Artivion Reports Third Quarter 2025 Financial Results

Third Quarter Highlights:

— Achieved revenue of $113.4 million in the third quarter of 2025 versus $95.8 million in the third quarter of 2024, an increase of 18% on a GAAP basis and 16% on a non-GAAP constant currency basis

— Net income was $6.5 million, or $0.13 per fully diluted share, and non-GAAP net income was $7.9 million, or $0.16 per fully diluted share in the third quarter of 2025

— Adjusted EBITDA increased 39% to $24.6 million in the third quarter of 2025 compared to $17.7 million in the third quarter of 2024

— Enrolled first patient in ARTIZEN U.S. Investigational Device Exemption trial for Arcevo

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

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“Our third quarter performance was exceptionally strong as we made progress across each of our strategic initiatives while delivering 16% constant currency revenue growth. Revenue growth was driven by year-over-year growth in stent grafts of 38%, On-X of 25%, preservation services of 5%, BioGlue of 2%, all compared to the third quarter of 2024. On a constant currency basis, year-over-year stent grafts, On-X, preservation services, and BioGlue grew 31%, 23%, 5%, and 1%, respectively.” said Pat Mackin, Chairman, President, and Chief Executive Officer.

Mr. Mackin continued, “In addition to our strong commercial results, we saw continued progress with our market expanding clinical programs. We enrolled the first patient in our ARTIZEN trial for Arcevo, marking an important milestone. In addition, new favorable clinical data from our AMDS PERSEVERE and PROTECT trials were presented in two late-breaking science sessions at the European Association for Cardio-Thoracic Surgery, which further validated the positive clinical benefits of our AMDS technology.”

Mr. Mackin added, “We also took strategic steps to strengthen our balance sheet by refinancing our existing credit agreement to extend the maturity date to 2031, secure a more favorable interest rate, and gain access to a new $150 million delayed draw term loan facility.”

Mr. Mackin concluded, “Given our strong third 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.”

Third Quarter 2025 Financial Results Total revenues for the third quarter of 2025 were $113.4 million, an increase of 18% on a GAAP basis and 16% on a non-GAAP constant currency basis, both compared to the third quarter of 2024.

Net income for the third quarter of 2025 was $6.5 million, or $0.13 per fully diluted common share, compared to net loss of $(2.3) million, or $(0.05) per fully diluted common share for the third quarter of 2024. Non-GAAP net income for the third quarter of 2025 was $7.9 million, or $0.16 per fully diluted common share, compared to non-GAAP net income of $5.0 million, or $0.12 per fully diluted common share for the third quarter of 2024. Non-GAAP net income for the third quarter of 2025 includes pretax losses related to foreign currency revaluation of $0.1 million.

2025 Financial Outlook Artivion is raising the midpoint of its full year 2025 revenue guidance and now expects constant currency growth of 13% to 14%, compared to the previous range of 12% to 14%. The Company expects reported revenues to be in the range of $439 to $445 million compared to the previous range of $435 to $443 million. This guidance contemplates a slightly positive currency impact for full year 2025 compared to 2024.

Additionally, Artivion is raising the midpoint of its adjusted EBITDA guidance and now expects growth of between 24% and 28% for the full year 2025 compared to 21% to 28% previously provided. Growth rates are compared to 2024. The Company expects adjusted EBITDA to be in the range of $88 to $91 million, compared to the previously articulated range of $86 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 November 6, 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 201-689-8261 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 is13755945.

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 clinical benefits of our AMDS technology as a result of data from our AMDS PERSEVERE and PROTECT trials; 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 $439 to $445 million, representing revenue growth of between 13% to 14%compared to 2024 on a constant currency basis; that we expect non-GAAP adjusted EBITDA to increase between 24% and 28%for the full year 2025 compared to 2024, resulting in non-GAAP adjusted EBITDA in the range of $88 to $91 millionin 2025; and our belief that we will be able to grow adjusted EBITDA at twice the rate of constant currency revenue growth. 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 and the 2025 amendments thereof, 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, including the extent to which we are able to recover against our insurance policies; 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 September 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 JohnstonExecutive Vice President, Laine MorganChief Operating Officer & Phone: 332-895-3222Chief Financial Officer investors@artivion.comPhone: 770-419-3355Artivion, Inc. and SubsidiariesCondensed Consolidated Statements of Operations and Comprehensive IncomeIn Thousands, Except Per Share Data(Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024Revenues:Products $ 87,665 $ 71,244 $ 253,907 $ 215,568Preservation services 25,723 24,535 71,431 75,661Total revenues 113,388 95,779 325,338 291,229Cost of products and preservation services:Products 27,811 24,412 81,389 72,707Preservation services 11,182 10,358 32,865 31,243Total cost of products and preservation services 38,993 34,770 114,254 103,950Gross margin 74,395 61,009 211,084 187,279Operating expenses:General, administrative, and marketing 57,281 50,017 169,650 130,026Research and development 8,078 6,605 21,869 21,048Total operating expenses 65,359 56,622 191,519 151,074Gain from sale of non-financial assets (3,500) – (3,500) -Operating income 12,536 4,387 23,065 36,205Interest expense 6,119 8,405 21,052 24,535Interest income (240) (366) (452) (1,093)Losses on inducement/extinguishment of debt – – 2,664 3,669Other (income) expense, net (399) (2,386) (8,442) 6Income (loss) before income taxes 7,056 (1,266) 8,243 9,088Income tax expense 554 1,022 901 5,964Net income (loss) $ 6,502 $ (2,288) $ 7,342 $ 3,124Income (loss) per share:Basic $ 0.14 $ (0.05) $ 0.16 $ 0.07Diluted $ 0.13 $ (0.05) $ 0.16 $ 0.07Weighted-average common shares outstanding:Basic 47,233 41,844 44,605 41,607Diluted 48,775 41,844 45,993 42,621Net income (loss) $ 6,502 $ (2,288) $ 7,342 $ 3,124Other comprehensive income:Foreign currency translation adjustments, net of tax 541 6,333 22,640 2,482Comprehensive income $ 7,043 $ 4,045 $ 29,982 $ 5,606Artivion, Inc. and SubsidiariesCondensed Consolidated Balance SheetsIn Thousands September 30, December 31, 2025 2024 (Unaudited)ASSETSCurrent assets:Cash and cash equivalents $ 73,426 $ 53,463Trade receivables, net 88,112 79,462Other receivables 9,257 6,431Inventories 90,547 79,766Deferred preservation costs 53,711 51,701Prepaid expenses and other 22,445 19,257Total current assets 337,498 290,080Goodwill 254,004 240,958Acquired technology, net 126,491 128,051Operating lease right-of-use assets, net 38,883 39,726Property and equipment, net 40,711 36,403Other intangibles, net 30,342 28,332Deferred tax assets, net 601 1,068Other long-term assets 29,132 24,483Total assets $ 857,662 $ 789,101LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:Accounts payable $ 16,496 $ 17,971Accrued compensation 17,609 18,342Accrued expenses 12,202 11,834Accrued interest 5,590 8,170Taxes payable 2,068 2,934Accrued procurement fees 3,009 1,704Current portion of contingent consideration 18,730 -Current maturities of operating leases 5,082 4,489Current portion of finance lease obligations 716 601Current portion of long-term debt – 195Other current liabilities 4,334 583Total current liabilities 85,836 66,823Long-term debt, net 214,869 314,152Non-current contingent consideration 36,540 52,880Non-current maturities of operating leases 38,442 39,988Deferred tax liabilities, net 21,932 20,183Deferred compensation liability 9,191 7,977Non-current finance lease obligations 2,880 2,833Other long-term liabilities 9,278 8,065Total liabilities $ 418,968 $ 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, 48,862 and 43,432 shares 488 434issued as of September 30, 2025 and December 31, 2024, respectivelyAdditional paid-in capital 509,065 376,607Retained deficit (53,924) (61,266)Accumulated other comprehensive loss (2,287) (24,927)Treasury stock, at cost, 1,487 shares as of September 30, 2025 ‎and December 31, 2024 (14,648) (14,648)Total stockholders' equity 438,694 276,200Total liabilities and stockholders' equity $ 857,662 $ 789,101Artivion, Inc. and SubsidiariesCondensed Consolidated Statement of Cash FlowsInThousands(Unaudited) Nine Months Ended September 30, 2025 2024Net cash flows from operating activities:Net income $ 7,342 $ 3,124Adjustments to reconcile net income to net cash from operating activities:Depreciation and amortization 16,701 17,910Non-cash compensation 20,302 11,499Non-cash lease expense 3,824 5,860Write-down of inventories and deferred preservation costs 3,779 2,911Deferred income taxes (1,484) (4,187)Change in fair value of contingent consideration 2,390 (12,170)Losses on inducement/extinguishment of debt 2,664 3,669Gain from sale of non-financial assets (3,500) -Other (7,315) 1,623Changes in operating assets and liabilities:Receivables (924) (3,356)Inventories and deferred preservation costs (11,563) (4,791)Prepaid expenses and other assets (4,703) (4,758)Accounts payable, accrued expenses, and other liabilities (7,193) (5,237)Net cash flows provided by operating activities 20,320 12,097Net cash flows from investing activities:Capital expenditures (11,534) (9,763)Payments for Endospan agreements – (7,000)Net cash flows used in investing activities (11,534) (16,763)Net cash flows from financing activities:Proceeds from issuance of long-term debt – 190,000Proceeds from revolving credit facility – 30,000Repayment of debt (207) (211,765)Proceeds from exercise of stock options and issuance of common stock 9,613 5,285Payment of debt issuance costs (1,750) (10,044)Proceeds from financing insurance premiums 3,117 -Principal payments on short-term notes payable (1,395) (1,027)Other (526) (420)Net cash flows provided by financing activities 8,852 2,029Effect of exchange rate changes on cash and cash equivalents 2,325 (130)Increase (decrease) in cash and cash equivalents 19,963 (2,767)Cash and cash equivalents beginning of period 53,463 58,940Cash and cash equivalents end of period $ 73,426 $ 56,173Artivion, Inc. and SubsidiariesFinancial HighlightsInThousands(Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024Products:Aortic stent grafts $ 39,585 $ 28,643 $ 116,028 $ 92,936On-X 26,797 21,478 73,943 61,804Surgical sealants 18,893 18,437 56,287 53,963Other 2,390 2,686 7,649 6,865Total products 87,665 71,244 253,907 215,568Preservation services 25,723 24,535 71,431 75,661Total revenues $ 113,388 $ 95,779 $ 325,338 $ 291,229North America 58,315 49,089 163,677 148,679Europe, the Middle East, and Africa 36,224 30,423 111,982 98,156Asia Pacific 12,237 10,366 31,582 27,628Latin America 6,612 5,901 18,097 16,766Total revenues $ 113,388 $ 95,779 $ 325,338 $ 291,229Artivion, Inc. and SubsidiariesReconciliation of GAAP to Non-GAAPRevenues$ InThousands(Unaudited) Revenues for the Percent Three Months Ended Change September 30, From Prior Year 2025 2024 US GAAP US GAAP Exchange Constant Constant Rate Effect Currency CurrencyProducts:Aortic stent grafts $ 39,585 $ 28,643 $ 1,583 $ 30,226 31%On-X 26,797 21,478 263 21,741 23%Surgical sealants 18,893 18,437 319 18,756 1%Other 2,390 2,686 7 2,693 -11%Total products 87,665 71,244 2,172 73,416 19%Preservation services 25,723 24,535 (2) 24,533 5%Total $ 113,388 $ 95,779 $ 2,170 $ 97,949 16%North America 58,315 49,089 – 49,089 19%Europe, the Middle East, and Africa 36,224 30,423 2,050 32,473 12%Asia Pacific 12,237 10,366 – 10,366 18%Latin America 6,612 5,901 120 6,021 10%Total $ 113,388 $ 95,779 $ 2,170 $ 97,949 16% Revenues for the Percent Nine Months Ended Change September 30, From Prior Year 2025 2024 US GAAP US GAAP Exchange Constant Constant Rate Effect Currency CurrencyProducts:Aortic stent grafts $ 116,028 $ 92,936 $ 859 $ 93,795 24%On-X 73,943 61,804 32 61,836 20%Surgical sealants 56,287 53,963 63 54,026 4%Other 7,649 6,865 7 6,872 11%Total products 253,907 215,568 961 216,529 17%Preservation services 71,431 75,661 (86) 75,575 -5%Total $ 325,338 $ 291,229 $ 875 $ 292,104 11%North America 163,677 148,679 (198) 148,481 10%Europe, the Middle East, and Africa 111,982 98,156 1,931 100,087 12%Asia Pacific 31,582 27,628 – 27,628 14%Latin America 18,097 16,766 (858) 15,908 14%Total $ 325,338 $ 291,229 $ 875 $ 292,104 11%Artivion, Inc. and SubsidiariesReconciliation of GAAP to Non-GAAPGeneral, Administrative, and Marketing Expense, EBITDA, Adjusted EBITDA, and Free Cash FlowsInThousands(Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024Reconciliation of G&A expenses, GAAP to adjusted G&A, non-GAAP:General, administrative, and marketing expense, GAAP $ 57,281 $ 50,017 $ 169,650 $ 130,026Business development, integration, and severance expense (income) 2,952 3,431 3,218 (11,923)Cybersecurity incident 728 – 6,421 -Adjusted G&A, non-GAAP $ 53,601 $ 46,586 $ 160,011 $ 141,949 Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024Reconciliation of net income (loss), GAAP and EBITDA, non-GAAP to adjusted EBITDA, non-GAAP:Net income (loss), GAAP $ 6,502 $ (2,288) $ 7,342 $ 3,124Adjustments:Interest expense 6,119 8,405 21,052 24,535Interest income (240) (366) (452) (1,093)Income tax expense 554 1,022 901 5,964Depreciation and amortization expense 5,717 6,110 16,701 17,910EBITDA, non-GAAP 18,652 12,883 45,544 50,440Non-cash compensation 6,135 3,769 20,302 11,499Business development, integration, and severance expense (income) 2,479 3,431 1,990 (11,923)Cybersecurity incident 728 – 7,157 -Losses on inducement/extinguishment of debt – – 2,664 3,669Loss (gain) on foreign currency revaluation 73 (2,382) (7,278) (29)Gain from sale of non-financial assets (3,500) – (3,500) -Adjusted EBITDA, non-GAAP $ 24,567 $ 17,701 $ 66,879 $ 53,656 Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024Reconciliation of cash flows from operating activities, GAAP to free cash flows, non-GAAP:Net cash flows provided by operating activities $ 22,262 $ 11,455 $ 20,320 $ 12,097Capital expenditures (4,609) (3,639) (11,534) (9,763)Free cash flows, non-GAAP $ 17,653 $ 7,816 $ 8,786 $ 2,334ArtivionInc. and SubsidiariesReconciliation of GAAP to Non-GAAPNet Incomeand Diluted Income Per Common ShareIn Thousands, Except Per Share Data(Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024GAAP:Income (loss) before income taxes $ 7,056 $ (1,266) $ 8,243 $ 9,088Income tax expense 554 1,022 901 5,964Net income (loss) $ 6,502 $ (2,288) $ 7,342 $ 3,124Diluted income (loss) per common share $ 0.13 $ (0.05) $ 0.16 $ 0.07Diluted weighted-average common shares outstanding 48,775 41,844 45,993 42,621Reconciliation of income (loss) before income taxes, GAAP to adjusted income, non-GAAP:Income (loss) before income taxes, GAAP: $ 7,056 $ (1,266) $ 8,243 $ 9,088Adjustments:Amortization expense 3,476 3,990 10,291 11,650Business development, integration, and severance expense (income) 2,479 3,431 1,990 (11,923)Non-cash interest expense 351 546 1,379 1,610Cybersecurity incident 728 – 7,157 -Losses on inducement/extinguishment of debt – – 2,664 3,669Gain from sale of non-financial assets (3,500) – (3,500) -Adjusted income before income taxes, non-GAAP 10,590 6,701 28,224 14,094Income tax expense calculated at a tax rate of 25% 2,648 1,675 7,056 3,523Adjusted net income, non-GAAP $ 7,942 $ 5,026 $ 21,168 $ 10,571Reconciliation of diluted income (loss) per common share, GAAP to adjusted diluted income per common share, non-GAAP:Diluted income (loss) per common share, GAAP: $ 0.13 $ (0.05) $ 0.16 $ 0.07Adjustments:Amortization expense 0.07 0.09 0.22 0.27Business development, integration, and severance expense (income) 0.05 0.08 0.04 (0.28)Non-cash interest expense 0.01 0.02 0.03 0.04Cybersecurity incident 0.02 – 0.16 -Losses on inducement/extinguishment of debt – – 0.06 0.09Gain from sale of non-financial assets (0.07) – (0.07) -Tax effect of non-GAAP adjustments (0.02) (0.05) (0.11) (0.03)Effect of 25% tax rate (0.03) 0.03 (0.03) 0.09Adjusted diluted income per common share, non-GAAP $ 0.16 $ 0.12 $ 0.46 $ 0.25Reconciliation of diluted weighted-average common shares outstanding GAAP to diluted weighted-average common shares outstanding, non-GAAP:Diluted weighted-average common shares outstanding, GAAP: 48,775 41,844 45,993 42,621Adjustments:Effect of dilutive stock options and awards – 1,160 – -Diluted weighted-average common shares outstanding, non-GAAP 48,775 43,004 45,993 42,621

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