Artivion (AORT) Q4 2025 earnings summary

Executive summary

• Achieved 13% adjusted constant currency revenue growth and 26% adjusted EBITDA growth in 2025, with significant improvements in GAAP and non-GAAP profitability year-over-year.

• Advanced aortic-focused product pipeline, including positive clinical trial data from AMDS PERSEVERE and NEXUS TRIOMPHE, and filed final PMA module for AMDS Hybrid Prosthesis with FDA; approval expected mid-2026.

• Continued strong U.S. AMDS launch after Humanitarian Device Exemption in late 2024.

Financial highlights

• Q4 2025 adjusted revenues were $118.3M (up 18.5% year-over-year, excluding Italian payback adjustment); full-year adjusted revenue was $443.6M (+13% constant currency).

• Adjusted EBITDA for Q4 rose 29% to $22.7M; full-year adjusted EBITDA was $89.6M (26% growth), with margin improvement.

• Q4 2025 GAAP diluted EPS: $0.05; non-GAAP diluted EPS: $0.17; full-year non-GAAP diluted EPS: $0.63.

• Free cash flow for FY25 was $0.8M, despite $20M in one-time facility purchases.

• Net leverage ratio reduced to 1.8 from 3.8 year-over-year; cash at year-end 2025 was $64.9M, debt $215.1M.

Outlook and guidance

• 2026 constant currency revenue growth expected between 10%-14%, or $486M-$504M.

• Adjusted EBITDA guidance for 2026 is $105M-$110M, with 18%-22% growth and 150 basis points margin expansion at midpoint.

• Gross margin expected to improve by 50 basis points; CapEx to be $50M in 2026, up from $39M in 2025.

• Management targets sustained double-digit constant currency revenue growth and adjusted EBITDA growth at twice the pace of revenue growth long-term.