ARTIVION, INC.

Listed Company

AORTCIK 0000784199NYSELarge AcceleratedSurgical & Medical Instruments & ApparatusDelawareFY ends Dec 31

Period

FY 2025

Revenue

$441.33M

Net Income

$9.77M

Total Assets

$884.80M

Equity

$448.23M

Shares Out

47.88M

Op. Cash Flow

$39.88M

Business

Artivion, Inc. manufactures, processes, and distributes medical devices and implantable human tissues used in cardiac and vascular surgical procedures, with a focus on aortic disease. Its principal offerings include aortic stent grafts (arch, thoracic, abdominal, and custom TAAA solutions), surgical sealants (BioGlue), On‑X mechanical heart valves and related surgical products, and preserved human cardiac and vascular tissues. The company reports through two segments—Medical Devices and Preservation Services—and operates via manufacturing subsidiaries, distribution agreements, and clinical services. It sells globally across North America, EMEA, APAC, and LATAM through direct sales, distributors, hospitals, and organ/tissue procurement organizations.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	441	389	354	314	299
Total cost of products and preservation services	157	140	125	111	101
Gross margin	284	249	229	203	198
General, administrative, and marketing	226	181	209	157	170
Research and development	31	28	29	39	36
Total operating expenses	257	210	238	196	205
Gain from sale of non-financial assets	−7	0	−14	0	16
Operating income	34	39	6	6	8
Interest expense	27	34	25	18	—
Interest income	−763,000	−1	−1	−147,000	−79,000
Losses on inducement/extinguishment of debt	3	4	0	—	—
Other (income) expense, net	−10	10	3	3	6
Income (loss) before income taxes	15	−8	−22	−15	−15
Income tax expense	5	6	9	4	7,000
Net income (loss)	10	−13	−31	−19	−15
Basic (in dollars per share)	0.22	−0.32	−0.75	−0.48	−0.38
Diluted (in dollars per share)	0.21	−0.32	−0.75	−0.48	−0.38
Basic (in shares)	45	42	41	40	39
Diluted (in shares)	47	42	41	40	39
Foreign currency translation adjustments, net of tax	22	−13	10	−12	−17
Comprehensive income (loss)	32	−26	−21	−31	−31

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	65	53	59	39	55
Trade receivables, net	90	79	72	62	53
Other receivables	14	6	2	8	5
Inventories	92	80	82	74	77
Deferred preservation costs	55	52	50	46	43
Prepaid expenses and other	43	19	16	18	15
Total current assets	358	290	281	247	248
Goodwill	254	241	247	244	250
Acquired technology, net	124	128	143	151	167
Operating lease right-of-use assets, net	35	40	44	42	46
Property and equipment, net	65	36	38	39	38
Other intangibles, net	33	28	30	31	35
Deferred tax assets, net	1	1	1	1	2
Other long-term assets	15	24	9	7	8
Total assets	885	789	792	763	793
Accounts payable	16	18	13	12	10
Accrued compensation	22	18	19	14	13
Accrued expenses	16	12	10	12	8
Accrued interest	5	8	2	—	—
Taxes payable	7	3	4	3	4
Accrued procurement fees	3	2	1	2	4
Current portion of contingent consideration	21	0	—	—	—
Current maturities of operating leases	5	4	3	3	3
Current portion of finance lease obligations	726,000	601,000	582,000	513,000	528,000
Current portion of long-term debt, net	0	195,000	1	2	2
Other current liabilities	5	583,000	2	1	1
Total current liabilities	102	67	58	50	45
Long-term debt, net	215	314	306	306	307
Non-current contingent consideration	40	53	64	40	49
Non-current maturities of operating leases	34	40	44	41	45
Deferred tax liabilities, net	24	20	22	24	29
Deferred compensation liability	10	8	7	6	6
Non-current finance lease obligations	3	3	3	4	4
Other long-term liabilities	9	8	7	7	6
Total liabilities	437	513	511	478	492
Commitments and contingencies (Note 11)	—	—	—	—	—
Preferred stock $0.01 par value per share, 5,000 shares authorized, no shares issued	0	0	0	0	0
Common stock $0.01 par value per share, 75,000 shares authorized, 49,330 and 43,432 shares issued as of December 31, 2025 and 2024, respectively	493,000	434,000	426,000	418,000	414,000
Additional paid-in capital	517	377	356	337	323
Retained deficit	−51	−61	−48	−17	2
Accumulated other comprehensive loss	−3	−25	−12	−22	−10
Treasury stock at cost, 1,487 shares as of December 31, 2025 and 2024	−15	−15	−15	−15	−15
Total stockholders equity	448	276	282	284	301
Total liabilities and stockholders equity	885	789	792	763	793

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	22	24	23	22	24
Non-cash compensation	24	14	14	12	11
Non-cash lease expense	5	5	5	5	8
Write-down of inventories and deferred preservation costs	5	4	5	4	5
Non-cash interest expense	2	4	2	2	2
Deferred income taxes	37,000	−2	−1	−2	—
Change in fair value of contingent consideration	8	−11	23	−9	9
Endospan fair value adjustments	−2	4	5	0	—
Other	−7	6	1	—	—
Receivables	−7	−15	−4	−13	−12
Inventories and deferred preservation costs	−15	−6	−14	−8	−18
Prepaid expenses and other assets	−2	−5	535,000	−2	−1
Accounts payable, accrued expenses, and other liabilities	2	9	4	808,000	−2
Net cash flows provided by operating activities	40	22	19	−5	−3
Capital expenditures	−39	−11	−10	−11	−13
Payments under Endospan agreements	−8	−17	−5	0	0
Proceeds from sale of non-financial assets, net	5	0	14	0	19
Net cash flows used in investing activities	−42	−28	−502,000	−11	6
Proceeds from issuance of long-term debt	0	184	0	0	—
Proceeds from revolving credit facility	0	29	0	0	0
Repayment of debt	−210,000	−212	−3	−3	−3
Proceeds from exercise of stock options and issuance of common stock	13	6	4	3	4
Payment of debt issuance costs	−2	−3	−249,000	0	−2
Proceeds from financing insurance premiums	3	0	4	0	0
Principal payments on short-term notes payable	−2	−1	−3	0	−299,000
Redemption and repurchase of stock to cover tax withholdings	0	0	−559,000	−2	−2
Other	−699,000	−623,000	−537,000	−459,000	−561,000
Net cash flows provided by financing activities	11	2	865,000	−2	−12
Effect of exchange rate changes on cash and cash equivalents	2	−2	401,000	2	2
Increase (decrease) in cash and cash equivalents	11	−5	20	−16	−7

Filings

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