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	38.33
Change Percentage	0.86%
Open	37.84
Previous Close	38.01
Market Cap ( Millions)	1834
Volume	471352
Year High	48.25
Year Low	21.97
M A 50	43.01
M A 200	38.95

FCF Yield	-0.05%
Dividend Yield	0.00%
ROE	2.44%
Debt / Equity	65.15%
Net Debt / EBIDTA	385.41%
Price To Book	4.07
Price Earnings Ratio	186.63
Price To FCF	-2012.98
Price To sales	4.16
EV / EBITDA	34.97

2. Artivion's Strong Q4 2025 Earnings: Growth Momentum Continues

Artivion, Inc. reported a robust fourth quarter 2025, with total adjusted revenues reaching $118.3 million, up 18.5% compared to the same period in 2024. Adjusted EBITDA increased by approximately 29% to $22.7 million, driven by leverage in SG&A, resulting in an adjusted EBITDA margin of 19.2%, a 110 basis point improvement over the prior year. The company's actual EPS came in at $0.17, beating estimates of $0.14.

Publication Date: Feb -22

                                    📋 Highlights
                                    Total Adjusted Revenue Growth::
                                                2025 saw 13% adjusted constant currency revenue growth, with Q4 revenue hitting $118.3M (18.5% YoY increase).
Stent Graft & On-X Performance::
                                                Stent grafts surged 36% (constant currency) in Q4, while On-X grew 24%, driven by market share gains and new U.S. opportunities.
Adjusted EBITDA Expansion::
                                                Q4 adjusted EBITDA rose 29% to $22.7M (19.2% margin, +110 bps), with 2026 guidance of $105M–$110M (18–22% growth).
Market Opportunities::
                                                AMDS, On-X, NEXUS, and ARTISAN collectively target $480M+ in new annual U.S. market opportunities by 2026.
2026 Revenue Guidance::
                                                Full-year revenue projected at $486M–$504M (10–14% growth), reflecting confidence in stent grafts (low 20s growth) and On-X (mid-teens growth).

                                

Segment Performance

The stent graft portfolio continued to be a significant growth driver, with a 36% increase on a constant currency basis in Q4 2025. On-X also demonstrated strong growth, increasing by 24%, while tissue processing revenue rose 6% year over year on a constant currency basis. The company's progress in these areas is expected to continue, with plans to bring additional stent graft products to the U.S. and Japan, further expanding its total addressable market.

Growth Drivers and Outlook

Artivion is optimistic about its growth prospects, driven by several key factors, including the commercialization of AMDS in the U.S., new clinical data for On-X, and progress on the NEXUS PMA. The company expects constant currency growth between 10% to 14% for the full year 2026, with adjusted EBITDA in the range of $105 million to $110 million, representing 18% to 22% growth over 2025. As Lance A. Berry noted, "We're commercializing AMDS in the U.S. and penetrating the $150 million annual market with new clinical data and reimbursement dynamics adding a tailwind."

Valuation and Metrics

With a P/E Ratio of 186.63 and an EV/EBITDA of 34.67, Artivion's valuation suggests that the market is pricing in significant growth expectations. The company's ROE and ROIC are relatively low at 2.44% and 2.53%, respectively, indicating potential for improvement as the business expands. Analysts estimate next year's revenue growth at 11.2%, which is within the company's guidance range. The stock's high P/E Ratio and EV/EBITDA multiple imply that the market is anticipating continued strong growth and margin expansion.

3. NewsRoom

Artivion, Inc. (AORT) Q4 2025 Earnings Call Transcript

Feb -13

Source: seekingalpha.com

Artivion (AORT) Q4 Earnings Surpass Estimates

Feb -12

Source: zacks.com

Artivion Reports Fourth Quarter and Full Year 2025 Financial Results

Feb -12

Source: prnewswire.com

Artivion (AORT) to Release Earnings on Thursday

Feb -05

Source: defenseworld.net

Artivion Announces Presentation of Positive New Clinical Data from NEXUS TRIOMPHE and AMDS PERSEVERE Trials at the 62nd Society of Thoracic Surgery Annual Meeting

Feb -02

Source: prnewswire.com

Artivion Announces Release Date and Teleconference Call Details for Fourth Quarter 2025 Financial Results

Jan -29

Source: prnewswire.com

HARBOR CAPITAL ADVISORS, INC. Sells 2 Shares of Artivion Inc (AORT)

Jan -20

Source: gurufocus.com

Artivion, Inc. (NYSE:AORT) Receives Average Rating of “Moderate Buy” from Analysts

Jan -12

Source: defenseworld.net

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: 4.7/10

Value: 4.8

Growth: 4.4

Quality: 5.2

Yield: 0.0

Momentum: 9.0

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: 0.3

1-Year Total Return ->

Surmodics

A-Score: 3.9/10

Value: 6.6

Growth: 1.9

Quality: 5.4

Yield: 0.0

Momentum: 7.0

Volatility: 2.7

1-Year Total Return ->

Quanterix

A-Score: 3.4/10

Value: 8.6

Growth: 4.7

Quality: 4.8

Yield: 0.0

Momentum: 0.5

Volatility: 1.7

1-Year Total Return ->

ZimVie

A-Score: 3.3/10

Value: 5.2

Growth: 2.3

Quality: 3.3

Yield: 0.0

Momentum: 8.5

Volatility: 0.3

1-Year Total Return ->

MaxCyte

A-Score: 2.9/10

Value: 8.2

Growth: 2.2

Quality: 5.1

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

100.00%

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 Q4 2025 Earnings: Growth Momentum Continues

Segment Performance

Growth Drivers 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

37.04$

Current Price

38.33$

Potential

-3.38%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA