Artivion (AORT)
Market Price (6/15/2026): $20.845 | Market Cap: $1.0 BilSector: Health Care | Industry: Health Care Equipment
Artivion (AORT)
Market Price (6/15/2026): $20.845Market Cap: $1.0 BilSector: Health CareIndustry: Health Care Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -57% Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease. Themes include Geriatric Care, Cardiovascular Device Therapy, and Surgical Implants. | Weak multi-year price returns2Y Excs Rtn is -53%, 3Y Excs Rtn is -47% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 23x, P/EPrice/Earnings or Price/(Net Income) is 83x Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.0% Key risksAORT key risks include [1] high financial leverage, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -57% |
| Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease. Themes include Geriatric Care, Cardiovascular Device Therapy, and Surgical Implants. |
| Weak multi-year price returns2Y Excs Rtn is -53%, 3Y Excs Rtn is -47% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 23x, P/EPrice/Earnings or Price/(Net Income) is 83x |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.0% |
| Key risksAORT key risks include [1] high financial leverage, Show more. |
Qualitative Assessment
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Updated on 6/1/2026
Artivion (AORT) stock has lost about 50% since 2/28/2026 because of the following key factors:
1. Downward Revision of Full-Year 2026 Financial Guidance.
Artivion significantly lowered its full-year 2026 revenue guidance to a range of $480-$496 million, representing 7-11% constant currency growth, a decrease from its previous projection of $486-$504 million (10-14% growth). Concurrently, adjusted EBITDA guidance was reduced from an anticipated $105-$110 million to a new range of $100-$107 million for the full year.
2. Underperformance in Key Stent Graft Segments.
The revised guidance was attributed to operational challenges, including softness in U.S. AMDS (Ascyrus Medical Dissection Stent) starter set sales and weaker international stent graft performance, particularly in the Middle East, during the first quarter of 2026. This indicated a slowdown in core revenue drivers for the company.
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Artivion (AORT) stock has lost about 50% since 2/28/2026 because of the following key factors:
1. Downward Revision of Full-Year 2026 Financial Guidance.
Artivion significantly lowered its full-year 2026 revenue guidance to a range of $480-$496 million, representing 7-11% constant currency growth, a decrease from its previous projection of $486-$504 million (10-14% growth). Concurrently, adjusted EBITDA guidance was reduced from an anticipated $105-$110 million to a new range of $100-$107 million for the full year.
2. Underperformance in Key Stent Graft Segments.
The revised guidance was attributed to operational challenges, including softness in U.S. AMDS (Ascyrus Medical Dissection Stent) starter set sales and weaker international stent graft performance, particularly in the Middle East, during the first quarter of 2026. This indicated a slowdown in core revenue drivers for the company.
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Stock Movement Drivers
Fundamental Drivers
The -47.8% change in AORT stock from 2/28/2026 to 6/14/2026 was primarily driven by a -55.9% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 6142026 | Change |
|---|---|---|---|
| Stock Price ($) | 38.50 | 20.10 | -47.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 441 | 459 | 3.9% |
| Net Income Margin (%) | 2.2% | 2.5% | 15.1% |
| P/E Multiple | 187.3 | 82.7 | -55.9% |
| Shares Outstanding (Mil) | 48 | 48 | -1.1% |
| Cumulative Contribution | -47.8% |
Market Drivers
2/28/2026 to 6/14/2026| Return | Correlation | |
|---|---|---|
| AORT | -47.8% | |
| Market (SPY) | 8.4% | 11.8% |
| Sector (XLV) | -3.6% | 21.9% |
Fundamental Drivers
The -56.9% change in AORT stock from 11/30/2025 to 6/14/2026 was primarily driven by a -59.6% change in the company's P/S Multiple.| (LTM values as of) | 11302025 | 6142026 | Change |
|---|---|---|---|
| Stock Price ($) | 46.66 | 20.10 | -56.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 423 | 459 | 8.5% |
| P/S Multiple | 5.2 | 2.1 | -59.6% |
| Shares Outstanding (Mil) | 47 | 48 | -1.7% |
| Cumulative Contribution | -56.9% |
Market Drivers
11/30/2025 to 6/14/2026| Return | Correlation | |
|---|---|---|
| AORT | -56.9% | |
| Market (SPY) | 9.2% | 8.0% |
| Sector (XLV) | -1.6% | 17.2% |
Fundamental Drivers
The -32.0% change in AORT stock from 5/31/2025 to 6/14/2026 was primarily driven by a -34.2% change in the company's P/S Multiple.| (LTM values as of) | 5312025 | 6142026 | Change |
|---|---|---|---|
| Stock Price ($) | 29.58 | 20.10 | -32.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 390 | 459 | 17.6% |
| P/S Multiple | 3.2 | 2.1 | -34.2% |
| Shares Outstanding (Mil) | 42 | 48 | -12.2% |
| Cumulative Contribution | -32.0% |
Market Drivers
5/31/2025 to 6/14/2026| Return | Correlation | |
|---|---|---|
| AORT | -32.0% | |
| Market (SPY) | 27.3% | 15.8% |
| Sector (XLV) | 18.0% | 22.1% |
Fundamental Drivers
The 34.2% change in AORT stock from 5/31/2023 to 6/14/2026 was primarily driven by a 43.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312023 | 6142026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.98 | 20.10 | 34.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 320 | 459 | 43.4% |
| P/S Multiple | 1.9 | 2.1 | 11.2% |
| Shares Outstanding (Mil) | 40 | 48 | -15.9% |
| Cumulative Contribution | 34.2% |
Market Drivers
5/31/2023 to 6/14/2026| Return | Correlation | |
|---|---|---|
| AORT | 34.2% | |
| Market (SPY) | 84.5% | 29.5% |
| Sector (XLV) | 26.5% | 26.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AORT Return | -14% | -40% | 48% | 60% | 60% | -55% | -13% |
| Peers Return | 18% | -14% | 6% | 10% | 21% | -15% | 22% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 97% |
Monthly Win Rates [3] | |||||||
| AORT Win Rate | 33% | 42% | 67% | 50% | 50% | 0% | |
| Peers Win Rate | 55% | 47% | 52% | 62% | 65% | 33% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| AORT Max Drawdown | -46% | -57% | -30% | -15% | -30% | -56% | |
| Peers Max Drawdown | -17% | -30% | -21% | -18% | -13% | -27% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MDT, EW, ABT, BSX, JNJ.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/12/2026 (YTD)
How Low Can It Go
| Event | AORT | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -24.4% | -18.8% |
| % Gain to Breakeven | 32.3% | 23.1% |
| Time to Breakeven | 38 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -27.2% | -9.5% |
| % Gain to Breakeven | 37.4% | 10.5% |
| Time to Breakeven | 28 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -12.3% | -6.7% |
| % Gain to Breakeven | 14.1% | 7.1% |
| Time to Breakeven | 32 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -53.9% | -24.5% |
| % Gain to Breakeven | 117.0% | 32.4% |
| Time to Breakeven | 561 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -44.1% | -33.7% |
| % Gain to Breakeven | 79.0% | 50.9% |
| Time to Breakeven | 338 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -22.5% | -19.2% |
| % Gain to Breakeven | 29.1% | 23.8% |
| Time to Breakeven | 2419 days | 105 days |
In The Past
Artivion's stock fell -24.4% during the 2025 US Tariff Shock. Such a loss loss requires a 32.3% gain to breakeven.
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| Event | AORT | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -24.4% | -18.8% |
| % Gain to Breakeven | 32.3% | 23.1% |
| Time to Breakeven | 38 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -27.2% | -9.5% |
| % Gain to Breakeven | 37.4% | 10.5% |
| Time to Breakeven | 28 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -53.9% | -24.5% |
| % Gain to Breakeven | 117.0% | 32.4% |
| Time to Breakeven | 561 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -44.1% | -33.7% |
| % Gain to Breakeven | 79.0% | 50.9% |
| Time to Breakeven | 338 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -22.5% | -19.2% |
| % Gain to Breakeven | 29.1% | 23.8% |
| Time to Breakeven | 2419 days | 105 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -26.3% | -17.9% |
| % Gain to Breakeven | 35.7% | 21.8% |
| Time to Breakeven | 122 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -20.9% | -15.4% |
| % Gain to Breakeven | 26.4% | 18.2% |
| Time to Breakeven | 16 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -52.8% | -53.4% |
| % Gain to Breakeven | 111.8% | 114.4% |
| Time to Breakeven | 183 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -38.7% | -8.6% |
| % Gain to Breakeven | 63.3% | 9.5% |
| Time to Breakeven | 349 days | 47 days |
In The Past
Artivion's stock fell -24.4% during the 2025 US Tariff Shock. Such a loss loss requires a 32.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Artivion (AORT)
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, vascular, neurologic, and pulmonary procedures; cardiac preservation services; PhotoFix, a bovine pericardial patch; and E-vita Open Plus and E-vita Open Neo. It also provides E-xtra design engineering systems for the treatment of aortic vascular diseases; E-nside, an off-the-shelf stent graft for the treatment of thoraco-abdominal disease; E-vita THORACIC 3G for the endovascular treatment of thoracic aortic aneurysms; E-nya, a thoracic stent graft system for the minimally invasive repair of lesions of the descending aorta; E-ventus BX, a balloon-expandable peripheral stent graft for the endovascular treatment of renal and pelvic arteries; E-liac to treat aneurysmal iliac arteries, and aneurysmal iliac side branches; and E-tegra, an abdominal aortic aneurysms stent graft system. In addition, the company offers synthetic vascular grafts for use in open aortic and peripheral vascular surgical procedures; PerClot, an absorbable powdered hemostat for use in surgical procedures; cardiac laser therapy products for angina treatment; CryoVein femoral vein and CryoArtery femoral artery vascular preservation services; On-X prosthetic aortic and mitral heart valves and the On-X ascending aortic prosthesis; CarbonAid CO2 diffusion catheters and Chord-X ePTFE sutures for mitral chordal replacement; and ascyrus medical dissection stents, as well as pyrolytic carbon coating services to medical device manufacturers. It serves physicians, hospitals, and other healthcare facilities, as well as cardiac, vascular, thoracic, and general surgeons. The company was formerly known as CryoLife, Inc. and changed its name to Artivion Inc. in January 2022. The company was founded in 1984 and is headquartered in Kennesaw, Georgia.
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Here are 1-3 brief analogies for Artivion:
- A specialized Medtronic for complex aortic repair and heart valve solutions.
- Similar to an Edwards Lifesciences, but with a broader portfolio addressing aortic disease through stent grafts, heart valves, and surgical glues.
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Here are the major products and services offered by Artivion (AORT):
Major Products
- BioGlue: A polymer adhesive made of bovine blood protein for cardiac, vascular, neurologic, and pulmonary procedures.
- PerClot: An absorbable powdered hemostat used to stop bleeding during surgical procedures.
- PhotoFix: A bovine pericardial patch used in surgical repairs.
- E-vita Open Plus & Neo: Stent grafts designed for open aortic repair.
- E-xtra Design Engineering Systems: Systems used for the treatment of aortic vascular diseases.
- E-nside: An off-the-shelf stent graft for the treatment of thoraco-abdominal disease.
- E-vita THORACIC 3G & E-nya: Thoracic stent graft systems for endovascular and minimally invasive repair of aortic aneurysms and lesions.
- E-ventus BX: A balloon-expandable peripheral stent graft for endovascular treatment of renal and pelvic arteries.
- E-liac: A stent graft system designed to treat aneurysmal iliac arteries and side branches.
- E-tegra: An abdominal aortic aneurysms stent graft system.
- Synthetic Vascular Grafts: Artificial blood vessels used in open aortic and peripheral vascular surgical procedures.
- Cardiac Laser Therapy Products: Devices provided for angina treatment.
- On-X Prosthetic Heart Valves: Artificial aortic and mitral heart valves, including the On-X ascending aortic prosthesis.
- CarbonAid CO2 Diffusion Catheters: Catheters designed to facilitate CO2 diffusion during cardiac procedures.
- Chord-X ePTFE Sutures: Sutures specifically for mitral chordal replacement.
- Ascyrus Medical Dissection Stents: Stents used for the treatment of aortic dissections.
Major Services
- Human Tissue Preservation Services: Categorized services for preserving cardiac, femoral vein, and femoral artery tissues.
- Pyrolytic Carbon Coating Services: Specialized coating services provided to other medical device manufacturers.
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Artivion (AORT) sells primarily to other companies and healthcare professionals, not directly to individuals. Its major customers can be categorized as follows:
- Physicians, including cardiac, vascular, thoracic, and general surgeons
- Hospitals
- Other healthcare facilities
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J. Patrick Mackin, Chairman, President, and Chief Executive Officer
Mr. Mackin assumed the position of President and Chief Executive Officer of Artivion in September 2014, was appointed to the Board of Directors in October 2014, and Chairman in April 2015. He has over 30 years of experience in the medical device industry. Prior to joining Artivion, Mr. Mackin served as President of Cardiac Rhythm Disease Management, the largest operating division of Medtronic, Inc. He also held senior roles at Genzyme, Inc. (acquired by Sanofi) and Deknatel/Snowden-Pencer, Inc. Mr. Mackin has served on the Board of Directors at Wright Medical Group (acquired by Stryker) and Opsens Medical (acquired by Haemonetics).
Lance A. Berry, Executive Vice President, Chief Operating Officer, Chief Financial Officer, and Treasurer
Mr. Berry was appointed Chief Financial Officer of Artivion effective December 4, 2023, and subsequently also assumed the role of Chief Operating Officer effective August 11, 2025. Prior to Artivion, he served as Executive Vice President, Chief Financial and Operations Officer of Wright Medical Group N.V. from January 2019 until its acquisition by Stryker in November 2020. He also held roles as Senior Vice President, Chief Financial Officer and Vice President, Corporate Controller at Wright Medical. Mr. Berry successfully led Wright Medical's merger with Tornier N.V.
Marshall S. Stanton, M.D., Senior Vice President, Clinical Research and Chief Medical Officer
Dr. Stanton was appointed to his current position in March 2021 and has over 20 years of experience in the medical device industry and more than 30 years in healthcare. Before joining Artivion, he held various senior management positions at Medtronic, including Senior Vice President and President of the Pain Therapies Business Unit, General Manager of the Implantable Defibrillator Business, and leader of the Clinical Research Department of the Cardiac and Vascular Group.
John E. Davis, Senior Vice President and Chief Commercial Officer
Mr. Davis focuses on market expansion and sales strategy for Artivion.
Jean F. Holloway, Senior Vice President, General Counsel, Chief Compliance Officer and Secretary
Ms. Holloway serves as the Senior Vice President, General Counsel, Chief Compliance Officer, and Secretary for Artivion.
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Artivion Inc. (AORT), a global manufacturer and distributor of medical devices and implantable human tissues, faces several key business risks inherent to the highly regulated and competitive medical device industry. Here are the key risks to Artivion's business: 1.Regulatory and Compliance Risks
Artivion operates in a heavily regulated environment, and its international operations expose it to complex and evolving regulations from bodies such as the FDA (United States), EMA (Europe), and MHRA (United Kingdom). Non-compliance with these stringent quality standards and regulatory frameworks can lead to significant financial penalties, costly delays in product approvals, product recalls, or even the loss of market access for its products. The company's revenues are significantly dependent on specific products like BioGlue and aortic stent grafts, which are continually subject to regulatory scrutiny. Maintaining meticulous documentation and adhering to compliance across all stages of development, manufacturing, and post-market surveillance is critical and challenging. 2.Competitive Landscape and Market Share
Artivion faces intense competition across its cardiac and vascular medical device market segments. Its competitors include large global healthcare companies such as Medtronic, Abbott Laboratories, Boston Scientific, Edwards Lifesciences, and Terumo Corporation, many of whom possess greater financial resources, extensive experience, and established relationships within the healthcare industry. This competitive pressure can impact Artivion's ability to maintain or grow its market share and profitability. The success of its stent-graft business and new products from ongoing clinical trials relies on its ability to effectively compete and achieve successful commercial launches. 3.Operational Risks, including Supply Chain Dependencies and Cybersecurity Threats
Artivion is susceptible to operational risks, including potential disruptions in its supply chain due to reliance on single-source suppliers. Furthermore, the company is vulnerable to cybersecurity threats. Artivion has previously experienced a cybersecurity incident that caused disruptions to its order and shipping processes, as well as certain corporate operations. While such disruptions may be mitigated, they can lead to financial costs, reputational damage, and potential legal or regulatory scrutiny.AI Analysis | Feedback
The expansion of transcatheter aortic valve replacement (TAVR) and transcatheter mitral valve repair/replacement (TMVR) technologies poses a clear emerging threat to Artivion's traditional surgically implanted heart valves (On-X prosthetic aortic and mitral heart valves) by offering less invasive alternatives to patients, increasingly including those at lower surgical risk.
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Artivion (symbol: AORT) operates in several medical device markets, with its total addressable market estimated to exceed $5.3 billion globally. The company's main products and services contribute to various segments within the cardiovascular and surgical device industries.
Here are the addressable market sizes for Artivion's key product categories:
-
Aortic Stent Grafts and Endovascular Aneurysm Repair (EVAR) Devices: This category encompasses many of Artivion's products, including the E-vita Open Plus, E-vita Open Neo, E-xtra, E-nside, E-vita THORACIC 3G, E-nya, E-ventus BX, E-liac, E-tegra, Ascyrus Medical Dissection Stents, and NEXUS.
- The global endovascular aneurysm repair market was valued at $2,646.60 million in 2020 and is projected to reach $4,359.20 million by 2030. Other estimates suggest the global EVAR market is expected to reach $3.6 billion by 2028 and grow from USD 3.3 billion in 2025 to USD 5.3 billion by 2035.
- The global aortic repair devices market was valued at USD 4.52 billion in 2024 and is expected to reach USD 8.98 billion by 2032.
- The global aortic stent grafts market is projected to rise from $3.2 billion in 2024 to $5 billion in 2034, with global revenue anticipated to grow from USD 3,981.9 million in 2025 to about USD 8,293.7 million by 2035.
- North America held the highest market share in the EVAR and aortic repair devices markets.
- The NEXUS stent graft, specifically for minimally invasive total aortic arch repair, addresses a market estimated to be between $600 million and $800 million globally.
- The Arcevo LSA targets a niche market estimated at approximately $80 million within LSA-inclusive Frozen Elephant Trunk procedures.
-
Surgical Sealants and Adhesives: This includes Artivion's BioGlue surgical adhesive.
- The global surgical sealants and adhesives market was estimated at $1.9 billion in 2020 and is poised to reach $2.8 billion by 2025.
- Other reports indicate the global market size was estimated at USD 2.73 billion in 2025, anticipated to reach USD 5.00 billion by 2033, and is expected to reach $5.7 billion by 2031. It was also valued at USD 2.71 billion in 2024, projected to reach USD 5.25 billion by 2032.
- North America held the largest share of the global surgical sealants and adhesives market in 2025.
-
Prosthetic Heart Valves: This includes Artivion's On-X prosthetic aortic and mitral heart valves.
- The global prosthetic heart valve market was valued at $8.6 billion in 2023 and is projected to reach $30.3 billion by 2035.
- Another estimate places the global market at USD 9.72 billion in 2025, predicted to increase to approximately USD 25.27 billion by 2034.
- North America dominated the market in terms of revenue in 2023 and 2024.
-
Vascular Grafts: This covers Artivion's synthetic vascular grafts.
- The global vascular graft market was valued at USD 1.89 billion in 2025, estimated to grow to USD 2.83 billion by 2031.
- Other reports suggest the global vascular grafts market is projected to grow from about USD 7.5 billion in 2026 to USD 9.65 billion by 2033, and was valued at USD 3.6 billion in 2024, expected to reach USD 7.3 billion in 2034.
- North America leads the global vascular grafts market.
-
Pericardial Patches: This includes Artivion's PhotoFix bovine pericardial patch.
- The global pericardial patches market accounted for USD 384.02 million in 2024 and is expected to reach around USD 762.52 million by 2034.
- Other estimates indicate the global market size was valued at USD 408.73 million in 2025, expected to reach USD 789.13 million by 2035, and was valued at USD 336.8 million in 2024, likely to reach USD 777.9 million by 2037.
- North America dominated the global market for pericardial patches in 2024.
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Artivion (AORT) anticipates several key drivers for future revenue growth over the next two to three years:- Expanded Commercialization of AMDS (Ascyrus Medical Dissection Stent) in the U.S.: Artivion is actively commercializing its AMDS in the U.S., targeting a significant annual market opportunity estimated at $150 million. The company expects new clinical data and favorable reimbursement dynamics to further bolster its adoption. The final PMA module for the AMDS Hybrid Prosthesis was filed, with FDA approval anticipated by mid-2026, projected to add 100-200 basis points to fiscal year 2025 revenue.
- Growth in On-X Heart Valve Sales driven by New Clinical Data: Artivion is leveraging new clinical data that highlights mortality and reoperation benefits of its On-X mechanical heart valves for patients under 65 years of age, particularly when compared to bioprosthetic valves. This data has unlocked a new $100 million annual U.S. market opportunity, contributing to significant global market share gains. On-X revenues demonstrated a 24% year-over-year constant currency growth in Q4 2025.
- Continued Strength and Expansion of the Stent Graft Portfolio: The company's stent graft revenues experienced robust growth, increasing by 36% in Q4 2025. This growth is expected to continue, with management forecasting low 20% growth in aortic stent grafts for 2026. Key products such as the NEXUS system, which is marketed in Europe, are designed to improve patient outcomes in complex aortic arch repairs and contribute to this growth, representing a potential $150 million market opportunity.
- Strategic Geographic Market Expansion: Artivion is focused on expanding its presence in key international markets, specifically prioritizing growth in Europe, the U.S., and Japan. The company has also noted growth in regions like Latin America and EMEA (Europe, Middle East, and Africa). Additionally, the regulatory approval to commercialize BioGlue in China in Q3 2024 further indicates efforts to penetrate new markets.
- Advancement of its Product Development Pipeline: Beyond already launched products, Artivion is advancing other clinical programs and pipelines, such as the ARTIZEN pivotal trial for Arcevo LSA. The company's overall product pipeline is estimated to represent a substantial potential market opportunity of $1 billion, indicating future revenue contributions from new innovative medical technologies.
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Share Issuance
- In May 2025, Artivion exchanged approximately $99.54 million in principal amount of its 4.250% convertible senior notes due 2025 for 4,334,347 shares of common stock, effectively retiring the notes.
- Artivion filed an S-8 on August 8, 2025, to register an additional 3,570,000 shares of common stock under its 2020 Equity and Cash Incentive Plan, following stockholder approval in May 2025.
- A Senior Vice President received a stock award of 21,838 shares in February 2025 as part of performance stock units.
Outbound Investments
- Artivion has a planned acquisition of Endospan, an investment aimed at enhancing its market position.
- In July 2024, amendments to the Endospan acquisition option terms included providing up to $25 million in additional loans and a reduced upfront payment of $175 million for the acquisition.
Capital Expenditures
- Capital expenditures for the full year 2025 were $39 million.
- Expected capital expenditures for 2026 are approximately $50 million.
- The primary focus of these capital expenditures for 2025 and 2026 is to support On-X growth and upgrade IT systems, with overall elevated CapEx during this period for facilities, equipment, and systems to ensure long-term growth.
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 82.66 |
| Mkt Cap | 86.3 |
| Rev LTM | 28,049 |
| Op Inc LTM | 5,358 |
| FCF LTM | 4,354 |
| FCF 3Y Avg | 3,897 |
| CFO LTM | 5,813 |
| CFO 3Y Avg | 5,280 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 11.0% |
| Rev Chg 3Y Avg | 8.1% |
| Rev Chg Q | 10.7% |
| QoQ Delta Rev Chg LTM | 2.5% |
| Op Inc Chg LTM | 17.1% |
| Op Inc Chg 3Y Avg | 5.5% |
| Op Mgn LTM | 19.3% |
| Op Mgn 3Y Avg | 18.5% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 21.0% |
| CFO/Rev 3Y Avg | 19.9% |
| FCF/Rev LTM | 16.2% |
| FCF/Rev 3Y Avg | 14.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 86.3 |
| P/S | 3.4 |
| P/Op Inc | 21.2 |
| P/EBIT | 20.0 |
| P/E | 26.0 |
| P/CFO | 16.4 |
| Total Yield | 5.5% |
| Dividend Yield | 1.1% |
| FCF Yield 3Y Avg | 2.7% |
| D/E | 0.2 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 4.5% |
| 3M Rtn | -12.5% |
| 6M Rtn | -23.7% |
| 12M Rtn | -17.0% |
| 3Y Rtn | -3.3% |
| 1M Excs Rtn | 5.0% |
| 3M Excs Rtn | -24.6% |
| 6M Excs Rtn | -31.1% |
| 12M Excs Rtn | -41.8% |
| 3Y Excs Rtn | -69.8% |
Price Behavior
Price Behavior
| Market Price | $20.10 | |
| Market Cap ($ Bil) | 1.0 | |
| First Trading Date | 12/29/2006 | |
| Distance from 52W High | -57.8% | |
| 50 Days | 200 Days | |
| DMA Price | $29.22 | $38.79 |
| DMA Trend | down | down |
| Distance from DMA | -31.2% | -48.2% |
| 3M | 1YR | |
| Volatility | 70.7% | 51.7% |
| Downside Capture | 131.31 | 58.32 |
| Upside Capture | -127.42 | 1.73 |
| Correlation (SPY) | 12.0% | 16.3% |
AORT Betas & Captures as of 5/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -1.72 | 0.30 | 0.50 | 0.28 | 0.64 | 0.84 |
| Up Beta | -3.14 | 0.58 | 1.05 | 1.16 | 1.52 | 0.87 |
| Down Beta | 1.76 | 2.74 | 1.16 | 0.49 | 0.46 | 0.72 |
| Up Capture | -418% | -145% | -88% | -72% | 5% | 62% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 7 | 19 | 30 | 60 | 129 | 378 |
| Down Capture | 201% | 254% | 131% | 83% | 67% | 97% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 13 | 22 | 33 | 64 | 118 | 365 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AORT | |
|---|---|---|---|---|
| AORT | -29.6% | 51.6% | -0.50 | - |
| Sector ETF (XLV) | 15.4% | 15.0% | 0.74 | 22.1% |
| Equity (SPY) | 24.9% | 12.3% | 1.52 | 16.0% |
| Gold (GLD) | 25.5% | 27.4% | 0.81 | 2.6% |
| Commodities (DBC) | 30.1% | 19.0% | 1.25 | -11.5% |
| Real Estate (VNQ) | 13.5% | 13.5% | 0.69 | 11.9% |
| Bitcoin (BTCUSD) | -41.7% | 42.2% | -1.16 | 8.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AORT | |
|---|---|---|---|---|
| AORT | -6.7% | 44.9% | -0.00 | - |
| Sector ETF (XLV) | 6.4% | 14.8% | 0.25 | 33.5% |
| Equity (SPY) | 13.5% | 17.1% | 0.61 | 38.3% |
| Gold (GLD) | 16.8% | 18.2% | 0.75 | 8.0% |
| Commodities (DBC) | 8.4% | 19.4% | 0.33 | 5.1% |
| Real Estate (VNQ) | 2.8% | 18.8% | 0.05 | 36.3% |
| Bitcoin (BTCUSD) | 13.6% | 54.4% | 0.44 | 17.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AORT | |
|---|---|---|---|---|
| AORT | 5.7% | 44.7% | 0.29 | - |
| Sector ETF (XLV) | 9.7% | 16.6% | 0.47 | 39.1% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 41.7% |
| Gold (GLD) | 12.5% | 16.1% | 0.64 | 4.8% |
| Commodities (DBC) | 6.7% | 18.0% | 0.29 | 10.1% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.24 | 36.1% |
| Bitcoin (BTCUSD) | 60.3% | 66.8% | 1.00 | 11.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/10/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/7/2026 | -28.3% | -35.3% | -42.4% |
| 2/12/2026 | -10.0% | -5.7% | -8.0% |
| 11/6/2025 | -5.5% | -4.0% | -8.9% |
| 8/7/2025 | 25.2% | 31.3% | 32.8% |
| 5/5/2025 | 15.4% | 21.0% | 20.6% |
| 2/24/2025 | -8.2% | -9.8% | -11.4% |
| 11/7/2024 | -0.9% | -6.9% | 0.1% |
| 8/8/2024 | -1.9% | -0.4% | -3.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 12 | 12 |
| # Negative | 14 | 12 | 12 |
| Median Positive | 11.3% | 10.3% | 17.3% |
| Median Negative | -3.4% | -4.9% | -8.4% |
| Max Positive | 25.2% | 36.5% | 39.8% |
| Max Negative | -28.3% | -35.3% | -42.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
Recent Forward Guidance
Updated 5/31/2026Latest: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 480.00 Mil | 488.00 Mil | 496.00 Mil | -1.4% | Lowered | Guidance: 495.00 Mil for 2026 | |
| 2026 Revenue Growth | 7.0% | 9.0% | 11.0% | -25.0% | -3.0% | Lowered | Guidance: 12.0% for 2026 |
| 2026 Adjusted EBITDA | 100.00 Mil | 103.50 Mil | 107.00 Mil | -3.7% | Lowered | Guidance: 107.50 Mil for 2026 | |
| 2026 Adjusted EBITDA Growth | 12.0% | 16.0% | 20.0% | -20.0% | -4.0% | Lowered | Guidance: 20.0% for 2026 |
Prior: Q4 2025 Earnings Reported 2/12/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 486.00 Mil | 495.00 Mil | 504.00 Mil | 12.0% | Higher New | Guidance: 442.00 Mil for 2025 | |
| 2026 Revenue Growth | 10.0% | 12.0% | 14.0% | -11.1% | -1.5% | Lower New | Guidance: 13.5% for 2025 |
| 2026 Adjusted EBITDA | 105.00 Mil | 107.50 Mil | 110.00 Mil | 20.1% | Higher New | Guidance: 89.50 Mil for 2025 | |
| 2026 Adjusted EBITDA Growth | 18.0% | 20.0% | 22.0% | -23.1% | -6.0% | Lower New | Guidance: 26.0% for 2025 |
Insider Activity
Updated 6/15/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Green, Andrew M | SVP, Regulatory and Quality | Direct | Sell | 6152026 | 20.70 | 44,001 | 910,739 | 1,247,249 | Form |
| 2 | Holloway, Jean F | SVP, General Counsel | Direct | Sell | 3042026 | 38.00 | 8,962 | 340,556 | 7,033,610 | Form |
| 3 | Horton, Amy | VP, Chief Accounting Officer | Direct | Sell | 3042026 | 37.78 | 901 | 34,036 | 5,254,133 | Form |
| 4 | Holloway, Jean F | SVP, General Counsel | Direct | Sell | 3042026 | 37.78 | 3,843 | 145,172 | 7,330,620 | Form |
| 5 | Stanton, Marshall S | SVP, Clinical & MD Affair | Direct | Sell | 3042026 | 37.78 | 2,149 | 81,180 | 2,270,200 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 6/14/2026