Anteris Technologies (AVR) Q2 2026 TU earnings summary

Executive summary

• Advanced the DurAVR® Transcatheter Heart Valve (THV) System with ongoing global PARADIGM Trial recruitment, including expansion into the US, Europe, Denmark, the Netherlands, Canada, and France, supported by regulatory and reimbursement milestones.

• Secured U.S. Medicare reimbursement eligibility for the PARADIGM Trial, enabling reimbursement for eligible procedures at U.S. sites.

• Completed major capital raises in January 2026, including a $230M public offering, a $90M private placement with Medtronic, and established a $250M ATM equity program in May 2026.

• Presented clinical progress at New York Valves 2026, highlighting the DurAVR® THV system.

• Strengthened Board of Directors with new appointments to support commercialization efforts.

Financial highlights

• Net sales for Q2 2026 were $1.0M, up 63% year-over-year, driven by increased tissue product sales to 4C.

• Operating loss for Q2 2026 was $31.0M, a 48% increase year-over-year; net loss attributable to stockholders was $29.1M for the quarter and $52.1M for the six months.

• R&D expenses rose 43% year-over-year to $23.4M for Q2, reflecting manufacturing scale-up, process development, and expanded clinical team.

• Net operating cash outflows for Q2 2026 were $20.8M, mainly due to clinical, regulatory, and manufacturing activities for the PARADIGM Trial.

• Cash, cash equivalents, and restricted cash totaled $260.9M as of June 30, 2026, up from $12.6M at year-end 2025.

Outlook and guidance

• Management expects continued operating losses and increased expenses as clinical and manufacturing activities expand.

• Existing cash is expected to fund operations for at least the next 12 months; additional capital may be required for long-term goals.

• U.S. site activation and patient recruitment for the PARADIGM Trial are expected to accelerate with the new reimbursement framework.

• Anticipates further expansion of the PARADIGM Trial and ongoing regulatory submissions for US and EU approvals.