ARTIVION, INC. AORT
Artivion, Inc. ("Artivion," the "Company," "we," or "us"), is a leader in the manufacturing, processing, and distribution of medical devices and implantable human tissues used in cardiac and vascular surgical procedures for patients with aortic disease. We have four major product families: aortic stent grafts, On-X® mechanical heart valves and related surgical products ("On-X" products), surgical sealants, and implantable cardiac and vascular human tissues. Aortic stent grafts include aortic arch stent grafts, abdominal stent grafts, and synthetic vascular grafts. Aortic arch stent grafts include our E-vita® Open NEO, E-vita Open Plus, Arcevo™ LSA Hybrid Stent Graft System ("Arcevo LSA"), the Ascyrus Medical Dissection Stent ("AMDS") hybrid prosthesis, the NEXUS ONETM ("NEXUS ONE"), NEXUS DUOTM ("NEXUS DUO"), and NEXUS TRETM ("NEXUS TRE") aortic arch stent graft systems (the "NEXUS family of products"), and E-vita Thoracic 3G products. Abdominal stent grafts include our E-xtra Design Engineering, E-nsideTM, ArtivexTM, E-tegraTM, E-ventusTM BX, TuvaTM BX, and E-liacTM products. Surgical sealants include BioGlue® Surgical Adhesive ("BioGlue") products. In addition to these four major product families, we sell or distribute PhotoFix® bovine surgical patches ("PhotoFix") and CardioGenesis® cardiac laser therapy (prior to our abandonment of the business as of June 30, 2023). We began to manufacture and supply PerClot® hemostatic powder ("PerClot") during the second quarter of 2023 (as part of the Transitional Manufacturing and Supply Agreement ("TMSA") of the Baxter Transaction).
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $441.3M | $388.5M | $354.0M | $313.8M | $298.8M | $253.2M | $276.2M | $262.8M | $189.7M | $180.4M |
| Cost of revenue | $157.1M | $139.8M | $124.8M | $111.3M | $101.3M | $85.4M | $93.2M | $89.9M | $61.1M | $61.5M |
| Gross profit | $284.2M | $248.8M | $229.2M | $202.5M | $197.5M | $167.8M | $183.0M | $173.0M | $128.6M | $118.9M |
| R&D | $31.0M | $28.5M | $28.7M | $38.9M | $35.5M | $24.2M | $23.0M | $23.1M | $19.5M | $13.4M |
| SG&A | $226.5M | $181.5M | $209.0M | $157.4M | $169.8M | $141.1M | $143.0M | $140.6M | $101.2M | $91.5M |
| Total operating expenses | $257.5M | $209.9M | $237.7M | $196.3M | $205.3M | $165.3M | $166.0M | $163.7M | $120.7M | $105.0M |
| Operating income | $33.7M | $38.9M | $5.7M | $6.2M | $8.1M | $2.4M | $17.0M | $9.3M | $8.0M | $21.8M |
| Interest expense | $26.6M | $34.3M | $25.3M | $18.2M | $16.9M | $16.7M | $14.9M | $15.8M | $4.9M | $3.0M |
| Pre-tax income | $14.8M | -$7.5M | -$21.6M | -$15.0M | -$14.8M | -$17.2M | $1.6M | -$6.4M | $3.6M | $18.4M |
| Income tax | $5.0M | $5.8M | $9.1M | $4.2M | $7.0K | $492.0K | $76.0K | $3.6M | $143.0K | $7.6M |
| Net income | $9.8M | -$13.4M | -$30.7M | -$19.2M | -$14.8M | -$16.7M | $1.7M | -$2.8M | $3.7M | $10.8M |
| EPS, basic | 0.22 | -0.32 | -0.75 | -0.48 | -0.38 | -0.44 | 0.05 | -0.08 | 0.11 | 0.33 |
| EPS, diluted | 0.21 | -0.32 | -0.75 | -0.48 | -0.38 | -0.44 | 0.05 | -0.08 | 0.11 | 0.32 |
| Shares, diluted (wtd. avg.) | $47.2M | $41.7M | $40.7M | $40.0M | $39.0M | $37.9M | $37.9M | $36.4M | $34.2M | $32.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $64.9M | $53.5M | $58.9M | $39.4M | $55.0M | $62.0M | $34.3M | $42.2M | $40.8M | $57.3M |
| Receivables | $89.8M | $79.5M | $71.8M | $61.8M | $53.0M | $46.0M | $52.9M | $47.1M | $47.5M | $27.8M |
| Inventory | $92.4M | $79.8M | $82.0M | $74.5M | $77.0M | $73.0M | $53.1M | $45.5M | $46.7M | $26.3M |
| Total current assets | $358.1M | $290.1M | $280.7M | $247.3M | $247.7M | $234.6M | $187.4M | $179.2M | $179.3M | $147.2M |
| Property, plant and equipment | $65.0M | $36.4M | $38.4M | $38.7M | $37.5M | $33.1M | $32.1M | $31.0M | $33.6M | $18.5M |
| Goodwill | $254.1M | $241.0M | $247.3M | $243.6M | $250.0M | $260.1M | $186.7M | $188.8M | $188.3M | $78.3M |
| Other intangibles | $123.7M | $128.1M | $142.6M | $151.3M | $167.0M | $186.1M | $115.4M | $118.2M | $130.4M | $1.0M |
| Total assets | $884.8M | $789.1M | $792.4M | $762.8M | $793.1M | $789.4M | $605.7M | $571.1M | $589.7M | $316.1M |
| Accounts payable | $16.0M | $18.0M | $13.3M | $12.0M | $10.4M | $9.6M | $9.8M | $7.5M | $9.8M | $5.7M |
| Short-term debt | $0 | $195.0K | $1.5M | $1.6M | $1.6M | $1.2M | $1.2M | $1.2M | $718.0K | $4.6M |
| Total current liabilities | $101.6M | $66.8M | $57.9M | $49.7M | $45.0M | $60.5M | $45.2M | $34.5M | $42.9M | $30.1M |
| Long-term debt | $215.1M | $314.2M | $305.5M | $306.5M | $307.5M | $290.5M | $214.6M | $215.7M | $218.2M | $67.0M |
| Total liabilities | $436.6M | $512.9M | $510.6M | $478.5M | $492.3M | $460.7M | $320.0M | $296.0M | $312.6M | $107.2M |
| Retained earnings | -$51.5M | -$61.3M | -$47.9M | -$17.2M | $2.0M | $20.0M | $36.7M | $35.0M | $37.6M | $34.1M |
| Total equity | $448.2M | $276.2M | $281.8M | $284.3M | $300.7M | $328.7M | $285.7M | $275.1M | $277.1M | $209.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $39.9M | $22.2M | $18.8M | -$5.2M | -$2.6M | $12.4M | $15.8M | $9.9M | $10.8M | $19.7M |
| Depreciation and amortisation | $22.5M | $24.2M | $23.1M | $22.4M | $24.0M | $20.7M | $18.3M | $18.1M | $9.7M | $8.4M |
| Stock-based compensation | $24.4M | $14.2M | $14.4M | $12.3M | $10.7M | $6.9M | $8.8M | $6.3M | $6.9M | $6.3M |
| Capital expenditure | $39.0M | $11.2M | $9.8M | $10.7M | $13.1M | $7.3M | $8.1M | $5.8M | $6.6M | $6.2M |
| Investing cash flow | -$42.0M | -$28.2M | -$502.0K | -$10.7M | $5.7M | -$73.1M | -$23.9M | -$6.7M | -$171.0M | -$78.9M |
| Financing cash flow | $11.3M | $2.2M | $865.0K | -$1.6M | -$12.2M | $93.6M | -$1.5M | -$2.6M | $143.2M | $73.4M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-009046.
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