second quarter of 2026
Filed Aug 6, 2026Artivion Reports Second Quarter 2026 Financial Results
Revenue increased 11% on a GAAP basis and 9% on a non-GAAP constant currency basis, while adjusted EBITDA increased 7%, but the company reported a GAAP net loss and lower non-GAAP net income versus the second quarter of 2025.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenuesGAAP | $125.8 million | – | 11% |
| Total revenue growth on a constant currency basisnon-GAAP | 9% | – | 9% |
| Net lossGAAP | $(13.5) million | – | – |
| Net loss per fully diluted common shareGAAP | $(0.28) per fully diluted common share | – | – |
| Non-GAAP net incomenon-GAAP | $6.3 million | – | – |
| Non-GAAP net income per fully diluted common sharenon-GAAP | $0.13 per fully diluted common share | – | – |
| Adjusted EBITDAnon-GAAP | $26.4 million | – | 7% |
| On-X constant currency revenue growthnon-GAAP | 18% | – | 18% |
| Stent grafts constant currency revenue growthnon-GAAP | 12% | – | 12% |
| Pretax losses related to foreign currency revaluation included in non-GAAP net incomenon-GAAP | $0.7 million | – | – |
full year 2026 outlook
- Revenue$480 to $496 million
- NoteRevenue growth of 7% to 11% on an adjusted constant currency basis compared to 2025 adjusted revenue
- NoteCurrency to represent an approximate one percentage point tailwind for the full year
- NoteAdjusted EBITDA of $92 to $99 million
- NoteApproximately $8 million of expense through the full year 2026 associated with the acquisition of Endospan
What drove it
- On-X grew 18% on a constant currency basis compared to the second quarter of 2025.
- Stent grafts, including AMDS, grew 12% on a constant currency basis compared to the second quarter of 2025.
- Artivion completed the acquisition of Endospan Ltd. and its NEXUS Aortic Arch Stent Graft System.
- The company received U.S. FDA PMA approval for the AMDS Hybrid Prosthesis.
- The company cited a return to growth across all international geographies.
- ARTIZEN was enrolling as expected.
Concerns
- GAAP results moved to a net loss of $(13.5) million from net income of $1.3 million in the second quarter of 2025.
- Non-GAAP net income decreased to $6.3 million from $10.7 million in the second quarter of 2025.
- Full-year guidance includes approximately $8 million of expense associated with the Endospan acquisition.
- Non-GAAP net income for the second quarter of 2026 includes pretax losses related to foreign currency revaluation of $0.7 million.
What to watch
- Execution against reiterated full-year 2026 revenue guidance of $480 to $496 million.
- Execution against reiterated full-year 2026 adjusted EBITDA guidance of $92 to $99 million.
- The expected approximate one percentage point currency tailwind for the full year.
- Expense associated with the Endospan acquisition through the full year 2026.
- Commercial progress for the AMDS Hybrid Prosthesis following U.S. FDA PMA approval.
- Development of the additional PMA programs supported by NEXUS platform technology.
Analysis
Artivion reported second-quarter 2026 revenue of $125.8 million, compared with $113.0 million in the second quarter of 2025. Revenue increased 11% on a GAAP basis and 9% on a non-GAAP constant currency basis. Management identified On-X and stent grafts, including AMDS, as the primary growth drivers, with constant currency growth of 18% and 12%, respectively.
Profitability was mixed. Adjusted EBITDA increased 7% to $26.4 million from $24.8 million in the second quarter of 2025. However, the company reported a GAAP net loss of $(13.5) million, or $(0.28) per fully diluted common share, compared with net income of $1.3 million, or $0.03 per fully diluted common share, a year earlier. Non-GAAP net income was $6.3 million, or $0.13 per fully diluted common share, versus $10.7 million, or $0.24 per fully diluted common share, in the prior-year quarter. The reported non-GAAP net income includes pretax losses related to foreign currency revaluation of $0.7 million.
The quarter included two portfolio milestones: completion of the Endospan Ltd. acquisition and U.S. FDA PMA approval for the AMDS Hybrid Prosthesis. Management stated that NEXUS, AMDS and ARCEVO LSA form a three-pronged aortic arch portfolio and that NEXUS supports three additional PMA programs in development. The company also reported a return to growth across all international geographies and stated that ARTIZEN was enrolling as expected.
Artivion reiterated full-year 2026 revenue guidance of $480 to $496 million, representing adjusted constant currency growth of 7% to 11% compared to 2025 adjusted revenue. The outlook continues to assume currency will be an approximate one percentage point tailwind for the full year. Adjusted EBITDA guidance was also reiterated at $92 to $99 million and includes approximately $8 million of expense through the full year 2026 associated with the Endospan acquisition.
The central reported tension is between continued top-line and adjusted EBITDA growth and the deterioration in both GAAP and non-GAAP earnings compared with the second quarter of 2025. Attention is focused on whether product-led growth in On-X and stent grafts, the AMDS approval, and Endospan integration support delivery of the reiterated full-year revenue and adjusted EBITDA ranges while absorbing the stated acquisition-related expense.
Management, verbatim
In the second quarter of 2026, we delivered 9% constant currency revenue growth and 7% adjusted EBITDA growth, reflecting continued execution of our strategy to drive long-term, profitable growth through an expanding and clinically differentiated product portfolio. Revenue growth was once again driven primarily by On-X and stent grafts, including AMDS, with On-X growing 18% and stent grafts growing 12% on a constant currency basis, both compared to the second quarter of 2025.
Pat Mackin, Chairman, President, and Chief Executive Officer
During the quarter, we achieved two milestones we have been focused on since the start of the year. First, we completed the acquisition of Endospan Ltd. and its NEXUS Aortic Arch Stent Graft System sooner than we had anticipated; and second, we received U.S. FDA approval of the PMA for our AMDS Hybrid Prosthesis.
Pat Mackin, Chairman, President, and Chief Executive Officer
Overall, we are pleased with our second quarter performance, which included an acceleration in stent graft revenue and a return to growth across all international geographies. Combined with the AMDS PMA approval, we have even greater confidence in our ability to deliver our full year guidance . We continue to build our broader market expansion pipeline, with ARTIZEN enrolling as expected, and remain confident in our longer-term growth outlook.
Pat Mackin, Chairman, President, and Chief Executive Officer
Not in the filing
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AlphaAI analysis generated 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 cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.