Revenue growth reached 17.5% in 2026Q1, yet operating margins remain constrained in the low single digits, reflecting the ongoing challenge of balancing high-margin device sales with labor-intensive tissue processing costs.
| 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 | 458.69M | 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 % | 17.59% | 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 | 169.99M | 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 | 288.7M | 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 % | 62.94% | 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 | 253.12M | 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 | 220.91M | 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 | 33.1M | 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 | 35.59M | 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 % | 7.76% | 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 | 58.94M | 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 % | 12.85% | 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 % | 49.4% | -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) | 23.35M | 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 | 38.59M | 26.75M | 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 | -23.46M | -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 | 824K | 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 | 24.29M | 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 | -18.17M | -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 | 17.41M | 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 % | 3.8% | 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 | 5.72M | 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 % | 32.87% | 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 | 11.69M | 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 % | 2.55% | 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 % | 154.63% | 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) | 11.69M | 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) | 0.24 | 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 % | 146.72% | 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 | 49.73M | 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 | 48.07M | 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% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Regulatory approval timeline delays
According to recent financial filings, Artivion achieved a 17.5% year-over-year revenue growth in 2026Q1, signaling that the company's transition toward high-tech aortic solutions is successfully capturing market share despite the inherent complexities of integrating specialized medical device portfolios into its existing global distribution network.
The consistent double-digit revenue growth suggests that the company's strategic shift from legacy tissue services to proprietary aortic devices is gaining traction. Investors should monitor whether this growth trajectory remains durable as the company attempts to scale its newer stent-graft systems within the highly competitive U.S. market.
As reported in quarterly income statements, Artivion's gross margin fluctuated between 60.1% and 65.6% over the last ten quarters, reflecting the inherent volatility of balancing high-margin proprietary device sales with the more labor-intensive and cost-heavy requirements of human tissue processing and preservation services.
The compression observed in recent periods suggests that the product mix may be shifting toward lower-margin segments or that inflationary pressures on specialized labor are impacting the cost of goods sold. Sustained margin expansion appears contingent on the successful adoption of higher-ASP endovascular products to offset these structural costs.
Based on the provided income statement data, Artivion's operating margins have struggled to scale, remaining in the low single digits for most of the last ten quarters, which indicates that SG&A expenses are currently rising in tandem with, or faster than, the company's gross profit growth.
The lack of significant operating leverage suggests that the company is currently in a heavy investment phase, likely prioritizing market penetration and surgeon training over immediate bottom-line profitability. This warrants further investigation into whether current SG&A spending is effectively driving long-term customer acquisition or merely sustaining existing operations.
Analysis of the company's net income history reveals significant quarterly volatility, with earnings swinging from a $7.5 million profit in 2024Q1 to a $16.5 million loss in 2024Q4, largely driven by non-operating items and periodic fluctuations in stock-based compensation and acquisition-related accounting adjustments.
The inconsistency in net income suggests that reported EPS may not accurately reflect the underlying operational cash-generative capacity of the business. Investors should look past these headline figures to evaluate the core operating performance, as non-recurring expenses appear to frequently mask the company's true profitability potential.
While Artivion demonstrates strong top-line growth, a critical assessment of the income statement suggests that the company's reliance on inorganic expansion and the potential for regulatory-driven margin compression pose significant risks to the long-term sustainability of its current valuation multiples compared to pure-play device peers.
Short-sellers might focus on the company's inability to consistently generate positive net income despite rising revenues, questioning whether the current cost structure is fundamentally scalable. The reliance on successful U.S. regulatory milestones for new products creates a binary risk profile that could lead to significant valuation adjustments if timelines slip.
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.