Artivion Q2 Earnings Call Highlights

Artivion’s Q2 revenue rose 9% to $125.8 million on a constant-currency basis, driven by 12% growth in stent grafts and 18% growth in On-X valves. Adjusted EBITDA increased 7% to $26.4 million, though the margin fell to 21% due to higher R&D and Endospan-related costs. The company completed its Endospan acquisition and received FDA premarket approval for the AMDS Hybrid Prosthesis. Artivion is preparing for a full U.S. NEXUS aortic arch stent graft launch in January 2027, targeting an estimated $100 million market opportunity. Full-year 2026 guidance was maintained at 7%–11% adjusted constant-currency revenue growth and $92 million–$99 million in adjusted EBITDA. Free cash flow fell to negative $12 million as the company funded acquisition costs, manufacturing expansion and preparation for the NEXUS launch.

Artivion NYSE: AORT reported second-quarter 2026 revenue of $125.8 million, up 9% year over year on a constant-currency basis, as growth in stent grafts and On-X heart valves offset modest declines in BioGlue. Adjusted EBITDA rose about 7% to $26.4 million, while adjusted EBITDA margin declined roughly 90 basis points to 21% amid higher research and development spending and costs related to the Endospan acquisition. Chief Executive Officer Pat Mackin said the quarter included two major strategic milestones: FDA premarket approval for the AMDS Hybrid Prosthesis in late June and the completion of Artivion’s acquisition of Endospan and its NEXUS aortic arch stent graft platform.

“Through the Q2 of 2026, we continue to execute on our strategy designed to drive long-term profitable growth through an expanding and clinically differentiated product portfolio,” Mackin said.

Stent graft revenue increased 12% on a constant-currency basis, accelerating from 10% growth in the first quarter despite what management described as a more difficult comparison period. Mackin said AMDS set sales improved from the first quarter and implant trends remained strong. The AMDS PMA approval is expected to simplify adoption at new accounts by eliminating the institutional review board process that had been required under the product’s prior humanitarian device exemption. The third quarter will be the first full quarter in which AMDS is sold in the United States under its full PMA. Management said some hospitals had faced friction around the initial approximately $100,000 investment required to stock AMDS sets. Mackin said the company spent the second quarter studying those barriers and developing programs to help accounts move through the adoption process. The PMA also expands Artivion’s ability to market clinical information beyond data included in the earlier HDE label, including data related to malperfusion outcomes.

On-X revenue rose 18% year over year on a constant-currency basis. Mackin attributed the performance to global market-share gains and growing use among younger patients following data that the company said support mechanical valves over bioprosthetic valves for patients under age 65. Management said it continues to focus on physician education, including outreach to cardiac surgeons and cardiologists.

Stent graft revenue increased 12% year over year. On-X revenue increased 18%. Tissue processing revenue increased 1% to approximately $26 million. BioGlue revenue declined 2%, which management attributed partly to normal variability in distribution stocking orders.

Artivion completed the Endospan acquisition during the second quarter, earlier than management had previously anticipated. The acquisition added the NEXUS aortic arch stent graft system, which is approved...