ARTIVION, INC. (AORT) FY2025 10-K Annual Report
ARTIVION, INC. (AORT) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 18, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
ARTIVION, INC. FY2025 10-K Analysis
Business Overview
- • Core business model: Manufacturer and distributor of medical devices and implantable human tissues for cardiac and vascular surgery, focusing on aortic disease treatment
- • New product launch: Arcevo™ LSA Hybrid Stent Graft System introduced in EMEA and APAC in 2025, with US PMA trial ongoing, plus PerClot® hemostatic powder manufacturing started Q2 2023
- • Strategic shift: Expanded global reach with new international markets including China and Brazil, enhanced pipeline with next-generation devices like Arcevo LSA and NEO EDE custom version
- • Quantitative metric: FDA granted humanitarian device exemption for AMDS hybrid prosthesis in Dec 2024 enabling limited US commercial distribution before full PMA approval expected in 2026
- • Noteworthy fact: CMS created a new unique DRG procedure code for AMDS effective Oct 1, 2025, reflecting recognition of its distinct hospital resource use for complex aortic arch repair
Management Discussion & Analysis
- • Revenue $441.3M in 2025, up 14% YoY from $388.5M in 2024; constant currency increase 13%
- • Gross margin 64% in 2025, flat YoY despite 14% gross margin dollar growth to $284.2M
- • Best segment: Aortic stent grafts $159.4M +29% YoY; Worst: Preservation services $95.5M -3% YoY
- • Operating expenses increased 25% to $226.5M driven by sales/marketing and cybersecurity costs; R&D up 9% to $31.0M
- • Cash & equivalents $64.9M at year-end; $220M nominal debt outstanding; no specific buyback or dividend data given
- • Management notes ongoing seasonality, cybersecurity incident impacts in 2024; AMDS product commercial launch in US anticipated in 2026
Risk Factors
- • Regulatory risk: Italian medical device overpayment repayment exposure $2.3M for 2019–2025 period under Ministerial Decree, potential further government assessment
- • Geopolitical risk: NEXUS products solely made in Israel amid Middle East conflicts, risking supply disruption from war, sanctions, or export controls
- • Operational risk: Single-source suppliers for BioGlue components and On-X grafts could halt manufacturing if suppliers face issues, risking product availability
- • Competitive risk: Facing competition from Baxter, J&J’s Ethicon, Medtronic, Abbott with greater resources and stronger regulatory approval track records
- • Financial risk: Acquisition-related impairments including Endospan loan and option write-downs affecting market value and risking future goodwill impairments
ARTIVION, INC. FY2025 Key Financial MetricsXBRL
Revenue
$441M
▲ +13.6% YoY
Net Income
$10M
▲ +173.1% YoY
Gross Margin
64.4%
▲ +37bp YoY
Operating Margin
7.6%
▼ -236bp YoY
Net Margin
2.2%
▲ +565bp YoY
ROE
2.2%
▲ +702bp YoY
Total Assets
$885M
▲ +12.1% YoY
EPS (Diluted)
$0.21
▲ +165.6% YoY
Operating Cash Flow
$40M
▲ +79.3% YoY
Source: XBRL data from ARTIVION, INC. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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