Artivion delivered a Q3 marked by strong revenue growth and a positive market response, as ongoing adoption of its stent grafts and On-X heart valves fueled performance. Management highlighted particularly robust results for AMDS, with CEO Pat Mackin attributing the gains to early adoption in the U.S. and “growing early adoption and initial stocking orders.” The company also cited positive new clinical data and incremental reimbursement improvements for complex aortic procedures as supporting its value proposition. On-X continued to gain global share, underpinned by fresh clinical evidence and cross-selling momentum from the AMDS launch.
Is now the time to buy AORT? Find out in our full research report (it’s free for active Edge members).
Artivion (AORT) Q3 CY2025 Highlights:
- Revenue: $113.4 million vs analyst estimates of $110.5 million (18.4% year-on-year growth, 2.6% beat)
- Adjusted EPS: $0.16 vs analyst estimates of $0.15 (in line)
- Adjusted EBITDA: $24.57 million vs analyst estimates of $22.25 million (21.7% margin, 10.4% beat)
- The company slightly lifted its revenue guidance for the full year to $442 million at the midpoint from $439 million
- EBITDA guidance for the full year is $89.5 million at the midpoint, in line with analyst expectations
- Operating Margin: 11.1%, up from 4.6% in the same quarter last year
- Sales Volumes rose 23% year on year (11.8% in the same quarter last year)
- Market Capitalization: $2.26 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Artivion’s Q3 Earnings Call
- John McAulay (Stifel) asked for clarity on AMDS launch comps and Arcevo trial costs for 2026. CFO Lance Berry explained that AMDS comps will be tougher due to first-year ramp, and Arcevo trial expenses will be higher with a full year of activity.
- Frank Takkinen (Lake Street Capital Markets) inquired about the impact of new DRG-209 reimbursement and the potential for ASP expansion. CEO Pat Mackin said the update should act as a tailwind by reducing hospital cost constraints.
- Suraj Kalia (Oppenheimer & Co.) questioned the market size for Arcevo and current performance of AMDS. Mackin estimated the U.S. frozen elephant trunk market at $80 million and noted AMDS is tracking toward the high end of year-one expectations.
- Joseph Conway (Needham & Co.) sought details on international AMDS expansion and gross margin drivers. Berry described a stepwise approach to Japan entry post-U.S. PMA and attributed margin gains to mix shift toward AMDS and On-X.
- Daniel Stauder (JMP Securities) asked about early On-X user trends and marketing plans. Berry said new account growth is strong, with broader cardiologist-targeted marketing likely to ramp up in 2026.
Catalysts in Upcoming Quarters
Over the next few quarters, the StockStory team will track (1) the pace of AMDS adoption in U.S. hospitals and surgeon training completion, (2) progress on pivotal trials for Arcevo and NEXUS, including key data releases and regulatory milestones, and (3) realization of manufacturing expansion benefits and operational leverage. Additional attention will be paid to reimbursement updates and further clinical evidence supporting AMDS and On-X.
Artivion currently trades at $47.65, in line with $47.60 just before the earnings. Is there an opportunity in the stock?See for yourself in our full research report (it’s free for active Edge members).
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