Artivion (AORT) Oppenheimer 35th Annual Health Care MedTech and Services Conference summary

Business operations and recent challenges

• Operations have normalized after a Q4 cyber breach, with only tissue processing delays causing a shift of some Q1 revenue into later quarters.

• Demand remains strong, and the company provided specific Q1 guidance to clarify the timing impact from the breach.

• Consensus estimates for Q1 are aligned with management's guidance.

Financial strategy and capital structure

• A $100M convertible note is due in July; if the stock is above $23.46, it will be settled in shares, otherwise a $100M delayed draw term loan is available.

• The company prefers to use shares to delever but is prepared for market volatility.

Macro environment and risk management

• Most manufacturing is U.S.-based, minimizing tariff exposure; stent grafts made in Germany are not sold in the U.S., so current tariffs have no impact.

• FX exposure is present but well hedged, and macro uncertainties like tariffs and FX are not seen as major risks currently.