Artivion Reports Second Quarter 2025 Financial Results

Second Quarter Highlights:

— Achieved revenue of $113.0 million in the second quarter of 2025 versus $98.0 million in the second quarter of 2024, an increase of 15% on a GAAP basis and 14% on a non-GAAP constant currency basis

— Net income was $1.3 million, or $0.03 per fully diluted share and non-GAAP net income was $10.7 million, or $0.24 per fully diluted share in the second quarter of 2025

— Adjusted EBITDA increased 33% to $24.8 million in the second quarter of 2025 compared to $18.6 million in the second quarter of 2024

— Exchanged $99.5 million in principal amount of outstanding convertible senior notes due July 1, 2025 for common stock, resulting in the effective retirement of previously issued notes

— Received Investigational Device Exemption (IDE) approval from the U.S. Food and Drug Administration (FDA) to initiate the ARTIZEN pivotal trial evaluating the efficacy and safety of Arcevo LSA to replace the entire aortic arch for the treatment of acute and chronic arch pathologies

Artivion, Inc. (NYSE: AORT), a leading cardiac and vascular surgery company focused on aortic disease, today announced financial results for the second quarter ended June 30, 2025.

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“The second quarter was exceptionally strong as we made progress across each of our strategic initiatives while delivering 14% constant currency revenue growth. Revenue growth was driven by year-over-year growth in On-X of 24%, stent grafts of 24%, BioGlue of 4%, and Preservation Services of 3%, all compared to the second quarter of 2024. On a constant currency basis, year-over-year On-X, stent grafts, BioGlue and preservation services grew 24%, 22%, 4% and 3%, respectively. In addition to our strong revenue performance, adjusted EBITDA grew 33% this quarter over the same period last year, which we believe demonstrates our ability to scale the business and continue to expand adjusted EBITDA margins,” said Pat Mackin, Chairman, President, and Chief Executive Officer.

Mr. Mackin added, “In addition to our strong commercial results in which both On-X and stent grafts grew over 20% on a constancy currency basis, we achieved another significant milestone in our pipeline with the IDE approval to initiate our Arcevo LSA pivotal trial. We also significantly improved our capital structure by retiring all of our $100 million Convertible Senior Notes due July 1, 2025.”

Mr. Mackin concluded, “Given our strong second quarter performance and continued business momentum, we are raising the midpoints of our full year 2025 constant currency revenue and EBITDA guidance and remain confident in our ability to grow adjusted EBITDA at twice the rate of constant currency revenue growth.”

Second Quarter 2025 Financial Results Total revenues for the second quarter of 2025 were $113.0 million, an increase of 15% on a GAAP basis and 14% on a non-GAAP constant currency basis, both compared to the second quarter of 2024.

Net income for the second quarter of 2025 was $1.3 million, or $0.03 per fully diluted common share, compared to net loss of $(2.1) million, or $(0.05) per fully diluted common share for the second quarter of 2024. Non-GAAP net income for the second quarter of 2025 was $10.7 million, or $0.24 per fully diluted common share, compared to non-GAAP net income of $2.9 million, or $0.07 per fully diluted common share for the second quarter of 2024. Non-GAAP net income for the second quarter of 2025 includes pretax gains related to foreign currency revaluation of $4.5 million.

2025 Financial Outlook Artivion is raising the midpoint of its full year 2025 revenue guidance and now expects constant currency growth of 12% to 14%, compared to the previous range of 11% to 14%. The Company expects reported revenues to be in the range of $435 to $443 million compared to the previous range of $423 to $435 million, reflecting the strong second quarter constant currency growth, greater confidence in the overall growth outlook, and an adjustment to FX assumptions for the second half of the year. The guidance range is also based on current estimates that full year 2025 currency impact will be approximately flat to 2024.

Additionally, Artivion is raising the midpoint of its adjusted EBITDA guidance and now expects growth of between 21% and 28% for the full year 2025 compared to 18% to 28% previously provided. Growth rates are compared to 2024. The Company expects adjusted EBITDA to be in the range of $86 to $91 million, compared to the previously articulated range of $84 to $91 million.

The Company's financial performance for 2025 and future periods is subject to the risks identified below.

Non-GAAP Financial Measures This press release contains non-GAAP financial measures, including non-GAAP revenue, non-GAAP net income, EBITDA, adjusted EBITDA, non-GAAP general, administrative, and marketing expenses, and free cash flows. Investors should consider this non-GAAP information in addition to, and not as a substitute for, financial measures prepared in accordance with US GAAP. In addition, this non-GAAP financial information may not be the same as similar measures presented by other companies. The Company's non-GAAP revenues are adjusted for the impact of changes in currency exchange. The Company's non-GAAP net income, EBITDA, adjusted EBITDA, general, administrative, and marketing, and free cash flows results primarily exclude (as applicable) depreciation and amortization expense, interest income and expense, non-cash compensation expense, loss or gain on foreign currency revaluation, income tax expense or benefit, business development, integration, and severance income or expense, losses on inducement/extinguishment of debt, non-cash interest expense, capital expenditures, and other non-recurring items.

The Company generally uses non-GAAP financial measures to facilitate management's review of the operational performance of the Company and as a basis for strategic planning. Company management believes that these non-GAAP presentations provide useful information to investors regarding unusual non-operating transactions, the operating expense structure of the Company's existing and acquired operations, without regard to its on-going efforts to acquire additional complementary products and businesses, and the transaction and integration expenses incurred in connection with recently acquired and divested product lines, and the operating expense structure excluding fluctuations resulting from foreign currency revaluation and non-cash compensation expense. The Company believes it is useful to exclude certain expenses and revenues because such amounts in any specific period may not directly correlate to the underlying performance of its business operations or can vary significantly between periods as a result of factors such as impact of recent acquisitions, non-cash expense related to amortization of previously acquired tangible and intangible assets, and any related adjustments to their carrying values. The Company has adjusted for the impact of changes in currency exchange from certain revenues to evaluate comparable product growth rates on a constant currency basis. The Company does, however, expect to incur similar types of expenses and currency exchange impacts in the future, and this non-GAAP financial information should not be viewed as a statement or indication that these types of expenses will not recur. Company management encourages investors to review the Company's consolidated financial statements and publicly filed reports in their entirety, including the reconciliation of GAAP to non-GAAP financial measures.

The Company's adjusted EBITDA expectations for fiscal 2025 exclude potential charges or gains that may be recorded during the fiscal year, relating to, among other things, non-cash compensation; business development, integration, and severance income or expense; losses on inducement/extinguishment of debt; and foreign currency revaluations. The Company does not attempt to provide reconciliations of forward-looking adjusted EBITDA to the comparable GAAP measure because the impact and timing of these potential charges or gains are inherently uncertain and difficult to predict and are unavailable without unreasonable efforts. In addition, the Company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a material impact on GAAP measures of the Company's financial performance.

Webcast and Conference Call Information The Company will hold a teleconference call and live webcast on August 7, 2025, at 4:30 p.m. ET to discuss the results, followed by a question-and-answer session. To participate in the conference call dial 862-298-0702 a few minutes prior to 4:30 p.m. ET. The teleconference replay will be available approximately one hour following the completion of the event and can be accessed by calling (toll free) 877-660-6853 or 201-612-7415. The conference number for the replay is13754541.

The live webcast and replay can be accessed by going to the Investors section of the Artivion website at www.Artivion.com and selecting the heading Webcasts & Presentations.

About Artivion, Inc. Headquartered in suburban Atlanta, Georgia, Artivion, Inc., is a medical device company focused on developing simple, elegant solutions that address cardiac and vascular surgeons' most difficult challenges in treating patients with aortic diseases. Artivion's four major groups of products include: aortic stent grafts, surgical sealants, On-X mechanical heart valves, and implantable cardiac and vascular human tissues. Artivion markets and sells products in more than 100 countries worldwide. For additional information about Artivion, visit our website, www.Artivion.com.

Forward-Looking Statements Statements made in this press release that look forward in time or that express management's beliefs, expectations, or hopes 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, but are not limited to, our beliefs and expectations about our revenue, year-over-year growth and growth drivers, earnings, currency impacts, and other financial measures and related information; our anticipated capital needs and capital structure; our beliefs about our competitive advantages and market opportunities; the expected impact on our business of the dynamic trade policy and tariff environment; our expected product mix and business strategy; anticipated quarterly fluctuations in our business; the benefits of receiving IDE approval to initiate our Arcevo LSA pivotal trial; the expected benefits from retiring our Convertible Senior Notes due July 1, 2025; our ability to scale our business and expand adjusted EBITDA margins; that our revenues for the full year 2025 will be in the range of $435 to $443 million, representing revenue growth of between 12% to 14% compared to 2024 on a constant currency basis; and that we expect non-GAAP adjusted EBITDA to increase between 21% and 28%for the full year 2025 compared to 2024, resulting in non-GAAP adjusted EBITDA in the range of $86 to $91 millionin 2025. These forward-looking statements are subject to a number of risks, uncertainties, estimates and assumptions that may cause actual results to differ materially from current expectations, including, but not limited to, the unpredictability of the timing and outcome of regulatory decisions and other regulatory developments; risks relating to our international operations; the benefits anticipated from our 2024 credit facility, the Ascyrus Medical LLC transaction and Endospan agreements, and our operational improvements in our tissue and stent graft business may not be achieved at all or at the levels we anticipate or had originally anticipated; the benefits anticipated from our clinical trials and regulatory approvals may not be achieved or achieved on our anticipated timelines; the uncertainty regarding potential unknown or future impacts of the November 2024 cybersecurity incident; and the benefits anticipated from our expansion into APAC and LATAM may not be achieved or achieved on our anticipated timelines. These risks and uncertainties include the risk factors detailed in our Securities and Exchange Commission filings, including our Form 10-K for the year ended December 31, 2025, and our Form 10-Q for the quarter ended June 30, 2025. Artivion does not undertake to update its forward-looking statements, whether as a result of new information, future events, or otherwise.

Contacts:

Artivion Gilmartin Group LLCLance A. Berry Brian Johnston / Laine MorganExecutive Vice President & Phone: 332-895-3222Chief Financial Officer investors@artivion.comPhone: 770-419-3355Artivion, Inc. and SubsidiariesCondensed Consolidated Statements of Operations and Comprehensive Income (Loss)In Thousands, Except Per Share Data(Unaudited)‌ Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024Revenues:Products $ 87,444 $ 73,210 $ 166,242 $ 144,324Preservation services 25,528 24,809 45,708 51,126Total revenues 112,972 98,019 211,950 195,450‌Cost of products and preservation services:Products 28,315 24,545 53,578 48,295Preservation services 11,545 10,150 21,683 20,885Total cost of products and preservation services 39,860 34,695 75,261 69,180‌Gross margin 73,112 63,324 136,689 126,270‌Operating expenses:General, administrative, and marketing 57,665 49,320 112,369 80,009Research and development 7,063 7,497 13,791 14,443Total operating expenses 64,728 56,817 126,160 94,452‌Operating income 8,384 6,507 10,529 31,818‌Interest expense 7,270 8,304 14,933 16,130Interest income (68) (353) (212) (727)Losses on inducement/extinguishment of debt 2,664 – 2,664 3,669Other (income) expense, net (4,964) 983 (8,043) 2,392‌Income (loss) before income taxes 3,482 (2,427) 1,187 10,354Income tax expense (benefit) 2,137 (306) 347 4,942‌Net income (loss) $ 1,345 $ (2,121) $ 840 $ 5,412‌Income (loss) per share:Basic $ 0.03 $ (0.05) $ 0.02 $ 0.13Diluted $ 0.03 $ (0.05) $ 0.02 $ 0.13‌Weighted-average common shares outstanding:Basic 44,296 41,683 43,270 41,487Diluted 45,378 41,683 44,503 42,405‌Net income (loss) $ 1,345 $ (2,121) $ 840 $ 5,412Other comprehensive income (loss):Foreign currency translation adjustments, net of tax 15,768 (2,323) 22,099 (3,851)Comprehensive income (loss) $ 17,113 $ (4,444) $ 22,939 $ 1,561Artivion, Inc. and SubsidiariesCondensed Consolidated Balance SheetsIn Thousands‌ June 30, December 31, 2025 2024 (Unaudited)ASSETSCurrent assets:Cash and cash equivalents $ 53,476 $ 53,463Trade receivables, net 91,440 79,462Other receivables 9,810 6,431Inventories 86,723 79,766Deferred preservation costs 52,817 51,701Prepaid expenses and other 24,554 19,257Total current assets 318,820 290,080 ‌Goodwill 253,802 240,958Acquired technology, net 129,257 128,051Operating lease right-of-use assets, net 39,690 39,726Property and equipment, net 40,086 36,403Other intangibles, net 29,183 28,332Deferred tax assets, net 693 1,068Other long-term assets 26,856 24,483Total assets $ 838,387 $ 789,101‌LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:Accounts payable $ 19,426 $ 17,971Accrued compensation 15,896 18,342Accrued expenses 11,381 11,834Accrued interest 5,706 8,170Taxes payable 2,849 2,934Accrued procurement fees 2,569 1,704Current maturities of operating leases 4,956 4,489Current portion of finance lease obligations 710 601Current portion of long-term debt 73 195Other current liabilities 3,104 583Total current liabilities 66,670 66,823‌Long-term debt, net 215,538 314,152Contingent consideration 52,670 52,880Non-current maturities of operating leases 39,409 39,988Deferred tax liabilities, net 23,455 20,183Deferred compensation liability 8,730 7,977Non-current finance lease obligations 3,055 2,833Other long-term liabilities 8,958 8,065Total liabilities $ 418,485 $ 512,901‌Commitments and contingencies‌Stockholders' equity:Preferred stock $0.01 par value per share, 5,000 shares authorized, no shares issued – -Common stock $0.01 par value per share, 75,000 shares authorized, 48,592 and 43,432 shares 486 434issued as of June 30, 2025 and December 31, 2024, respectivelyAdditional paid-in capital 497,318 376,607Retained deficit (60,426) (61,266)Accumulated other comprehensive loss (2,828) (24,927)Treasury stock, at cost, 1,487 shares as of June 30, 2025 ‎and December 31, 2024 (14,648) (14,648)Total stockholders' equity 419,902 276,200‌Total liabilities and stockholders' equity $ 838,387 $ 789,101Artivion, Inc. and SubsidiariesCondensed Consolidated Statement of Cash FlowsInThousands(Unaudited)‌ Six Months Ended June 30, 2025 2024Net cash flows from operating activities:Net income $ 840 $ 5,412‌Adjustments to reconcile net income to net cash from operating activities:Depreciation and amortization 10,984 11,800Non-cash compensation 14,167 7,730Non-cash lease expense 2,510 3,897Write-down of inventories and deferred preservation costs 2,379 1,508Deferred income taxes (231) 994Change in fair value of contingent consideration (210) (15,680)Losses on inducement/extinguishment of debt 2,664 3,669Other (7,423) 1,178Changes in operating assets and liabilities:Receivables (9,660) (6,446)Inventories and deferred preservation costs (5,521) (2,165)Prepaid expenses and other assets (6,215) (5,224)Accounts payable, accrued expenses, and other liabilities (6,226) (6,031)Net cash flows (used in) provided by operating activities (1,942) 642‌Net cash flows from investing activities:Capital expenditures (6,925) (6,124)Net cash flows used in investing activities (6,925) (6,124)‌Net cash flows from financing activities:Proceeds from issuance of long-term debt – 190,000Proceeds from revolving credit facility – 30,000Repayment of debt (134) (211,688)Proceeds from exercise of stock options and issuance of common stock 4,459 3,587Payment of debt issuance costs – (10,044)Proceeds from financing insurance premiums 3,117 -Principal payments on short-term notes payable (554) (1,027)Other (353) (272)Net cash flows provided by financing activities 6,535 556‌Effect of exchange rate changes on cash and cash equivalents 2,345 1,005Increase (decrease) in cash and cash equivalents 13 (3,921)‌Cash and cash equivalents beginning of period 53,463 58,940Cash and cash equivalents end of period $ 53,476 $ 55,019Artivion, Inc. and SubsidiariesFinancial HighlightsInThousands(Unaudited)‌ Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024Products:Aortic stent grafts $ 39,841 $ 32,190 $ 76,443 $ 64,293On-X 25,572 20,645 47,146 40,326Surgical sealants 19,288 18,545 37,394 35,526Other 2,743 1,830 5,259 4,179Total products 87,444 73,210 166,242 144,324‌Preservation services 25,528 24,809 45,708 51,126Total revenues $ 112,972 $ 98,019 $ 211,950 $ 195,450‌North America 57,569 48,662 105,362 99,590Europe, the Middle East, and Africa 38,713 34,145 75,758 67,733Asia Pacific 11,131 9,653 19,345 17,262Latin America 5,559 5,559 11,485 10,865Total revenues $ 112,972 $ 98,019 $ 211,950 $ 195,450Artivion, Inc. and SubsidiariesReconciliation of GAAP to Non-GAAPRevenues$ InThousands(Unaudited)‌ Revenues for the Percent Three Months Ended Change June 30, From Prior Year 2025 2024 US GAAP US GAAP Exchange Rate Effect Constant Currency Constant CurrencyProducts:Aortic stent grafts $ 39,841 $ 32,190 $ 584 $ 32,774 22%On-X 25,572 20,645 41 20,686 24%Surgical sealants 19,288 18,545 61 18,606 4%Other 2,743 1,830 4 1,834 50%Total products 87,444 73,210 690 73,900 18%‌Preservation services 25,528 24,809 (17) 24,792 3%Total $ 112,972 $ 98,019 $ 673 $ 98,692 14%‌North America 57,569 48,662 (46) 48,616 18%Europe, the Middle East, and Africa 38,713 34,145 1,091 35,236 10%Asia Pacific 11,131 9,653 – 9,653 15%Latin America 5,559 5,559 (372) 5,187 7%Total $ 112,972 $ 98,019 $ 673 $ 98,692 14%‌ Revenues for the Percent Six Months Ended Change June 30, From Prior Year 2025 2024 US GAAP US GAAP Exchange Rate Effect Constant Currency Constant CurrencyProducts:Aortic stent grafts $ 76,443 $ 64,293 $ (724) $ 63,569 20%On-X 47,146 40,326 (231) 40,095 18%Surgical sealants 37,394 35,526 (256) 35,270 6%Other 5,259 4,179 – 4,179 26%Total products 166,242 144,324 (1,211) 143,113 16%‌Preservation services 45,708 51,126 (84) 51,042 -10%Total $ 211,950 $ 195,450 $ (1,295) $ 194,155 9% ‌North America 105,362 99,590 (198) 99,392 6%Europe, the Middle East, and Africa 75,758 67,733 (119) 67,614 12%Asia Pacific 19,345 17,262 – 17,262 12%Latin America 11,485 10,865 (978) 9,887 16%Total $ 211,950 $ 195,450 $ (1,295) $ 194,155 9%Artivion, Inc. and SubsidiariesReconciliation of GAAP to Non-GAAPGeneral, Administrative, and Marketing Expense, EBITDA, Adjusted EBITDA, and Free Cash FlowsInThousands(Unaudited)‌ Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024Reconciliation of G&A expenses, GAAP to adjusted G&A, non-GAAP:General, administrative, and marketing expense, GAAP $ 57,665 $ 49,320 $ 112,369 $ 80,009Business development, integration, and severance expense (income) 3,050 2,033 266 (15,354)Cybersecurity incident 1,243 – 5,693 -Adjusted G&A, non-GAAP $ 53,372 $ 47,287 $ 106,410 $ 95,363‌ Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024Reconciliation of net income (loss), GAAP and EBITDA, non-GAAP to adjusted EBITDA, non-GAAP:Net income (loss), GAAP $ 1,345 $ (2,121) $ 840 $ 5,412Adjustments:Interest expense 7,270 8,304 14,933 16,130Interest income (68) (353) (212) (727)Income tax expense (benefit) 2,137 (306) 347 4,942Depreciation and amortization expense 5,538 5,891 10,984 11,800EBITDA, non-GAAP 16,222 11,415 26,892 37,557‌Non-cash compensation 6,122 4,252 14,167 7,730Business development, integration, and severance expense (income) 2,568 2,033 (489) (15,354)Cybersecurity incident 1,683 – 6,429 -Losses on inducement/extinguishment of debt 2,664 – 2,664 3,669(Gain) loss on foreign currency revaluation (4,495) 943 (7,351) 2,353Adjusted EBITDA, non-GAAP $ 24,764 $ 18,643 $ 42,312 $ 35,955 Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024Reconciliation of cash flows from operating activities, GAAP to free cash flows, non-GAAP:Net cash flows provided by (used in) operating activities 15,011 6,135 $ (1,942) $ 642Capital expenditures (3,287) (2,513) (6,925) (6,124)Free cash flows, non-GAAP $ 11,724 $ 3,622 $ (8,867) $ (5,482)ArtivionInc. and SubsidiariesReconciliation of GAAP to Non-GAAPNet Incomeand Diluted Income Per Common ShareIn Thousands, Except Per Share Data(Unaudited)‌ Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024GAAP:Income (loss) before income taxes $ 3,482 $ (2,427) $ 1,187 $ 10,354Income tax expense (benefit) 2,137 (306) 347 4,942Net income (loss) $ 1,345 $ (2,121) $ 840 $ 5,412‌‌Diluted income (loss) per common share $ 0.03 $ (0.05) $ 0.02 $ 0.13Diluted weighted-average common shares outstanding 45,378 41,683 44,503 42,405‌Reconciliation of income (loss) before income taxes, GAAP to adjusted income, non-GAAP:Income (loss) before income taxes, GAAP: $ 3,482 $ (2,427) $ 1,187 $ 10,354Adjustments:Amortization expense 3,427 3,793 6,815 7,660Business development, integration, and severance expense (income) 2,568 2,033 (489) (15,354)Non-cash interest expense 485 484 1,028 1,064Cybersecurity incident 1,683 – 6,429 -Losses on inducement/extinguishment of debt 2,664 – 2,664 3,669Adjusted income before income taxes, non-GAAP 14,309 3,883 17,634 7,393‌Income tax expense calculated at a tax rate of 25% 3,577 970 4,408 1,848Adjusted net income, non-GAAP $ 10,732 $ 2,913 $ 13,226 $ 5,545‌Reconciliation of diluted income (loss) per common share, GAAP to adjusted diluted income per common share, non-GAAP:Diluted income (loss) per common share, GAAP: $ 0.03 $ (0.05) $ 0.02 $ 0.13Adjustments:Amortization expense 0.07 0.09 0.15 0.18Business development, integration, and severance expense (income) 0.06 0.05 (0.01) (0.36)Non-cash interest expense 0.01 0.01 0.02 0.02Cybersecurity incident 0.03 – 0.14 -Losses on inducement/extinguishment of debt 0.06 – 0.06 0.09Tax effect of non-GAAP adjustments (0.06) (0.04) (0.09) 0.01Effect of 25% tax rate 0.04 0.01 0.01 0.06Adjusted diluted income per common share, non-GAAP $ 0.24 $ 0.07 $ 0.30 $ 0.13‌Reconciliation of diluted weighted-average common shares outstanding GAAP to diluted weighted-average common shares outstanding, non-GAAP:Diluted weighted-average common shares outstanding, GAAP: 45,378 41,683 44,503 42,405Adjustments:Effect of dilutive stock options and awards – 941 – -Diluted weighted-average common shares outstanding, non-GAAP 45,378 42,624 44,503 42,405

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