Artivion Reports Third Quarter 2026 Financial Results
ARTIVION, INC. (AORT) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 FOR IMMEDIATE RELEASE Contacts: Artivion Gilmartin Group LLC Lance A. Berry Brian Johnston Executive Vice President, Phone: 332-895-3222 Chief Operating Officer & investors@artivion.com Chief Financial Officer Phone: 770-419-3355 Artivion Reports Third Quarter 2026 F
How this was made
The 30-second read
Why it matters
The company posted a net loss, modest revenue growth, and narrowed full‑year guidance, which may prompt a short‑term price decline.
Market read
Earnings release with new guidance for a mid‑cap medical‑device firm; likely influences the stock and sector peers.
What to watch
Strong pipeline progress and new PMA approvals could drive future upside despite short‑term earnings weakness.
Artivion reported third-quarter revenue of $123.8 million, up 9% on a GAAP basis and 9% on a non-GAAP constant currency basis, while reporting a GAAP net loss of $(7.9) million and an 8% decline in adjusted EBITDA to $22.5 million.
Revenue growth was led by On-X and aortic stent grafts, but GAAP results moved to a net loss, non-GAAP net income declined, adjusted EBITDA declined, and free cash flow was negative. Full-year revenue and adjusted EBITDA ranges were narrowed.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 total revenuesGAAP | $123.8M | – | 9% |
| Q3 2026 total revenuesnon-GAAP | $123.8M | – | 9% constant currency |
| Q3 2026 products revenueGAAP | $98.16M | – | 12% constant currency |
| Q3 2026 preservation services revenueGAAP | $25.63M | – | —% constant currency |
| Q3 2026 gross marginGAAP | $75.98M | – | – |
| Q3 2026 general, administrative, and marketing expenseGAAP | $63.22M | – | – |
| Q3 2026 adjusted general, administrative, and marketing expensenon-GAAP | $57.73M | – | – |
| Q3 2026 research and development expenseGAAP | $9.81M | – | – |
| Q3 2026 total operating expensesGAAP | $73.03M | – | – |
| Q3 2026 operating incomeGAAP | $2.95M | – | – |
| Q3 2026 net lossGAAP | −$7.93M | – | – |
| Q3 2026 diluted loss per common shareGAAP | $(0.16) | – | – |
| Q3 2026 adjusted net incomenon-GAAP | $3.81M | – | – |
| Q3 2026 adjusted diluted income per common sharenon-GAAP | $0.08 | – | – |
| Q3 2026 EBITDAnon-GAAP | $9.84M | – | – |
| Q3 2026 adjusted EBITDAnon-GAAP | $22.49M | – | declined 8% |
| Q3 2026 net cash flows used in operating activitiesGAAP | −$4.56M | – | – |
| Q3 2026 capital expendituresother | −$13.01M | – | – |
| Q3 2026 free cash flowsnon-GAAP | −$17.57M | – | – |
| Nine months ended September 30, 2026 total revenuesGAAP | $365.9M | – | 10% constant currency |
| Nine months ended September 30, 2026 gross marginGAAP | $231.9M | – | – |
| Nine months ended September 30, 2026 operating incomeGAAP | $370 | – | – |
| Nine months ended September 30, 2026 net lossGAAP | −$20.02M | – | – |
| Nine months ended September 30, 2026 adjusted net incomenon-GAAP | $14.33M | – | – |
| Nine months ended September 30, 2026 adjusted EBITDAnon-GAAP | $70.96M | – | – |
| Nine months ended September 30, 2026 net cash flows used in operating activitiesGAAP | −$4.67M | – | – |
| Nine months ended September 30, 2026 capital expendituresother | −$31.76M | – | – |
| Nine months ended September 30, 2026 free cash flowsnon-GAAP | −$36.43M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Q3 2026 Aortic stent graftsStent grafts revenue grew 12% for the second consecutive quarter, despite a tougher AMDS prior year comparison. | $44.28M | – | 12% constant currency |
| Q3 2026 On-XRevenue growth was led by On-X. | $30.32M | – | 13% constant currency |
| Q3 2026 Surgical sealantsNot separately stated. | $18.95M | – | —% constant currency |
| Q3 2026 Other productsNot separately stated. | $4.62M | – | 93% constant currency |
| Q3 2026 Preservation servicesNot separately stated. | $25.63M | – | —% constant currency |
| Q3 2026 North AmericaThe number of U.S. AMDS implants increased from the second quarter, which the company believes reflects the impact of its recent PMA approval and adoption efforts. | $63.22M | – | 8% constant currency |
| Q3 2026 Europe, the Middle East, and AfricaNot separately stated. | $40.09M | – | 11% constant currency |
| Q3 2026 Asia PacificNot separately stated. | $13.27M | – | 8% constant currency |
| Q3 2026 Latin AmericaNot separately stated. | $7.21M | – | 5% constant currency |
| Nine months ended September 30, 2026 Aortic stent graftsNot separately stated. | $135.1M | – | 11% constant currency |
| Nine months ended September 30, 2026 On-XNot separately stated. | $86.77M | – | 16% constant currency |
| Nine months ended September 30, 2026 Surgical sealantsNot separately stated. | $57.04M | – | -1% constant currency |
| Nine months ended September 30, 2026 Other productsNot separately stated. | $10.61M | – | 38% constant currency |
| Nine months ended September 30, 2026 Preservation servicesNot separately stated. | $76.38M | – | 7% constant currency |
| Nine months ended September 30, 2026 North AmericaNot separately stated. | $184.3M | – | 13% constant currency |
| Nine months ended September 30, 2026 Europe, the Middle East, and AfricaNot separately stated. | $128.6M | – | 9% constant currency |
| Nine months ended September 30, 2026 Asia PacificNot separately stated. | $34.13M | – | 8% constant currency |
| Nine months ended September 30, 2026 Latin AmericaNot separately stated. | $18.89M | – | -3% constant currency |
Full year 2026 outlook
- Revenue$484 to $492 million
- NoteGrowth of 8% to 10% on an adjusted constant currency basis compared to 2025 adjusted revenue
- NoteCurrency is expected to represent an approximate one percentage point tailwind for the full year
- NoteAdjusted EBITDA of $93 to $98 million
- NoteApproximately $8 million of expense through the full year 2026 associated with the acquisition of Endospan
What drove it
- Third-quarter revenue growth was led by On-X, which grew 13% on a constant currency basis compared to the third quarter of 2025.
- Aortic stent grafts revenue grew 12% on a constant currency basis for the second consecutive quarter.
- The number of U.S. AMDS implants increased from the second quarter following recent PMA approval and adoption efforts.
- The company exited the quarter in a strong supply position for On-X following investments in its Austin manufacturing facility.
- Preparations for the U.S. commercial launch of NEXUS in January 2027 are progressing, with the first surgeon training event planned for December.
- ARTIZEN, the clinical trial for ARCEVO LSA, continues to enroll on schedule.
Concerns
- GAAP net loss was $(7,926), compared to net income of $6,502 in the third quarter of 2025.
- Adjusted net income declined to $3,808 from $7,942.
- Adjusted EBITDA declined 8% to $22,492 from $24,567.
- Q3 free cash flows were $(17,569), compared to $17,653.
- Nine-month net cash flows used in operating activities were $(4,668), compared to net cash flows provided by operating activities of $20,320.
- Nine-month capital expenditures increased to $(31,764) from $(11,534).
- Long-term debt, net increased to $363,787 from $215,114 as of December 31, 2025.
- The company expects approximately $8 million of full-year 2026 expense associated with the Endospan acquisition.
What to watch
- Delivery against full-year revenue guidance of $484 to $492 million and adjusted EBITDA guidance of $93 to $98 million.
- The expected approximate one percentage point full-year currency tailwind.
- U.S. commercial launch preparations for NEXUS in January 2027 and the first surgeon training event in December.
- U.S. AMDS adoption following recent PMA approval.
- ARTIZEN IDE trial enrollment for ARCEVO LSA.
- On-X supply following investments in the Austin manufacturing facility.
- Cash flow, capital expenditures, and leverage after the Endospan acquisition.
Balance sheet and cash flow
- Cash and cash equivalents were $48,399 as of September 30, 2026, compared to $64,908 as of December 31, 2025.
- Long-term debt, net was $363,787 as of September 30, 2026, compared to $215,114 as of December 31, 2025.
- Inventories were $107,053 as of September 30, 2026, compared to $92,427 as of December 31, 2025.
- Nine-month capital expenditures were $(31,764), compared to $(11,534).
- Nine-month acquisition of Endospan, net of cash acquired, was $(116,661).
- Nine-month proceeds from issuance of long-term debt, net were $148,875.
- Nine-month net cash flows used in investing activities were $(152,925), compared to $(11,534).
- Nine-month net cash flows provided by financing activities were $141,570, compared to $8,852.
- Cash and cash equivalents decreased $(16,509) during the nine months ended September 30, 2026.
Analysis
Artivion delivered third-quarter revenue of $123,790, up 9% on both a GAAP basis and a non-GAAP constant currency basis. Product revenue was $98,160 and grew 12% on a constant currency basis, while preservation services revenue was $25,630 and was flat on a constant currency basis. On-X revenue was $30,317 and grew 13% on a constant currency basis, and aortic stent graft revenue was $44,278 and grew 12% on a constant currency basis. The company attributed growth to continued portfolio execution, with management also citing increased U.S. AMDS implants from the second quarter.
Profitability weakened despite revenue growth. Gross margin was $75,977, compared with $74,395, while general, administrative, and marketing expense rose to $63,222 from $57,281 and research and development expense rose to $9,808 from $8,078. Operating income declined to $2,947 from $12,536. The company reported a GAAP net loss of $(7,926), compared with net income of $6,502, and adjusted net income declined to $3,808 from $7,942. Adjusted EBITDA declined 8% to $22,492 from $24,567.
Cash conversion and balance-sheet changes deserve attention. Third-quarter net cash flows used in operating activities were $(4,556), capital expenditures were $(13,013), and free cash flows were $(17,569). For the first nine months, operating cash flow was $(4,668), capital expenditures were $(31,764), and free cash flows were $(36,432). Cash and cash equivalents were $48,399 at September 30, 2026, versus $64,908 at December 31, 2025, while long-term debt, net was $363,787 versus $215,114. The nine-month cash-flow statement includes $(116,661) for acquisition of Endospan, net of cash acquired, and $148,875 of net proceeds from issuance of long-term debt.
Management narrowed full-year 2026 revenue guidance to $484 to $492 million, representing growth of 8% to 10% on an adjusted constant currency basis compared with 2025 adjusted revenue, from the previous $480 to $496 million range. It narrowed adjusted EBITDA guidance to $93 to $98 million from $92 to $99 million. Guidance retains an expectation for currency to represent an approximate one percentage point full-year tailwind and includes approximately $8 million of full-year Endospan-related expense. Operational milestones to monitor are NEXUS launch preparation for January 2027, AMDS adoption, On-X supply, and ARTIZEN enrollment for ARCEVO LSA.
Management, verbatim
In the third quarter of 2026, we delivered 9% constant currency revenue growth, reflecting continued execution of our strategy to drive long-term, profitable growth through an expanding and clinically differentiated product portfolio. Revenue growth was led by On-X, which grew 13% on a constant currency basis compared to the third quarter of 2025. Stent grafts revenue grew 12% for the second consecutive quarter, despite a tougher AMDS prior year comparison.
Pat Mackin, Chairman, President, and Chief Executive Officer
The number of U.S. AMDS implants increased from the second quarter, which we believe reflects the impact of our recent PMA approval and our efforts to drive adoption of this new technology. Preparations for the U.S. commercial launch of NEXUS in January 2027 are progressing well, and we look forward to our first surgeon training event in December. We also exited the quarter in a strong supply position for On-X following our investments in our Austin manufacturing facility, and ARTIZEN, our clinical trial for ARCEVO LSA, continues to enroll on schedule.
Pat Mackin, Chairman, President, and Chief Executive Officer
Overall, we are encouraged by our third quarter performance and the progress we have made so far in 2026. With the recent PMAs of AMDS and NEXUS in the U.S., and ARCEVO LSA on track with enrollment in the ARTIZEN IDE trial, we believe we are on track to being the only company with a comprehensive aortic arch portfolio, which represents an approximately $330 million annual U.S. market opportunity.
Pat Mackin, Chairman, President, and Chief Executive Officer
Not in the filing
stated, not guessed- Previous-release outlook was not provided for a formal actual-versus-prior-guidance comparison.
- Gross margin percentage was not reported.
- Operating margin percentage was not reported.
- Tax rate for the reported period was not reported.
- Quarterly dividend information was not reported.
- Share repurchase information was not reported.
- Prior-quarter revenue, earnings, EBITDA, cash flow, and segment figures were not reported.
- Management CFO commentary was not provided.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Artivion (NYSE:AORT) is a cardiac and vascular surgery company focused on aortic disease, reporting its third‑quarter 2026 financials via an SEC 8‑K filing.
Ticker impact
Artivion disclosed Q3 2026 results with 9% revenue growth, a net loss of $7.9M and narrowed full-year guidance.
likely downward pressure as investors digest a net loss and modest guidance
The earnings release shows a loss and only incremental revenue growth, while guidance is narrowed, which typically weighs on the stock.
Market effects
Signals slower growth in the aortic disease device market, may affect peers like CryoLife and LivaNova.
Limited to US medical device sector; no broader regional effect.
Minimal global impact beyond niche cardiovascular device space.
Counterpoint
If the market overreacts to the loss, the stock could rebound on the 13% On‑X growth and upcoming NEXUS launch.
Key entities
- ExecutivePat Mackin
Chairman, President and CEO of Artivion, provided commentary on the results.
