Artivion’s Third-Quarter Revenue Rises 9% as Net Loss Reaches $7.9 Million
Key Facts
Artivion reported results on November 5, 2026, for the third quarter ended September 30, posting revenue of $123.8 million, up 9% year over year on a GAAP basis. Revenue was $113.4 million in the same period of 2025. The company also delivered 9% year-over-year growth on a constant-currency basis, a non-GAAP measure. But sales growth was not accompanied by improved profitability; the company swung from net income to a GAAP net loss. At the same time, Artivion narrowed its full-year revenue and adjusted earnings before interest, taxes, depreciation and amortization forecasts.
The company posted a net loss of $7.9 million in the third quarter, or $0.16 per diluted share, compared with net income of $6.5 million and earnings of $0.13 per share a year earlier. That marked a reversal in the bottom-line result between the two periods, despite higher revenue. On the company’s non-GAAP measure, net income was $3.8 million, or $0.08 per diluted share. Net income on the same measure was $7.9 million, or $0.16 per share, in the third quarter of 2025. Adjusted earnings per share therefore halved year over year, while the adjusted result remained positive.
Artivion said non-GAAP net income in the current quarter included $0.6 million in pretax losses related to foreign-currency remeasurement. That figure offers a partial explanation for the difference between profitability measures, but does not change the fact that the company recorded a GAAP loss. Adjusted EBITDA, another measure the company uses to track operating performance, fell 8% to $22.5 million. The metric was $24.6 million in the third quarter of 2025. Revenue growth thus coincided with lower adjusted income and adjusted EBITDA compared with the same period a year earlier.
The comparison with the previous quarter shows continued revenue growth, but at a lower annual pace than in the second quarter. Artivion reported revenue of $125.8 million in the second quarter of 2026, up 11% on a GAAP basis and 9% on a constant-currency basis compared with the second quarter of 2025. In the third quarter, growth was 9% on both measures, while revenue fell from the second quarter’s $125.8 million. These figures place sales in a broader context than the year-over-year comparison alone. They also highlight the divergence between revenue and profitability, which declined on adjusted measures in the third quarter.
The company narrowed its 2026 revenue forecast to a range of $484 million to $492 million. That represents expected growth of 8% to 10% on an adjusted constant-currency basis compared with adjusted 2025 revenue. The previous range was $480 million to $496 million, with expected growth of 7% to 11%. The upper and lower bounds of the estimate were thus brought closer together, concentrating the expected growth range. The revised guidance gives investors a more current range for assessing the annual revenue trajectory after the third-quarter results.
Artivion also narrowed its 2026 adjusted EBITDA forecast to $93–98 million, from a previous range of $92–99 million. The guidance includes about $8 million in expenses related to the Endospan acquisition during the year. The company closed the acquisition in May 2026, according to the results statement. Management is scheduled to discuss the results on a live conference call and webcast at 4:30 p.m. Eastern Time on November 5, the date the company had previously set to release results after the market close. AORT shares closed at $26.45 on November 4, 2026, according to EL7 data.