Artivion, Inc. · NYSE:AORT
Artivion — Q4 2025 Earnings Presentation
22 slides from Artivion's earnings presentation, Feb 12, 2026
Slide 1: 4Q 2025 Earnings Presentation
4Q 2025 Earnings Presentation February 12, 2026 1 © 2026 Artivion, Inc.
Slide 2: Forward-Looking Statement
FORWARD-LOOKING STATEMENT Statements made in this presentation that look forward in time or that express management’s beliefs, expectations, or forecasts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect
Slide 3: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES This presentation contains non-GAAP financial measures, including non-GAAP adjusted revenue, non-GAAP net income, EBITDA, adjusted EBITDA, non-GAAP general, administrative, and marketing expenses, and free cash flows. Investors should consider this non-GAAP information in
Slide 4: Table of Contents
TABLE OF CONTENTS Key Messages 5 Q4 & Full Year 2025 Financial Highlights 6-7 Product Revenue Growth 8 Geographic Revenue Growth 9 On-X vs Bioprosthetic Valve Data 10 AMDS PERSEVERE US IDE Study 11 Endospan’s NEXUS TRIOMPHE US IDE Study 12 ARTIZEN Pivotal IDE Study 13 Full Year 2026 Financial Guidan
Slide 5: Key Messages
Key Messages Filed fourth and final module of pre-market approval (PMA) application for AMDSTM Hybrid Prothesis to U.S. Food and Drug Administration (FDA) 4Q 2025* FY 2025* PMA approval expected mid-2026 Continued positive momentum in U.S. AMDS launch following receipt of Humanitarian Device Exempti
Slide 6: Q4 2025 Financial Highlights
Q4 2025 FINANCIAL HIGHLIGHTS GAAP Non-GAAP Q4 2025 Q4 2024 % Y/Y Δ Q4 2025 Q4 2024 % Y/Y Δ Revenue $116.0M $97.3M 19.2% Revenue $118.3M $99.8M 18.5% Gross Gross 63.1% 63.2% -10 bps 63.1% 63.2% -10 bps Margin Margin Diluted EPS $0.05 ($0.39) -- Diluted EPS $0.17 $0.00 -- Net income Adjusted $2.4M ($1
Slide 7: Full Year 2025 Financial Highlights
Full Year 2025 FINANCIAL HIGHLIGHTS GAAP Non-GAAP FY 2025 FY 2024 % Y/Y Δ FY 2025 FY 2024 % Y/Y Δ Revenue $441.3M $388.5M 13.6% Revenue $443.6M $391.9M 13.2% Gross Gross 64.4% 64.0% 40 bps 64.4% 64.0% 40 bps Margin Margin Diluted EPS $0.21 ($0.32) -- Diluted EPS $0.63 $0.25 -- Net income Adjusted $9
Slide 8: Q4 2025 Year-Over-Year Revenue Growth
Q4 2025 Year-Over-Year Revenue Growth Product Portfolio Preservation Surgical Aortic Stent On-X Services Sealant Grafts GAAP Growth 6% 2% 25% 44% Constant Currency Growth 6% 0% 24% 36% 8 © 2026 Artivion, Inc.
Slide 9: Q4 2025 Year-Over-Year Revenue Growth Across Geographies
Q4 2025 Year-Over-Year Revenue Growth Across Geographies North Latin America America EMEA APAC GAAP Growth 18% 15% 18% 32% Adjusted Constant 18% 9% 17% 32% Currency Growth* 9 *Adjusted for the impact of estimated Italian payback obligations recorded in the fourth quarter of 2025 for fiscal years 201
Slide 10: On-X: High Growth, High Margin, with Market Upside
On-X: High Growth, High Margin, with Market Upside New Recently Published Data Across Three Leading Journals to Drive Potential $100 million Upside to Addressable U.S. Mechanical Heart Valve Market 5-year PAS Data Presented in April 20241 Demonstrated 87% Reduction in Major Bleeding Validated On
Slide 11: AMDS PERSEVERE US IDE Study Primary Endpoints
AMDSTM PERSEVERE US IDE Study Primary Endpoints Full IDE data demonstrates AMDS use significantly lowers 30-day Major Adverse Events (MAEs) compared to hemiarch control group ACUTE DEBAKEY TYPE I (ADTI) Through Hospital WITH MALPERFUSION Full 30-Day Discharge Data Data Hemiarch Reference Cohort Avg.
Slide 12: Endospan NEXUS TRIOMPHE US IDE Trial
Endospan NEXUS ® TRIOMPHE US IDE Trial 30-day data demonstrate 63% reduction in major adverse event (MAE) Presented at rate compared to the reference performance goal AATS 2025 30-DAY DATA 1 TRIOMPHE Performance p Value (n=54) Goal MAEs2 >=1 13.0% 35.0% p<0.001 Technical Failure 1.9% 30.0% p<0.001 3
Slide 13: ARTIZEN Pivotal IDE Study
ARTIZEN PIVOTAL IDE STUDY Prospective, Non-randomized, Non-blinded, Double-arm, Multicenter (US & EU ≈ 30 Sites) PRIMARY PATIENT GROUP 117 patients: Chronic dissection or Aneurysm Primary endpoint: Freedom from major adverse events (MAEs) within 1-year post-index procedure: all-cause mortality, new
Slide 14: Full Year 2026 Revenue Guidance
FULL YEAR 2026 REVENUE GUIDANCE GROWTH DRIVERS + Continued strength in existing products On-X and aortic stents $90.0M + Positive new data supporting the benefits of AMDS and On-X aortic valves $486M- Revenue* ($) $443.6M $504M + Continued adoption of AMDS following Y/Y cc. 13% 10-14% receipt of Hum
Slide 15: Revenue Growth and Operating Leverage
REVENUE GROWTH AND OPERATING LEVERAGE TO DRIVE ADJUSTED EBITDA EXPANSION FULL YEAR 2026 ADJUSTED EBITDA EXPECTATIONS DRIVERS Expect continued operating leverage to $90.0M be driven by gross margin expansion, global sales force and G&A infrastructure $105M- Adjusted EBITDA ($) $89.6M $110M Y/Y Growth
Slide 16: Appendix
Appendix 16 © 2026 Artivion, Inc.
Slide 17: Q4 2025 GAAP to Non-GAAP Financial Reconciliations
Q4 2025 GAAP to Non-GAAP Financial Reconciliations Revenue Revenues for the Percent Three Months Ended Change December 31, From Prior 2025 2024 Year Italian Adjusted Payback Adjusted Exchange Constant Constant US GAAP Measure * Revenue US GAAP Rate Effect Currency Currency Products: Aortic stent gra
Slide 18: FY 2025 GAAP to Non-GAAP Financial Reconciliations
FY 2025 GAAP to Non-GAAP Financial Reconciliations Revenue Revenues for the Percent Year Ended Change December 31, From Prior 2025 2024 Year Italian Adjusted Payback Adjusted Exchange Constant Constant US GAAP Measure * Revenue US GAAP Rate Effect Currency Currency Products: Aortic stent grafts $ 15
Slide 19: Q4 and FY 2025 GAAP to Non-GAAP Financial Reconciliations
Q4 and FY 2025 GAAP to Non-GAAP Financial Reconciliations Reconciliation of diluted income (loss) per common share, GAAP to adjusted diluted income per common share, non-GAAP Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 Reconciliation of diluted income (loss) per commo
Slide 20: Q4 and FY 2025 GAAP to Non-GAAP Financial Reconciliations
Q4 and FY 2025 GAAP to Non-GAAP Financial Reconciliations Reconciliation of net income (loss), GAAP and EBITDA, non-GAAP to adjusted EBITDA, non-GAAP Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 Reconciliation of net income (loss), GAAP and EBITDA, non-GAAP to adjusted
Slide 21: Q4 2025 GAAP to Non-GAAP Financial Reconciliations
Q4 2025 GAAP to Non-GAAP Financial Reconciliations Reconciliation of cash flows from operating activities, GAAP to free cash flows, non-GAAP Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 Reconciliation of cash flows from operating activities, GAAP to free cash flows, no
Slide 22: Thank You
Thank You © 2026 Artivion, Inc.