Anteris Technologies (AVR) H2 2025 earnings summary

Executive summary

• Net sales for 2025 were $1.9 million, down 29% from 2024, primarily due to the expiration of a key distribution agreement and lower sales of legacy products.

• The company reported a net loss after income tax of $94.2 million in 2025, a 24% increase from the $76.0 million loss in 2024, driven by higher R&D expenses and ongoing investments in clinical and regulatory activities.

• Cash and cash equivalents at year-end 2025 were $12.6 million, with subsequent equity offerings in early 2026 raising an additional $320 million to strengthen liquidity.

• The company remains in a development stage, focusing on the DurAVRⓇ THV System and related clinical trials, with no expectation of profitability in the near term.

Financial highlights

• Net sales decreased to $1.9 million in 2025 from $2.7 million in 2024, mainly due to the end of the LeMaitre Transition Services Agreement.

• R&D expenses rose 34% to $69.1 million in 2025, reflecting increased manufacturing scale-up, clinical trial preparation, and headcount.

• Selling, general, and administrative expenses declined 7% to $26.1 million, due to lower stock-based payments, travel, and legal costs.

• Operating loss increased to $93.9 million in 2025 from $78.4 million in 2024.

• Cash used in operating activities was $77.8 million, up 27% from 2024, primarily due to higher R&D spending.

• Accumulated deficit reached $370.5 million at December 31, 2025.

Outlook and guidance

• Management expects continued operating losses and negative cash flows as the company advances clinical trials and regulatory submissions for DurAVRⓇ THV.

• The company anticipates requiring substantial additional funds to achieve long-term goals and does not expect significant revenue until regulatory approval and commercialization.

• Current cash, bolstered by early 2026 equity raises, is expected to fund operations for at least 12 months from year-end 2025.