Artivion, Inc. AORT

Health CareHealthcare Equipment & SuppliesUnited States of America

Last close 22.58 USD on Nov 1, 2026, −50.5% year to date

Quant rating

Quant rating C Rank 255 of 565 in Health Care

Growth A 53 of 565
Valuation B 130 of 565
Quality B 189 of 565
Revisions D 404 of 565
Momentum D 419 of 565

Wall Street consensus Buy (1.56)Average target 40.91 USD +81.2%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.1B
Enterprise value: 1.4B
52-week range: 19.49 – 48.19
3-year range: 12.88 – 48.19
Dividend yield: –
Beta (5 years): 1.30
Shares outstanding: 48.8M
Next earnings: Nov 5, 2026

About the company

Artivion, Inc. is a medical device company focused on developing solutions that address cardiac and vascular surgeons in treating patients with aortic diseases. The Company operates through two segments, which include Medical Devices and Preservation Services. The Medical Devices segment includes sales of aortic stent grafts, surgical sealants, On-X products, and other products. The Preservation Services segment includes services for the preservation of cardiac and vascular implantable human tissues. It has four product families: aortic stent grafts, On-X mechanical heart valves and related surgical products, surgical sealants, and implantable cardiac and vascular human tissues. Its aortic stent grafts include aortic arch stent grafts, abdominal stent grafts, and synthetic vascular grafts. Its surgical sealants include BioGlue Surgical Adhesive products. It is engaged in the endovascular repair of aortic arch disease and the developer of the NEXUS Aortic Arch System.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	441	389	354	314	299	–
Revenue growth	13.6%	9.8%	12.8%	5.0%	18.0%	11.8%
EPS (basic, normalized)	0.21	−0.32	−0.75	−0.48	−0.38	–
EPS growth	–	–	–	–	–	–
Gross margin	64.4%	64.0%	64.7%	64.5%	66.1%	64.8%
Net margin	2.2%	−3.4%	−8.6%	−6.1%	−4.9%	−4.2%
ROE	2.7%	−4.8%	−10.8%	−6.6%	−4.7%	−4.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	77.3
Current ratio	3.47x
Long-term debt (mil)	366
Net debt (mil)	290
Total equity (mil)	446
Net debt / equity	0.65x
Net debt / EBITDA	3.23x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	441	+13.6%	3.2x	89.6	+26.2%	15.5x	0.21	+165.6%	107.5x
2026	491	+11.2%	2.8x	95.1	+6.2%	14.6x	−0.35	−266.7%	−64.5x
2027	544	+10.8%	2.6x	115	+20.7%	12.1x	0.29	+182.5%	78.2x
2028	610	+12.1%	2.3x	139	+21.1%	10.0x	0.46	+60.2%	48.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	491	0.0%	+0.9%	−0.9%	−0.35	0.0%	−517.9%	−178.5%
2027	544	+0.1%	+0.7%	−1.4%	0.29	0.0%	−29.1%	−61.3%
2028	610	+0.3%	+1.5%	−1.8%	0.46	0.0%	−41.4%	−44.9%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	97.4	98.0	95.8	97.3	99.0	113	111	116	116	126
Sales mean (mil)	92.0	97.7	94.8	101	95.0	108	110	116	116	120
Surprise	+5.9%	+0.4%	+1.1%	−3.5%	+4.2%	+4.6%	+0.9%	−0.4%	+0.5%	+4.8%
EPS reported	0.06	−0.05	−0.05	−0.39	−0.01	0.08	0.06	0.05	0.03	−0.28
EPS mean	−0.09	−0.02	−0.06	−0.06	−0.12	0.00	0.02	0.08	0.05	0.01
Surprise	−170.3%	−114.3%	+21.0%	−550.0%	+91.5%	−1,964.8%	+250.1%	−38.8%	−38.9%	−2,900.0%

Peer comparison Healthcare Equipment & Supplies

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
AORT Artivion, Inc.	1.1B	3.23x	2.2%	2.47x	−64.5x	78.2x	14.6x	12.1x
ABT Abbott Laboratories	183.8B	2.36x	14.7%	3.60x	19.2x	17.9x	16.0x	14.5x
BSX Boston Scientific Corporation	60.8B	2.03x	14.4%	2.44x	13.2x	13.3x	11.4x	11.4x
BDX Becton Dickinson and Co	53.9B	2.03x	7.7%	2.21x	15.6x	14.9x	11.5x	11.5x
EW Edwards Lifesciences Corporation	53.0B	−1.98x	17.5%	5.00x	30.7x	27.3x	23.2x	20.7x
RMD ResMed Inc.	32.3B	−0.27x	26.9%	5.44x	19.0x	17.4x	14.1x	13.1x
Mean		1.23x	13.9%	3.52x	5.5x	28.1x	15.1x	13.9x
Median		2.03x	14.6%	3.03x	17.3x	17.7x	14.3x	12.6x

Technical analysis

1M−1.6%
3M−16.4%
1Y−50.1%
3Y+83.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Artivion, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	441	389	354	314	299	253
Cost of revenue	157	140	125	111	101	85.4
Gross profit	284	249	229	203	198	168
Selling, general & administrative expenses	204	173	145	158	122	117
Research & development	31.0	28.5	28.7	38.9	35.5	24.2
Depreciation/amortization	14.5	16.5	15.7	15.8	17.4	13.8
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	2.7	6.3	25.0	−7.7	21.5	6.2
Other operating expenses	7.7	−11.0	23.5	−9.0	9.5	4.5
Operating income	24.1	35.2	−8.5	6.2	−8.3	2.4
Net interest income (expense)	−18.6	−27.4	−22.1	−21.2	−21.8	−16.5
Gain (loss) on sale of assets	7.0	0	14.2	0	15.9	–
Other non-operating income (expense)	2.3	−15.3	−5.2	0	−0.6	−3.1
Net income before taxes	14.8	−7.5	−21.6	−15.0	−14.8	−17.2
Provision for taxes	5.0	5.8	9.1	4.2	0	−0.5
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	9.8	−13.4	−30.7	−19.2	−14.8	−16.7
Extraordinary items	–	–	–	–	–	–
Net income	9.8	−13.4	−30.7	−19.2	−14.8	−16.7
EBIT, normalized	26.7	41.5	16.5	−1.5	13.2	10.3
EBITDA, normalized	49.2	65.7	39.6	20.9	37.2	31.1
Basic EPS, normalized	0.21	−0.32	−0.75	−0.48	−0.38	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Artivion, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	64.9	53.5	58.9	39.4	55.0	61.4
Receivables	104	85.9	74.1	69.6	58.1	48.8
Total inventory	92.4	79.8	82.0	74.5	77.0	73.0
Prepaid expenses	42.5	19.3	15.8	17.6	14.7	14.3
Other current assets	54.5	51.7	49.8	46.4	42.9	37.1
Total current assets	358	290	281	247	248	235
Property, plant & equipment	99.7	76.1	82.2	80.5	83.2	51.6
Goodwill	254	241	247	244	250	260
Intangibles	156	156	172	183	201	227
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	16.4	25.6	10.0	8.7	10.6	16.0
Total assets	885	789	792	763	793	789
Liabilities
Accounts payable	16.0	18.0	13.3	12.0	10.4	9.6
Payable/accrued	–	–	–	–	–	–
Accrued expenses	51.8	44.5	36.3	31.6	27.7	27.0
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	0.7	0.8	2.0	2.1	2.2	1.8
Other current liabilities	33.0	3.5	6.2	3.9	4.7	22.0
Total current liabilities	102	66.8	57.9	49.7	45.0	60.5
Long-term debt	218	317	309	310	312	296
Minority interest	–	–	–	–	–	–
Other liabilities	117	129	144	119	136	104
Total liabilities	437	513	511	478	492	461
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.5	0.4	0.4	0.4	0.4	0.4
Additional paid-in capital	517	377	356	337	323	316
Retained earnings (accumulated deficit)	−51.5	−61.3	−47.9	−17.2	2.0	20.0
Treasury stock	−14.6	−14.6	−14.6	−14.6	−14.6	−14.6
Other equity	−2.7	−24.9	−12.0	−21.6	−9.9	6.7
Total equity	448	276	282	284	301	329
Total liabilities & shareholders' equity	885	789	792	763	793	789

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Artivion, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	9.8	−13.4	−30.7	−19.2	−14.8	−16.7
Depreciation, depletion & amortization	22.5	24.2	23.1	22.4	24.0	20.7
Deferred taxes	0	−1.5	−1.4	−1.7	−4.5	4.3
Non-cash items	29.8	30.1	44.0	19.2	26.0	30.8
Changes in working capital	−22.2	−17.2	−16.2	−25.9	−33.2	−26.7
Cash from operations	39.9	22.2	18.8	−5.2	−2.6	12.4
Investing activities
Capital expenditures	−39.0	−11.2	−7.4	−10.7	−13.1	−7.3
Other investing cash flows	−3.0	−17.0	6.9	0	18.8	−65.8
Cash from investing	−42.0	−28.2	−0.5	−10.7	5.7	−73.1
Financing activities
Financing cash flow items	0.7	−3.2	2.8	−0.5	−11.0	−1.5
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	10.6	5.4	−1.9	−1.2	−1.2	95.1
Cash from financing	11.3	2.2	0.9	−1.6	−12.2	93.6
Foreign exchange effects	2.3	−1.7	0.4	1.8	2.2	−5.2
Net change in cash	11.4	−5.5	19.6	−15.7	−6.9	27.7
Free cash flow	0.8	11.0	11.4	−15.9	−15.7	5.0

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.