Artivion
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Artivion (AORT) investor relations material

Artivion Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

Executive summary

  • Achieved 13% adjusted constant currency revenue growth and 26% adjusted EBITDA growth in 2025, with significant improvements in GAAP and non-GAAP profitability year-over-year.

  • Advanced aortic-focused product pipeline, including positive clinical trial data from AMDS PERSEVERE and NEXUS TRIOMPHE, and filed final PMA module for AMDS Hybrid Prosthesis with FDA; approval expected mid-2026.

  • Continued strong U.S. AMDS launch after Humanitarian Device Exemption in late 2024.

Financial highlights

  • Q4 2025 adjusted revenues were $118.3M (up 18.5% year-over-year, excluding Italian payback adjustment); full-year adjusted revenue was $443.6M (+13% constant currency).

  • Adjusted EBITDA for Q4 rose 29% to $22.7M; full-year adjusted EBITDA was $89.6M (26% growth), with margin improvement.

  • Q4 2025 GAAP diluted EPS: $0.05; non-GAAP diluted EPS: $0.17; full-year non-GAAP diluted EPS: $0.63.

  • Free cash flow for FY25 was $0.8M, despite $20M in one-time facility purchases.

  • Net leverage ratio reduced to 1.8 from 3.8 year-over-year; cash at year-end 2025 was $64.9M, debt $215.1M.

Outlook and guidance

  • 2026 constant currency revenue growth expected between 10%-14%, or $486M-$504M.

  • Adjusted EBITDA guidance for 2026 is $105M-$110M, with 18%-22% growth and 150 basis points margin expansion at midpoint.

  • Gross margin expected to improve by 50 basis points; CapEx to be $50M in 2026, up from $39M in 2025.

  • Management targets sustained double-digit constant currency revenue growth and adjusted EBITDA growth at twice the pace of revenue growth long-term.

AMDS: What drives 2026 growth beyond initial accounts
On-X: How to realize $100M new market opportunity
NEXUS: Commercial strategy vs. AMDS, given patient risk
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Frequently asked questions

Artivion Inc develops and manufactures medical devices and preservation technologies for cardiac and vascular surgery. The company’s products include heart valves, surgical sealants, and preserved human tissue used in complex cardiovascular procedures. It serves healthcare providers worldwide. The company is headquartered in Atlanta, Georgia, and its shares are listed on the NYSE.

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