Artivion Inc. reported third‑quarter 2025 revenue of $113.4 million, up 18 % on a GAAP basis and 16 % on a constant‑currency basis from the same period in 2024. Net income rose to $6.5 million, giving a GAAP earnings‑per‑share of $0.13 and a non‑GAAP EPS of $0.16. The company’s earnings beat analyst expectations by roughly $0.04 per share, a 24 % lift over the consensus estimate of $0.14, and a far larger beat when compared to the lower estimates of $0.03 or $0.0175 that some analysts had projected.
The growth was driven by a 38 % year‑over‑year increase in stent graft revenue and a 25 % rise in On‑X mechanical heart valve sales. Constant‑currency growth for stent grafts was 31 % and for On‑X 23 %, underscoring the strength of the core aortic and valve product lines. Preservation services grew 5 % and BioGlue revenue increased by 1–2 %, reflecting a modest rebound after a 2024 cybersecurity incident that temporarily disrupted tissue‑processing operations.
Adjusted EBITDA climbed to $7.9 million, a 320‑basis‑point improvement that lifted the margin to 21.7 % from 19.5 % a year earlier. The margin expansion was largely attributable to higher gross margins on the high‑margin stent grafts and On‑X products, coupled with disciplined operating‑expense management that offset the modest cost inflation in raw materials and logistics. The company’s gross margin also improved to 65.6 % from 63.7 % in the prior year, reflecting pricing power and a favorable product mix shift.
Management raised the full‑year 2025 revenue guidance to a constant‑currency range of $439 million to $445 million, up from the previous $435 million to $443 million outlook. Adjusted EBITDA guidance was increased to $88 million to $91 million, compared with the prior 21 %–28 % growth target. CEO Pat Mackin said the guidance lift reflects “confidence in sustained demand for our aortic device portfolio and the expected ramp‑up of the AMDS product line.” CFO Lance Berry noted that the higher guidance “demonstrates our conviction in maintaining profitability while investing in growth initiatives.”
The company also announced that the first patient in the ARTIZEN pivotal trial for its Arcevo LSA hybrid stent graft system has been treated, marking a key milestone toward FDA approval. The trial’s success opens a potential $80 million U.S. market opportunity by 2029. In addition, a new reimbursement code (MSDRG DRG‑209) effective October 1, 2025, for AMDS procedures has increased reimbursement rates, further supporting the product’s commercial trajectory.
While the quarter was strong, Artivion acknowledged headwinds from the 2024 cybersecurity incident that had temporarily reduced preservation services revenue. The company has since restored normal operations and is monitoring for any residual impact. No other material challenges were reported, and the company’s balance sheet remains robust after refinancing its credit agreement and securing a $150 million delayed‑draw term loan facility with a maturity extension to 2031.
Management emphasized the company’s focus on cost discipline and strategic investments. “We delivered an exceptionally strong quarter, driven by robust commercial performance and progress in our clinical programs,” said Mackin. “Our guidance reflects confidence in continued growth and the successful execution of our pipeline.” Berry added, “The raised guidance underscores our belief in sustaining profitability while investing in high‑return opportunities.”
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