, and ARTIZEN, our clinical trial for ARCEVO LSA, continues to enroll on schedule."

Mr. Mackin concluded, "Overall, we are encouraged by our third quarter performance and the progress we have made so far in 2026. With the recent PMAs of AMDS and NEXUS in the U.S., and ARCEVO LSA on track with enrollment in the ARTIZEN IDE trial, we believe we are on track to being the only company with a comprehensive aortic arch portfolio, which represents an approximately $330 million annual U.S. market opportunity."

Third Quarter 2026 Financial Results Total revenues for the third quarter of 2026 were $123.8 million, an increase of 9% on a GAAP basis and 9% on a non-GAAP constant currency basis, both compared to the third quarter of 2025.

Net loss for the third quarter of 2026 was $(7.9) million, or $(0.16) per fully diluted common share, compared to net income of $6.5 million, or $0.13 per fully diluted common share for the third quarter of 2025. Non-GAAP net income for the third quarter of 2026 was $3.8 million, or $0.08 per fully diluted common share, compared to non-GAAP net income of $7.9 million, or $0.16 per fully diluted common share, for the third quarter of 2025. Non-GAAP net income for the third quarter of 2026 includes pretax losses related to foreign currency revaluation of $0.6 million.

2026 Financial Outlook Artivion has narrowed its expectations for the full year 2026 and now expects revenue to be in the range of $484 to $492 million, representing growth of 8% to 10% on an adjusted constant currency basis compared to 2025 adjusted revenue1. This compares to the previous range of $480 to $496 million, representing growth of 7% to 11% on an adjusted constant currency basis compared to 2025 adjusted revenue1. This guidance contemplates a continued expectation for currency to represent an approximate one percentage point tailwind for the full year.

Artivion is narrowing its full year 2026 adjusted EBITDA to be in the range of $93 to $98 million. This compares to the previous 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.

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 November 5, 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 13762025.

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 $484 to $492 million, representing growth of 8% to 10% compared to 2025 on an adjusted constant currency basis; that we expect non-GAAP adjusted EBITDA to be in the range of $93 to $98 million in 2026; 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, which we may not realize; 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 September 30, 2026. Artivion does not undertake to update its forward-looking statements, whether as a result of new information, future events, or otherwise.