Anteris Technologies (AVR) H2 2025 earnings summary

Executive summary

• Focused on developing the DurAVRⓇ THV System for aortic stenosis, with over 130 patients implanted as of December 2025.

• Advanced regulatory milestones in 2025, including first European approval and FDA IDE for the pivotal PARADIGM Trial.

• Completed significant equity financings in late 2025 and early 2026, including a $230M public offering and $90M Medtronic private placement.

• Remains a development-stage company with recurring net losses and negative cash flows, but targets a large, underpenetrated TAVR market.

Financial highlights

• Net sales for 2025 were $1.9M, down 29% from $2.7M in 2024, due to expiration of a key distribution agreement.

• R&D expenses rose 34% to $69.1M, driven by manufacturing scale-up and PARADIGM Trial preparation.

• Selling, general and administrative expenses decreased 7% to $26.1M.

• Net loss after tax was $94.2M in 2025, compared to $76.0M in 2024.

• Cash and cash equivalents at year-end 2025 were $12.6M, with subsequent equity raises improving liquidity.

• Accumulated deficit reached $370.5M as of December 31, 2025.

Outlook and guidance

• Expects to continue incurring losses and negative cash flows until commercialization of DurAVRⓇ THV.

• Current cash, bolstered by recent financings, is expected to fund operations for at least 12 months post-2025.

• Anticipates substantial additional funding needs to complete R&D and achieve regulatory approvals.