AORT

MKT CAP:$2B

Artivion, Inc.

Market Cap

$2B

Healthcare·Medical - Devices·🇺🇸 United States·NYSE

Healthcare·Medical - Devices·🇺🇸·NYSE

Stock Price

$37.37-$7.09 (-15.95%)

Apr 24, 2026

Company Details

Artivion Inc. manufactures, processes, and distributes medical devices and implantable human tissues worldwide. The company offers BioGlue, a polymer consisting of bovine blood protein and an agent for cross-linking proteins for cardiac, va...

CEO

James Patrick Mackin

IPO Date

Feb 12, 1993

Website

artivion.com

Key Metrics TTM

Revenue

$441M

+13.6% YoY

Net Income

$10M

EPS (Diluted)

$0.20

Free Cash Flow

-$911.0K

Revenue / Share

$8.90

Gross Margin

63.6%

Operating Margin

6.9%

Net Margin

2.2%

FCF Margin

-0.2%

P/S

4.2x

P/E

187.6x

Earnings Reports

Q1 2026

May 4, 2026

PENDING

FY 2025

Feb 18, 2026

$441M+13.6%EPS $0.21

Q4 2025

Feb 18, 2026

$116M+19.2%EPS $0.05

Q3 2025

Nov 7, 2025

$113M+18.4%EPS $0.13

Q2 2025

Aug 8, 2025

$113M+15.3%EPS $0.03

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$77M	$51M	$2M
Q2 22	$80M	$52M	$5M
Q3 22	$77M	$49M	-$4M
Q4 22	$79M	$51M	$4M
Q1 23	$83M	$54M	-$4M
Q2 23	$89M	$58M	$8M
Q3 23	$88M	$56M	-$1M
Q4 23	$94M	$61M	$3M
Q1 24	$97M	$63M	$25M
Q2 24	$98M	$63M	$7M
Q3 24	$96M	$61M	$4M
Q4 24	$97M	$62M	$3M
Q1 25	$99M	$64M	$2M
Q2 25	$113M	$73M	$8M
Q3 25	$113M	$74M	$13M
Q4 25	$116M	$70M	$7M

Valuation

Quarter	P/S	P/E
Q1 22	2.7x	—
Q2 22	2.4x	—
Q3 22	1.8x	—
Q4 22	1.6x	—
Q1 23	1.6x	—
Q2 23	2.1x	—
Q3 23	1.8x	—
Q4 23	2.1x	—
Q1 24	2.4x	—
Q2 24	2.8x	—
Q3 24	2.9x	—
Q4 24	3.1x	—
Q1 25	2.6x	—
Q2 25	3.2x	—
Q3 25	4.4x	—
Q4 25	5.0x	224.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$598.0K	-$3M
Q2 22	-$8M	-$10M
Q3 22	$4M	-$16.0K
Q4 22	-$217.0K	-$3M
Q1 23	-$6M	-$9M
Q2 23	$7M	$5M
Q3 23	$7M	$6M
Q4 23	$11M	$9M
Q1 24	-$5M	-$9M
Q2 24	$6M	$4M
Q3 24	$11M	$8M
Q4 24	$10M	$9M
Q1 25	-$17M	-$21M
Q2 25	$15M	$12M
Q3 25	$21M	$16M
Q4 25	$20M	-$8M

Capital Expenditures

Quarter	CapEx
Q1 22	$2M
Q2 22	$2M
Q3 22	$4M
Q4 22	$3M
Q1 23	$3M
Q2 23	$2M
Q3 23	$1M
Q4 23	$2M
Q1 24	$4M
Q2 24	$3M
Q3 24	$4M
Q4 24	$1M
Q1 25	$4M
Q2 25	$3M
Q3 25	$5M
Q4 25	$28M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+8.6%	+8.5%
Q2 22	+5.5%	+1.3%
Q3 22	+6.4%	+40.7%
Q4 22	+0.0%	-15.2%
Q1 23	+7.8%	+15.2%
Q2 23	+11.1%	+7.6%
Q3 23	+14.3%	+10.1%
Q4 23	+18.0%	+20.2%
Q1 24	+17.1%	-17.2%
Q2 24	+9.8%	+12.2%
Q3 24	+9.0%	+2.6%
Q4 24	+3.9%	+4.6%
Q1 25	+1.6%	+34.3%
Q2 25	+15.3%	+14.3%
Q3 25	+18.4%	+10.4%
Q4 25	+19.2%	+15.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$3M	4.1%
Q2 22	$3M	3.7%
Q3 22	$3M	4.0%
Q4 22	$3M	4.0%
Q1 23	$3M	4.0%
Q2 23	$4M	4.4%
Q3 23	$3M	3.6%
Q4 23	$4M	4.2%
Q1 24	$3M	3.6%
Q2 24	$4M	4.3%
Q3 24	$0	0.0%
Q4 24	$3M	2.8%
Q1 25	$8M	8.1%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	$10M	—	—	$39M
Q2 22	$9M	—	—	$39M
Q3 22	$12M	$41M	$464.0K	—
Q4 22	$8M	—	—	$38M
Q1 23	$7M	—	—	$50M
Q2 23	$7M	—	—	$57M
Q3 23	$6M	—	—	$51M
Q4 23	$8M	—	—	$50M
Q1 24	$7M	—	—	$31M
Q2 24	$7M	—	—	$49M
Q3 24	$7M	—	—	$50M
Q4 24	$7M	—	—	$51M
Q1 25	$7M	—	—	$55M
Q2 25	$7M	—	—	$58M
Q3 25	$8M	—	—	$55M
Q4 25	$9M	—	—	$53M

Revenue Segments

Quarter	Aortic Stent Grafts	On X	Other Products	Preservation Services	Surgical Sealants
Q1 22	$26M	$14M	$2M	$20M	$16M
Q2 22	$24M	$16M	$3M	$21M	$16M
Q3 22	$20M	$16M	$2M	$22M	$17M
Q4 22	$24M	$17M	$2M	$21M	$16M
Q1 23	$26M	$18M	$2M	$21M	$17M
Q2 23	$28M	$18M	$3M	$23M	$17M
Q3 23	$26M	$19M	$3M	$24M	$16M
Q4 23	$27M	$20M	$3M	$25M	$19M
Q1 24	$32M	$20M	$2M	$26M	$17M
Q2 24	$32M	$21M	$2M	$25M	$19M
Q3 24	$29M	$21M	$3M	$25M	$18M
Q4 24	$30M	$22M	$2M	$23M	$20M
Q1 25	$37M	$22M	$3M	$20M	$18M
Q2 25	$40M	$26M	$3M	$26M	$19M

Revenue by Geography

Quarter	Asia Pacific Segment	Europe, the Middle East, and Africa Segments	Latin America Segment	North America Segment
Q1 24	$8M	$34M	$5M	$51M
Q2 24	$10M	$34M	$6M	$49M
Q3 24	$10M	$30M	$6M	$49M
Q4 24	$10M	$33M	$5M	$49M
Q1 25	$8M	$37M	$6M	$48M
Q2 25	$11M	$39M	$6M	$58M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$51M	$0	$51M
Q2 22	$40M	$0	$40M
Q3 22	$38M	$0	$38M
Q4 22	$39M	$0	$39M
Q1 23	$31M	$0	$31M
Q2 23	$49M	$0	$49M
Q3 23	$53M	$0	$53M
Q4 23	$59M	$0	$59M
Q1 24	$51M	$0	$51M
Q2 24	$55M	$0	$55M
Q3 24	$56M	$0	$56M
Q4 24	$53M	$0	$53M
Q1 25	$38M	$0	$38M
Q2 25	$53M	$0	$53M
Q3 25	$73M	$0	$73M
Q4 25	$65M	$0	$65M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	40M	+1.8%	+2.9%
Q2 22	40M	+0.5%	+2.8%
Q3 22	40M	+0.2%	-9.8%
Q4 22	41M	+1.0%	+3.4%
Q1 23	40M	-0.2%	+1.5%
Q2 23	41M	+0.8%	+1.8%
Q3 23	41M	+0.3%	+1.9%
Q4 23	41M	+0.0%	+1.0%
Q1 24	48M	+17.1%	+18.4%
Q2 24	42M	-13.0%	+2.3%
Q3 24	42M	+0.4%	+2.4%
Q4 24	42M	+0.1%	+2.4%
Q1 25	42M	+0.8%	-11.8%
Q2 25	45M	+7.4%	+8.9%
Q3 25	49M	+7.5%	+16.6%
Q4 25	50M	+1.7%	+18.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$59.4K	1K
Q2 22	$61.8K	1K
Q3 22	$59.1K	1K
Q4 22	$61.1K	1K
Q1 23	$64.0K	1K
Q2 23	$68.7K	1K
Q3 23	$67.6K	1K
Q4 23	$62.4K	2K
Q1 24	$65.0K	2K
Q2 24	$65.3K	2K
Q3 24	$63.9K	2K
Q4 24	$60.8K	2K
Q1 25	$61.9K	2K
Q2 25	$70.6K	2K
Q3 25	$70.9K	2K
Q4 25	$64.4K	2K

Revenue / Employee