Artivion (AORT) Financials

$35.38 +0.65 (+1.88%)

Closing price 05/7/2026 03:59 PM Eastern

Extended Trading

$30.22 -5.17 (-14.61%)

As of 08:57 AM Eastern

Annual Income Statements for Artivion

This table shows Artivion's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	4.01	122	3.70	-2.84	1.72	-17	-15	-19	-31	-13	9.77
Consolidated Net Income / (Loss)	4.01	11	3.70	-2.84	1.72	-17	-15	-19	-31	-13	9.77
Net Income / (Loss) Continuing Operations	4.01	122	3.70	-2.84	1.72	-17	-15	-19	-31	-13	9.77
Total Pre-Tax Income	5.87	18	3.56	-6.39	1.64	-17	-15	-15	-22	-7.51	15
Total Operating Income	5.35	22	7.97	9.31	17	2.44	8.12	6.20	5.74	39	34
Total Gross Profit	91	238	129	173	183	168	198	203	229	249	284
Total Revenue	146	180	190	263	276	253	299	314	354	389	441
Operating Revenue	146	180	190	263	276	253	299	314	354	389	441
Total Cost of Revenue	55	-57	61	90	93	85	101	111	125	140	157
Operating Cost of Revenue	55	180	61	90	93	85	101	111	125	140	157
Total Operating Expenses	85	105	121	164	166	165	189	196	223	210	250
Selling, General & Admin Expense	75	92	101	141	143	141	170	157	209	181	226
Research & Development Expense	10	13	19	23	23	24	36	39	29	28	31
Other Special Charges / (Income)	-	-	-	-	-	-	-16	0.00	-14	0.00	-7.00
Total Other Income / (Expense), net	0.51	-3.41	-4.41	-16	-15	-20	-23	-21	-27	-46	-19
Interest Expense	-0.06	3.04	4.88	16	15	17	17	18	25	38	29
Interest & Investment Income	0.94	0.07	0.21	0.23	0.74	0.22	0.08	0.15	1.08	1.47	0.76
Other Income / (Expense), net	-0.48	-0.44	0.26	-0.14	-1.25	-3.13	-6.14	-3.11	-3.11	-9.91	9.52
Income Tax Expense	1.86	7.63	-0.14	-3.55	-0.08	-0.49	0.01	4.21	9.10	5.85	5.01
Basic Earnings per Share	$0.14	$0.33	$0.11	($0.08)	$0.05	($0.44)	($0.38)	($0.48)	($0.75)	($0.32)	$0.22
Weighted Average Basic Shares Outstanding	27.74M	31.86M	33.01M	36.41M	37.12M	37.86M	38.98M	40.03M	40.74M	41.68M	45.34M
Diluted Earnings per Share	$0.14	$0.32	$0.11	($0.08)	$0.05	($0.44)	($0.38)	($0.48)	($0.75)	($0.32)	$0.21
Weighted Average Diluted Shares Outstanding	28.54M	32.82M	34.16M	36.41M	37.86M	37.86M	38.98M	40.03M	40.74M	41.68M	47.16M
Weighted Average Basic & Diluted Shares Outstanding	28.60M	32.70M	33.70M	35.50M	39.08M	38.96M	40.12M	40.56M	41.23M	42.05M	47.88M

This table shows Artivion's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-3.38	-9.80	-3.98	7.53	-2.12	-2.29	-16	-0.51	1.35	6.50	2.43
Consolidated Net Income / (Loss)	-3.38	-9.80	-3.98	7.53	-2.12	-2.29	-16	-0.51	1.35	6.50	2.43
Net Income / (Loss) Continuing Operations	-3.38	-9.80	-3.98	7.53	-2.12	-2.29	-16	-0.51	1.35	6.50	2.43
Total Pre-Tax Income	-2.66	-9.42	-0.59	13	-2.43	-1.27	-17	-2.30	3.48	7.06	6.54
Total Operating Income	7.68	-1.24	3.17	25	6.51	4.39	2.67	2.15	8.38	13	11
Total Gross Profit	58	56	61	63	63	61	62	64	73	74	73
Total Revenue	89	88	94	97	98	96	97	99	113	113	116
Operating Revenue	89	88	94	97	98	96	97	99	113	113	116
Total Cost of Revenue	31	32	33	34	35	35	36	35	40	39	43
Operating Cost of Revenue	31	32	33	34	35	35	36	35	40	39	43
Total Operating Expenses	50	58	58	38	57	57	59	61	65	62	62
Selling, General & Admin Expense	57	51	50	31	49	50	51	55	58	57	57
Research & Development Expense	7.42	6.42	7.65	6.95	7.50	6.61	7.40	6.73	7.06	8.08	9.12
Total Other Income / (Expense), net	-10	-8.18	-3.76	-13	-8.93	-5.65	-19	-4.44	-4.90	-5.48	-4.14
Interest Expense	6.36	6.60	6.24	11	8.30	8.41	9.74	7.66	7.27	6.12	8.19
Interest & Investment Income	0.27	0.34	0.40	0.37	0.35	0.37	0.37	0.14	0.07	0.24	0.31
Other Income / (Expense), net	-4.24	-1.91	2.08	-1.41	-0.98	2.39	-9.90	3.08	2.30	0.40	3.74
Income Tax Expense	0.73	0.38	3.38	5.25	-0.31	1.02	-0.12	-1.79	2.14	0.55	4.11
Basic Earnings per Share	($0.08)	($0.24)	($0.10)	$0.18	($0.05)	($0.05)	($0.40)	($0.01)	$0.03	$0.14	$0.06
Weighted Average Basic Shares Outstanding	40.76M	40.88M	40.74M	41.29M	41.68M	41.84M	41.68M	42.23M	44.30M	47.23M	45.34M
Diluted Earnings per Share	($0.08)	($0.24)	($0.10)	$0.18	($0.05)	($0.05)	($0.40)	($0.01)	$0.03	$0.13	$0.06
Weighted Average Diluted Shares Outstanding	40.76M	40.88M	40.74M	47.89M	41.68M	41.84M	41.68M	42.23M	45.38M	48.78M	47.16M
Weighted Average Basic & Diluted Shares Outstanding	41.04M	41.05M	41.23M	41.73M	41.89M	41.92M	42.05M	42.70M	47.18M	47.37M	47.88M

This table details how cash moves in and out of Artivion's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	4.21	14	-17	1.48	-7.94	28	-6.95	-16	20	-5.48	11
Net Cash From Operating Activities	11	20	11	9.88	16	12	-2.59	-5.15	19	22	40
Net Cash From Continuing Operating Activities	11	20	11	9.88	16	12	-2.59	-5.15	19	22	40
Net Income / (Loss) Continuing Operations	4.01	11	3.70	-2.84	1.72	-17	-15	-19	-31	-13	9.77
Consolidated Net Income / (Loss)	4.01	11	3.70	-2.84	1.72	-17	-15	-19	-31	-13	9.77
Depreciation Expense	5.86	8.38	9.75	18	18	21	24	22	23	24	22
Non-Cash Adjustments To Reconcile Net Income	5.81	0.05	9.71	9.12	17	26	17	25	16	35	29
Changes in Operating Assets and Liabilities, net	-4.23	0.51	-12	-14	-22	-18	-29	-34	10	-24	-22
Net Cash From Investing Activities	-4.49	-79	-171	-6.72	-24	-73	5.66	-11	-0.50	-28	-42
Net Cash From Continuing Investing Activities	-4.49	-79	-171	-6.72	-24	-73	5.66	-11	-0.50	-28	-42
Purchase of Property, Plant & Equipment	-3.49	-6.20	-6.63	-5.79	-8.07	-7.33	-13	-11	-9.75	-11	-39
Sale of Property, Plant & Equipment	-	-	-	-	0.00	0.00	19	0.00	14	0.00	5.00
Other Investing Activities, net	-0.61	-0.13	-0.09	-0.93	-0.87	-5.52	-0.25	0.00	-5.00	-17	-8.00
Net Cash From Financing Activities	-2.81	73	143	-2.56	-1.49	94	-12	-1.64	0.87	2.20	11
Net Cash From Continuing Financing Activities	-2.81	73	143	-2.56	-1.49	94	-12	-1.64	0.87	2.20	11
Repayment of Debt	-	-3.70	-83	-4.32	-3.51	-40	-5.87	-3.21	-6.09	-216	-4.91
Issuance of Debt	0.46	76	225	0.00	0.00	130	-	0.00	0.00	213	0.00
Issuance of Common Equity	1.53	2.20	3.13	3.85	4.76	2.43	3.76	3.37	3.96	5.73	13
Other Financing Activities, net	-1.39	-0.70	-1.61	-2.10	-2.74	0.82	-10	-1.80	3.00	0.00	3.12
Effect of Exchange Rate Changes	0.07	-	-	-	-	-5.19	2.20	-	0.40	-1.73	2.32

This table details how cash moves in and out of Artivion's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	18	4.71	5.46	-7.82	3.90	1.15	-2.71	-16	16	20	-8.52
Net Cash From Operating Activities	6.91	7.23	11	-5.49	6.14	11	10	-17	15	22	20
Net Cash From Continuing Operating Activities	6.91	7.23	11	-5.49	6.14	11	10	-17	15	22	20
Net Income / (Loss) Continuing Operations	-3.38	-9.80	-3.98	7.53	-2.12	-2.29	-16	-0.51	1.35	6.50	2.43
Consolidated Net Income / (Loss)	-3.38	-9.80	-3.98	7.53	-2.12	-2.29	-16	-0.51	1.35	6.50	2.43
Depreciation Expense	5.77	5.76	5.82	5.91	5.89	6.11	6.30	5.45	5.54	5.72	5.76
Non-Cash Adjustments To Reconcile Net Income	-1.50	7.22	4.98	9.79	7.55	7.58	16	11	11	5.35	2.42
Changes in Operating Assets and Liabilities, net	6.03	4.06	4.02	-29	-5.18	0.05	4.74	-32	-3.01	4.69	8.96
Net Cash From Investing Activities	7.08	-2.07	-2.67	-3.61	-2.51	-11	-11	-3.64	-3.29	-4.61	-31
Net Cash From Continuing Investing Activities	7.08	-2.07	-2.67	-3.61	-2.51	-11	-11	-3.64	-3.29	-4.61	-31
Purchase of Property, Plant & Equipment	-2.17	-2.07	-2.67	-3.61	-2.51	-3.64	-1.43	-3.64	-3.29	-4.61	-28
Other Investing Activities, net	-	-	-	-	-	-7.00	-10	-	-	-	-8.00
Net Cash From Financing Activities	2.23	-0.91	-1.63	0.74	-0.18	1.47	0.17	3.94	2.60	2.32	2.43
Net Cash From Continuing Financing Activities	2.23	-0.91	-1.63	0.74	-0.18	1.47	0.17	3.94	2.60	2.32	2.43
Repayment of Debt	-1.33	-1.80	-1.56	-223	-0.24	-0.23	7.23	-0.24	-0.80	-2.84	-1.03
Issuance of Common Equity	-	0.89	0.49	3.53	0.06	1.70	0.44	4.18	0.28	5.15	3.46
Effect of Exchange Rate Changes	-	0.45	-1.08	0.55	0.46	-1.14	-1.60	0.88	1.46	-0.02	-0.00

This table presents Artivion's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	181	316	590	571	606	789	793	763	792	789	885
Total Current Assets	110	147	179	179	187	235	248	247	281	290	358
Cash & Equivalents	38	57	40	41	34	61	55	39	59	53	65
Accounts Receivable	27	30	51	51	56	49	58	70	74	86	104
Inventories, net	15	26	47	45	53	73	77	74	82	80	92
Prepaid Expenses	5.19	2.82	4.73	6.85	12	14	15	18	16	19	43
Other Current Assets	25	31	36	33	33	37	43	46	50	52	55
Plant, Property, & Equipment, net	11	19	34	31	32	33	38	39	38	36	65
Total Noncurrent Assets	60	150	377	361	386	522	508	477	473	463	462
Goodwill	11	78	188	189	187	260	250	244	247	241	254
Intangible Assets	20	67	179	160	158	227	201	183	172	156	156
Noncurrent Deferred & Refundable Income Taxes	18	-	1.61	4.11	5.48	1.45	2.36	1.31	1.09	1.07	1.20
Other Noncurrent Operating Assets	5.58	5.47	7.49	7.92	36	33	54	49	53	64	50
Total Liabilities & Shareholders' Equity	181	316	590	571	606	789	793	763	792	789	885
Total Liabilities	26	107	313	296	320	461	492	478	511	513	437
Total Current Liabilities	20	30	43	35	45	60	45	50	58	67	102
Short-Term Debt	-	4.56	1.30	1.16	1.16	18	1.63	1.61	1.45	0.20	21
Accounts Payable	4.59	5.74	9.77	7.55	9.80	9.62	10	12	13	18	16
Accrued Expenses	7.29	9.86	15	11	11	11	11	14	12	14	20
Current Deferred & Payable Income Tax Liabilities	-	0.00	4.02	2.25	2.98	2.81	3.63	2.64	3.84	2.93	7.49
Current Employee Benefit Liabilities	6.34	8.82	10	11	12	10	13	14	19	18	22
Other Current Liabilities	1.39	1.12	2.43	2.33	7.90	9.13	4.76	5.13	6.37	5.67	10
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	-	2.28	8.17	4.82
Total Noncurrent Liabilities	6.32	77	270	262	275	400	447	429	453	446	335
Long-Term Debt	-	67	218	216	215	290	307	306	306	314	215
Capital Lease Obligations	-	0.01	6.86	5.94	5.42	5.30	4.37	3.64	3.41	2.83	2.70
Noncurrent Deferred & Payable Income Tax Liabilities	-	0.01	30	27	26	35	29	24	22	20	24
Noncurrent Employee Benefit Liabilities	1.93	2.60	3.39	3.25	4.43	5.52	5.95	5.47	6.76	7.98	9.46
Other Noncurrent Operating Liabilities	2.66	5.07	7.89	6.87	24	64	101	89	115	101	83
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	155	209	277	275	286	329	301	284	282	276	448
Total Preferred & Common Equity	155	209	277	275	286	329	301	284	282	276	448
Preferred Stock	-	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	155	209	277	275	286	329	301	284	282	276	448
Common Stock	143	187	250	261	272	317	323	338	356	377	517
Retained Earnings	23	34	38	35	37	20	1.98	-17	-48	-61	-51
Treasury Stock	-11	-12	-13	-15	-	-15	-15	-15	-15	-15	-15
Accumulated Other Comprehensive Income / (Loss)	-0.08	-0.43	1.86	-6.07	-8.59	6.74	-9.89	-22	-12	-25	-2.72

This table presents Artivion's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	6/30/2022	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025
Total Assets	765	743	757	778	775	784	790	803	791	838	858
Total Current Assets	240	238	241	264	267	277	285	288	287	319	337
Cash & Equivalents	40	38	31	49	53	51	55	56	38	53	73
Accounts Receivable	66	65	67	69	68	77	79	78	96	101	97
Inventories, net	74	73	76	78	79	82	81	84	82	87	91
Prepaid Expenses	15	17	20	19	17	17	20	19	20	25	22
Other Current Assets	45	45	47	48	49	50	51	50	52	53	54
Plant, Property, & Equipment, net	36	36	39	38	37	38	37	38	38	40	41
Total Noncurrent Assets	488	468	478	476	470	469	467	477	466	479	479
Goodwill	241	235	246	246	243	245	244	249	245	254	254
Intangible Assets	187	179	181	177	172	168	164	165	156	158	157
Noncurrent Deferred & Refundable Income Taxes	9.92	6.10	2.37	3.95	3.71	0.67	3.31	1.46	0.68	0.69	0.60
Other Noncurrent Operating Assets	50	48	49	49	52	56	55	62	64	67	68
Total Liabilities & Shareholders' Equity	765	743	757	778	775	784	790	803	791	838	858
Total Liabilities	483	488	477	495	503	489	494	498	497	418	419
Total Current Liabilities	42	46	44	56	55	46	51	153	52	67	86
Short-Term Debt	1.59	1.56	1.62	1.56	1.55	0.27	0.27	100	0.14	0.07	19
Accounts Payable	11	11	9.47	10	11	10	12	11	12	19	16
Accrued Expenses	9.97	12	12	12	12	17	18	17	14	14	15
Current Deferred & Payable Income Tax Liabilities	4.71	5.29	6.91	11	9.39	2.09	1.73	3.52	1.61	2.85	2.07
Current Employee Benefit Liabilities	9.73	11	9.03	13	14	11	14	15	12	16	18
Other Current Liabilities	5.10	4.95	5.10	8.67	7.55	4.91	4.90	5.89	5.95	8.77	10
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	-	6.76	5.71	5.59
Total Noncurrent Liabilities	442	442	433	439	448	443	444	346	445	352	333
Long-Term Debt	307	307	306	306	306	313	313	214	315	216	215
Capital Lease Obligations	3.77	3.45	3.58	3.45	3.27	3.27	3.20	3.19	3.02	3.06	2.88
Noncurrent Deferred & Payable Income Tax Liabilities	33	34	24	19	20	22	22	19	22	23	22
Noncurrent Employee Benefit Liabilities	5.15	5.08	6.13	6.54	6.46	7.45	7.46	7.93	8.07	8.73	9.19
Other Noncurrent Operating Liabilities	93	92	93	104	113	97	98	102	98	101	84
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	282	255	280	283	272	295	295	305	294	420	439
Total Preferred & Common Equity	282	255	280	283	272	295	295	305	294	420	439
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	282	255	280	283	272	295	295	305	294	420	439
Common Stock	330	334	343	347	352	364	368	374	389	498	510
Retained Earnings	-5.67	-19	-31	-34	-44	-40	-42	-45	-62	-60	-54
Treasury Stock	-15	-15	-15	-15	-15	-15	-15	-15	-15	-15	-15
Accumulated Other Comprehensive Income / (Loss)	-28	-45	-18	-16	-21	-14	-16	-9.53	-19	-2.83	-2.29

This table displays calculated financial ratios and metrics derived from Artivion's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.87%	23.63%	5.17%	38.55%	5.09%	-8.32%	18.01%	5.00%	12.82%	9.76%	13.59%
EBITDA Growth	-25.08%	177.34%	-39.61%	51.69%	25.10%	-41.31%	29.67%	-1.63%	0.69%	106.79%	23.61%
EBIT Growth	-41.31%	339.08%	-61.51%	11.43%	72.20%	-104.39%	385.86%	56.13%	-14.78%	998.82%	49.36%
NOPAT Growth	-50.86%	249.54%	-35.10%	-21.37%	173.53%	-90.42%	232.53%	-23.60%	-7.40%	577.01%	-18.04%
Net Income Growth	-45.30%	169.11%	-65.63%	-176.67%	160.56%	-1,069.88%	11.08%	-29.38%	-59.91%	56.47%	173.12%
EPS Growth	-44.00%	128.57%	-65.63%	-172.73%	162.50%	-980.00%	13.64%	-26.32%	-56.25%	57.33%	165.63%
Operating Cash Flow Growth	40.95%	72.34%	-45.22%	-8.53%	60.18%	-21.85%	-120.90%	-99.34%	465.32%	18.12%	79.35%
Free Cash Flow Firm Growth	627.53%	-8,007.48%	-134.41%	105.87%	-93.17%	-11,524.68%	125.14%	-74.35%	269.70%	-42.01%	-484.37%
Invested Capital Growth	2.20%	99.61%	107.27%	-1.52%	3.71%	22.77%	-3.61%	-0.44%	-3.81%	2.35%	14.33%
Revenue Q/Q Growth	1.88%	2.96%	4.29%	6.04%	-20.04%	37.71%	4.00%	0.00%	4.20%	0.95%	4.42%
EBITDA Q/Q Growth	41.76%	2.68%	-16.69%	16.11%	10.58%	1.94%	-55.71%	339.88%	-10.26%	-18.43%	47.34%
EBIT Q/Q Growth	230.84%	-0.16%	-35.49%	35.17%	20.27%	-188.75%	-94.29%	109.20%	-55.82%	-30.13%	100.21%
NOPAT Q/Q Growth	37.97%	71.62%	-60.63%	46.92%	57.33%	-41.29%	-81.05%	185.32%	-14.30%	790.00%	23.80%
Net Income Q/Q Growth	27.35%	2.48%	-61.45%	44.00%	5.85%	-19.97%	-920.46%	53.71%	-25.03%	-1,469.80%	206.86%
EPS Q/Q Growth	55.56%	-5.88%	-59.26%	42.86%	25.00%	-18.92%	-1,050.00%	53.40%	-25.00%	-1,500.00%	184.00%
Operating Cash Flow Q/Q Growth	-22.75%	22.56%	9.44%	85.14%	-37.41%	55.02%	-220.29%	-22.11%	142.28%	-3.05%	30.93%
Free Cash Flow Firm Q/Q Growth	-79.94%	6.73%	-4,405.99%	106.21%	-93.57%	-14.08%	211.08%	-82.55%	435.05%	136.16%	-138.41%
Invested Capital Q/Q Growth	3.98%	1.13%	95.71%	-0.80%	3.57%	5.10%	-2.48%	5.20%	1.19%	-3.12%	3.18%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	62.18%	131.83%	67.81%	65.81%	66.26%	66.26%	66.09%	64.54%	64.74%	64.03%	64.40%
EBITDA Margin	7.36%	16.50%	9.48%	10.37%	12.35%	7.91%	8.69%	8.14%	7.26%	13.68%	14.89%
Operating Margin	3.67%	12.10%	4.20%	3.54%	6.17%	0.96%	2.72%	1.98%	1.62%	10.01%	7.65%
EBIT Margin	3.34%	11.85%	4.34%	3.49%	5.72%	-0.27%	0.66%	0.99%	0.74%	7.45%	9.80%
Profit (Net Income) Margin	2.75%	5.98%	1.95%	-1.08%	0.62%	-6.59%	-4.96%	-6.12%	-8.67%	-3.44%	2.21%
Tax Burden Percent	68.25%	58.54%	104.02%	44.44%	104.62%	97.14%	100.05%	128.08%	142.18%	177.79%	66.09%
Interest Burden Percent	120.49%	86.11%	43.27%	-69.69%	10.41%	2,478.21%	-748.46%	-484.45%	-818.89%	-25.94%	34.16%
Effective Tax Rate	31.75%	41.46%	-4.02%	0.00%	-4.62%	0.00%	0.00%	0.00%	0.00%	0.00%	33.91%
Return on Invested Capital (ROIC)	3.30%	7.62%	2.42%	1.42%	3.84%	0.32%	1.00%	0.78%	0.74%	5.02%	3.80%
ROIC Less NNEP Spread (ROIC-NNEP)	2.45%	21.30%	-2.17%	-3.69%	-4.93%	-8.07%	-7.05%	-8.09%	-12.46%	-10.41%	-1.77%
Return on Net Nonoperating Assets (RNNOA)	-0.67%	-1.71%	-0.89%	-2.45%	-3.23%	-5.75%	-5.71%	-7.34%	-11.58%	-9.81%	-1.10%
Return on Equity (ROE)	2.64%	5.92%	1.52%	-1.03%	0.61%	-5.43%	-4.71%	-6.56%	-10.84%	-4.79%	2.70%
Cash Return on Invested Capital (CROIC)	1.13%	-58.87%	-67.41%	2.95%	0.20%	-20.12%	4.67%	1.22%	4.62%	2.70%	-9.58%
Operating Return on Assets (OROA)	2.73%	8.60%	1.82%	1.58%	2.68%	-0.10%	0.25%	0.40%	0.34%	3.66%	5.17%
Return on Assets (ROA)	2.24%	4.33%	0.82%	-0.49%	0.29%	-2.39%	-1.87%	-2.47%	-3.95%	-1.69%	1.17%
Return on Common Equity (ROCE)	2.64%	5.92%	1.52%	-1.03%	0.61%	-5.43%	-4.71%	-6.56%	-10.84%	-4.79%	2.70%
Return on Equity Simple (ROE_SIMPLE)	2.58%	5.16%	1.34%	-1.03%	0.60%	-5.07%	-4.93%	-6.75%	-10.89%	-4.84%	0.00%
Net Operating Profit after Tax (NOPAT)	3.65	13	8.29	6.52	18	1.71	5.68	4.34	4.02	27	22
NOPAT Margin	2.50%	7.08%	4.37%	2.48%	6.45%	0.67%	1.90%	1.38%	1.14%	7.00%	5.05%
Net Nonoperating Expense Percent (NNEP)	0.85%	-13.68%	4.59%	5.11%	8.77%	8.39%	8.05%	8.87%	13.19%	15.44%	5.57%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	0.73%	0.68%	4.59%	3.25%
Cost of Revenue to Revenue	37.82%	-31.83%	32.19%	34.19%	33.74%	33.74%	33.91%	35.46%	35.26%	35.97%	35.60%
SG&A Expenses to Revenue	51.36%	50.75%	53.35%	53.48%	51.77%	55.74%	56.81%	50.17%	59.03%	46.70%	51.32%
R&D to Revenue	7.15%	7.45%	10.26%	8.79%	8.31%	9.56%	11.89%	12.39%	8.11%	7.32%	7.02%
Operating Expenses to Revenue	58.51%	58.21%	63.61%	62.27%	60.09%	65.29%	63.38%	62.57%	63.12%	54.03%	56.76%
Earnings before Interest and Taxes (EBIT)	4.87	21	8.23	9.17	16	-0.69	1.98	3.09	2.64	29	43
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	11	30	18	27	34	20	26	26	26	53	66
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.98	3.01	2.31	3.81	3.56	2.79	2.66	1.72	2.60	4.34	4.82
Price to Tangible Book Value (P/TBV)	2.47	9.82	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	57.40
Price to Revenue (P/Rev)	2.10	3.49	3.38	3.99	3.68	3.62	2.68	1.56	2.07	3.08	4.90
Price to Earnings (P/E)	76.59	5.17	172.98	0.00	590.68	0.00	0.00	0.00	0.00	0.00	221.21
Dividend Yield	1.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.31%	19.36%	0.58%	0.00%	0.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.45%
Enterprise Value to Invested Capital (EV/IC)	2.40	2.88	1.79	2.70	2.55	2.01	1.89	1.37	1.84	2.67	3.73
Enterprise Value to Revenue (EV/Rev)	1.84	3.57	4.36	4.68	4.35	4.62	3.54	2.43	2.78	3.76	5.29
Enterprise Value to EBITDA (EV/EBITDA)	25.00	21.61	45.97	45.10	35.26	58.39	40.79	29.81	38.32	27.50	35.52
Enterprise Value to EBIT (EV/EBIT)	55.10	30.08	100.41	134.09	76.17	0.00	534.50	246.10	373.82	50.48	53.96
Enterprise Value to NOPAT (EV/NOPAT)	73.43	50.36	99.68	188.65	67.46	684.06	186.35	175.36	245.16	53.73	104.67
Enterprise Value to Operating Cash Flow (EV/OCF)	23.45	32.62	76.49	124.45	76.00	94.50	0.00	0.00	52.35	65.76	58.53
Enterprise Value to Free Cash Flow (EV/FCFF)	215.14	0.00	0.00	90.67	1,297.79	0.00	39.78	111.50	39.04	99.91	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.34	0.82	0.81	0.77	0.95	1.04	1.10	1.10	1.15	0.53
Long-Term Debt to Equity	0.00	0.32	0.81	0.81	0.77	0.90	1.04	1.09	1.10	1.15	0.49
Financial Leverage	-0.27	-0.08	0.41	0.66	0.66	0.71	0.81	0.91	0.93	0.94	0.62
Leverage Ratio	1.18	1.37	1.86	2.10	2.10	2.27	2.51	2.66	2.75	2.83	2.31
Compound Leverage Factor	1.42	1.18	0.81	-1.47	0.22	56.27	-18.82	-12.88	-22.50	-0.74	0.79
Debt to Total Capital	0.00%	25.51%	44.97%	44.75%	43.63%	48.81%	51.04%	52.30%	52.42%	53.45%	34.73%
Short-Term Debt to Total Capital	0.00%	1.63%	0.26%	0.23%	0.23%	2.74%	0.27%	0.27%	0.25%	0.03%	3.01%
Long-Term Debt to Total Capital	0.00%	23.89%	44.71%	44.52%	43.40%	46.06%	50.77%	52.03%	52.17%	53.42%	31.72%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	74.49%	55.03%	55.25%	56.37%	51.19%	48.96%	47.70%	47.58%	46.55%	65.27%
Debt to EBITDA	0.00	2.40	12.59	8.17	6.48	15.65	12.08	12.21	12.07	5.97	3.63
Net Debt to EBITDA	0.00	0.48	10.33	6.62	5.48	12.56	9.96	10.67	9.78	4.96	2.64
Long-Term Debt to EBITDA	0.00	2.25	12.52	8.13	6.45	14.77	12.01	12.15	12.02	5.96	3.31
Debt to NOPAT	0.00	5.60	27.31	34.18	12.40	183.41	55.17	71.82	77.22	11.66	10.69
Net Debt to NOPAT	0.00	1.12	22.39	27.70	10.48	147.15	45.49	62.75	62.56	9.69	7.78
Long-Term Debt to NOPAT	0.00	5.25	27.15	34.01	12.34	173.10	54.89	71.45	76.86	11.65	9.77
Altman Z-Score	8.77	4.91	1.96	3.03	2.81	1.81	1.67	1.32	1.57	2.25	3.90
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	5.59	4.89	4.18	5.19	4.15	3.88	5.51	4.98	4.85	4.34	3.53
Quick Ratio	3.28	2.88	2.13	2.69	1.98	1.82	2.52	2.19	2.30	2.09	1.66
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1.25	-99	-231	14	0.93	-106	27	6.83	25	15	-56
Operating Cash Flow to CapEx	327.85%	318.15%	162.89%	170.77%	196.07%	168.79%	0.00%	-48.09%	0.00%	198.75%	117.15%
Free Cash Flow to Firm to Interest Expense	0.00	-32.41	-47.36	0.86	0.06	-6.34	1.58	0.37	1.00	0.39	-1.92
Operating Cash Flow to Interest Expense	0.00	6.48	2.21	0.63	1.06	0.74	-0.15	-0.28	0.74	0.59	1.36
Operating Cash Flow Less CapEx to Interest Expense	0.00	4.44	0.85	0.26	0.52	0.30	0.20	-0.87	0.92	0.29	0.20
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.82	0.73	0.42	0.45	0.47	0.36	0.38	0.40	0.46	0.49	0.53
Accounts Receivable Turnover	5.89	6.36	4.65	5.11	5.15	4.84	5.59	4.91	4.93	4.86	4.66
Inventory Turnover	4.03	0.00	1.67	1.95	1.89	1.36	1.35	1.47	1.60	1.73	1.82
Fixed Asset Turnover	12.42	12.03	7.28	8.14	8.74	7.76	8.47	8.24	9.19	10.39	8.71
Accounts Payable Turnover	12.14	0.00	7.87	10.38	10.75	8.80	10.12	9.93	9.86	8.93	9.24
Days Sales Outstanding (DSO)	61.96	57.44	78.44	71.43	70.89	75.39	65.26	74.26	74.09	75.17	78.39
Days Inventory Outstanding (DIO)	90.56	0.00	218.12	187.18	192.96	269.36	270.19	248.41	228.74	211.21	200.03
Days Payable Outstanding (DPO)	30.05	0.00	46.36	35.16	33.96	41.48	36.06	36.74	37.02	40.86	39.51
Cash Conversion Cycle (CCC)	122.47	57.44	250.20	223.45	229.89	303.28	299.40	285.93	265.81	245.52	238.91
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	112	223	463	456	473	580	559	557	536	548	627
Invested Capital Turnover	1.32	1.08	0.55	0.57	0.60	0.48	0.52	0.56	0.65	0.72	0.75
Increase / (Decrease) in Invested Capital	2.41	111	239	-7.04	17	108	-21	-2.49	-21	13	79
Enterprise Value (EV)	268	643	826	1,230	1,203	1,169	1,059	761	985	1,462	2,334
Market Capitalization	307	629	641	1,049	1,016	917	800	489	734	1,198	2,161
Book Value per Share	$5.46	$6.36	$8.28	$7.44	$7.62	$8.46	$7.65	$7.05	$6.86	$6.59	$9.46
Tangible Book Value per Share	$4.36	$1.95	($2.71)	($2.00)	($1.57)	($4.08)	($3.83)	($3.52)	($3.36)	($2.89)	$0.79
Total Capital	155	281	503	498	507	642	614	596	592	593	687
Total Debt	0.00	72	226	223	221	313	313	312	310	317	239
Total Long-Term Debt	0.00	67	225	222	220	296	312	310	309	317	218
Net Debt	-38	14	186	181	187	251	258	272	251	264	174
Capital Expenditures (CapEx)	3.49	6.20	6.63	5.79	8.07	7.33	-5.91	11	-4.50	11	34
Debt-free, Cash-free Net Working Capital (DFCFNWC)	52	64	97	104	109	130	149	160	165	170	212
Debt-free Net Working Capital (DFNWC)	90	122	138	146	143	192	204	199	224	223	277
Net Working Capital (NWC)	90	117	136	145	142	174	203	198	223	223	257
Net Nonoperating Expense (NNE)	-0.35	1.99	4.59	9.36	16	18	21	24	35	41	13
Net Nonoperating Obligations (NNO)	-43	14	186	181	187	251	258	272	254	272	178
Total Depreciation and Amortization (D&A)	5.86	8.38	9.75	18	18	21	24	22	23	24	22
Debt-free, Cash-free Net Working Capital to Revenue	35.39%	35.68%	51.07%	39.40%	39.48%	51.25%	49.98%	50.96%	46.70%	43.75%	48.11%
Debt-free Net Working Capital to Revenue	61.73%	67.46%	72.55%	55.47%	51.90%	75.72%	68.39%	63.50%	63.35%	57.51%	62.81%
Net Working Capital to Revenue	61.73%	64.94%	71.87%	55.03%	51.48%	68.76%	67.84%	62.99%	62.94%	57.46%	58.13%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.14	$0.33	$0.11	($0.08)	$0.05	($0.44)	($0.38)	($0.48)	($0.75)	($0.32)	$0.22
Adjusted Weighted Average Basic Shares Outstanding	27.74M	31.86M	33.01M	36.41M	37.12M	37.86M	38.98M	40.03M	40.74M	41.68M	45.34M
Adjusted Diluted Earnings per Share	$0.14	$0.32	$0.11	($0.08)	$0.05	($0.44)	($0.38)	($0.48)	($0.75)	($0.32)	$0.21
Adjusted Weighted Average Diluted Shares Outstanding	28.54M	32.82M	34.16M	36.41M	37.86M	37.86M	38.98M	40.03M	40.74M	41.68M	47.16M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	32.25M	32.98M	36.49M	37.02M	39.08M	38.96M	40.12M	40.56M	41.23M	42.05M	47.88M
Normalized Net Operating Profit after Tax (NOPAT)	3.65	13	5.58	6.52	12	1.71	-5.46	4.34	-5.96	27	18
Normalized NOPAT Margin	2.50%	7.08%	2.94%	2.48%	4.32%	0.67%	-1.83%	1.38%	-1.68%	7.00%	4.01%
Pre Tax Income Margin	4.02%	10.21%	1.88%	-2.43%	0.60%	-6.78%	-4.96%	-4.78%	-6.10%	-1.93%	3.35%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	7.03	1.69	0.58	1.06	-0.04	0.12	0.17	0.10	0.76	1.48
NOPAT to Interest Expense	0.00	4.20	1.70	0.41	1.20	0.10	0.34	0.24	0.16	0.72	0.76
EBIT Less CapEx to Interest Expense	0.00	4.99	0.33	0.21	0.52	-0.48	0.47	-0.42	0.28	0.47	0.32
NOPAT Less CapEx to Interest Expense	0.00	2.16	0.34	0.05	0.66	-0.34	0.69	-0.35	0.34	0.42	-0.40
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	85.09%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	85.09%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Artivion's official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	11.09%	14.34%	17.98%	17.06%	9.82%	9.02%	3.88%	1.59%	15.26%	18.39%	19.20%
EBITDA Growth	44.06%	215.84%	-20.99%	951.16%	24.06%	394.74%	-108.48%	-64.21%	42.11%	44.78%	2,248.78%
EBIT Growth	345.40%	59.38%	-38.80%	924.78%	60.86%	314.68%	-237.66%	-78.14%	93.41%	90.98%	299.34%
NOPAT Growth	69.02%	69.70%	-18.77%	651.97%	-15.22%	452.65%	-15.86%	-89.94%	-28.90%	276.17%	112.15%
Net Income Growth	20.59%	28.53%	-283.26%	155.67%	37.29%	76.66%	-314.67%	-106.70%	163.41%	384.18%	114.72%
EPS Growth	27.27%	29.41%	-300.00%	154.55%	37.50%	79.17%	-300.00%	-105.56%	160.00%	360.00%	115.00%
Operating Cash Flow Growth	183.10%	81.89%	5,094.47%	10.74%	-11.20%	58.39%	-6.45%	-208.63%	144.68%	94.34%	92.92%
Free Cash Flow Firm Growth	-49.40%	-102.04%	349.07%	457.47%	-153.04%	-3,865.64%	-145.69%	-226.65%	-315.75%	10.18%	-596.54%
Invested Capital Growth	-1.55%	-0.01%	-3.81%	-0.04%	2.19%	6.90%	2.35%	3.69%	6.11%	7.35%	14.33%
Revenue Q/Q Growth	7.24%	-1.57%	6.62%	4.02%	0.60%	-2.29%	1.60%	1.72%	14.14%	0.37%	2.30%
EBITDA Q/Q Growth	224.44%	-71.70%	325.15%	169.27%	-61.71%	12.86%	-107.29%	1,236.32%	52.03%	14.98%	8.18%
EBIT Q/Q Growth	218.50%	-191.88%	266.56%	354.84%	-76.89%	22.61%	-206.81%	172.21%	104.52%	21.07%	11.48%
NOPAT Q/Q Growth	298.78%	-116.21%	354.98%	571.86%	-69.47%	-32.58%	-39.16%	-19.63%	115.68%	256.70%	-65.69%
Net Income Q/Q Growth	75.01%	-189.80%	59.44%	289.51%	-128.16%	-7.87%	-620.41%	96.94%	366.34%	383.42%	-62.69%
EPS Q/Q Growth	75.76%	-200.00%	58.33%	280.00%	-127.78%	0.00%	-700.00%	97.50%	400.00%	333.33%	-53.85%
Operating Cash Flow Q/Q Growth	212.27%	4.68%	49.86%	-150.68%	211.69%	86.72%	-11.49%	-267.21%	188.54%	48.30%	-12.14%
Free Cash Flow Firm Q/Q Growth	429.44%	-106.05%	2,877.84%	-35.43%	-148.88%	-352.31%	68.00%	-78.99%	-60.47%	2.28%	-148.16%
Invested Capital Q/Q Growth	-2.81%	-2.87%	1.19%	4.65%	-0.64%	1.60%	-3.12%	6.02%	1.67%	2.80%	3.18%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	65.08%	64.05%	65.22%	64.61%	64.60%	63.70%	63.20%	64.23%	64.72%	65.61%	63.06%
EBITDA Margin	10.31%	2.96%	11.82%	30.60%	11.65%	13.45%	-0.97%	10.78%	14.36%	16.45%	17.40%
Operating Margin	8.60%	-1.42%	3.39%	25.98%	6.64%	4.58%	2.74%	2.17%	7.42%	11.06%	9.21%
EBIT Margin	3.85%	-3.59%	5.61%	24.53%	5.64%	7.07%	-7.43%	5.28%	9.46%	11.41%	12.43%
Profit (Net Income) Margin	-3.79%	-11.16%	-4.24%	7.73%	-2.16%	-2.39%	-16.94%	-0.51%	1.19%	5.73%	2.09%
Tax Burden Percent	127.29%	104.06%	672.59%	58.94%	87.39%	180.73%	99.28%	22.00%	38.63%	92.15%	37.11%
Interest Burden Percent	-77.37%	298.54%	-11.25%	53.47%	-43.94%	-18.69%	229.50%	-43.93%	32.59%	54.55%	45.33%
Effective Tax Rate	0.00%	0.00%	0.00%	41.06%	0.00%	0.00%	0.00%	0.00%	61.37%	7.85%	62.89%
Return on Invested Capital (ROIC)	3.60%	-0.64%	1.54%	10.06%	3.18%	2.25%	1.38%	1.04%	2.02%	7.34%	2.57%
ROIC Less NNEP Spread (ROIC-NNEP)	0.33%	-4.00%	-0.82%	7.35%	0.63%	0.19%	-5.61%	0.31%	1.15%	4.99%	1.88%
Return on Net Nonoperating Assets (RNNOA)	0.31%	-4.03%	-0.76%	6.99%	0.57%	0.17%	-5.28%	0.29%	0.69%	2.88%	1.17%
Return on Equity (ROE)	3.91%	-4.67%	0.78%	17.04%	3.75%	2.42%	-3.90%	1.33%	2.72%	10.23%	3.74%
Cash Return on Invested Capital (CROIC)	2.05%	0.89%	4.62%	-525.87%	-151.13%	-7.39%	2.70%	-1.69%	-3.78%	-4.02%	-9.58%
Operating Return on Assets (OROA)	1.64%	-1.61%	2.55%	11.72%	2.71%	3.45%	-3.65%	2.61%	4.71%	5.81%	6.56%
Return on Assets (ROA)	-1.61%	-5.00%	-1.93%	3.69%	-1.04%	-1.17%	-8.32%	-0.25%	0.59%	2.92%	1.10%
Return on Common Equity (ROCE)	3.91%	-4.67%	0.78%	17.04%	3.75%	2.42%	-3.90%	1.33%	2.72%	10.23%	3.74%
Return on Equity Simple (ROE_SIMPLE)	-10.07%	-9.03%	0.00%	-3.26%	-2.83%	-0.28%	0.00%	-7.27%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	5.37	-0.87	2.22	15	4.55	3.07	1.87	1.50	3.24	12	3.96
NOPAT Margin	6.02%	-0.99%	2.37%	15.31%	4.65%	3.21%	1.92%	1.52%	2.87%	10.19%	3.42%
Net Nonoperating Expense Percent (NNEP)	3.28%	3.36%	2.36%	2.70%	2.55%	2.07%	6.98%	0.73%	0.88%	2.35%	0.68%
Return On Investment Capital (ROIC_SIMPLE)	-	-	0.38%	2.44%	-	-	0.31%	0.25%	0.51%	1.71%	0.58%
Cost of Revenue to Revenue	34.92%	35.95%	34.78%	35.39%	35.40%	36.30%	36.80%	35.77%	35.28%	34.39%	36.94%
SG&A Expenses to Revenue	64.13%	58.16%	53.68%	31.50%	50.32%	52.22%	52.85%	55.27%	51.04%	50.52%	49.00%
R&D to Revenue	8.31%	7.31%	8.16%	7.13%	7.65%	6.90%	7.61%	6.80%	6.25%	7.12%	7.86%
Operating Expenses to Revenue	56.48%	65.47%	61.84%	38.63%	57.97%	59.12%	60.46%	62.07%	57.30%	54.56%	53.85%
Earnings before Interest and Taxes (EBIT)	3.43	-3.16	5.26	24	5.52	6.77	-7.23	5.22	11	13	14
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	9.20	2.60	11	30	11	13	-0.94	11	16	19	20
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.49	2.29	2.60	2.94	3.63	3.66	4.34	3.51	3.16	4.55	4.82
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	173.38	71.71	57.40
Price to Revenue (P/Rev)	2.14	1.83	2.07	2.36	2.84	2.90	3.08	2.65	3.28	4.73	4.90
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	221.21
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.45%
Enterprise Value to Invested Capital (EV/IC)	1.77	1.66	1.84	2.02	2.39	2.43	2.67	2.26	2.53	3.56	3.73
Enterprise Value to Revenue (EV/Rev)	2.94	2.59	2.78	3.08	3.53	3.58	3.76	3.37	3.69	5.11	5.29
Enterprise Value to EBITDA (EV/EBITDA)	40.54	30.69	38.32	21.52	24.27	21.11	27.50	38.60	38.45	48.44	35.52
Enterprise Value to EBIT (EV/EBIT)	712.17	147.37	373.82	38.52	42.26	33.20	50.48	127.70	96.67	100.00	53.96
Enterprise Value to NOPAT (EV/NOPAT)	359.19	187.50	245.16	0.00	0.00	0.00	53.73	119.47	121.31	119.95	104.67
Enterprise Value to Operating Cash Flow (EV/OCF)	213.78	113.18	52.35	58.20	71.20	60.00	65.76	121.90	75.98	70.94	58.53
Enterprise Value to Free Cash Flow (EV/FCFF)	85.69	186.43	39.04	0.00	0.00	0.00	99.91	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.10	1.14	1.10	1.07	1.07	1.04	1.15	1.08	0.52	0.54	0.53
Long-Term Debt to Equity	1.10	1.14	1.10	1.07	1.07	0.71	1.15	1.08	0.52	0.50	0.49
Financial Leverage	0.95	1.01	0.93	0.95	0.91	0.90	0.94	0.94	0.61	0.58	0.62
Leverage Ratio	2.74	2.88	2.75	2.68	2.71	2.74	2.83	2.67	2.28	2.23	2.31
Compound Leverage Factor	-2.12	8.60	-0.31	1.43	-1.19	-0.51	6.50	-1.17	0.74	1.22	1.05
Debt to Total Capital	52.41%	53.32%	52.42%	51.76%	51.77%	51.00%	53.45%	51.92%	34.24%	35.02%	34.73%
Short-Term Debt to Total Capital	0.26%	0.27%	0.25%	0.04%	0.04%	16.03%	0.03%	0.02%	0.01%	2.77%	3.01%
Long-Term Debt to Total Capital	52.15%	53.06%	52.17%	51.72%	51.73%	34.97%	53.42%	51.90%	34.23%	32.25%	31.72%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	47.59%	46.68%	47.58%	48.24%	48.23%	49.00%	46.55%	48.08%	65.76%	64.98%	65.27%
Debt to EBITDA	13.07	10.84	12.07	6.01	5.77	4.87	5.97	9.34	5.63	5.30	3.63
Net Debt to EBITDA	11.02	8.98	9.78	5.04	4.77	4.00	4.96	8.23	4.25	3.66	2.64
Long-Term Debt to EBITDA	13.01	10.79	12.02	6.00	5.76	3.34	5.96	9.33	5.63	4.88	3.31
Debt to NOPAT	115.80	66.25	77.22	-0.11	-0.39	-80.42	11.66	28.90	17.76	13.13	10.69
Net Debt to NOPAT	97.65	54.84	62.56	-0.09	-0.32	-66.18	9.69	25.47	13.42	9.05	7.78
Long-Term Debt to NOPAT	115.22	65.92	76.86	-0.11	-0.39	-55.14	11.65	28.89	17.76	12.09	9.77
Altman Z-Score	1.55	1.42	1.58	1.92	2.08	1.97	2.10	2.01	2.69	3.67	3.79
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.69	4.86	4.85	6.04	5.63	1.88	4.34	5.53	4.78	3.93	3.53
Quick Ratio	2.10	2.22	2.30	2.79	2.65	0.88	2.09	2.57	2.32	1.99	1.66
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	14	-0.84	23	15	-7.40	-33	-11	-19	-31	-30	-75
Operating Cash Flow to CapEx	318.09%	349.71%	406.07%	-152.12%	244.13%	314.78%	711.51%	-466.00%	456.68%	483.01%	71.11%
Free Cash Flow to Firm to Interest Expense	2.19	-0.13	3.75	1.32	-0.89	-3.98	-1.10	-2.50	-4.23	-4.91	-9.10
Operating Cash Flow to Interest Expense	1.09	1.10	1.74	-0.48	0.74	1.36	1.04	-2.21	2.06	3.64	2.39
Operating Cash Flow Less CapEx to Interest Expense	0.75	0.78	1.31	-0.79	0.44	0.93	0.89	-2.69	1.61	2.88	-0.97
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.43	0.45	0.46	0.48	0.48	0.49	0.49	0.50	0.50	0.51	0.53
Accounts Receivable Turnover	4.88	5.10	4.93	5.14	5.09	5.26	4.86	4.53	4.50	4.82	4.66
Inventory Turnover	1.54	1.59	1.60	1.64	1.67	1.68	1.73	1.72	1.74	1.72	1.82
Fixed Asset Turnover	8.81	9.22	9.19	9.63	9.94	10.17	10.39	10.32	10.45	10.70	8.71
Accounts Payable Turnover	11.17	11.21	9.86	13.08	12.02	12.43	8.93	12.75	9.36	10.86	9.24
Days Sales Outstanding (DSO)	74.84	71.61	74.09	71.02	71.75	69.34	75.17	80.62	81.20	75.71	78.39
Days Inventory Outstanding (DIO)	237.75	229.46	228.74	222.12	217.98	217.78	211.21	212.30	209.64	212.43	200.03
Days Payable Outstanding (DPO)	32.68	32.55	37.02	27.91	30.36	29.36	40.86	28.64	38.99	33.62	39.51
Cash Conversion Cycle (CCC)	279.91	268.52	265.81	265.23	259.37	257.76	245.52	264.29	251.85	254.53	238.91
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	545	529	536	560	557	566	548	581	591	607	627
Invested Capital Turnover	0.60	0.64	0.65	0.66	0.68	0.70	0.72	0.68	0.71	0.72	0.75
Increase / (Decrease) in Invested Capital	-8.58	-0.03	-21	-0.22	12	37	13	21	34	42	79
Enterprise Value (EV)	965	879	985	1,134	1,332	1,376	1,462	1,314	1,493	2,161	2,334
Market Capitalization	703	622	734	869	1,070	1,115	1,198	1,034	1,328	1,998	2,161
Book Value per Share	$6.91	$6.63	$6.86	$7.14	$7.07	$7.27	$6.59	$7.00	$9.83	$9.30	$9.46
Tangible Book Value per Share	($3.43)	($3.49)	($3.36)	($2.86)	($2.72)	($2.59)	($2.89)	($2.54)	$0.18	$0.59	$0.79
Total Capital	594	583	592	612	612	622	593	612	639	675	687
Total Debt	311	311	310	317	317	317	317	318	219	236	239
Total Long-Term Debt	310	309	309	316	316	217	317	318	219	218	218
Net Debt	262	257	251	265	262	261	264	280	165	163	174
Capital Expenditures (CapEx)	2.17	2.07	2.67	3.61	2.51	3.64	1.43	3.64	3.29	4.61	28
Debt-free, Cash-free Net Working Capital (DFCFNWC)	160	160	165	180	180	179	170	198	199	197	212
Debt-free Net Working Capital (DFNWC)	209	214	224	231	235	235	223	235	252	270	277
Net Working Capital (NWC)	208	212	223	231	234	135	223	235	252	252	257
Net Nonoperating Expense (NNE)	8.75	8.93	6.20	7.39	6.68	5.36	18	2.01	1.89	5.05	1.54
Net Nonoperating Obligations (NNO)	262	257	254	265	262	261	272	287	171	169	178
Total Depreciation and Amortization (D&A)	5.77	5.76	5.82	5.91	5.89	6.11	6.30	5.45	5.54	5.72	5.76
Debt-free, Cash-free Net Working Capital to Revenue	48.81%	47.16%	46.70%	48.91%	47.65%	46.41%	43.75%	50.71%	49.07%	46.60%	48.11%
Debt-free Net Working Capital to Revenue	63.65%	62.90%	63.35%	62.80%	62.25%	61.01%	57.51%	60.37%	62.27%	63.98%	62.81%
Net Working Capital to Revenue	63.18%	62.45%	62.94%	62.72%	62.17%	35.11%	57.46%	60.34%	62.25%	59.54%	58.13%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.08)	($0.24)	($0.10)	$0.18	($0.05)	($0.05)	($0.40)	($0.01)	$0.03	$0.14	$0.06
Adjusted Weighted Average Basic Shares Outstanding	40.76M	40.88M	40.74M	41.29M	41.68M	41.84M	41.68M	42.23M	44.30M	47.23M	45.34M
Adjusted Diluted Earnings per Share	($0.08)	($0.24)	($0.10)	$0.18	($0.05)	($0.05)	($0.40)	($0.01)	$0.03	$0.13	$0.06
Adjusted Weighted Average Diluted Shares Outstanding	40.76M	40.88M	40.74M	47.89M	41.68M	41.84M	41.68M	42.23M	45.38M	48.78M	47.16M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	41.04M	41.05M	41.23M	41.73M	41.89M	41.92M	42.05M	42.70M	47.18M	47.37M	47.88M
Normalized Net Operating Profit after Tax (NOPAT)	-4.60	-0.87	2.22	15	4.55	3.07	1.87	1.50	5.87	8.33	7.48
Normalized NOPAT Margin	-5.16%	-0.99%	2.37%	15.31%	4.65%	3.21%	1.92%	1.52%	5.19%	7.34%	6.45%
Pre Tax Income Margin	-2.98%	-10.72%	-0.63%	13.12%	-2.48%	-1.32%	-17.06%	-2.32%	3.08%	6.22%	5.64%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.54	-0.48	0.84	2.08	0.67	0.81	-0.74	0.68	1.47	2.11	1.76
NOPAT to Interest Expense	0.85	-0.13	0.36	1.30	0.55	0.37	0.19	0.20	0.45	1.89	0.48
EBIT Less CapEx to Interest Expense	0.20	-0.79	0.41	1.77	0.36	0.37	-0.89	0.21	1.02	1.36	-1.60
NOPAT Less CapEx to Interest Expense	0.50	-0.45	-0.07	0.98	0.25	-0.07	0.05	-0.28	-0.01	1.13	-2.87
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Here is a concise, investor‑oriented view of Artivion, Inc. (AORT) using the last four years of quarterly statements provided. The focus is on trends in revenue, margins, cash flow, and balance sheet strength to help gauge the company’s trajectory and liquidity.

Revenue growth and stable gross margins in 2025. Operating revenue rose from about $98.98M in Q1 2025 to roughly $116.0M in Q4 2025, while Total Gross Profit remained strong, yielding gross margins consistently in the mid‑60% range (around 63–66%).
Net income turning positive in Q4 2025. After earlier quarterly losses, Net Income/Net Income Attributable to Common Shareholders reached about $2.43M in Q4 2025, reflecting improved profitability.
Operating cash flow improving and generally positive in 2025. Net Cash From Continuing Operating Activities was solid in 2025 (e.g., about $22.26M in Q3 2025 and $19.56M in Q4 2025), supporting overall cash generation from operations.
Improving cash balance and liquidity by 2025. Cash & Equivalents rose through 2025, with a notable balance around $73.4M on the balance sheet by Q3 2025, indicating improved liquidity vs. earlier periods.
Leverage remains manageable and balance sheet is solidly funded by equity. Total Liabilities of roughly $419M and Total Equity of about $439M in Q3 2025 imply a reasonable debt load given equity backing (debt-to-equity roughly around 0.7x).
Gross margin stability suggests pricing and cost control are intact. Consistent gross margins in the mid‑60% range across 2025 indicate durable product pricing and steady cost of revenue performance.
Operating expenses fluctuate with revenue and investments. Selling, General & Administrative and R&D expenses vary quarter to quarter, contributing to shifts in operating margin (e.g., weaker margins in some quarters of 2025 due to expense levels).
Earnings per share are impacted by share count, creating some volatility. Basic and diluted EPS swing between quarters (e.g., 0.14 in Q3 2025 vs. 0.06 in Q4 2025) largely reflects changes in weighted shares outstanding and timing of gains rather than a uniform trend in profitability.
Near‑term cash outflows tied to investing activities. In Q4 2025, net cash from investing activities was negative (about −$30.5M), contributing to a quarterly cash decrease despite strong operating cash flow.
Q1 2025 and earlier quarters still show periods of net losses. Several quarters in the prior four years show negative net income, highlighting ongoing profitability challenges before the 2025 upturn.

Bottom line: Artivion demonstrates an improving earnings trajectory in 2025, with healthy gross margins, positive operating cash flow in the latter half of the year, and a stronger liquidity position. While near‑term investing activity and some quarterly profit variability remain headwinds, the combination of solid gross profitability and improving cash generation supports a cautiously optimistic longer‑term view for investors, especially as management continues to scale operations and control costs. As always, continued monitoring of quarterly cashflow dynamics, debt levels, and margin progression will be key for assessing longer‑term sustainability.

05/08/26 08:35 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Artivion's Financials

When does Artivion's financial year end?

According to the most recent income statement we have on file, Artivion's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

How has Artivion's net income changed over the last 10 years?

Artivion's net income appears to be on an upward trend, with a most recent value of $9.77 million in 2025, rising from $4.01 million in 2015. The previous period was -$13.36 million in 2024. See Artivion's forecast for analyst expectations on whatâ€™s next for the company.

What is Artivion's operating income?

Artivion's total operating income in 2025 was $33.75 million, based on the following breakdown:

Total Gross Profit: $284.23 million
Total Operating Expenses: $250.48 million

How has Artivion's revenue changed over the last 10 years?

Over the last 10 years, Artivion's total revenue changed from $145.90 million in 2015 to $441.33 million in 2025, a change of 202.5%.

How much debt does Artivion have?

Artivion's total liabilities were at $436.56 million at the end of 2025, a 14.9% decrease from 2024, and a 1,583.8% increase since 2015.

How much cash does Artivion have?

In the past 10 years, Artivion's cash and equivalents has ranged from $33.77 million in 2019 to $64.91 million in 2025, and is currently $64.91 million as of their latest financial filing in 2025.

How has Artivion's book value per share changed over the last 10 years?

Over the last 10 years, Artivion's book value per share changed from 5.46 in 2015 to 9.46 in 2025, a change of 73.4%.

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Financial statements for NYSE:AORT last updated on 2/21/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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