Artivion (AORT) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $125.8M, up 11% year-over-year (9% constant currency), driven by On-X and aortic stent grafts, with preservation services up 1% and surgical sealants flat.

• Adjusted EBITDA grew 7% to $26.4M, while net loss was $13.5M (GAAP); non-GAAP net income was $6.3M.

• Completed Endospan acquisition, adding NEXUS Aortic Arch Stent Graft System, and received FDA PMA approval for AMDS Hybrid Prosthesis.

• Strong On-X valve growth and positive clinical data reinforce product differentiation and market leadership.

• Published positive long-term Ross procedure and SynerGraft pulmonary valve data; ARTIZEN clinical trial progressing.

Financial highlights

• Q2 2026 total revenues were $125.8M, up 11% year-over-year; adjusted EBITDA rose to $26.4M from $24.8M.

• Gross margin was 64%, down from 64.7% year-over-year, impacted by geographic mix and higher production costs.

• Operating loss was $8.4M, compared to $8.4M income last year, due to higher acquisition-related expenses.

• Free cash flow was negative $12M to $(18.9)M, affected by Endospan-related expenses and acquisition payments.

• Cash and cash equivalents at June 30, 2026 were $77.3M; total debt was $370M.

Outlook and guidance

• Full-year 2026 revenue guidance reiterated at $480M–$496M (7–11% constant currency growth); adjusted EBITDA expected between $92M–$99M, including $8M Endospan-related expenses.

• Anticipates sequential improvements in U.S. AMDS and On-X sales in H2 2026; NEXUS U.S. launch planned for January 2027.

• Liquidity considered sufficient for the next twelve months, with $30M undrawn on the revolving credit facility.