What is the revenue and EPS growth rate for Artivion year over year?

What is the market's earnings forecast for Artivion next quarter?

What does Artivion do and what are its main business segments?

What factors drove the changes in Artivion's revenue and profit?

What guidance did Artivion's management provide for the next earnings period?

What were the key takeaways from Artivion’s earnings call?

What is Artivion's gross profit margin?

Did Artivion beat or miss consensus estimates last quarter?

- **Revenue Surge**: Q3 2025 revenue up 16% to $113.4M, with 31% stent graft growth and 23% On-X valve expansion.
- **AMDS Success**: U.S. launch outperformed expectations, backed by new CMS DRG-209 reimbursement and late-breaking clinical data showing malperfusion benefits.
- **On-X Momentum**: 20%+ growth driven by JAK mortality data; cardiologist engagement to accelerate in 2026.
- **Pipeline Progress**: NEXUS 1-year data due in January 2026; Arcevo trial enrollment begins. Endospan acquisition option remains on track.
- **Financial Strength**: 39% EBITDA growth to $24.6M; 65.6% gross margin reflects high-margin product mix. 2025 guidance raised to 13-14% revenue growth.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 2025 revenue increased 16% YoY to $113.4 million, driven by 31% growth in stent grafts (AMDS) and 23% growth in On-X valves. Adjusted EBITDA rose 39% to $24.6 million.
- **Product Highlights**: AMDS U.S. launch exceeded expectations, with strong clinical data and new CMS DRG-209 reimbursement. On-X valves benefit from JAK clinical trial showing mortality advantage in patients under 60.
- **Pipeline Progress**: NEXUS IDE trial 1-year data expected in January 2026; Arcevo LSA trial enrollment begins. Endospan acquisition option remains contingent on FDA approval.
- **Capacity Expansion**: Acquired two Austin facilities for On-X manufacturing, reducing long-term costs and ensuring capacity for growth.

**【CFO Financial Commentary】**
- **Financial Performance**: GAAP revenue $113.4M (+16% YoY), adjusted EBITDA $24.6M (+39% YoY). Gross margin 65.6% vs. 63.7% prior year, driven by high-margin AMDS and On-X sales.
- **Expense Management**: SG&A 47.3% of sales (-130bps YoY). R&D 7.1% of sales, supporting pipeline. Free cash flow $17.7M, with $12M one-time facility purchase impacting Q4 2025 cash flow.
- **Guidance Update**: Full-year 2025 revenue growth 13-14% (vs. prior 12-14%), adjusted EBITDA $88-91M (+24-28% YoY). 2026 outlook: double-digit revenue growth, EBITDA expansion at twice the rate.

**【Q&A Key Highlights】**
- **AMDS Reimbursement**: New DRG-209 reflects procedure complexity, enhancing provider economics and patient access. Q3 AMDS U.S. revenue contributed significantly to stent graft growth.
- **On-X Growth**: 20%+ YoY growth driven by JAK clinical data adoption and cross-selling with AMDS training. Cardiologist engagement expected to accelerate in 2026.
- **Pipeline Costs**: CVO trial may push R&D to 7-8% of sales in 2026. Endospan acquisition financing secured with $150M delayed draw term loan.
- **International Expansion**: AMDS Europe/Canada sales growing; Japan PMA filing planned post-U.S. PMA approval. BioGlue China launch expected to support mid-single-digit growth.

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