Artivion (AORT) Q4 2025 earnings summary

Executive summary

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

• Advanced aortic-focused product pipeline, including filing the final PMA module for AMDS Hybrid Prosthesis with FDA and presenting positive clinical trial data for AMDS PERSEVERE and NEXUS TRIOMPHE.

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

• Growth was driven by market share gains, new clinical data, and recovery from the prior year’s cybersecurity incident.

Financial highlights

• Q4 2025 adjusted revenues were $118.3M (18–18.5% Y/Y constant currency growth); adjusted EBITDA rose 29% to $22.7M.

• Full year 2025 adjusted revenues reached $443.6M (+13%); adjusted EBITDA was $89.6M (+26%), with margin improving 190 basis points to 20.2%.

• Q4 2025 GAAP diluted EPS: $0.05; non-GAAP diluted EPS: $0.17. FY25 GAAP diluted EPS: $0.21; non-GAAP: $0.63.

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

• Net leverage ratio improved to 1.8 from 3.8 year-over-year.

Outlook and guidance

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

• Adjusted EBITDA guidance for 2026 is $105M–$110M, representing 18–22% growth and ~150 basis points margin expansion.

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

• Tissue revenue expected to be flat, BioGlue to grow mid-single digits, On-X mid-teens, and stent grafts low twenties percent.

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