Artivion (AORT) Oppenheimer 36th Annual Healthcare MedTech & Services Conference summary

AMDS and stent graft business outlook

• AMDS launch drove stent graft growth above historical mid-teens rates, with 2026 guidance for low 20s% global growth.

• Hospitals must purchase a $100,000 set (four sizes) to stock AMDS, with reorders triggered by each implant, providing full visibility into usage.

• 2025 revenue was mainly from initial stocking; 2026 will see more implant-driven reorders as account base grows.

• Account penetration is progressing, with a focus on expanding both new accounts and usage within existing ones in 2026.

• HDE approval enables market access, with PMA approval expected to ease entry but not seen as a major inflection point.

On-X mechanical valve and market expansion

• On-X holds 60%-65% U.S. and 30%-35% OUS mechanical valve market share, with strong clinical data supporting use in patients under 65.

• Recent studies suggest a $100 million U.S. market expansion opportunity for mechanical valves.

• Investments in manufacturing and data dissemination aim to drive multi-year mid-teens global growth, with U.S. growth potentially higher.

• Cross-sell opportunities from AMDS and training initiatives are increasing On-X adoption and surgeon conversions.

NEXUS and acquisition strategy

• NEXUS data is strong, with U.S. approval expected in the second half of the year; acquisition likely upon approval.

• Financing for the acquisition is secured via a delayed draw term loan, which may temporarily raise leverage to around 3x, but rapid EBITDA growth and cash flow are expected to reduce debt quickly.