1. The Edwards Lifesciences (EW) of next-generation, anti-calcification heart valves.

2. A more specialized Medtronic (MDT), focused on pioneering a significantly more durable transcatheter heart valve.

• DurAVR™ Transcatheter Heart Valve (THV) System: A novel 3-dimensional single-piece aortic heart valve replacement system designed to mimic the native human aortic valve, aiming for superior hemodynamics and durability in patients with severe aortic stenosis.

Anteris Technologies Global (ASX: AVR) is a medical device company that develops and commercializes its proprietary DurAVR™ transcatheter heart valve (THV) system for treating severe aortic stenosis.

The company sells primarily to other companies, specifically healthcare providers and institutions that perform cardiovascular procedures. Due to the nature of the medical device industry, specific individual "major customers" (in terms of publicly named entities or public company symbols) are typically not publicly disclosed as sales are distributed across numerous healthcare facilities. However, the primary categories of customers for Anteris Technologies Global are:

• Hospitals and Integrated Healthcare Systems: These are the primary institutions that purchase and utilize medical devices like the DurAVR™ THV system for their cardiology departments and interventional suites where transcatheter aortic valve replacement (TAVR) procedures are performed. These can range from individual hospitals to large integrated delivery networks (IDNs) in various geographic markets.
• Specialized Cardiac Centers: Within or independent of larger hospital systems, these centers are dedicated to treating cardiovascular diseases and would be direct purchasers and users of Anteris's heart valve technology for their patients requiring aortic valve replacement.

Wayne Paterson Chief Executive Officer and Managing Director

Wayne Paterson was appointed Chief Executive Officer and Managing Director of Anteris Technologies Ltd in March 2017, having joined the company on October 10, 2014. He also serves as Vice Chairman. Mr. Paterson has lived and worked in seven countries and has over 20 years of experience holding senior positions in multi-national pharmaceutical companies. Throughout his career, he has been responsible for building and managing multi-billion dollar businesses globally, including mergers, integrations, acquisitions, and major restructures as President and CEO. From 2005 to 2013, he held senior positions at Merck KGaA, serving most recently as President of Europe, Canada, and Australia. Prior to this, he was President of Emerging Markets, President of Japan, and Global Head of Cardiovascular Medicine. Mr. Paterson has launched 36 drugs in his career. He pivoted Anteris from a drugs company to a medical technology focus, shutting down the previous drug program.

Matthew McDonnell Chief Financial Officer

Matthew McDonnell has served as Chief Financial Officer of Anteris Technologies since November 2018. He is also the Chief Financial Officer of v2vmedtech, inc. from April 2023. Before joining Anteris, Mr. McDonnell worked for KPMG, a global professional services firm, for over 24 years, including 10 years as a partner. During his tenure at KPMG, he gained broad industry experience and corporate governance acumen, providing audit, accounting, and advisory services across various sectors in Australia, such as financial services, transport, industrial markets, health, childcare, and energy. He also has experience in restructurings, acquisitions, divestments, and privatizations. Mr. McDonnell is an Associate of Chartered Accountants in Australia and New Zealand, a Fellow of the Financial Services Institute of Australasia, and a Member of the Australian Institute of Company Directors.

David St Denis President & Director

David St Denis became President of Anteris Technologies Global Corp. and a Class II director on March 5, 2025, having previously served as Chief Operating Officer since July 2017. He also holds the position of CEO of v2vmedtech, inc., a consolidated VIE of Anteris Technologies. His prior experience includes serving as Head of Commercial Operations for Europe & Canada and Head of Operations for Emerging Markets at Merck (KGaA) from 2008 to 2017. Before that, he held multiple leadership roles and worked as a strategic consultant at Millennium Pharmaceuticals (now Takeda) from 1996 to 2008. Mr. St Denis holds a B.S. from the University of Connecticut, an M.A. from Boston University, and an MBA from Babson College – Olin.

Chris Meduri Chief Medical Officer

Chris Meduri serves as the Chief Medical Officer and is a Member of the Medical Advisory Board for Anteris Technologies Global Corp.

John Seaberg Chairman

John Seaberg is the Chairman of the Board of Anteris Technologies Global Corp., an appointment effective November 13, 2024. From 2007 until 2014, he was the Founder, Chair, and CEO of NeoChord Inc., a venture capital-backed company focused on commercializing technology for minimally invasive mitral valve repair. Mr. Seaberg also co-founded ACIST Medical in 1991, serving as its first President and CEO. Between 1996 and 2006, he held various executive positions at Guidant Corp (which was subsequently acquired by Boston Scientific Corp), including Director of Bradycardia Marketing for Cardiac Rhythm Management, Vice President of Sales for Cardiac Surgery, and Vice President of Sales for Cardiac Rhythm Management. He holds an MBA and a BA from the University of Minnesota.

The key risks to Anteris Technologies Global (AVR) are:

1. Clinical Trial and Regulatory Approval Risk: As a clinical-stage biotech firm, Anteris Technologies Global's success is heavily reliant on the successful completion of clinical trials for its lead product, the DurAVR Transcatheter Heart Valve (THV), and subsequent regulatory approvals. The company faces a significant risk of "trial flops," which analysts suggest could lead to a "90%+ downside".

2. Funding and Profitability Risk: Anteris Technologies Global is currently unprofitable and is not projected to achieve profitability within the next three years. The company is "burning cash to fuel R&D" and has experienced "mounting losses," indicating a need for ongoing funding. This situation carries a risk of "dilution for funding," as evidenced by new shares issued in recent years.

3. Commercialization and Market Adoption Risk: Even upon successful regulatory approval, Anteris Technologies Global faces the challenge of successfully commercializing its DurAVR THV system and achieving widespread market adoption. The company is in the process of "building commercial readiness", but achieving significant revenue growth and competing effectively in the established Transcatheter Aortic Valve Replacement (TAVR) market against existing pioneers will be crucial for its financial success.

Anteris Technologies Global (AVR) primarily focuses on its DurAVR Transcatheter Heart Valve (THV) system, designed to treat aortic stenosis. The addressable market for this product falls within the Transcatheter Aortic Valve Replacement (TAVR) market.

The global transcatheter aortic valve replacement (TAVR) market was estimated at approximately USD 6.83 billion in 2024 and is projected to reach USD 11.76 billion by 2033, demonstrating a compound annual growth rate (CAGR) of 5.99% from 2025 to 2033. Another estimate values the global TAVR market at USD 6.8 billion in 2024, expected to grow to USD 12.6 billion by 2035 with a CAGR of 5.9% during the forecast period (2025–2035). A separate report projects the global TAVR market size at USD 6.65 billion in 2025, increasing to approximately USD 12.92 billion by 2035, at a CAGR of 6.87% from 2026 to 2035.

North America is a significant region within the TAVR market, dominating with a revenue share of 38.68% in 2024 and an estimated 38% in 2025. Forecasts suggest North America will contribute 39% to the global market's growth between 2023 and 2028. Anteris Technologies Global specifically targets a growing TAVR market, with estimates suggesting it could reach USD 9.9 billion for severe aortic stenosis and an additional USD 2.5 billion for valve-in-valve procedures by 2028, with North America and Europe identified as core regions.

The broader global aortic valve replacement market, which encompasses both transcatheter and surgical procedures, was valued at USD 15.88 billion in 2024 and is projected to grow to USD 51.66 billion by 2033, exhibiting a CAGR of 14% from 2025 to 2033. Another source estimates the global aortic valve market size at USD 17.2 billion for 2025, expected to reach USD 43.5 billion by 2032.

Here are 3-5 expected drivers of future revenue growth for Anteris Technologies Global (symbol: AVR) over the next 2-3 years:

1. Commercialization and Market Adoption of DurAVR Transcatheter Heart Valve (THV): Anteris Technologies' lead asset, the DurAVR THV system, is a novel biomimetic transcatheter aortic valve designed to treat aortic stenosis. The successful completion of the global pivotal PARADIGM IDE trial, with enrollment expected by Q1 2027 and potential approval in 2028, is a critical step towards broad commercialization and significant revenue generation.
2. Superior Clinical Outcomes and Differentiation of DurAVR THV: The DurAVR THV aims to restore aortic valve function and healthy laminar flow, addressing limitations of existing transcatheter aortic valve replacement (TAVR) devices. Demonstrating consistently low mean gradients, unique benefits like left ventricular remodeling, and superior outcomes in challenging anatomies through clinical trial results could drive rapid adoption and market share, thus increasing revenue.
3. Expansion into New Geographies and Increased Market Penetration: While Anteris Technologies currently operates in several countries including the United States (where the majority of its revenue is generated), Germany, Australia, Switzerland, and Sweden, expansion into additional key global markets will be a significant driver of future revenue growth.
4. Analyst Expectations for Substantial Revenue Growth: Financial analysts project substantial revenue growth for Anteris Technologies Global over the next 2-3 years. Forecasts indicate an annual revenue growth rate of 126.32% for 2026-2028, significantly outpacing the US Medical Instruments & Supplies industry average. The projected Compound Annual Growth Rate (CAGR) for the next three years is 141%. These projections are largely based on the anticipated success and market uptake of the DurAVR THV.

Share Issuance

• Anteris Technologies Global completed an underwritten public offering in January 2026 of 40 million shares of common stock at $5.75 per share, raising approximately $230 million in gross proceeds, which included the full exercise of the underwriters' option to purchase additional shares.
• In January 2026, the company issued and sold 15,652,173 shares of common stock to Medtronic plc in a private placement at $5.75 per share, generating approximately $90 million in gross proceeds. The combined capital raise from the public offering and private placement totaled approximately $320 million in gross proceeds.
• In October 2025, Anteris announced an offering to raise approximately $25 million by selling 2,244,896 shares at $4.90 each and 2,788,064 CHESS Depositary Interests (CDIs) at A$7.50 each.

Inbound Investments

• Medtronic plc made a strategic investment of $90 million in Anteris Technologies Global in January 2026, acquiring 15.65 million shares through a private placement. This investment was part of a larger aggregate capital raise of $320 million.
• The funds from the Medtronic investment are designated to support the global pivotal PARADIGM trial and the commercialization of the DurAVR® Transcatheter Heart Valve (THV).

Capital Expenditures

• Anteris Technologies Global reported capital expenditures of -$1.95 million in the last 12 months, as of March 2026. Capital expenditures for Q4 2025 were $397K.
• The proceeds from capital raises, which are expected to fund capital expenditures, are primarily focused on advancing the company's clinical strategy, including the PARADIGM Trial, and expanding manufacturing capabilities for the DurAVR® Transcatheter Heart Valve.
• In 2025, the company focused on strengthening its operational infrastructure and manufacturing capabilities, including obtaining ISO 13485 certification for DurAVR® THV production.