Artivion, Inc. Q3 FY2025 earnings call

Pat Mackin highlighted strong Q3 results driven by product portfolio growth. Stent grafts, led by AMDS, saw 31% constant currency revenue growth with early adoption and stocking orders. AMDS has strong market enthusiasm since HDE in late 2024, with positive clinical data from PERSEVERE and PROTECT trials. CMS established new DRG-209 for complex aortic procedures. On-X revenue grew 23%, and the company expanded its Austin operations with real estate purchases. Tissue processing revenue increased 5% but is expected to be flat for full year 2025. BioGlue grew 1% with mid-single-digit annual growth expected. The company is advancing a robust pipeline, including AMDS PMA in progress, NEXUS on track for 2026 approval, and the ARTIZEN trial starting.

In the third quarter of 2025, Artivion achieved total constant currency revenue growth of 16% and adjusted EBITDA growth of 39% year-over-year. Stent graft revenues saw a 31% constant currency increase, On-X valves grew 23%, tissue processing revenues rose 5%, and BioGlue revenues grew 1%. Total revenues for the quarter were $113.4 million. Adjusted EBITDA went from $17.7 million in Q3 2024 to $24.6 million in Q3 2025. Gross margins improved to 65.6% in Q3 2025 from 63.7% in Q3 2024.

Lance Berry raised the full year 2025 constant currency revenue growth guidance to 13%-14%, with reported revenues expected to be $439 million-$445 million. Adjusted EBITDA guidance is $88 million-$91 million. For 2026, guidance will be provided in February 2026, with similar dynamics expected but noting tougher comps for AMDS in 2026 and full year CVO trial costs.

Q: John McAulay asked about Arcevo trial costs and AMDS tougher comps.

A: Lance Berry responded on CVO trial funding and AMDS growth rate.

Q: Frank Takkinen inquired about new DRG and ASP expansion for AMDS.

A: Pat Mackin discussed new DRG reflecting complex procedure value.

Q: Unknown Analyst asked about AMDS sell-through vs sell-in and stocking targets.

A: Lance Berry talked about initial stocking and increasing implantations.

Q: Suraj Kalia asked about Arcevo market size and PARTNER-III SAVR arm.

A: Pat Mackin discussed Arcevo market size and PARTNER-III results.

Q: Joseph Conway asked about AMDS international targets and gross margin.

A: Lance Berry discussed Japan market timeline and gross margin drivers.

Q: Daniel Stauder asked about On-X cross-selling and marketing.

A: Lance Berry talked about On-X growth and marketing plans.

Q: Jeffrey Cohen asked about Arcevo trial pace and tissue business.

A: Lance Berry discussed Arcevo trial enrollment and tissue business normalization.