Artivion (AORT) AI Stock Analysis

• Market Cap: $1.78B
• Dividend Yield: N/A
• Average Volume (3M): 283.22K
• Price to Earnings (P/E): 190.3
• Beta (1Y): 0.91
• Revenue Growth: 9.81%
• EPS Growth: -1067.00%
• Country: US
• Employees: 1,600
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): 0.05
• Shares Outstanding: 47,374,940
• 10 Day Avg. Volume: 349,549
• 30 Day Avg. Volume: 283,221
• PEG Ratio: -1.25
• Price to Book (P/B): 4.61
• Price to Sales (P/S): 4.69
• P/FCF Ratio: -2.27K
• Enterprise Value/Market Cap: 1.13
• Enterprise Value/Revenue: 4.57
• Enterprise Value/Gross Profit: 7.18
• Enterprise Value/Ebitda: 34.21
• 1Y Price Target: $51.17
• Price Target Upside: 36.85% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 59 Neutral
• Price Target: $42.00 ▲(12.33% Upside)
• Action: Reiterated Date: 02/14/26
• Date: Action: Reiterated 02/14/26

The score is driven primarily by improving financial performance and a strong, margin-expansion-focused 2026 outlook from the earnings call. This is tempered by mixed cash-flow quality (free cash flow negative in 2025), bearish technical momentum, and limited valuation support from a negative P/E and no dividend yield data.

Positive Factors

Consistent revenue growth and return to profitability

Sustained top-line growth and a structural return to profitability in 2025 indicate the core business and commercial channels are scaling. Persistent revenue expansion plus positive net income improve cash generation potential and support reinvestment, deleveraging, and long-term operational stability.

High gross margins and guided margin expansion

Robust gross margins and explicit guidance for margin expansion reflect durable product-level economics and favorable mix (U.S. AMDS and On‑X). High margins provide structural flexibility to absorb R&D and CapEx while sustaining operating profitability as volumes scale across geographies.

Clinical and pipeline progress expanding TAM

Positive IDE/PMA results and active enrollment (AMDS, NEXUS, ARTISAN) materially derisk regulatory pathways and expand addressable markets. Clinical validation supports longer-term adoption, opens incremental revenue pools, and underpins sustained multi-year growth beyond current product franchises.

Negative Factors

Weak free cash flow and cash conversion

Negative free cash flow despite positive net income signals structural cash conversion inefficiency driven by reinvestments or working capital. This constrains the company’s ability to self-fund growth, deleveraging, or acquisitions and increases reliance on external financing over the medium term.

Elevated CapEx and rising R&D commitment

Higher structural investment to scale On‑X capacity and advance pipeline increases cash demands and pressure on near-term free cash flow. Persistent elevated CapEx/R&D narrows margin upside and reduces financial flexibility until revenue from these investments materializes, raising execution risk.

Commercialization and adoption risk for new products

New device rollouts face structural adoption frictions—training, local regulatory processes, and limited initial account access—that slow revenue conversion. Protracted commercial ramps increase sales costs and delay returns on R&D/CapEx, making near-term growth and margin targets contingent on execution.

Artivion Business Overview & Revenue Model

Company Description

Artivion Inc. manufactures, processes, and distributes medical devices and implantable human tissues worldwide. The company offers BioGlue, a polymer consisting of bovine blood protein and an agent for cross-linking proteins for cardiac, vascular, neurologic, and pulmonary procedures; cardiac preservation services; PhotoFix, a bovine pericardial patch; and E-vita Open Plus and E-vita Open Neo. It also provides E-xtra design engineering systems for the treatment of aortic vascular diseases; E-nside, an off-the-shelf stent graft for the treatment of thoraco-abdominal disease; E-vita THORACIC 3G for the endovascular treatment of thoracic aortic aneurysms; E-nya, a thoracic stent graft system for the minimally invasive repair of lesions of the descending aorta; E-ventus BX, a balloon-expandable peripheral stent graft for the endovascular treatment of renal and pelvic arteries; E-liac to treat aneurysmal iliac arteries, and aneurysmal iliac side branches; and E-tegra, an abdominal aortic aneurysms stent graft system. In addition, the company offers synthetic vascular grafts for use in open aortic and peripheral vascular surgical procedures; PerClot, an absorbable powdered hemostat for use in surgical procedures; cardiac laser therapy products for angina treatment; CryoVein femoral vein and CryoArtery femoral artery vascular preservation services; On-X prosthetic aortic and mitral heart valves and the On-X ascending aortic prosthesis; CarbonAid CO2 diffusion catheters and Chord-X ePTFE sutures for mitral chordal replacement; and ascyrus medical dissection stents, as well as pyrolytic carbon coating services to medical device manufacturers. It serves physicians, hospitals, and other healthcare facilities, as well as cardiac, vascular, thoracic, and general surgeons. The company was formerly known as CryoLife, Inc. and changed its name to Artivion Inc. in January 2022. The company was founded in 1984 and is headquartered in Kennesaw, Georgia.

How the Company Makes Money

Artivion generates revenue primarily through the sale of its medical devices and surgical products, which are utilized in hospitals and surgical centers worldwide. The company has established key revenue streams through direct sales to healthcare providers, as well as distribution agreements with various partners in the medical field. Significant partnerships with major healthcare organizations and ongoing research and development efforts contribute to its earnings by expanding its product offerings and enhancing its market presence. Additionally, Artivion invests in clinical studies to validate the efficacy of its products, which can lead to increased adoption and sales in the marketplace.

Artivion Financial Statement Overview

Summary

Improving fundamentals with steady revenue growth and a return to profitability in 2025, plus better leverage (debt-to-equity down materially). Offsetting this, profitability is still thin and cash-flow quality is a key concern: free cash flow turned slightly negative in 2025 despite positive net income.

Income Statement

Revenue has grown consistently, accelerating to 4.4% in 2025 after strong growth in 2021–2023. Profitability has improved meaningfully: the company moved from net losses in 2020–2024 to positive net income in 2025, supported by solid gross margins (~61–66%) and healthier operating profitability (EBIT margin ~6.1% in 2025). The main weakness is that net profitability remains thin (net margin ~2.2% in 2025) and results have been volatile, with a loss as recently as 2024.

Balance Sheet

Leverage improved materially in 2025, with debt-to-equity dropping to ~0.65 from ~1.25–1.31 in 2022–2024, alongside higher equity and a larger asset base. Return on equity also turned positive in 2025 (~2.2%) after several years of negative returns, signaling better earnings quality. Key risk remains the still sizable absolute debt balance and historically elevated leverage, which can constrain flexibility if profitability weakens.

Cash Flow

Operating cash flow has improved and remained positive in 2023–2025 (about $38.1M in 2025 vs. $22.2M in 2024), indicating better underlying cash generation versus earlier periods of negative operating cash flow (2021–2022). However, free cash flow deteriorated sharply in 2025, turning slightly negative (about -$0.9M) after being positive in 2023–2024, suggesting higher reinvestment needs or working-capital pressure. Cash conversion is also a concern, as free cash flow did not consistently track reported earnings (negative free cash flow relative to net income in 2025).

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	441.33M	388.54M	354.00M	313.79M	298.84M
Gross Profit	270.45M	248.78M	229.18M	202.52M	197.51M
EBITDA	49.20M	50.97M	26.79M	25.68M	26.04M
Net Income	9.77M	-13.36M	-30.69M	-19.19M	-14.83M
Balance Sheet
Total Assets	884.80M	789.10M	792.40M	762.80M	793.05M
Cash, Cash Equivalents and Short-Term Investments	64.91M	53.46M	58.94M	39.35M	55.01M
Total Debt	292.04M	362.26M	358.34M	356.83M	362.04M
Total Liabilities	436.56M	512.90M	510.62M	478.47M	492.32M
Stockholders Equity	448.23M	276.20M	281.78M	284.33M	300.73M
Cash Flow
Free Cash Flow	-911.00K	11.05M	11.39M	-15.87M	-15.68M
Operating Cash Flow	38.13M	22.24M	18.82M	-5.15M	-2.58M
Investing Cash Flow	-42.04M	-28.19M	-502.00K	-10.71M	5.66M
Financing Cash Flow	13.03M	2.20M	865.00K	-1.64M	-12.22M

Artivion Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 37.39
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AORT, the sentiment is Negative. The current price of 37.39 is below the 20-day moving average (MA) of 39.70, below the 50-day MA of 42.89, and below the 200-day MA of 39.00, indicating a bearish trend. The MACD of -1.53 indicates Positive momentum. The RSI at 34.38 is Neutral, neither overbought nor oversold. The STOCH value of 56.74 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AORT.

Artivion Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
AXGN	64 Neutral	$1.77B	-714.49	-1.90%	―	18.72%	85.77%
LIVN	63 Neutral	$3.68B	-16.93	-17.63%	―	8.97%	-1024.86%
AORT	59 Neutral	$1.78B	190.29	-2.45%	―	9.81%	-1067.00%
SIBN	56 Neutral	$682.98M	-30.27	-12.91%	―	23.27%	43.90%
OFIX	53 Neutral	$544.89M	-4.53	-24.60%	―	4.31%	3.26%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
IART	45 Neutral	$933.93M	-1.87	-38.71%	―	4.99%	-7151.40%