Artivion posts third-quarter revenue of $123.8 million and swings to net loss
Key Facts
Artivion reported results on November 5 for the third quarter ended September 30, 2026, posting revenue of $123.8 million and adjusted earnings per share of $0.08, according to company data and Investing.com. Earnings per share came in $0.14 above analysts’ estimate of -$0.06, while revenue topped the consensus estimate of $121.29 million. But the outperformance on the adjusted measure did not translate into a profit under accounting standards: the company reported a quarterly net loss of $7.9 million. That puts sales growth against declining profitability, with a clear difference between the company’s accounting result and its adjusted income measure. Artivion scheduled a call to discuss the results for 4:30 p.m. Eastern Time on the day of the announcement.
Revenue rose to $123.8 million from $113.4 million in the third quarter of 2025, growing 9% year over year on a reported basis and at the same rate on a constant-currency basis, the company said. Most revenue came from products, which generated $98.160 million, compared with $87.665 million a year earlier. Tissue preservation services revenue, by contrast, edged down to $25.630 million from $25.723 million. Aortic stent revenue rose to $44.278 million from $39.585 million, up 12% on a constant-currency basis. On-X valve revenue was $30.317 million, compared with $26.797 million, an increase of 13% on a constant-currency basis.
Chief Executive Pat Mackin said revenue growth was led by On-X valves, whose sales rose 13% on a constant-currency basis compared with the corresponding quarter of 2025. He added that stent revenue grew 12% for a second consecutive quarter, despite a challenging comparison related to the AMDS product. He said the number of AMDS implants in the United States increased compared with the second quarter, attributing this in part to PMA approval and the company’s efforts to strengthen adoption of the technology. By geography, North America revenue was $63.222 million, compared with $58.315 million a year earlier, while revenue in Europe, the Middle East and Africa rose to $40.087 million from $36.224 million. The company reported revenue of $13.267 million in Asia-Pacific and $7.214 million in Latin America during the quarter.
Despite revenue growth, the company’s accounting performance swung from net income of $6.5 million, or $0.13 per diluted share, in the third quarter of 2025 to a net loss of $7.9 million, or $0.16 per diluted share, in the latest period. On the company’s non-GAAP measure, net income was $3.8 million, or $0.08 per diluted share, compared with $7.9 million and $0.16 per share a year earlier. Adjusted income in the latest quarter included pretax losses of $0.6 million related to foreign currency revaluation. Adjusted earnings before interest, taxes, depreciation and amortization also fell 8% to $22.5 million, from $24.6 million in the year-earlier quarter. Taken together, these measures show that sales growth did not prevent a decline in adjusted income and a net loss under accounting standards.
Artivion narrowed its fiscal 2026 revenue outlook to a range of $484–$492 million, compared with its previous range of $480–$496 million. The new outlook implies growth of 8% to 10% on an adjusted constant-currency basis, following a previous estimate of 7% to 11%. The company said its growth outlook includes a positive currency impact of about one percentage point during the year. It also set a range of $93 million to $98 million for adjusted earnings before interest, taxes, depreciation and amortization, compared with a previous estimate of $92 million to $99 million. The full-year outlook includes about $8 million in expenses related to the Endospan acquisition.
On product plans, Artivion said preparations for the commercial launch of the NEXUS system in the United States were on track, with a launch targeted for January 2027. The company set December as the date for its first surgeon training event for the system. It linked development of its aortic arch repair portfolio to an estimated annual market opportunity of about $330 million in the United States. The portfolio includes AMDS and NEXUS, as well as ARCEVO LSA, which remains in trials. The targeted launch next year is part of the outlook and plans the company presented with its third-quarter results.