Artivion, Inc. (AORT)

Price$25.44Cached quoteAs of 2026-09-04 16:23 UTC

AI: Overvalued

Price checkThe shares look expensive because today’s value depends on much stronger profits and cash generation.

Using 48.8 million shares, the market values the equity at about $1.22 billion. Adding $331 million of net debt gives an enterprise value—the effective price for the operations—near $1.55 billion. That is roughly 16 times management’s $92–$99 million 2026 adjusted EBITDA target; adjusted EBITDA means profit before interest, tax, depreciation, amortization, and selected costs. It is about 34 times the last four quarters’ unadjusted equivalent. With a trailing net loss and negative free cash flow, this supports an Overvalued verdict.

Big pictureSales have risen steadily, but dependable cash generation has not yet followed.

Revenue rose from $253.2 million in 2020 to $441.3 million in 2025, while first-half 2026 revenue gained 14% to $242.1 million. Yet 2025 net income was only $9.8 million, and the latest four quarters together produced a small net loss. First-half operating cash flow was negative $0.1 million while capital spending was $18.8 million. Free cash flow—cash left after running and investing in the business—was therefore negative, even before considering $16.6 million of first-half stock compensation.

Business strengthEssential surgery demand supports sales, but debt and more shares weaken each owner’s claim.

On-X valves and stent grafts grew 18% and 12%, respectively, excluding currency changes in the second quarter. Products used in serious aortic and cardiac surgery should be less tied to ordinary consumer cycles, although hospital adoption, geography, and supply still make quarters uneven. Current assets of $371 million comfortably covered $107 million of current liabilities, but total debt jumped from $258 million in March to $408 million in June after Endospan. Shares rose from 42.0 million at 2024 year-end to 48.8 million, including 4.33 million issued to retire convertible debt; no dividends or buybacks offset dilution.

What could change the storyFaster adoption of approved products could justify the price; weak cash generation would not.

The bull case is tangible: full AMDS approval removed a hospital review step, and management estimates a $150 million annual U.S. market; owning NEXUS adds another approved aortic-arch platform. The bear case is that the valuation already assumes 7%–11% 2026 revenue growth, $92–$99 million of adjusted EBITDA, and eventual debt reduction. Confidence would improve if AMDS and NEXUS growth produces positive free cash flow and falling net debt. Continued cash burn, weak international stent-graft sales, or more acquisition payments would undermine that case; Endospan’s earnout alone can reach $200 million.

AI: News

Second-quarter sales beatSecond-quarter sales topped expectations, but reported losses showed acquisition costs still matter.

On August 6, Artivion reported second-quarter revenue of $125.8 million, up 11%, and adjusted earnings of $0.13 per share; FactSet expectations cited by MT Newswires were $120 million and $0.10. Shares were indicated more than 5% higher before the next session, a reaction the report associated with the beat. However, reported results swung to a $13.5 million net loss, while management kept revenue guidance at $480–$496 million and adjusted EBITDA guidance at $92–$99 million.

Full device approvalFull approval expands the new aortic device’s access, creating a clear growth path if hospitals adopt it.

On June 29, the Food and Drug Administration granted full premarket approval for the AMDS hybrid prosthesis in acute DeBakey Type I dissections with malperfusion. Artivion says this covers roughly 60% of such cases and removes the hospital review previously required. The company estimates about 6,000 U.S. cases annually and a $150 million market. Its non-randomized, 93-patient trial reported 72% lower 30-day mortality and 54% fewer major adverse events than the standard-care comparison; commercialization speed remains uncertain.

Endospan acquisition closesBuying Endospan expands Artivion’s product range, but borrowed money and future payments increase risk.

Artivion closed the Endospan purchase on May 18, gaining NEXUS, an approved, minimally invasive aortic-arch system it had distributed in Europe since 2019. The company used a new $150 million term loan to fund the $135 million announced upfront net price. The filing later recorded $178.1 million of total fair-value consideration, including a $26.2 million estimated earnout liability; actual performance payments can reach $200 million. The deal widens the product opportunity but raises leverage and integration demands.

Outlook sharply reducedThe lower outlook and acquisition commitment prompted investors to sharply reset expectations.

On May 7, first-quarter revenue rose 18% to $116.3 million, yet management lowered 2026 revenue guidance to $480–$496 million from $486–$504 million and adjusted EBITDA guidance to $100–$107 million from $105–$110 million. Investing.com reported shares down nearly 29% the next morning and attributed the move to the outlook cut and acquisition commitment. That attribution is plausible but is reporting, not proof of a single cause. The EBITDA outlook was later reset to $92–$99 million including Endospan expense.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue	$441.3M	$388.5M	$354.0M	$313.8M	$298.8M	$253.2M	$276.2M	$262.8M	$189.7M	$180.4M	$145.9M	$144.6M	$140.8M	$131.7M	$119.6M	$116.6M	$111.7M
Gross profit	$284.2M	$248.8M	$229.2M	$202.5M	$197.5M	$167.8M	$183.0M	$173.0M	$128.6M	$118.9M	$90.7M	$91.3M	$90.4M	$85.0M	$75.8M	$68.4M	$69.8M
Gross margin	64.40%	64.03%	64.74%	64.54%	66.09%	66.26%	66.26%	65.81%	67.81%	65.92%	62.18%	63.12%	64.21%	64.55%	63.40%	58.61%	62.47%
Research & development	$31.0M	$28.5M	$28.7M	$38.9M	$35.5M	$24.2M	$23.0M	$23.1M	$19.5M	$13.4M	$10.4M	$8.7M	$8.5M	$7.3M	$6.9M	$5.9M	$5.2M
Operating expenses	$257.5M	$209.9M	$237.7M	$196.3M	$205.3M	$165.3M	$166.0M	$163.7M	$120.7M	$105.0M	$85.4M	$82.5M	$76.6M	$72.4M	$64.2M	$58.5M	$55.3M
Operating income	$33.7M	$38.9M	$5.7M	$6.2M	$8.1M	$2.4M	$17.0M	$9.3M	$8.0M	$21.8M	$5.4M	$8.8M	$13.8M	$12.6M	$11.6M	$9.9M	$14.5M
Operating margin	7.65%	10.01%	1.62%	1.98%	2.72%	0.96%	6.17%	3.54%	4.20%	12.10%	3.67%	6.11%	9.82%	9.58%	9.73%	8.46%	12.98%
EBITDA	$56.2M	$63.1M	$28.8M	$28.6M	$32.1M	$23.2M	$35.4M	$27.4M	$17.7M	$30.2M	$11.2M	$14.9M	$19.7M	$18.2M	$16.6M	$13.8M	$18.8M
EBITDA margin	12.73%	16.24%	8.14%	9.13%	10.74%	9.14%	12.80%	10.43%	9.34%	16.74%	7.69%	10.28%	13.97%	13.85%	13.88%	11.84%	16.80%
Net income	$9.8M	−$13.4M	−$30.7M	−$19.2M	−$14.8M	−$16.7M	$1.7M	−$2.8M	$3.7M	$10.8M	$4.0M	$7.3M	$16.2M	$7.9M	$7.4M	$3.9M	$8.7M
Net profit margin	2.21%	−3.44%	−8.67%	−6.12%	−4.96%	−6.59%	0.62%	−1.08%	1.95%	5.98%	2.75%	5.06%	11.49%	6.03%	6.16%	3.38%	7.77%
Basic EPSper basic share	$0.22	-$0.32	-$0.75	-$0.48	-$0.38	-$0.44	$0.05	-$0.08	$0.11	$0.33	$0.14	$0.26	$0.59	$0.29	$0.26	$0.14	$0.31
Diluted EPSper diluted share	$0.21	-$0.32	-$0.75	-$0.48	-$0.38	-$0.44	$0.05	-$0.08	$0.11	$0.32	$0.14	$0.25	$0.57	$0.28	$0.26	$0.14	$0.30

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

13.30%of listed shares

BlackRock, Inc.6.67M shares · Jun 30, 2026

View holders

Top 20 reported holders of AORT
Holder	% owned
BlackRock, Inc.	13.30%6.67M shares
NOMURA ASSET MANAGEMENT INTERNATIONAL INC.	6.35%3.18M shares
MORGAN STANLEY	5.10%2.56M shares
Juniper Investment Company, LLC	4.03%2.02M shares
VANGUARD CAPITAL MANAGEMENT LLC	3.99%2M shares
FMR LLC	3.91%1.96M shares
STATE STREET CORP	3.70%1.86M shares
Ophir Asset Management Pty Ltd	3.59%1.8M shares
PERCEPTIVE ADVISORS LLC	3.46%1.74M shares
Conestoga Capital Advisors, LLC	3.24%1.62M shares
WELLINGTON MANAGEMENT GROUP LLP	2.51%1.26M shares
GEODE CAPITAL MANAGEMENT, LLC	2.22%1.11M shares
SILVERCREST ASSET MANAGEMENT GROUP LLC	2.04%1.02M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	1.97%988.22K shares
DIMENSIONAL FUND ADVISORS LP	1.89%947.94K shares
Mackin James P	≈1.89%947.28K shares
CITADEL ADVISORS LLC	1.65%827.59K shares
GW&K Investment Management, LLC	1.58%794.48K shares
First Eagle Investment Management, LLC	1.38%693.15K shares
ROYCE & ASSOCIATES LP	1.27%639.28K shares

Percentages use 50.18M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys2$53.1K disclosed value

Sells (SEC code S)118$30.62M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 11, 2026Form 4 · 10b5-1	GREEN ANDREW MSVP, Regulatory and Quality	SellCommon Stock	30.0K	$20.69	$620.7K	60.3K
Jun 11, 2026Form 4 · 10b5-1	GREEN ANDREW MSVP, Regulatory and Quality	SellCommon Stock	14.0K	$20.71	$290.0K	60.3K
Mar 4, 2026Form 4	Holloway Jean FSVP, General Counsel	SellCommon Stock	9.0K	$38.00	$340.6K	185.1K
Mar 3, 2026Form 4	Horton AmyVP, Chief Accounting Officer	SellCommon Stock	901	$37.78	$34.0K	139.1K
Mar 3, 2026Form 4	Holloway Jean FSVP, General Counsel	SellCommon Stock	3.8K	$37.78	$145.2K	194.1K

Review ownership filings at SEC.gov ↗

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Artivion, Inc. (AORT)

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