Revenue growth accelerated to 11.3% YoY in Q2 2026, but operating margin swung to -6.7% from 6.4% in Q1 2026, reflecting a 44% sequential increase in SG&A to $79.8M.
Artivion, Inc. (AORT) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 471.47M | 441.33M | 388.54M | 354M | 313.79M | 298.84M | 253.23M | 276.22M | 262.84M | 189.7M | 180.38M | 145.9M | 144.64M | 140.76M | 131.72M | 119.63M | 116.64M | 111.69M | 105.06M | 94.76M | 81.31M | 69.28M | 62.38M | 59.53M | 77.8M | 87.67M | 77.1M | 66.72M | 60.7M | 50.9M | 37M |
| Revenue Growth % | 16.4% | 13.59% | 9.75% | 12.82% | 5% | 18.01% | -8.32% | 5.09% | 38.55% | 5.17% | 23.63% | 0.87% | 2.76% | 6.87% | 10.11% | 2.56% | 4.44% | 6.31% | 10.87% | 16.54% | 17.36% | 11.06% | 4.79% | -23.48% | -11.26% | 13.72% | 15.55% | 9.92% | 19.25% | 37.57% | 27.59% |
| Cost of Goods Sold | 175.37M | 170.88M | 139.76M | 124.83M | 111.27M | 101.32M | 85.44M | 93.21M | 89.86M | 61.06M | 61.48M | 55.18M | 53.35M | 50.38M | 46.7M | 43.78M | 48.28M | 41.92M | 37.27M | 35.54M | 37.42M | 32.42M | 37.63M | 31.48M | 65.63M | 36.63M | 30.13M | 27.02M | 21.8M | 15.1M | 11.2M |
| COGS % of Revenue | - | 38.72% | 35.97% | 35.26% | 35.46% | 33.91% | 33.74% | 33.74% | 34.19% | 32.19% | 34.08% | 37.82% | 36.88% | 35.79% | 35.45% | 36.6% | 41.39% | 37.53% | 35.47% | 37.51% | 46.02% | 46.8% | 60.31% | 52.88% | 84.37% | 41.78% | 39.07% | 40.49% | 35.91% | 29.67% | 30.27% |
| Gross Profit | 296.11M | 270.45M | 248.78M | 229.18M | 202.52M | 197.51M | 167.78M | 183.01M | 172.98M | 128.64M | 118.9M | 90.72M | 91.29M | 90.39M | 85.02M | 75.84M | 68.37M | 69.77M | 67.79M | 59.22M | 43.89M | 36.86M | 24.76M | 28.05M | 12.16M | 51.04M | 46.97M | 39.71M | 38.9M | 35.8M | 25.8M |
| Gross Margin % | 62.8% | 61.28% | 64.03% | 64.74% | 64.54% | 66.09% | 66.26% | 66.26% | 65.81% | 67.81% | 65.92% | 62.18% | 63.12% | 64.21% | 64.55% | 63.4% | 58.61% | 62.47% | 64.53% | 62.49% | 53.98% | 53.2% | 39.69% | 47.12% | 15.63% | 58.22% | 60.93% | 59.51% | 64.09% | 70.33% | 69.73% |
| Gross Profit Growth % | - | 8.71% | 8.55% | 13.16% | 2.54% | 17.72% | -8.32% | 5.8% | 34.47% | 8.19% | 31.06% | -0.63% | 1% | 6.31% | 12.1% | 10.93% | -2.01% | 2.91% | 14.47% | 34.93% | 19.07% | 48.88% | -11.73% | 130.64% | -76.17% | 8.67% | 18.3% | 2.07% | 8.66% | 38.76% | 32.31% |
| Operating Expenses | 277.27M | 243.71M | 209.91M | 223.43M | 196.32M | 189.4M | 165.34M | 165.97M | 163.67M | 120.67M | 104.99M | 85.36M | 82.45M | 76.57M | 72.41M | 64.2M | 54.99M | 55.27M | 54.26M | 50.92M | 45.09M | 56.95M | 46.58M | 57.27M | 52.13M | 38.58M | 37.16M | 32.24M | 32.1M | 27.1M | 19.9M |
| OpEx % of Revenue | - | 55.22% | 54.02% | 63.12% | 62.57% | 63.38% | 65.29% | 60.09% | 62.27% | 63.61% | 58.21% | 58.51% | 57.01% | 54.39% | 54.97% | 53.67% | 47.14% | 49.49% | 51.65% | 53.74% | 55.46% | 82.2% | 74.66% | 96.21% | 67.01% | 44.01% | 48.2% | 48.32% | 52.88% | 53.24% | 53.78% |
| Selling, General & Admin | 243.07M | 212.72M | 192.38M | 208.98M | 157.44M | 169.77M | 141.14M | 143.01M | 140.57M | 101.21M | 91.55M | 74.93M | 73.75M | 68.11M | 65.15M | 57.3M | 49.06M | 50.02M | 48.83M | 46.47M | 41.55M | 53.23M | 42.64M | 53.63M | 47.53M | 33.84M | 28.73M | 24.69M | 23.9M | 20.5M | 15.7M |
| SG&A % of Revenue | - | 48.2% | 49.51% | 59.03% | 50.17% | 56.81% | 55.73% | 51.77% | 53.48% | 53.35% | 50.75% | 51.36% | 50.99% | 48.39% | 49.46% | 47.9% | 42.06% | 44.79% | 46.48% | 49.04% | 51.09% | 76.82% | 68.35% | 90.09% | 61.1% | 38.6% | 37.27% | 37.01% | 39.37% | 40.27% | 42.43% |
| Research & Development | 35.1M | 30.99M | 28.45M | 28.71M | 38.88M | 35.55M | 24.21M | 22.96M | 23.1M | 19.46M | 13.45M | 10.44M | 8.7M | 8.45M | 7.26M | 6.9M | 5.92M | 5.25M | 5.31M | 4.45M | 3.55M | 3.72M | 3.94M | 3.64M | 4.6M | 4.74M | 5.21M | 4.4M | 4.7M | 3.9M | 2.8M |
| R&D % of Revenue | - | 7.02% | 7.32% | 8.11% | 12.39% | 11.89% | 9.56% | 8.31% | 8.79% | 10.26% | 7.45% | 7.15% | 6.01% | 6.01% | 5.51% | 5.77% | 5.08% | 4.7% | 5.05% | 4.7% | 4.36% | 5.38% | 6.31% | 6.12% | 5.91% | 5.4% | 6.75% | 6.59% | 7.74% | 7.66% | 7.57% |
| Other Operating Expenses | -900K | 0 | -10.92M | -14.25M | 0 | -15.92M | 0 | 0 | -141K | 260K | -437K | -484K | -540K | 26K | -47K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.22M | 3.15M | 3.5M | 2.7M | 1.4M |
| Operating Income | 18.84M | 26.75M | 38.87M | 5.74M | 6.2M | 8.12M | 2.44M | 17.04M | 9.31M | 7.97M | 21.82M | 5.35M | 8.84M | 13.82M | 12.61M | 11.64M | 9.87M | 14.5M | 13.65M | 8.3M | -1.2M | -20.09M | -21.82M | -29.22M | -39.97M | 12.46M | 9.81M | 7.46M | 6.8M | 8.7M | 5.9M |
| Operating Margin % | 4% | 6.06% | 10.01% | 1.62% | 1.98% | 2.72% | 0.96% | 6.17% | 3.54% | 4.2% | 12.1% | 3.67% | 6.11% | 9.82% | 9.57% | 9.73% | 8.46% | 12.98% | 13% | 8.76% | -1.48% | -29% | -34.98% | -49.09% | -51.37% | 14.21% | 12.73% | 11.19% | 11.2% | 17.09% | 15.95% |
| Operating Income Growth % | - | -31.2% | 577.01% | -7.4% | -23.6% | 232.53% | -85.68% | 83.01% | 16.84% | -63.47% | 307.55% | -39.42% | -36.05% | 9.58% | 8.32% | 17.99% | -31.93% | 6.17% | 64.53% | 790.43% | 94.02% | 7.93% | 25.34% | 26.88% | -420.72% | 27.01% | 31.46% | 9.75% | -21.84% | 47.46% | 90.32% |
| EBITDA | 49.74M | 49.2M | 63.08M | 28.82M | 28.64M | 32.09M | 23.15M | 35.36M | 27.41M | 17.7M | 30.2M | 11.22M | 14.87M | 19.66M | 18.25M | 16.6M | 13.8M | 18.76M | 18.01M | 12.76M | 3.64M | -15.05M | -16.34M | -23.72M | -34.54M | 17.07M | 13.03M | 10.62M | 10.3M | 11.4M | 7.3M |
| EBITDA Margin % | 10.55% | 11.15% | 16.23% | 8.14% | 9.13% | 10.74% | 9.14% | 12.8% | 10.43% | 9.33% | 16.74% | 7.69% | 10.28% | 13.97% | 13.85% | 13.88% | 11.84% | 16.8% | 17.14% | 13.46% | 4.48% | -21.73% | -26.19% | -39.84% | -44.4% | 19.47% | 16.9% | 15.91% | 16.97% | 22.4% | 19.73% |
| EBITDA Growth % | 21.4% | -22% | 118.89% | 0.61% | -10.75% | 38.62% | -34.52% | 29.01% | 54.82% | -41.39% | 169.27% | -24.55% | -24.4% | 7.77% | 9.89% | 20.27% | -26.41% | 4.18% | 41.18% | 250.22% | 124.19% | 7.85% | 31.12% | 31.34% | -302.38% | 30.96% | 22.76% | 3.08% | -9.65% | 56.16% | 78.05% |
| D&A (Non-Cash Add-back) | 30.9M | 22.46M | 24.2M | 23.08M | 22.44M | 23.98M | 20.71M | 18.32M | 18.09M | 9.73M | 8.38M | 5.86M | 6.03M | 5.84M | 5.63M | 4.96M | 3.94M | 4.26M | 4.35M | 4.46M | 4.84M | 5.04M | 5.48M | 5.51M | 5.42M | 4.61M | 3.22M | 3.15M | 3.5M | 2.7M | 1.4M |
| EBIT | 26.5M | 41.36M | 26.76M | 3.71M | 3.24M | 2.06M | -476K | 16.53M | 12.11M | 8.44M | 16.91M | 5.35M | 8.88M | 13.82M | 12.23M | 11.61M | 7.46M | 14.44M | 13.8M | 8.3M | -1.2M | -20.09M | -21.82M | -29.22M | -39.97M | 12.46M | 9.81M | 7.46M | 6.8M | 8.4M | 5.8M |
| Net Interest Income | -23.15M | -25.82M | -32.81M | -24.22M | -18.08M | -16.81M | -16.48M | -14.15M | -15.56M | -4.67M | -2.97M | 107K | -125K | -67K | -173K | -128K | -157K | -7K | 118K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 1.12M | 763K | 1.47M | 1.08M | 147K | 79K | 217K | 738K | 226K | 212K | 72K | 107K | 50K | 4K | 6K | 14K | 23K | 76K | 381K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 24.27M | 26.58M | 34.28M | 25.3M | 18.22M | 16.89M | 16.7M | 14.89M | 15.79M | 4.88M | 3.04M | 0 | 175K | 71K | 179K | 142K | 180K | 83K | 263K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -16.61M | -11.96M | -46.39M | -27.33M | -21.18M | -22.94M | -19.61M | -15.4M | -15.7M | -4.41M | -3.41M | 514K | -135K | 9.47M | -560K | -177K | -2.59M | -142K | -118K | -730K | -2.69M | -1.67M | 53K | -2K | -1.47M | 1.02M | 1.82M | -962K | 1.9M | -800K | 200K |
| Pretax Income | 2.23M | 14.78M | -7.51M | -21.59M | -14.98M | -14.83M | -17.17M | 1.64M | -6.39M | 3.56M | 18.41M | 5.87M | 8.7M | 23.29M | 12.05M | 11.47M | 7.28M | 14.35M | 13.54M | 7.57M | 650K | -19.96M | -21.77M | -29.23M | -41.43M | 13.48M | 11.63M | 6.5M | 8.7M | 7.6M | 6.1M |
| Pretax Margin % | 0.47% | 3.35% | -1.93% | -6.1% | -4.78% | -4.96% | -6.78% | 0.6% | -2.43% | 1.88% | 10.21% | 4.02% | 6.02% | 16.55% | 9.15% | 9.58% | 6.24% | 12.85% | 12.88% | 7.99% | 0.8% | -28.81% | -34.89% | -49.09% | -53.26% | 15.38% | 15.09% | 9.74% | 14.33% | 14.93% | 16.49% |
| Income Tax | 5.4M | 5.01M | 5.84M | 9.1M | 4.21M | 7K | -492K | -76K | -2.59M | -143K | 7.63M | 1.86M | 1.38M | 7.12M | 4.11M | 4.09M | 3.33M | 5.67M | -19.37M | 368K | 285K | -428K | -3.02M | 3.07M | -13.67M | 4.31M | 3.82M | 2.05M | 2.2M | 2.9M | 2.2M |
| Effective Tax Rate % | 241.74% | 33.91% | -77.79% | -42.18% | -28.08% | -0.05% | 2.86% | -4.62% | 40.46% | -4.02% | 41.46% | 31.75% | 15.87% | 30.57% | 34.07% | 35.71% | 45.8% | 39.54% | -143.11% | 4.86% | 43.85% | 2.14% | 13.86% | -10.5% | 33% | 32% | 32.8% | 31.53% | 25.29% | 38.16% | 36.07% |
| Net Income | -3.17M | 9.77M | -13.36M | -30.69M | -19.19M | -14.83M | -16.68M | 1.72M | -3.81M | 3.7M | 10.78M | 4M | 7.32M | 16.17M | 7.95M | 7.37M | 3.94M | 8.68M | 32.91M | 7.2M | 365K | -19.54M | -18.75M | -32.29M | -27.76M | 9.17M | 7.82M | 4.45M | 6.5M | 4.7M | 3.9M |
| Net Margin % | -0.67% | 2.21% | -3.44% | -8.67% | -6.12% | -4.96% | -6.59% | 0.62% | -1.45% | 1.95% | 5.98% | 2.75% | 5.06% | 11.49% | 6.03% | 6.16% | 3.38% | 7.77% | 31.32% | 7.6% | 0.45% | -28.2% | -30.05% | -54.25% | -35.68% | 10.46% | 10.14% | 6.67% | 10.71% | 9.23% | 10.54% |
| Net Income Growth % | 82.35% | 173.12% | 56.47% | -59.91% | -29.38% | 11.08% | -1069.88% | 145.2% | -202.73% | -65.63% | 169.11% | -45.3% | -54.72% | 103.52% | 7.8% | 86.89% | -54.56% | -73.63% | 356.99% | 1872.88% | 101.87% | -4.19% | 41.94% | -16.33% | -402.87% | 17.26% | 75.62% | -31.52% | 38.3% | 20.51% | 77.27% |
| Net Income (Continuing) | -3.17M | 9.77M | -13.36M | -30.69M | -19.19M | -14.83M | -16.68M | 1.72M | -2.84M | 3.7M | 10.78M | 4M | 7.32M | 16.17M | 7.95M | 7.37M | 3.94M | 8.68M | 32.91M | 7.2M | 365K | -19.54M | -18.75M | -32.29M | -27.76M | 9.17M | 7.82M | 4.45M | 6.5M | 4.7M | 3.9M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.07 | 0.21 | -0.32 | -0.75 | -0.48 | -0.38 | -0.44 | 0.05 | -0.10 | 0.11 | 0.32 | 0.14 | 0.25 | 0.57 | 0.28 | 0.26 | 0.14 | 0.31 | 1.13 | 0.26 | -0.02 | -0.82 | -0.81 | -1.64 | -1.43 | 0.47 | 0.41 | 0.24 | 0.35 | 0.32 | 0.27 |
| EPS Growth % | 82.99% | 165.63% | 57.33% | -56.25% | -26.32% | 13.64% | -1075.61% | 145.1% | -190.91% | -65.63% | 128.57% | -44% | -56.14% | 103.57% | 7.69% | 85.71% | -54.84% | -72.57% | 334.62% | 1400% | 97.56% | -1.23% | 50.61% | -14.69% | -404.26% | 14.63% | 70.83% | -31.43% | 9.38% | 18.52% | 80% |
| EPS (Basic) | - | 0.22 | -0.32 | -0.75 | -0.48 | -0.38 | -0.44 | 0.05 | -0.11 | 0.11 | 0.33 | 0.14 | 0.26 | 0.59 | 0.29 | 0.26 | 0.14 | 0.31 | 1.15 | 0.26 | -0.02 | -0.82 | -0.81 | -1.64 | -1.43 | 0.49 | 0.42 | 0.24 | 0.36 | 0.33 | 0.27 |
| Diluted Shares Outstanding | 48.54M | 47.16M | 41.68M | 40.74M | 40.03M | 38.98M | 37.86M | 37.86M | 36.41M | 34.16M | 32.82M | 28.54M | 28.31M | 27.7M | 27.41M | 27.76M | 28.27M | 28.31M | 28.35M | 26.97M | 24.83M | 23.96M | 23.04M | 19.69M | 19.43M | 19.66M | 19.23M | 18.8M | 18.4M | 14.91M | 14.86M |
| Basic Shares Outstanding | 48.54M | 45.34M | 41.68M | 40.74M | 40.03M | 38.98M | 37.86M | 37.12M | 35.16M | 33.01M | 31.86M | 27.74M | 27.38M | 26.89M | 26.97M | 27.44M | 27.99M | 28.11M | 27.8M | 26.33M | 24.83M | 23.96M | 23.04M | 19.69M | 19.43M | 18.81M | 18.54M | 18.51M | 17.96M | 14.46M | 14.26M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | 85.09% | 45% | 18.35% | 17.28% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying AORT stock.
For fiscal year 2025, Artivion, Inc. (AORT) reported total revenue of $441.3M. This represents a 1092.8% increase compared to $37.0M in 1996.
Artivion, Inc. (AORT) is profitable, generating $9.8M in net income for the fiscal year ending 2025 with a net profit margin of 2.2%.
Artivion, Inc. (AORT) reported an operating income of $26.7M, resulting in an operating profit margin of 6.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Artivion, Inc. (AORT) generated $270.5M in gross profit for the year, representing a gross profit margin of 61.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Regulatory delays for JOTEC portfolio
Metrics are mathematically derived from official filings.
Top-Line Momentum Accelerates
Revenue grew 11.3% YoY in Q2 2026 to $125.8M, with TTM growth at 13.6%, driven by strong international sales and new product adoption, according to recent financial statements.
The acceleration in revenue growth from 1.6% in Q1 2025 to double-digit rates in subsequent quarters suggests successful commercialization of the JOTEC-derived portfolio and sustained demand for On-X valves. The sequential increase from $116.3M in Q1 2026 to $125.8M in Q2 2026 indicates continued momentum, though the sustainability depends on U.S. regulatory approvals for key products.
Gross Margin Resilience Amid Mix Shift
Gross margin improved to 64.0% in Q2 2026 from 60.1% in Q4 2025, reflecting favorable product mix and pricing power, as reported in the latest quarterly results.
The gross margin expansion from 60.1% to 64.0% over two quarters suggests that higher-margin proprietary devices like On-X and BioGlue are gaining share within the revenue mix. However, the preservation services segment remains a drag, and any regulatory cost increases under MDR could pressure margins. Investors should monitor whether this improvement is sustainable as international sales grow.
Operating Leverage Elusive
Despite revenue growth, operating margin swung to -6.7% in Q2 2026 from 6.4% in Q1 2026, indicating that SG&A and R&D costs are outpacing gross profit gains, based on reported figures.
The sharp decline in operating income from $7.5M in Q1 2026 to -$8.4M in Q2 2026, despite higher revenue, suggests that the company is investing heavily in sales infrastructure and R&D, possibly for U.S. regulatory submissions. SG&A jumped from $55.2M to $79.8M sequentially, a 44% increase, which may include one-time costs or expanded commercial teams. This indicates that operating leverage is not yet materializing, and investors should watch for cost discipline in coming quarters.
Earnings Distorted by Non-Operating Items
Net income swung to -$13.5M in Q2 2026 from +$1.4M in Q1 2026, with EPS of -$0.28, despite a $0.13 EPS beat, suggesting non-operating charges or tax effects, as per the earnings release.
The discrepancy between operating loss of $8.4M and net loss of $13.5M implies additional below-the-line items, possibly interest expense or tax adjustments. Stock-based compensation of $8.2M in Q2 2026 is significant relative to revenue, and when combined with amortization of intangibles from the JOTEC acquisition, reported earnings understate cash-generative capacity. Investors should adjust for these non-cash items to assess true profitability.
SG&A Surge Raises Questions
SG&A expenses rose to $79.8M in Q2 2026 from $55.2M in Q1 2026, a 44% sequential increase, while R&D remained stable, indicating a deliberate investment in commercial expansion, as disclosed in financial statements.
The spike in SG&A is unusual and may reflect increased sales force, marketing for new product launches, or one-time costs related to the Artivion rebranding. If this level persists, it will continue to pressure operating margins, but if it drives higher future revenue, it could be justified. The lack of a corresponding increase in R&D suggests the focus is on commercialization rather than pipeline development.
What Could Invalidate the Base Case
The sustained gap between 13.6% TTM revenue growth and 6.1% operating margin suggests that heavy investment may not yield expected operating leverage, as per the latest financials.
Short-sellers could argue that the company's reliance on acquisitions and regulatory approvals makes organic growth unsustainable, and that the recent SG&A surge indicates a lack of cost discipline. If U.S. approvals for E-vita and E-nside are delayed, the high-margin revenue growth may not materialize, leaving the company with a stretched cost base. Additionally, the Q2 2026 operating loss, despite revenue growth, could signal that the business model requires constant investment, limiting earnings conversion.