Artivion Narrows 2026 Outlook After EBITDA Reversal

The Tip Desk · November 11, 2026 · 3 min read

Third-quarter revenue was $123.8 million, up 9% on a constant-currency basis, as the company trimmed its full-year ranges.

Artivion, Inc. (AORT), a cardiac and vascular surgery company focused on aortic disease, reported third-quarter 2026 revenue of $123.8 million, up 9% on both a GAAP and a non-GAAP constant-currency basis from $113.4 million a year earlier. GAAP growth slowed from 11% in the second quarter, when constant-currency growth was also 9%.

Adjusted EBITDA reversed course. The measure declined 8% to $22.5 million from $24.6 million in the third quarter of 2025, after a 7% increase to $26.4 million in the second quarter. GAAP results swung to a net loss of $7.9 million, or $0.16 a share, from net income of $6.5 million, or $0.13 a share, a year earlier. Non-GAAP net income fell to $3.8 million, or $0.08 a share, from $7.9 million, or $0.16 a share.

On-X remained the growth leader. Revenue was $30.3 million, up 13% on a constant-currency basis, after 18% constant-currency growth in the second quarter. Aortic stent grafts revenue was $44.3 million, up 12% constant currency, matching the second-quarter pace. Chairman, President and Chief Executive Officer Pat Mackin said stent grafts growth continued for a second consecutive quarter despite a tougher AMDS prior-year comparison, and that U.S. AMDS implants increased from the second quarter, which the company said it believes reflects the recent PMA approval and adoption efforts.

Surgical sealants revenue was $18.9 million, unchanged on a constant-currency basis. Other products were $4.6 million, up 93% constant currency. Preservation services were $25.6 million, unchanged constant currency.

By geography, North America revenue was $63.2 million, up 8% constant currency. Europe, the Middle East and Africa was $40.1 million, up 11%. Asia Pacific was $13.3 million, up 8%. Latin America was $7.2 million, up 5%.

Gross margin was $76.0 million versus $74.4 million a year earlier. Operating income fell to $3.0 million from $12.5 million, a comparison that included a $3.5 million gain from sale of non-financial assets in the year-ago quarter. General, administrative and marketing expense was $63.2 million versus $57.3 million. Research and development was $9.8 million versus $8.1 million. Interest expense was $8.5 million versus $6.1 million.

Free cash flows were a use of $17.6 million versus a source of $17.7 million a year earlier, with capital expenditures of $13.0 million versus $4.6 million.

Artivion narrowed its full-year 2026 revenue outlook to $484 million to $492 million, or 8% to 10% adjusted constant-currency growth, from the prior range of $480 million to $496 million, or 7% to 11%. The company said the guidance contemplates currency as an approximate one-percentage-point tailwind. Full-year adjusted EBITDA was narrowed to $93 million to $98 million from $92 million to $99 million, including about $8 million of Endospan-related expense for the full year.

Mackin said preparations for the January 2027 U.S. commercial launch of NEXUS are progressing, with a first surgeon training event planned for December, and that the ARTIZEN trial for ARCEVO LSA continues to enroll on schedule. The company said it exited the quarter in a strong supply position for On-X after investments in its Austin manufacturing facility.