Artivion, Inc. (AORT) | Investment Case

1. Company Snapshot

1.a. Company Description

Artivion Inc.manufactures, processes, and distributes medical devices and implantable human tissues worldwide.The company offers BioGlue, a polymer consisting of bovine blood protein and an agent for cross-linking proteins for cardiac, vascular, neurologic, and pulmonary procedures; cardiac preservation services; PhotoFix, a bovine pericardial patch; and E-vita Open Plus and E-vita Open Neo.

It also provides E-xtra design engineering systems for the treatment of aortic vascular diseases; E-nside, an off-the-shelf stent graft for the treatment of thoraco-abdominal disease; E-vita THORACIC 3G for the endovascular treatment of thoracic aortic aneurysms; E-nya, a thoracic stent graft system for the minimally invasive repair of lesions of the descending aorta; E-ventus BX, a balloon-expandable peripheral stent graft for the endovascular treatment of renal and pelvic arteries; E-liac to treat aneurysmal iliac arteries, and aneurysmal iliac side branches; and E-tegra, an abdominal aortic aneurysms stent graft system.In addition, the company offers synthetic vascular grafts for use in open aortic and peripheral vascular surgical procedures; PerClot, an absorbable powdered hemostat for use in surgical procedures; cardiac laser therapy products for angina treatment; CryoVein femoral vein and CryoArtery femoral artery vascular preservation services; On-X prosthetic aortic and mitral heart valves and the On-X ascending aortic prosthesis; CarbonAid CO2 diffusion catheters and Chord-X ePTFE sutures for mitral chordal replacement; and ascyrus medical dissection stents, as well as pyrolytic carbon coating services to medical device manufacturers.It serves physicians, hospitals, and other healthcare facilities, as well as cardiac, vascular, thoracic, and general surgeons.

The company was formerly known as CryoLife, Inc.and changed its name to Artivion Inc.in January 2022.

The company was founded in 1984 and is headquartered in Kennesaw, Georgia.

Show Full description

1.b. Last Insights on AORT

Artivion's recent performance was driven by several positive developments. The company's participation in upcoming investor conferences, including the Truist Securities MedTech Conference, is expected to generate interest and visibility for its cardiac and vascular surgery solutions. Additionally, the presentation of new clinical data from the NEXUS TRIOMPHE IDE trial at the American Association for Thoracic Surgery (AATS) Annual Meeting demonstrated a 63% reduction in major adverse event (MAE) rate, highlighting the effectiveness of its products.

1.c. Company Highlights

Last Price	44.59
Change Percentage	-1.81%
Open	45.38
Previous Close	45.41
Market Cap ( Millions)	2112
Volume	194835
Year High	48.04
Year Low	21.97
M A 50	43.84
M A 200	34.07

FCF Yield	-0.06%
Dividend Yield	0.00%
ROE	-2.56%
Debt / Equity	1.98%
Net Debt / EBIDTA	-165.70%
Price To Book	4.8
Price Earnings Ratio	-230.4
Price To FCF	-1703.47
Price To sales	5.0
EV / EBITDA	52.4

2. Artivion's Strong Q3 2025 Earnings: A Closer Look

Artivion reported a robust third quarter in 2025, with total revenues reaching $113.4 million, a 16% increase compared to Q3 2024. The company's adjusted EBITDA margin expanded to 21.7%, a 320 basis point improvement over the prior year, driven by gross margin enhancements and SG&A leverage. Earnings per share (EPS) came in at $0.16, beating estimates of $0.14. The strong financial performance was largely driven by the company's stent graft and On-X valve product lines, which grew 31% and 23% year-over-year on a constant currency basis, respectively.

Publication Date: Nov -20

                                    📋 Highlights
                                    Total Revenue Growth::
                                                Q3 2025 revenue reached $113.4 million, a 16% increase compared to Q3 2024.
Adjusted EBITDA Surge::
                                                Adjusted EBITDA rose 39% to $24.6 million, with a margin improvement of 320 basis points to 21.7%.
Stent Graft Expansion::
                                                Stent graft revenues grew 31% (constant currency), driven by AMDS stocking orders and early adoption.
On-X Valve Momentum::
                                                On-X valve revenue increased 23% YoY, with 20%+ growth projected due to market share gains and clinical data.
Arcevo Clinical Milestone::
                                                1-year data from the Arcevo LSA IDE trial will be presented in late January 2026, targeting a $150 million U.S. market opportunity.

                                

Growth Drivers and Product Performance

The company's AMDS stent graft business saw significant acceleration, with revenue growth driven by early adoption and initial stocking orders. On-X valve revenue growth was also robust, driven by market share gains and new clinical data. Management is optimistic about the continued growth potential of these product lines, citing the company's ability to bring new aortic innovations to the market every 2 years.

Guidance and Outlook

Artivion raised the midpoint of its full-year 2025 revenue and adjusted EBITDA guidance, now expecting constant currency revenue growth between 13% and 14%. The company is confident in its ability to drive continued performance, leveraging its differentiated portfolio, global infrastructure, and targeted commercial strategy. For 2026, analysts estimate revenue growth at 11.0%, with the company expected to provide harder guidance in February.

Valuation and Metrics

With a P/S Ratio of 5.0 and EV/EBITDA of 52.45, Artivion's valuation suggests that the market has already priced in significant growth expectations. The company's ROE is currently negative at -2.56%, while its ROIC stands at 3.62%. As the company continues to invest in R&D, with a planned annual expenditure of 7% to 8% of sales, it's essential to monitor its ability to translate these investments into sustained growth and improved profitability.

3. NewsRoom

Is Artivion (AORT) Stock Outpacing Its Medical Peers This Year?

Nov -26

Source: zacks.com

Rep. Gilbert Ray Cisneros, Jr. Sells Off Shares of Artivion, Inc. (NYSE:AORT)

Nov -21

Source: defenseworld.net

Bridger Management LLC Purchases 68,288 Shares of Artivion, Inc. $AORT

Nov -18

Source: defenseworld.net

Alger Weatherbie Specialized Growth Fund Q3 2025 Portfolio Update

Nov -12

Source: seekingalpha.com

Artivion, Inc. (AORT) Q3 2025 Earnings Call Transcript

Nov -07

Source: seekingalpha.com

Artivion (AORT) Tops Q3 Earnings and Revenue Estimates

Nov -07

Source: zacks.com

Artivion Reports Third Quarter 2025 Financial Results

Nov -06

Source: prnewswire.com

Artivion Announces Treatment of First Patient with Arcevo LSA in ARTIZEN Pivotal Trial

Nov -06

Source: prnewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (9.01%)

6. Segments

Medical Devices

Expected Growth: 7.8%

Growing demand for minimally invasive surgeries, increasing prevalence of cardiovascular diseases, and advancements in medical technology are expected to drive the growth of Artivion's medical devices, including heart valves, vascular grafts, and surgical meshes.

Preservation Services

Expected Growth: 12.4%

Growing demand for data protection and compliance, increasing adoption of cloud-based services, and rising concerns over data breaches and cyber attacks drive the growth of Artivion's Preservation Services.

7. Detailed Products

Cardiac Rhythm Management (CRM) Devices

Artivion's CRM devices are designed to regulate and monitor the heart's rhythm, providing life-saving therapy to patients with abnormal heart rhythms.

Electrophysiology (EP) Catheters

Artivion's EP catheters are used to diagnose and treat cardiac arrhythmias, providing a minimally invasive approach to mapping and ablating abnormal heart rhythms.

Structural Heart Devices

Artivion's structural heart devices are designed to repair or replace damaged heart valves and other structural defects, improving blood flow and reducing symptoms.

Cardiac Ablation Systems

Artivion's cardiac ablation systems are used to treat cardiac arrhythmias, providing a minimally invasive approach to destroying abnormal electrical pathways in the heart.

8. Artivion, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Artivion, Inc. has a moderate threat of substitutes due to the availability of alternative products and services in the market.

Bargaining Power Of Customers

Artivion, Inc. has a high bargaining power of customers due to the concentration of buyers and the availability of alternative products.

Bargaining Power Of Suppliers

Artivion, Inc. has a low bargaining power of suppliers due to the availability of multiple suppliers and the lack of concentration in the supply market.

Threat Of New Entrants

Artivion, Inc. has a moderate threat of new entrants due to the moderate barriers to entry and the availability of resources.

Intensity Of Rivalry

Artivion, Inc. has a high intensity of rivalry due to the high competition in the market and the presence of multiple players.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	52.54%
Debt Cost	4.97%
Equity Weight	47.46%
Equity Cost	12.26%
WACC	8.43%
Leverage	110.71%

11. Quality Control: Artivion, Inc. passed 2 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Inefficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Artivion

A-Score: 4.5/10

Value: 4.8

Growth: 4.4

Quality: 4.9

Yield: 0.0

Momentum: 8.5

Volatility: 4.7

1-Year Total Return ->

Allurion Technologies

A-Score: 4.0/10

Value: 9.6

Growth: 3.2

Quality: 5.6

Yield: 0.0

Momentum: 5.0

Volatility: 0.7

1-Year Total Return ->

Surmodics

A-Score: 3.7/10

Value: 7.2

Growth: 1.9

Quality: 5.3

Yield: 0.0

Momentum: 2.0

Volatility: 5.7

1-Year Total Return ->

Quanterix

A-Score: 3.3/10

Value: 8.6

Growth: 4.9

Quality: 4.7

Yield: 0.0

Momentum: 0.0

Volatility: 1.7

1-Year Total Return ->

ZimVie

A-Score: 3.0/10

Value: 5.1

Growth: 2.3

Quality: 3.4

Yield: 0.0

Momentum: 6.5

Volatility: 0.3

1-Year Total Return ->

MaxCyte

A-Score: 2.9/10

Value: 8.0

Growth: 2.3

Quality: 5.0

Yield: 0.0

Momentum: 0.0

Volatility: 2.0

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

33.47%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

8.43%

Artivion, Inc. - US2289031005

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on AORT

1.c. Company Highlights

Expensive

Strong Momentum

Average Quality

Earnings Beats

Revenues Beats

Lower Quality

Lower Growth

Stable Momentum

Revenues Miss

Less Volatile

Earnings Miss

Fairly Valued

Medium Volatility

2. Artivion's Strong Q3 2025 Earnings: A Closer Look

Growth Drivers and Product Performance

Guidance and Outlook

Valuation and Metrics

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (9.01%)

6. Segments

Medical Devices

Expected Growth: 7.8%

Preservation Services

Expected Growth: 12.4%

7. Detailed Products

Cardiac Rhythm Management (CRM) Devices

Electrophysiology (EP) Catheters

Structural Heart Devices

Cardiac Ablation Systems

8. Artivion, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Artivion, Inc. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

44.59$

Current Price

44.59$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA