Artivion (AORT) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $116.3 million, up 18% year-over-year (12% constant currency), driven by strong growth in aortic stent grafts, On-X products, and preservation services, but partially offset by international softness and lower AMDS set sales.

• Adjusted EBITDA rose 26% to $22.1 million, reflecting operating leverage and margin expansion.

• Net income was $1.4 million ($0.03 per diluted share), compared to a net loss of $0.5 million in Q1 2025.

• Exercised option to acquire Endospan for $135 million following FDA PMA approval of the NEXUS Aortic Arch System; closing expected Q2 2026.

• U.S. AMDS implant and reorder patterns exceeded expectations, though initial stocking sales lagged due to upfront cost and IRB hurdles.

Financial highlights

• Q1 2026 total revenues were $116.3 million, up 12% year-over-year constant currency; adjusted EBITDA rose from $17.5 million to $22.1 million.

• Gross margin improved to $75.4 million (65% of revenue), up from $63.6 million (64%) year-over-year.

• Free cash flow was -$6.8 million, improved from -$20.6 million in Q1 2025.

• Cash at quarter-end was $55.8 million, with $215.4 million in debt and a net leverage ratio of 1.8, down from 4.0.

• GAAP diluted EPS was $0.03 versus $(0.01) last year; non-GAAP diluted EPS was $0.08, up from $0.06.

Outlook and guidance

• 2026 adjusted constant currency revenue guidance lowered to $480M–$496M (7–11% growth), reflecting international softness and AMDS set sales timing.

• Full-year adjusted EBITDA guidance (excluding Endospan) is $100M–$107M, up 12–20% year-over-year, with ~100 bps margin expansion.

• Including Endospan, 2026 adjusted EBITDA expected at $92M–$99M due to $8M incremental expense for launch and integration.

• First meaningful NEXUS U.S. revenue expected in 2027, with EBITDA neutral impact for that year.