Artivion, Inc. is a distributor of cryogenically preserved human tissues for cardiac and vascular transplant applications and develops medical devices. Among its products are human heart valves, which are treated to remove excess cellular material and antigens, and BioGlue surgical adhesive.3 Its shares trade on NYSE under the symbol AORT.1Wikipedia text CC BY-SA 4.0
Artivion, Inc. is a distributor of cryogenically preserved human tissues for cardiac and vascular transplant applications and develops medical devices. Among its products are human heart valves, which are treated to remove excess cellular material and antigens, and BioGlue surgical adhesive.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue101112139$441.3M in 2025+60% since 2019Gross profit101112139$284.2M in 2025+55% since 2019Operating income101112139$33.7M in 2025+98% since 2019Net income101112139$9.8M in 2025+468% since 2019
Revenue1415$125.8M in Q2 FY2026+8% since Q1 FY2026Gross profit1415$80.5M in Q2 FY2026+7% since Q1 FY2026Operating income1415-$8.4M in Q2 FY2026Net income1415-$13.5M in Q2 FY2026
Every line of the income statement as filed: the last 3 fiscal years, latest first.9
Period ending
2025-12-31
2024-12-31
2023-12-31
Total revenues
$441.3M
$388.5M
$354.0M
Total cost of products and preservation services
$157.1M
$139.8M
$124.8M
Gross margin
$284.2M
$248.8M
$229.2M
General, administrative, and marketing
$226.5M
$181.5M
$209.0M
Research and development
$31.0M
$28.5M
$28.7M
Total operating expenses
$257.5M
$209.9M
$237.7M
Gain from sale of non-financial assets
-$7.0M
$0
-$14.2M
Operating income
$33.7M
$38.9M
$5.7M
Interest expense
$26.6M
$34.3M
$25.3M
Interest income
-$763.0K
-$1.5M
-$1.1M
Losses on inducement/extinguishment of debt
$2.7M
$3.7M
$0
Other (income) expense, net
-$9.5M
$9.9M
$3.1M
Income (loss) before income taxes
$14.8M
-$7.5M
-$21.6M
Income tax expense
$5.0M
$5.8M
$9.1M
Basic (in dollars per share)
$0.22
-$0.32
-$0.75
Diluted (in dollars per share)
$0.21
-$0.32
-$0.75
Basic (in shares)
45.3M shares
41.7M shares
40.7M shares
Diluted (in shares)
47.2M shares
41.7M shares
40.7M shares
Net income (loss)
$9.8M
-$13.4M
-$30.7M
Foreign currency translation adjustments, net of tax
$22.2M
-$12.9M
$9.6M
Comprehensive income (loss)
$32.0M
-$26.3M
-$21.1M
No quarter-by-quarter statement was filed.
Total assets16101112139$884.8M in 2025+46% since 2019Total liabilities16101112139$436.6M in 2025+36% since 2019Shareholders’ equity1112139$448.2M in 2025+57% since 2019Cash16101112139$64.9M in 2025+92% since 2019Long-term debt16101112139$215.1M in 2025+0% since 2019
Total assets1415$1.1B in Q2 FY2026+21% since Q1 FY2025Total liabilities1415$626.3M in Q2 FY2026+43% since Q1 FY2025Shareholders’ equity1415$445.6M in Q2 FY2026−1% since Q1 FY2025Cash1415$77.3M in Q2 FY2026+19% since Q1 FY2025Long-term debt1415$363.4M in Q2 FY2026+69% since Q1 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.9
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$64.9M
$53.5M
Trade receivables, net
$89.8M
$79.5M
Other receivables
$13.9M
$6.4M
Inventories
$92.4M
$79.8M
Deferred preservation costs
$54.5M
$51.7M
Prepaid expenses and other
$42.5M
$19.3M
Total current assets
$358.1M
$290.1M
Goodwill
$254.1M
$241.0M
$247.3M
Acquired technology, net
$123.7M
$128.1M
Operating lease right-of-use assets, net
$34.7M
$39.7M
Property and equipment, net
$65.0M
$36.4M
Other intangibles, net
$32.8M
$28.3M
Deferred tax assets, net
$1.2M
$1.1M
Other long-term assets
$15.2M
$24.5M
Total assets
$884.8M
$789.1M
Accounts payable
$16.0M
$18.0M
Accrued compensation
$22.5M
$18.3M
Accrued expenses
$16.4M
$11.8M
Accrued interest
$4.8M
$8.2M
Taxes payable
$7.5M
$2.9M
Accrued procurement fees
$3.4M
$1.7M
Current portion of contingent consideration
$20.7M
$0
Current maturities of operating leases
$4.6M
$4.5M
Current portion of finance lease obligations
$726.0K
$601.0K
Current portion of long-term debt, net
$0
$195.0K
Other current liabilities
$4.8M
$583.0K
Total current liabilities
$101.6M
$66.8M
Long-term debt, net
$215.1M
$314.2M
Non-current contingent consideration
$39.9M
$52.9M
Non-current maturities of operating leases
$34.4M
$40.0M
Deferred tax liabilities, net
$24.3M
$20.2M
Deferred compensation liability
$9.5M
$8.0M
Non-current finance lease obligations
$2.7M
$2.8M
Other long-term liabilities
$9.1M
$8.1M
Total liabilities
$436.6M
$512.9M
Preferred stock $0.01 par value per share, 5,000 shares authorized, no shares issued
$0
$0
Common stock $0.01 par value per share, 75,000 shares authorized, 49,330 and 43,432 shares issued as of December 31, 2025 and 2024, respectively
$493.0K
$434.0K
Additional paid-in capital
$516.6M
$376.6M
Retained deficit
-$51.5M
-$61.3M
Accumulated other comprehensive loss
-$2.7M
-$24.9M
Treasury stock at cost, 1,487 shares as of December 31, 2025 and 2024
-$14.6M
-$14.6M
Total stockholders equity
$448.2M
$276.2M
$281.8M
$284.3M
Total liabilities and stockholders equity
$884.8M
$789.1M
Preferred stock, par value (in dollars per share)
$0.01
$0.01
Preferred stock, shares authorized (in shares)
5.0M shares
5.0M shares
Preferred stock, shares issued (in shares)
0 shares
0 shares
Common stock, par value (in dollars per share)
$0.01
$0.01
Common stock, shares authorized (in shares)
75.0M shares
75.0M shares
Common stock, shares issued (in shares)
49.3M shares
43.4M shares
Treasury stock at cost (in shares)
1.5M shares
1.5M shares
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$64.9M
$53.5M
Trade receivables, net
$89.8M
$79.5M
Other receivables
$13.9M
$6.4M
Inventories
$92.4M
$79.8M
Deferred preservation costs
$54.5M
$51.7M
Prepaid expenses and other
$42.5M
$19.3M
Total current assets
$358.1M
$290.1M
Goodwill
$254.1M
$241.0M
$247.3M
Acquired technology, net
$123.7M
$128.1M
Operating lease right-of-use assets, net
$34.7M
$39.7M
Property and equipment, net
$65.0M
$36.4M
Other intangibles, net
$32.8M
$28.3M
Deferred tax assets, net
$1.2M
$1.1M
Other long-term assets
$15.2M
$24.5M
Total assets
$884.8M
$789.1M
Accounts payable
$16.0M
$18.0M
Accrued compensation
$22.5M
$18.3M
Accrued expenses
$16.4M
$11.8M
Accrued interest
$4.8M
$8.2M
Taxes payable
$7.5M
$2.9M
Accrued procurement fees
$3.4M
$1.7M
Current portion of contingent consideration
$20.7M
$0
Current maturities of operating leases
$4.6M
$4.5M
Current portion of finance lease obligations
$726.0K
$601.0K
Current portion of long-term debt, net
$0
$195.0K
Other current liabilities
$4.8M
$583.0K
Total current liabilities
$101.6M
$66.8M
Long-term debt, net
$215.1M
$314.2M
Non-current contingent consideration
$39.9M
$52.9M
Non-current maturities of operating leases
$34.4M
$40.0M
Deferred tax liabilities, net
$24.3M
$20.2M
Deferred compensation liability
$9.5M
$8.0M
Non-current finance lease obligations
$2.7M
$2.8M
Other long-term liabilities
$9.1M
$8.1M
Total liabilities
$436.6M
$512.9M
Preferred stock $0.01 par value per share, 5,000 shares authorized, no shares issued
$0
$0
Common stock $0.01 par value per share, 75,000 shares authorized, 49,330 and 43,432 shares issued as of December 31, 2025 and 2024, respectively
$493.0K
$434.0K
Additional paid-in capital
$516.6M
$376.6M
Retained deficit
-$51.5M
-$61.3M
Accumulated other comprehensive loss
-$2.7M
-$24.9M
Treasury stock at cost, 1,487 shares as of December 31, 2025 and 2024
-$14.6M
-$14.6M
Total stockholders equity
$448.2M
$276.2M
$281.8M
$284.3M
Total liabilities and stockholders equity
$884.8M
$789.1M
Preferred stock, par value (in dollars per share)
$0.01
$0.01
Preferred stock, shares authorized (in shares)
5.0M shares
5.0M shares
Preferred stock, shares issued (in shares)
0 shares
0 shares
Common stock, par value (in dollars per share)
$0.01
$0.01
Common stock, shares authorized (in shares)
75.0M shares
75.0M shares
Common stock, shares issued (in shares)
49.3M shares
43.4M shares
Treasury stock at cost (in shares)
1.5M shares
1.5M shares
Cash from operations101112139$39.9M in 2025+152% since 2019Capital spending101112139$39.0M in 2025+384% since 2019Free cash flow101112139$839.0K in 2025−89% since 2019
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.9
Period ending
2025-12-31
2024-12-31
2023-12-31
Net income (loss)
$9.8M
-$13.4M
-$30.7M
Depreciation and amortization
$22.5M
$24.2M
$23.1M
Non-cash compensation
$24.4M
$14.2M
$14.4M
Non-cash lease expense
$5.2M
$4.9M
$4.5M
Write-down of inventories and deferred preservation costs
$4.9M
$4.4M
$4.8M
Non-cash interest expense
$1.7M
$3.9M
$1.9M
Deferred income taxes
$37.0K
-$1.5M
-$1.4M
Change in fair value of contingent consideration
$7.7M
-$11.0M
$23.5M
Endospan fair value adjustments
-$2.3M
$4.3M
$5.0M
Losses on inducement/extinguishment of debt
$2.7M
$3.7M
$0
Gain from sale of non-financial assets
-$7.0M
$0
-$14.2M
Other
-$7.4M
$5.7M
$1.4M
Receivables
-$7.3M
-$15.4M
-$4.0M
Inventories and deferred preservation costs
-$15.3M
-$6.1M
-$14.4M
Prepaid expenses and other assets
-$1.8M
-$5.2M
$535.0K
Accounts payable, accrued expenses, and other liabilities
$2.2M
$9.5M
$4.5M
Net cash flows provided by operating activities
$39.9M
$22.2M
$18.8M
Capital expenditures
-$39.0M
-$11.2M
-$9.8M
Payments under Endospan agreements
-$8.0M
-$17.0M
-$5.0M
Proceeds from sale of non-financial assets, net
$5.0M
$0
$14.2M
Net cash flows used in investing activities
-$42.0M
-$28.2M
-$502.0K
Proceeds from issuance of long-term debt
$0
$184.0M
$0
Proceeds from revolving credit facility
$0
$28.5M
$0
Repayment of debt
-$210.0K
-$211.8M
-$2.8M
Proceeds from exercise of stock options and issuance of common stock
$13.1M
$5.7M
$4.0M
Payment of debt issuance costs
-$1.8M
-$2.5M
-$249.0K
Proceeds from financing insurance premiums
$3.1M
$0
$3.6M
Principal payments on short-term notes payable
-$2.2M
-$1.0M
-$2.5M
Redemption and repurchase of stock to cover tax withholdings
$0
$0
-$559.0K
Other
-$699.0K
-$623.0K
-$537.0K
Net cash flows provided by financing activities
$11.3M
$2.2M
$865.0K
Effect of exchange rate changes on cash and cash equivalents
CryoLife sits at the top of its group. 36 entities, 24 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Artivion Malaysia, Sdn. Bhd. Subsidiary · Malaysia
Artivion México, S.A. de C.V. Subsidiary · Mexico
Artivion New Zealand Subsidiary · New Zealand
Artivion Polska Sp. z.o.o. Subsidiary · Poland
Artivion Spain, s.r.l. Subsidiary · Spain
Artivion Taiwan Co. Limited Subsidiary · Taiwan
Artivion UK Ltd. Subsidiary · United Kingdom
Ascyrus Medical GmbH Subsidiary · Germany
AuraZyme Pharmaceuticals, Inc. Subsidiary · Florida, United States
CryoLife Asia Pacific, PTE. Ltd Subsidiary · Singapore
CryoLife Beijing Medical Device Ltd. Subsidiary · China
CryoLife Canada, Inc. Subsidiary · Canada
CryoLife Germany HoldCo GmbH Subsidiary · Germany
CryoLife Germany TopCo GmbH Subsidiary · Germany
CryoLife International, Inc. Subsidiary · Florida, United States
CryoLife Medical (Australia) Co. Pty, Ltd. Subsidiary · Australia
and 10 more
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What CryoLife reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Our corporate headquarters consist of approximately 190,400 square feet of leased manufacturing, administrative, laboratory, and warehouse space located on a 21.5-acre setting, with an additional 14,400 square feet of off-site warehouse space both located in Kennesaw, Georgia. The manufacturing and tissue processing space includes approximately 20,000 square feet of class 10,000 clean rooms and 8,000 square feet of class 100,000 clean rooms. This extensive clean room environment provides a controlled aseptic environment for manufacturing and tissue preservation. Two back-up emergency generators assure continuity of our manufacturing operations and liquid nitrogen freezers maintain preserved tissue at or below –135°C. We manufacture products from our Medical Devices segment, including BioGlue and PhotoFix, and process and preserve tissues from our Preservation Services segment at our headquarters facility.
Our corporate complex includes the Ronald C. Elkins Learning Center, a 3,600 square foot auditorium that holds 225 participants, and a 1,500 square foot training lab, both equipped with closed-circuit and satellite television broadcast capability allowing live worldwide broadcasts. The Ronald C. Elkins Learning Center provides visiting surgeons with a hands-on training environment for surgical and implantation techniques for our technology platforms.
The rest of Item 2
Our primary European facilities, located in Hechingen, Germany, consist of approximately 156,000 square feet of leased manufacturing, administrative, laboratory, and warehouse space where we manufacture aortic stent grafts.
Our On-X facilities consist of approximately 75,000 square feet of combined manufacturing, administrative, laboratory, warehouse, and office space supporting our On-X manufacturing operations, as well as an adjacent approximately 87,000 square-foot building intended to support future capacity expansion, in Austin, Texas. Both properties were acquired through two real estate purchase transactions that closed in December 2025.
We lease small amounts of ancillary office and warehouse space in various countries in which we operate direct sales subsidiaries, including in Brazil, Greece, Italy, Poland, Spain, Switzerland, and the United Kingdom, and a distribution center in Singapore to support sales activities in the APAC region.
Artivion was founded as CryoLife in Sarasota, Florida in 1984 by Steven Anderson and Robert McNally. Anderson acted as the company’s president and CEO from its founding. The company later moved from Sarasota to the Atlanta metropolitan area. In January 2022 the company changed its name to Artivion, Inc.
In 2000, CryoLife began offering a surgical adhesive called BioGlue used for sealing surgical lacerations under high pressure, such as in arteries.
In February 2008, the FDA gave CryoLife approval for a new kind of heart valve, made from human tissues, which was the first to remove cells from the transplant tissue as opposed to only cleaning the tissue. In giving the approval, the FDA said the new valve, called the CryoValve SynerGraft Pulmonary Valve, had less of a chance of rejection than previous valves.
In 2010, CryoLife acquired the rights to manufacture and distribute PerClot, an absorbable hemostatic powder used in surgery.
In January 2016, the company acquired On-X Life Technologies and its principal product, a mechanical heart valve called the On-X aortic valve replacement, for $130 million.
In October 2017, Artivion acquired JOTEC GmbH, a German-based developer of medical devices for aortic and peripheral vascular diseases, for €225 million. In September 2020, the company acquired Ascyrus Medical.
In 2021, the company received FDA premarket application approval of its PerClot absorbable hemostatic system, which comprised PerClot granules and a delivery system for surgical use. Baxter International agreed to buy PerClot from Artivion in 2021. In 2023, after final FDA approval of the product, the purchase was completed.
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
564 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 46 major events, 335 insider forms, 35 large holders, 128 other. The latest 20:
198 open-market trades by officers, directors and large owners since October 2021: 3 buys and 195 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
Year
Executive
Age
Salary
Total pay
2025
J. Patrick MackinChairman, President and Chief Executive Officer
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
From the cover page of the 10-K filed Feb 18, 2026 (Section 12(b) of the Exchange Act).17
Risk factors and legal proceedings
The risks CryoLife names in Item 1A of its 10-K filed Feb 18, 2026: 33 risks under these headings, as written.17
Risks Relating to Our Business
Business and Economic Risks
We are subject to a variety of risks due to our international operations and continued global expansion.
We operate in highly competitive market segments, face competition from large, well-established medical device companies and tissue service providers with greater resources and we may not be able to compete effectively.
We are significantly dependent on our revenues from tissue preservation services and are subject to a variety of risks affecting them.
We are significantly dependent on our revenues from BioGlue and are subject to a variety of related risks.
We are significantly dependent on our revenues from aortic stent grafts and are subject to a variety of related risks.
We are significantly dependent on our revenues from On-X products and are subject to a variety of related risks.
Continued fluctuation of foreign currencies relative to the US Dollar could materially, adversely affect our business.
Some of our products and technologies are subject to significant intellectual property risks and uncertainty.
Public health crises have, may continue to have, and could have a material, adverse impact on us.
Operational Risks
The other 24 risks
We are heavily dependent on our suppliers and contract manufacturers to provide quality products.
We are dependent on single and sole-source suppliers and single facilities.
We are dependent on our specialized workforce.
We continue to evaluate expansion through acquisitions of, or licenses with, investments in, and distribution arrangements with, other companies or technologies, which may carry significant risks.
Our charges resulting from acquisitions, divestitures, partnerships, and other business development activities may materially, adversely affect the market value of our common stock.
We may not realize all the anticipated benefits of our business development activities.
Significant disruptions of information technology systems or breaches of information security systems could adversely affect our business.
Our business could be impacted by environmental, workforce, and governance-related matters.
Legal, Quality, and Regulatory Risks
Our products and tissues are highly regulated and subject to significant quality and regulatory risks.
Reclassification by the FDA of CryoValve SG pulmonary heart valve (“CryoValve SGPV”) may make it commercially infeasible to continue processing the CryoValve SGPV.
We may not be successful in obtaining clinical results or regulatory clearances/approvals for new and existing products and services, and our approved products and services may not achieve market acceptance.
Increased environmental regulations and private litigation activity relating to processes and materials used in our industry could have a material, adverse impact on us.
We may be subject to fines, penalties, and other sanctions if we are deemed to be promoting the use of our products for unapproved, or off-label, uses.
We are subject to various US and international bribery, anti-kickback, false claims, privacy, transparency, and similar laws, any breach of which could cause a material, adverse effect on our business, financial condition, and profitability.
United States policy changes may have a material, adverse effect on us.
As a medical device manufacturer and tissue services provider we are exposed to risk of product liability claims and our existing insurance coverage may be insufficient, or we may be unable to obtain insurance in the future, to cover any resulting liability.
Failure to comply with data privacy and security laws could have a material adverse effect on our business.
Recent healthcare and tax legislation could have a material adverse effect on our business.
Risks Relating to Our Indebtedness
The agreements governing our indebtedness contain restrictions that limit our flexibility in operating our business.
Our indebtedness could adversely affect our ability to raise additional capital to fund operations and execute our strategic plan and limit our ability to react to changes in the economy or our industry.
We have pledged substantially all of our US assets as collateral under our existing Credit Agreement. If we default on the terms of such credit agreements and the holders of our indebtedness accelerate the repayment of such indebtedness, there can be no assurance that we will have sufficient assets to repay our indebtedness.
Risks Relating to Ownership of our Common Stock
Our business could be negatively impacted as a result of stockholder activism.
We do not anticipate paying any dividends on our common stock for the foreseeable future.
Provisions of Delaware law and anti-takeover provisions in our organizational documents may discourage or prevent a change of control, even if an acquisition would be beneficial to stockholders, which could affect our share price adversely and prevent attempts by stockholders to remove current management.
Legal proceedings
From time to time, we are involved in legal proceedings concerning matters arising in connection with the conduct of our business activities. We regularly evaluate the status of legal proceedings in which we are involved in order to assess whether a loss is probable or there is a reasonable possibility that a loss or additional loss may have been incurred, and to determine if accruals are appropriate. We further evaluate each legal proceeding to assess whether an estimate of possible loss or range of loss can be made.
Based on current knowledge, management does not believe that there are any pending legal proceedings that will have a material, adverse effect on our business, financial condition, results of operations, or cash flows. However, we are engaged in various legal actions in the normal course of business. There can be no assurances in light of the inherent uncertainties involved in any potential legal proceedings, some of which are beyond our control, and an adverse outcome in any legal proceeding could be material to our results of operations or cash flows for any particular reporting period.
