Fourth Quarter Highlights:
— GAAP revenue was $116.0 million in the fourth quarter of 2025 versus $97.3 million in the fourth quarter of 2024. For the full year, GAAP revenue was $441.3 million versus $388.5 million for the full year of 2024. GAAP net income was $2.4 million, or $0.05 per fully diluted share, in the fourth quarter of 2025, versus a net loss of $(16.5) million, or $(0.39) per fully diluted share in the fourth quarter of 2024. For the full year 2025, GAAP net income was $9.8 million, versus a net loss of $(13.4) million for the full year 2024.
— Adjusted revenue1 was $118.3 million in the fourth quarter of 2025, an increase of 18% on an adjusted constant currency basis compared to the fourth quarter of 2024.
— Adjusted revenue1 was $443.6 million for the full year 2025, an increase of 13% on an adjusted constant currency basis compared to the full year of 2024.
— Non-GAAP net income was $8.6 million, or $0.17 per fully diluted share in the fourth quarter of 2025. For the full year, non-GAAP net income was $29.7 million.
— Adjusted EBITDA increased 29% to $22.7 million in the fourth quarter of 2025 compared to $17.6 million in the fourth quarter of 2024. For the full year adjusted EBITDA increased 26% to $89.6 million.
— Positive new clinical data from Endospan’s NEXUS TRIOMPHE IDE trial presented at the STS Annual Meeting demonstrate high patient survival with low morbidity.
— Filed the fourth and final module of the pre-market approval application (PMA) to the FDA for the AMDS Hybrid Prothesis.
1 Adjusted revenue excludes a $2.3 million reserve for estimated payback to the Italian government for fiscal years 2019 through 2025 as a result of legislation adopted in Italy that would require medical device manufacturers to repay previously paid amounts to the extent that such expenditures ostensibly exceed annual regional maximum ceilings. In fiscal 2025, the Company recorded a liability of $2.3 million as a reduction to revenue as an estimate of the amount that the Company may be required to repay for certain years after 2018. See "Non-GAAP Financial Measures" for important information about our use of non-GAAP measures.
Artivion, Inc. (NYSE: AORT), a leading cardiac and vascular surgery company focused on aortic disease, today announced financial results for the fourth quarter and year ended December 31, 2025.
“We are very pleased with our strong performance for the full year 2025 as we drove 13% adjusted constant currency revenue growth and 26% adjusted EBITDA growth, while making substantial progress in advancing our Aortic focused product development pipeline. Our success continued through the fourth quarter, during which revenue growth was driven by year-over-year growth in stent grafts of 44%, On-X of 25%, and preservation services of 6%, all compared to the fourth quarter of 2024. On an adjusted constant currency basis, fourth quarter year-over-year stent grafts, On-X, and preservation services, grew 36%, 24%, and 6% respectively,” said Pat Mackin, Chairman, President, and Chief Executive Officer.
Mr. Mackin continued, “We were also pleased to see Endospan present positive new clinical data for its NEXUS TRIOMPHE IDE trial at the Society of Thoracic Surgery Annual Meeting. These results highlighted 94% patient survival from lesion-related death with 91% of patients remaining free from disabling stroke at 1-year post treatment in this high-risk patient group. Also at STS, we saw positive new 2-year data from the AMDS PERSEVERE IDE trial, which further demonstrate persistent clinical benefits of our novel AMDS technology.”
Mr. Mackin concluded, “Entering 2026, we expect to build on our strong financial performance and continued clinical and operational achievements, reinforcing our confidence in our ability to deliver sustained double-digit constant currency revenue growth and adjusted EBITDA growth at twice the pace of constant currency revenue growth over the long-term.”
Fourth Quarter 2025 Financial ResultsTotal revenues for the fourth quarter of 2025 were $116.0 million compared to $97.3 million in the fourth quarter of 2024. Adjusted revenues1 for the fourth quarter of 2025 were $118.3 million, an increase of 18% on an adjusted constant currency basis.
Net income for the fourth quarter of 2025 was $2.4 million, or $0.05 per fully diluted common share, compared to net loss of $(16.5) million, or $(0.39) per fully diluted common share for the fourth quarter of 2024. Non-GAAP net income for the fourth quarter of 2025 was $8.6 million, or $0.17 per fully diluted common share, compared to non-GAAP net income of $0.2 million, or $0.00 per fully diluted common share for the fourth quarter of 2024. Non-GAAP net income for the fourth quarter of 2025 includes pretax losses related to foreign currency revaluation of less than $0.1 million.
Full Year 2025 Financial ResultsTotal revenues for 2025 were $441.3 million compared to $388.5 million for the full year of 2024. Adjusted revenues1 for the full year of 2025 were $443.6 million, an increase of 13% on an adjusted constant currency basis.
Net income for 2025 was $9.8 million, or $0.21 per fully diluted common share, compared to net loss of $(13.4) million, or $(0.32) per fully diluted common share for the full year of 2024. Non-GAAP net income for the full year of 2025 was $29.7 million, or $0.63 per fully diluted common share, compared to non-GAAP net income of $10.8 million, or $0.25 per fully diluted common share for the full year of 2024. Non-GAAP net income for the full year of 2025 includes pretax gains related to foreign currency revaluation of $7.2 million.
2026 Financial OutlooksArtivion expects revenues for the full year 2026 to be in the range of $486 to $504 million, representing growth of 10% to 14% on an adjusted constant currency basis compared to 2025 adjusted revenues1. This guidance contemplates currency to be approximately neutral for the full year.
Additionally, Artivion expects adjusted EBITDA growth of between 18% and 22% for the full year 2026 compared to 2025, resulting in an expected range of $105 to $110 million for 2026.
The Company’s financial performance for 2026 and future periods is subject to the risks identified below.
Non-GAAP Financial MeasuresThis press release contains non-GAAP financial measures, including non-GAAP adjusted 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 adjusted revenues reflect an adjustment to GAAP revenue for the impact of certain estimated Italian payback obligations recorded in the fourth quarter of 2025 for fiscal years 2019 through 2025. The Company’s non-GAAP adjusted constant currency growth rates compare current year revenues to prior period revenues 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) the impact of certain estimated Italian payback reserves recorded in the fourth quarter of 2025 for fiscal years 2019 through 2025, depreciation and amortization expense, interest income and expense, non-cash compensation expense, loss or gain on foreign currency revaluation, income tax expense or benefit, expense/(income) for business development, integration, and severance, 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. Company management believes adjusted revenue is a useful metric as it eliminates the impact of the estimated Italian payback obligations recorded in the fourth quarter of 2025 for fiscal years 2019 through 2025 and allows a more direct comparison of our business performance between periods. The Company believes it is useful to exclude this revenue impact and certain expenses from non-GAAP financial measures 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 2026 exclude potential charges or gains that may be recorded during the fiscal year, relating to, among other things, non-cash compensation; expense/(income) for business development, integration, and severance; 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 InformationThe Company will hold a teleconference call and live webcast on February 12, 2026, 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 is 13758212.
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 2026 will be in the range of $486 to $504
million, representing revenue growth of between 10% to 14
% compared to 2025 on an adjusted constant currency basis; that we expect non-GAAP adjusted EBITDA to increase between 18% and 22%
for the full year 2026 compared to 2025, resulting in non-GAAP adjusted EBITDA in the range of $105 to $110 million
in 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 thereto, 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; 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. Artivion does not undertake to update its forward-looking statements, whether as a result of new information, future events, or otherwise.
Artivion, Inc. and Subsidiaries
Consolidated Statements of Operations and Comprehensive Income (Loss)
In Thousands, Except Per Share Data
Three Months Ended Year Ended
December 31,
December 31,
2025 2024 2025 2024
(Unaudited) (Unaudited)
Revenues:
Products $91,918 $74,662 $345,825 $290,230
Preservation services 24,074 22,646 95,505 98,307
Total revenues 115,992 97,308 441,330 388,537
Cost of products and preservation services:
Products 31,392 26,678 112,781 99,385
Preservation services 11,457 9,128 44,322 40,371
Total cost of products and preservation services 42,849 35,806 157,103 139,756
Gross margin 73,143 61,502 284,227 248,781
Operating expenses:
General, administrative, and marketing 56,841 51,429 226,491 181,455
Research and development 9,122 7,404 30,991 28,452
Total operating expenses 65,963 58,833 257,482 209,907
Gain from sale of non-financial assets (3,500) (7,000)
Operating income 10,680 2,669 33,745 38,874
Interest expense 5,530 9,742 26,582 34,277
Interest income (311) (374) (763) (1,467)
Losses on inducement/extinguishment of debt - 2,664 3,669
Other (income) expense, net (1,076) 9,903 (9,518) 9,909
Income (loss) before income taxes 6,537 (16,602) 14,780 (7,514)
Income tax expense (benefit) 4,111 (119) 5,012 5,845
Net income (loss) $2,426 $(16,483) $9,768 $(13,359)
Income (loss) per share:
Basic $0.05 (0.39) $0.22 $(0.32)
Diluted $0.05 $(0.39) $0.21 $(0.32)
Weighted-average common shares outstanding:
Basic 47,560 41,882 45,335 41,676
Diluted 49,601 41,882 47,162 41,676
Net income (loss) $2,426 $(16,483) $9,768 $(13,359)
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax (432) (15,399) 22,208 (12,917)
Comprehensive income (loss) $1,994 $(31,882) $31,976 $(26,276)
Artivion, Inc. and Subsidiaries
Consolidated Balance Sheets
In Thousands
December 31,
2025 2024
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $64,908 $53,463
Trade receivables, net 89,758 79,462
Other receivables 13,921 6,431
Inventories 92,427 79,766
Deferred preservation costs 54,531 51,701
Prepaid expenses and other 42,537 19,257
Total current assets 358,082 290,080
Goodwill 254,091 240,958
Acquired technology, net 123,664 128,051
Operating lease right-of-use assets, net 34,701 39,726
Property and equipment, net 64,988 36,403
Other intangibles, net 32,831 28,332
Deferred tax assets, net 1,201 1,068
Other long-term assets 15,238 24,483
Total assets $884,796 $789,101
Artivion, Inc. and Subsidiaries
Consolidated Balance Sheets
In Thousands, Except Par Value
December 31,
2025 2024
(Unaudited)
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $16,042 $17,971
Accrued compensation 22,484 18,342
Accrued expenses 16,447 11,834
Accrued interest 4,815 8,170
Taxes payable 7,489 2,934
Accrued procurement fees 3,436 1,704
Current portion of contingent consideration 20,690
Current maturities of operating leases 4,649 4,489
Current portion of finance lease obligations 726 601
Current portion of long-term debt, net - 195
Other current liabilities 4,778 583
Total current liabilities 101,556 66,823
Long-term debt, net 215,114 314,152
Non-current contingent consideration 39,890 52,880
Non-current maturities of operating leases 34,427 39,988
Deferred tax liabilities, net 24,308 20,183
Deferred compensation liability 9,464 7,977
Non-current finance lease obligations 2,698 2,833
Other long-term liabilities 9,107 8,065
Total liabilities 436,564 512,901
Commitments and contingencies
Stockholders' 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, 49,330 and 43,432 shares 493 434
issued as of December 31, 2025 and 2024, respectively
Additional paid-in capital 516,604 376,607
Retained deficit (51,498) (61,266)
Accumulated other comprehensive loss (2,719) (24,927)
Treasury stock at cost, 1,487 shares as of December 31, 2025 and 2024 (14,648) (14,648)
Total stockholders' equity 448,232 276,200
Total liabilities and stockholders' equity $884,796 $789,101
Artivion, Inc. and Subsidiaries
Consolidated Statement of Cash Flows
In Thousands
Year Ended December 31,
2025 2024
(Unaudited)
Net cash flows from operating activities:
Net income (loss) $9,768 $(13,359)
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation and amortization 22,458 24,205
Non-cash compensation 24,385 14,242
Non-cash lease expense 5,170 4,915
Write-down of inventories and deferred preservation costs 4,900 4,434
Non-cash interest expense 1,705 3,866
Deferred income taxes 37 (1,511)
Change in fair value of contingent consideration 7,700 (11,010)
Endospan fair value adjustments (2,337) 4,329
Losses on inducement/extinguishment of debt 2,664 3,669
Gain on sale of non-financial assets (7,000)
Other (7,409) 5,699
Changes in operating assets and liabilities:
Receivables (7,269) (15,395)
Inventories and deferred preservation costs (15,277) (6,137)
Prepaid expenses and other assets (1,798) (5,209)
Accounts payable, accrued expenses, and other liabilities 2,183 9,498
Net cash flows provided by operating activities 39,880 22,236
Net cash flows from investing activities:
Capital expenditures (39,041) (11,188)
Payments under Endospan agreements (8,000) (17,000)
Proceeds from sale of non-financial assets, net 5,000
Net cash flows used in investing activities (42,041) (28,188)
Net cash flows from financing activities:
Proceeds from issuance of long-term debt - 184,000
Proceeds from revolving credit facility - 28,500
Repayment of debt (210) (211,831)
Proceeds from exercise of stock options and issuance of common stock 13,074 5,728
Payment of debt issuance costs (1,750) (2,544)
Proceeds from financing insurance premiums 3,117
Principal payments on short-term notes payable (2,250) (1,027)
Other (699) (623)
Net cash flows provided by financing activities 11,282 2,203
Effect of exchange rate changes on cash and cash equivalents 2,324 (1,728)
Increase (decrease) in cash and cash equivalents 11,445 (5,477)
Cash and cash equivalents, beginning of year 53,463 58,940
Cash and cash equivalents, end of year $64,908 $53,463
Artivion, Inc. and Subsidiaries
Financial Highlights
In Thousands
(Unaudited)
Three Months Ended Year Ended
December 31,
December 31,
2025 2024 2025 2024
Products:
Aortic stent grafts $43,343 $30,145 $159,371 $123,081
On-X 27,797 22,178 101,740 83,982
Surgical sealants 20,315 19,935 76,602 73,898
Other (1) 463 2,404 8,112 9,269
Total products 91,918 74,662 345,825 290,230
Preservation services 24,074 22,646 95,505 98,307
Total revenues $115,992 $97,308 $441,330 $388,537
North America 58,065 49,261 221,742 197,940
Europe, the Middle East, and Africa 39,386 33,362 151,368 131,518
Asia Pacific 12,668 9,574 44,250 37,202
Latin America 5,873 5,111 23,970 21,877
Total revenues $115,992 $97,308 $441,330 $388,537
(1) 2025 Other revenue includes reduction in revenue from Italian government payback reserves of $2.3 million.
Artivion, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP
Revenues
$ In Thousands
(Unaudited)
Revenues for the Percent
Three Months Ended
December 31, Change
From Prior
Year
2025 2024
US GAAP Italian Adjusted US GAAP Exchange Constant Adjusted
Payback Revenue Rate Effect Currency Constant
Measure Currency
(2)
Products:
Aortic stent grafts $43,343
$ - $43,343 $30,145 $1,842 $31,987 36 %
On-X 27,797 27,797 22,178 296 22,474 24 %
Surgical sealants 20,315 20,315 19,935 399 20,334 - %
Other 463 2,313 2,776 2,404 5 2,409 15 %
Total products 91,918 2,313 94,231 74,662 2,542 77,204 22 %
Preservation services 24,074 24,074 22,646 (10) 22,636 6 %
Total $115,992 $2,313 $118,305 $97,308 $2,532 $99,840 18 %
North America 58,065 58,065 49,261 (19) 49,242 18 %
Europe, the Middle 39,386 2,313 41,699 33,362 2,291 35,653 17 %
East, and Africa
Asia Pacific 12,668 12,668 9,574 9,574 32 %
Latin America 5,873 5,873 5,111 260 5,371 9 %
Total $115,992 $2,313 $118,305 $97,308 $2,532 $99,840 18 %
(2) Reduction in revenue from Italian government payback reserves.
Revenues for the Percent
Year Ended
December 31, Change
From Prior
Year
2025 2024
US GAAP Italian Adjusted US GAAP Exchange Constant Adjusted
Payback Revenue Rate Effect Currency Constant
Measure Currency
(2)
Products:
Aortic stent grafts $159,371
$ - $159,371 $123,081 $2,701 $125,782 27 %
On-X 101,740 101,740 83,982 328 84,310 21 %
Surgical sealants 76,602 76,602 73,898 462 74,360 3 %
Other 8,112 2,313 10,425 9,269 12 9,281 12 %
Total products 345,825 2,313 348,138 290,230 3,503 293,733 19 %
Preservation services 95,505 95,505 98,307 (96) 98,211 (3) %
Total $441,330 $2,313 $443,643 $388,537 $3,407 $391,944 13 %
North America 221,742 221,742 197,940 (216) 197,724 12 %
Europe, the Middle 151,368 2,313 153,681 131,518 4,221 135,739 13 %
East, and Africa
Asia Pacific 44,250 44,250 37,202 37,202 19 %
Latin America 23,970 23,970 21,877 (598) 21,279 13 %
Total $441,330 $2,313 $443,643 $388,537 $3,407 $391,944 13 %
(2) Reduction in revenue from Italian government payback reserves.
Artivion, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP
General, Administrative, and Marketing Expense, EBITDA, Adjusted EBITDA, and Free Cash Flows
In Thousands
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
2025 2024 2025 2024
Reconciliation of G&A expenses, GAAP to adjusted G&A, non-
GAAP:
General, administrative, and marketing expense, GAAP $56,841 $51,429 $226,491 $181,455
Business development, integration, and severance 6,260 1,297 9,478 (10,626)
Cybersecurity incident, net of recoveries (2,880) 2,602 3,541 2,602
Adjusted G&A, non-GAAP $53,461 $47,530 $213,472 $189,479
Three Months Ended Year Ended
December 31, December 31,
2025 2024 2025 2024
Reconciliation of net income (loss), GAAP and EBITDA, non-GAAP
to adjusted EBITDA, non-GAAP:
Net income (loss), GAAP $2,426 $(16,483) $9,768 $(13,359)
Adjustments:
Interest expense 5,530 9,742 26,582 34,277
Interest income (311) (374) (763) (1,467)
Income tax expense (benefit) 4,111 (119) 5,012 5,845
Depreciation and amortization 5,757 6,295 22,458 24,205
EBITDA, non-GAAP 17,513 (939) 63,057 49,501
Non-cash compensation 4,083 2,743 24,385 14,242
Business development, integration, and severance 5,151 5,821 7,141 (6,102)
Cybersecurity incident, net of recoveries (2,880) 4,583 4,277 4,583
Losses on inducement/extinguishment of debt - 2,664 3,669
Loss (gain) on foreign currency revaluation 42 5,398 (7,236) 5,369
Gain from sale of non-financial assets (3,500) (7,000)
Italian payback measure 2,313 2,313
Adjusted EBITDA, non-GAAP $22,722 $17,606 $89,601 $71,262
Three Months Ended Year Ended
December 31, December 31,
2025 2024 2025 2024
Reconciliation of cash flows from operating activities, GAAP to free
cash flows, non-GAAP:
Net cash flows provided by operating activities $19,560 $10,139 $39,880 $22,236
Capital expenditures (27,507) (1,425) (39,041) (11,188)
Free cash flows, non-GAAP $(7,947) $8,714 $839 $11,048
Artivion Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP
Net Income and Diluted Income Per Common Share
In Thousands, Except Per Share Data
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
2025 2024 2025 2024
GAAP:
Income (loss) before income taxes $6,537 $(16,602) $14,780 $(7,514)
Income tax expense (benefit) 4,111 (119) 5,012 5,845
Net income (loss) $2,426 $(16,483) $9,768 $(13,359)
Diluted income (loss) per common share $0.05 $(0.39) $0.21 $(0.32)
Diluted weighted-average common shares outstanding 49,601 41,882 47,162 41,676
Reconciliation of income (loss) before income taxes, GAAP to adjusted
income, non-GAAP
Income (loss) before income taxes, GAAP: $6,537 $(16,602) $14,780 $(7,514)
Adjustments:
Amortization expense 3,484 4,205 13,775 15,855
Business development, integration, and severance 5,151 5,821 7,141 (6,102)
Non-cash interest expense 326 2,256 1,705 3,866
Cybersecurity incident, net of recoveries (2,880) 4,583 4,277 4,583
Losses on inducement/extinguishment of debt - 2,664 3,669
Gain from sale of non-financial assets (3,500) (7,000)
Italian payback measure 2,313 2,313
Adjusted income before income taxes, non-GAAP 11,431 263 39,655 14,357
Income tax expense calculated at a tax rate of 25% 2,858 66 9,914 3,589
Adjusted net income, non-GAAP $8,573 $197 $29,741 $10,768
Reconciliation of diluted income (loss) per common share, GAAP to adjusted
diluted income per common share, non-GAAP:
Diluted income (loss) per common share, GAAP: $0.05 $(0.39) $0.21 $(0.32)
Adjustments:
Amortization expense 0.07 0.10 0.29 0.37
Business development, integration, and severance 0.11 0.14 0.15 (0.14)
Non-cash interest expense 0.01 0.05 0.04 0.09
Cybersecurity incident, net of recoveries (0.06) 0.11 0.09 0.11
Losses on inducement/extinguishment of debt - 0.06 0.09
Gain from sale of non-financial assets (0.08) (0.15)
Italian payback measure 0.05 0.05
Tax effect of non-GAAP adjustments (0.02) (0.10) (0.13) (0.13)
Effect of 25% tax rate 0.04 0.09 0.02 0.18
Adjusted diluted income per common share, non-GAAP $0.17
$ - $0.63 $0.25
Reconciliation of diluted weighted-average common shares outstanding
GAAP to diluted weighted-average common shares outstanding, non-
GAAP:
Diluted weighted-average common shares outstanding, GAAP: 49,601 41,882 47,162 41,676
Adjustments:
Effect of dilutive stock options and awards - 1,319 1,077
Diluted weighted-average common shares outstanding, non-GAAP 49,601 43,201 47,162 42,753
Contacts:
Artivion Gilmartin Group LLC
Lance A. Berry Brian Johnston /Laine
Morgan
Executive Vice President, Phone: 332-895-3222
Chief Operating Officer & investors@artivion.com
Chief Financial Officer
Phone: 770-419-3355
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SOURCE Artivion, Inc.
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COMTEX_473413767/1005/2026-02-12T16:04:43