Summary of Artivion Conference Call Company Overview - **Company**: Artivion - **Industry**: Medical Devices, specifically focusing on aortic technologies Key Points and Arguments Strategic Focus and Vision - Artivion has shifted its focus to cardiac and vascular surgeons treating the aorta, divesting non-aortic products to concentrate on unmet clinical needs in this area [2][3][5] - The company has made several strategic acquisitions over the past five years, including On-X, Jotec, and Ascyrus, to enhance its product offerings and address significant clinical challenges [3][5][6] Product Pipeline and Growth - Artivion has a robust pipeline with seven PMAs (Premarket Approvals) in progress, indicating a strong future growth trajectory without the immediate need for further acquisitions [9][10] - The company anticipates double-digit revenue growth and EBITDA growth at twice the rate of revenue for many years, with recent quarters showing even higher growth rates [15][17][40] AMDS Technology - The AMDS (Aortic Malperfusion Device System) is expected to expand the market for treating acute type A aortic dissections, potentially reducing mortality rates significantly [18][20] - AMDS is positioned to be used in a wider range of centers, which could lead to increased adoption and market expansion [18][20][21] Competitive Landscape - AMDS competes with existing technologies like the Frozen Elephant Trunk and hemianchor repair, but its ease of use and effectiveness may lead to broader adoption among surgeons [21][23] - The company aims to maintain a comprehensive aortic strategy by offering multiple treatment options, ensuring they meet diverse patient needs [23][24] Financial Performance and Projections - The mechanical heart valve business, particularly On-X, has seen significant growth, with recent quarters showing over 20% growth, driven by new clinical data demonstrating advantages over bioprosthetic valves [28][30][31] - The company expects gross margins to improve, with a target of reaching 70% in the long term, driven by the introduction of high-margin products [42][45] Operational and Financial Management - Artivion is focused on maintaining operational scalability to support growth, ensuring that infrastructure keeps pace with increasing demand for high-margin products [49][50] - The company has a solid cash flow management strategy, with priorities including funding for potential acquisitions and debt repayment [57] Market Dynamics and Reimbursement - The introduction of a new DRG (Diagnosis-Related Group) for complex aortic arch procedures is expected to facilitate AMDS adoption by improving reimbursement rates [27] - The company has successfully navigated previous reimbursement challenges, and the new DRG is seen as a positive development for market entry [27] Future Outlook - Artivion is optimistic about its growth prospects, with plans to train surgeons on AMDS and leverage new clinical data to drive market share [33][36] - The company is committed to a long-term growth strategy, focusing on innovation and customer needs in the aortic space [60][61] Additional Important Insights - The company has experienced a significant shift in its market positioning and is now seen as a leader in aortic technologies, with a clear focus on addressing critical clinical needs [1][2][60] - Artivion's management emphasizes the importance of aligning all teams towards a common goal of delivering innovative aortic solutions to improve patient outcomes [60][61]

1 © 2025 Artivion, Inc. Corporate Overview November 2025 AORTIC VALVE STENOSIS <65 YRS ALLOGRAFT VALVES MECHANICAL VALVES AORTIC DISSECTION & ANEURYSMS 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 the views of management at the time such statements are mad ...

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Market Risk and Financial Reporting - As of September 30, 2025, there has been no material change in the market risk disclosures compared to the previous annual report [158]. - The CEO and CFO concluded that the Disclosure Controls were effective at a reasonable assurance level as of September 30, 2025 [161]. - No changes in internal controls over financial reporting materially affected the company during the three months ended September 30, 2025 [162]. - The company faces significant risks from international operations, including currency exchange rate fluctuations, particularly with the Euro [167]. - Continued fluctuation of foreign currencies relative to the US Dollar could materially affect future revenues, particularly as most foreign revenues are denominated in Euros [180]. Legal and Regulatory Risks - The Italian parliament agreed to a 75% reduction in payment obligations related to alleged overpayments for medical devices, resulting in a payment of approximately €0.1 million [168]. - The company is engaged in various legal actions, but does not believe there are pending matters that could materially affect its financial condition [164]. - The transition to the European Union's Medical Device Regulation (MDR) has faced difficulties, potentially delaying the commercialization of products in the European Economic Area [209]. - The FDA's proposed reclassification of the CryoValve SG pulmonary heart valve to Class III could make its processing commercially infeasible, with a 30-month timeline to submit a PMA application [211]. - Increased environmental regulations regarding EtO sterilization processes could adversely affect the company's ability to commercialize products [220]. - The company faces potential fines and penalties for promoting products for unapproved uses, which could impact financial performance [223]. - Changes in U.S. policy, including tariffs and trade regulations, could negatively impact supply chain costs and revenue streams [226]. - The new administration's policies may impact federal spending and workforce, affecting regulatory reviews and approvals critical to operations [227]. - Changes in healthcare laws and regulations, including the Affordable Care Act, could impact costs, reimbursement, and regulatory environment, potentially delaying clinical trials and product launches [228]. - The company faces risks related to product liability claims, with existing insurance coverage potentially being insufficient to cover liabilities [229]. - Compliance with data privacy and security laws is increasingly complex, with potential penalties for noncompliance that could adversely affect business operations [232]. - Recent healthcare and tax legislation, including the "One Big Beautiful Bill Act," may have a material adverse effect on the company's financial condition and operations [233]. Operational and Supply Chain Risks - The company is significantly dependent on revenues from tissue preservation services, which face risks related to supply and regulatory changes [172]. - The company relies on approximately 60 organ and tissue procurement organizations (OPOs) and tissue banks for tissue donations, which are critical for its preservation services business [191]. - The company is dependent on single or sole-source suppliers for many materials and components, which limits its ability to negotiate favorable terms and increases operational risks [188]. - The company is susceptible to disruptions in the global supply chain due to geopolitical and labor issues, which may impact operations [187]. - The company experienced a write-off of $0.4 million in 2023 due to the abandonment of its CardioGenesis cardiac laser therapy assets [189]. - The company faced negative impacts on business operations and sales during the COVID-19 pandemic, affecting procedure volumes and outstanding receivables [183]. Strategic and Competitive Risks - The company operates in a highly competitive market with significant competition from established medical device companies [170]. - The company continues to evaluate expansion through acquisitions and licensing, which may carry significant risks and affect market value [196]. - The company has three internal manufacturing facilities located in Austin, Texas; Hechingen, Germany; and Kennesaw, Georgia, with reliance on contract manufacturers for certain products [193]. - The company’s ability to attract and retain a specialized workforce is critical, with significant competition for qualified personnel in its primary facilities [195]. - The company’s technologies and products are subject to intellectual property risks, including potential disputes that could be costly [182]. - The company’s financial results may be adversely affected by acquisition-related adjustments, including potential impairments and increased costs [197]. Cybersecurity and Insurance Risks - The company experienced a cybersecurity incident in Q4 2024 that disrupted operations and impacted revenue, manufacturing, and order processing [204]. - The company has limited cyber-insurance coverage, which may not cover all financial losses associated with security breaches [206]. - Claims-made insurance policies are in place to mitigate financial exposure, but significant claims could increase insurance rates or jeopardize coverage [230]. Financial Position and Stockholder Considerations - The company has significant indebtedness, which could limit operational flexibility and the ability to raise additional capital [235]. - The company has pledged substantially all US assets as collateral under existing credit agreements, raising concerns about asset sufficiency in case of default [236]. - Stockholder activism could disrupt business operations and management focus, potentially leading to fluctuations in stock price [239]. - The company does not anticipate paying dividends on common stock for the foreseeable future, limiting returns for stockholders to share price appreciation [240].

Financial Performance - Revenue for Q3 was GBP 191.7 million, reflecting a decrease of 1% on a like-for-like basis and 3.4% on a reported basis [2] - Year-to-date revenue reached GBP 552.1 million, down 8.4% like-for-like and 11.1% reported [2] - Net revenue for the quarter was GBP 167 million, down 4.4% like-for-like and 6.9% reported [2] - Year-to-date net revenue was GBP 495.2 million, down 8.2% like-for-like and 10.8% reported [2] Operational Insights - The company anticipates stronger profitability in the second half of the year, particularly in Q4, due to new business wins and cost reduction measures [3] - The workforce, referred to as "Monks," decreased to approximately 6,500, down 5% from 6,900 in June 2025 and down 13% from 7,500 a year ago [3] - The reduction in workforce primarily targeted non-billable roles and aimed at enhancing back-office efficiencies [3] Debt Position - The company closed the period with a net debt of GBP 151 million, which is lower than previous figures [3]

Financial Data and Key Metrics Changes - Total revenues for Q3 2025 were $113.4 million, representing a 16% increase compared to Q3 2024 [15] - Adjusted EBITDA increased approximately 39% from $17.7 million to $24.6 million in Q3 2025 [15] - Adjusted EBITDA margin improved to 21.7%, a 320 basis point increase year-over-year [16] - Gross margins were 65.6% in Q3 2025, up from 63.7% in Q3 2024, reflecting a 200 basis point increase [17] Business Line Data and Key Metrics Changes - Stent Graft revenues grew 31% on a constant currency basis in Q3 2025 [16] - ON-X revenues increased by 23% year-over-year on a constant currency basis [16] - Tissue processing revenue rose 5% year-over-year on a constant currency basis [11] - BioGlue revenues grew 1% in Q3 compared to the same period last year [11] Market Data and Key Metrics Changes - Revenues in North America increased by 19% [16] - Asia-Pacific revenues grew by 18% [16] - EMEA revenues increased by 12% [16] - Latin America revenues rose by 10% [16] Company Strategy and Development Direction - The company aims to replicate its successful Stent Graft strategy in the U.S. and Japan, expanding its total addressable market [5] - The establishment of a new MS-DRG code for complex aortic procedures is expected to enhance the economic value proposition of AMDS [7] - The company is focused on advancing a robust pipeline of high-margin innovations, estimating a $1 billion incremental market opportunity over the next five-plus years [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining double-digit revenue growth while growing adjusted EBITDA at twice the rate of revenue growth [15] - The company anticipates continued growth driven by AMDS, On-X heart valves, and the Nexus PMA [24] - Management highlighted the importance of new clinical data and reimbursement dynamics as tailwinds for growth [24] Other Important Information - The company expects to be slightly cash flow negative for the full year 2025 due to a one-time cash payment related to facility purchases [18] - As of September 30, 2025, the company had approximately $73.4 million in cash and $214.9 million in debt [19] Q&A Session Summary Question: What is the expected annualized cost for the Arcevo trial? - Management indicated that R&D funding is expected to be 7%-8% of sales annually, with a full year of trial costs anticipated in 2026 [27] Question: What is driving the growth of ON-X? - Management noted that growth is attributed to market share gains and new clinical data showing benefits of mechanical valves over bioprosthetic valves [29] Question: Can you elaborate on the new DRG and its economic implications? - Management explained that the new DRG reflects the high cost and complexity of advanced aortic arch procedures, which should alleviate previous economic challenges [31] Question: What is the expected market size for Arcevo? - The estimated market size for the frozen elephant trunk in the U.S. is about $80 million [38] Question: How is AMDS performing in terms of sell-through versus sell-in? - Management stated that revenue is currently weighted towards initial stocking, with increasing implantations expected [35] Question: What are the expectations for AMDS in international markets? - The company plans to pursue PMA approval in the U.S. before moving towards approvals in Japan and China [42]

Medical device company Artivion (NYSE:AORT) beat Wall Street’s revenue expectations in Q3 CY2025, with sales up 18.4% year on year to $113.4 million. The company’s full-year revenue guidance of $442 million at the midpoint came in 0.9% above analysts’ estimates. Its non-GAAP profit of $0.16 per share was in line with analysts’ consensus estimates. Is now the time to buy Artivion? Find out in our full research report. Artivion (AORT) Q3 CY2025 Highlights: Revenue: $113.4 million vs analyst estimates of $ ...

3Q 2025 Earnings Presentation November 6, 2025 1 © 2025 Artivion, Inc. 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 the views of management at the time such statements are made. These statements include our beliefs and expectations about our future revenue ...

Financial Performance - Artivion reported third quarter 2025 revenue of $113.4 million, an increase of 18% on a GAAP basis and 16% on a non-GAAP constant currency basis compared to Q3 2024[6] - Net income for Q3 2025 was $6.5 million, or $0.13 per fully diluted share, compared to a net loss of $(2.3) million, or $(0.05) per fully diluted share in Q3 2024[8] - Adjusted EBITDA increased by 39% to $24.6 million in Q3 2025, up from $17.7 million in Q3 2024[6] - Total revenues for the three months ended September 30, 2025, increased to $113,388,000, up 18.4% from $95,779,000 in the same period of 2024[26] - Gross margin for the three months ended September 30, 2025, was $74,395,000, representing a 65.6% margin compared to $61,009,000 in 2024[26] - Operating income for the three months ended September 30, 2025, rose to $12,536,000, compared to $4,387,000 in 2024, marking a 185.5% increase[26] - Total product revenues for the nine months ended September 30, 2025, were $253.907 million, reflecting a 17% increase from $215.568 million in the same period of 2024[30] - Free cash flows for Q3 2025 amounted to $17.653 million, significantly higher than $7.816 million in Q3 2024[30] Revenue Breakdown - Stent grafts revenue grew by 38%, On-X by 25%, preservation services by 5%, and BioGlue by 2% year-over-year in Q3 2025[4] - Aortic stent grafts generated $39.585 million in Q3 2025, up 31% from $28.643 million in Q3 2024[28] - On-X product revenues increased by 23% to $26.797 million in Q3 2025, compared to $21.478 million in Q3 2024[28] - Preservation services revenues decreased by 5% to $71.431 million for the nine months ended September 30, 2025, compared to $75.661 million in the same period of 2024[30] Guidance and Projections - Artivion raised its full year 2025 revenue guidance to a range of $439 to $445 million, reflecting constant currency growth of 13% to 14%[9] - The company also raised its adjusted EBITDA guidance for 2025, now expecting growth of 24% to 28%, with adjusted EBITDA projected to be between $88 to $91 million[10] - Artivion aims to grow adjusted EBITDA at twice the rate of constant currency revenue growth, indicating strong operational momentum[7] Clinical and Operational Developments - Artivion enrolled the first patient in the ARTIZEN trial for Arcevo, marking a significant milestone in its clinical programs[6] - Positive clinical data from AMDS PERSEVERE and PROTECT trials were presented, validating the benefits of AMDS technology[5] Balance Sheet and Cash Flow - Cash and cash equivalents increased to $73,426,000 as of September 30, 2025, up from $53,463,000 at the end of 2024[22] - Total current assets reached $337,498,000 as of September 30, 2025, compared to $290,080,000 at the end of 2024, reflecting a 16.3% increase[22] - Total liabilities decreased to $418,968,000 as of September 30, 2025, down from $512,901,000 at the end of 2024[22] - Total assets increased to $857,662,000 as of September 30, 2025, from $789,101,000 at the end of 2024, representing an 8.7% growth[22] Expenses - Research and development expenses for the three months ended September 30, 2025, were $8,078,000, up from $6,605,000 in 2024, indicating a 22.3% increase[26] - General, administrative, and marketing expenses increased to $57.281 million in Q3 2025 from $50.017 million in Q3 2024[30] - The company reported a comprehensive income of $7,043,000 for the three months ended September 30, 2025, compared to $4,045,000 in 2024[26]

Core Insights - Artivion, Inc. reported strong financial performance in Q3 2025, achieving 16% constant currency revenue growth driven by significant increases in stent grafts and On-X products [2][4][12] - The company is raising its full-year 2025 revenue and adjusted EBITDA guidance, reflecting confidence in continued growth [5][6] Financial Performance - Total revenues for Q3 2025 were $113.4 million, an 18% increase on a GAAP basis and a 16% increase on a non-GAAP constant currency basis compared to Q3 2024 [4][12] - Net income for Q3 2025 was $6.5 million, or $0.13 per fully diluted share, compared to a net loss of $(2.3) million in Q3 2024 [4][12] - Adjusted EBITDA increased by 39% to $24.6 million in Q3 2025 compared to $17.7 million in Q3 2024 [12] Product Performance - Revenue growth was primarily driven by stent grafts, which grew by 38%, and On-X products, which grew by 25% year-over-year [2][12] - Preservation services and BioGlue also contributed to revenue growth, with increases of 5% and 2%, respectively [2] Strategic Initiatives - The company enrolled the first patient in the ARTIZEN trial for Arcevo, marking a significant milestone in its clinical programs [3] - Artivion presented new favorable clinical data from its AMDS PERSEVERE and PROTECT trials, further validating the benefits of its AMDS technology [3] Financial Outlook - Artivion raised its full-year 2025 revenue guidance to a range of $439 to $445 million, expecting constant currency growth of 13% to 14% [5] - The adjusted EBITDA guidance was also raised, now expecting growth between 24% and 28% for the full year 2025 [6]