Quarterly Revenue Growth
Total revenues of $116.3 million in Q1 2026, up 12% year-over-year on a constant currency basis.
Strong Adjusted EBITDA and Margin Expansion
Adjusted EBITDA increased ~26% to $22.1 million (from $17.5 million), with adjusted EBITDA margin of 19%, an ~130 basis point improvement versus prior year.
Product Line Outperformance
Notable product growth in the quarter: On-X revenue +17% YoY (constant currency), tissue processing +23% YoY (normalization after 2024 cybersecurity event), stent grafts +10% YoY, while BioGlue was relatively flat.
Encouraging AMDS Implant and Reorder Patterns
While starter-set sales lagged, implant and reorder activity within accounts using AMDS exceeded expectations, supporting long-term adoption thesis and near-term ramp potential once remaining barriers are addressed.
Strategic Acquisition and Portfolio Expansion (Endospan / NEXUS)
Company exercised option to acquire Endospan following U.S. PMA approval of NEXUS (early April). NEXUS plus AMDS and C-Branch LSA will create a three-pronged aortic arch portfolio; U.S. commercial launch targeted for 01/01/2027. Total U.S. addressable market for both NEXUS cohorts estimated at ~$150 million (dissections ~$100 million).
Pipeline Progress and Future Market Opportunities
ARTISON IDE trial for next-generation frozen elephant trunk has 26 of 132 patients enrolled; full enrollment anticipated mid-2027. C-Branch LSA expected FDA approval around 2029, representing an incremental ~$80 million annual U.S. market opportunity.
Improved Balance Sheet Metrics
Net leverage ratio improved to 1.8x at 03/31/2026, down from 4.0x a year earlier. Cash of ~$55.8 million with $215.4 million debt (net of unamortized loan costs). Free cash flow negative $6.8 million in Q1 2026 versus negative $20.6 million prior-year quarter (seasonally low quarter but substantially improved).