Artivion (AORT) FY2025 results: revenue $441 million, up 13.6% on the year
Artivion, Inc. (AORT) reported revenue of $441 million for fiscal 2025, the year ended 31 December 2025, up 13.6% on the year before. Net income was $10 million, and diluted earnings per share $0.21. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2026.
Revenue
$441 million
+13.6% on the year
FY2018FY2025
Operating margin
7.6%
10.0% a year earlier
FY2018FY2025
Net income
$10 million
FY2018FY2025
Diluted EPS
$0.21
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 2 new, 1 kept.
Full-year revenue rose to $441.3 million: Full-year GAAP revenue was $441.3 million versus $388.5 million in 2024. Adjusted revenue was $443.6 million, up 13% on an adjusted constant currency basis.
Fourth-quarter revenue reached $116.0 million: GAAP revenue was $116.0 million versus $97.3 million a year earlier. Adjusted revenue of $118.3 million rose 18% on an adjusted constant currency basis.
Aortic stent grafts led fourth-quarter growth: Stent graft revenue was $43.3 million in the fourth quarter, up 44% as reported and 36% on an adjusted constant currency basis. Full-year stent grafts reached $159.4 million.
Adjusted EBITDA rose 26% for the year: Adjusted EBITDA was $22.7 million in the fourth quarter, up 29% from $17.6 million. Full-year adjusted EBITDA was $89.6 million, up 26% from $71.3 million.
Operating cash flow rose for the year: Net cash from operating activities was $39.9 million for 2025 versus $22.2 million in 2024. Free cash flow, a non-GAAP measure, was $0.8 million for the year and $(7.9) million in the fourth quarter.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
39.9
22.2
18.8
+79.3%
Capital expenditure
39.0
11.2
9.8
+249.0%
Free cash flow
0.8
11.0
9.1
-92.4%
Free cash flow margin
0.2%
2.8%
2.6%
Cash from investing
-42.0
-28.2
-0.5
Cash from financing
11.3
2.2
0.9
+412.1%
Depreciation and amortisation
22.5
24.2
23.1
-7.2%
Share-based compensation
24.4
14.2
14.4
+71.2%
Diluted shares, weighted
47m
42m
41m
+13.2%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
448
276
282
+62.3%
Debt
215
314
307
-31.6%
Operating lease liabilities
34.4
40.0
44.0
-13.9%
Finance lease liabilities
2.7
2.8
3.4
-4.8%
Other liabilities
184
156
156
+18.4%
Total liabilities and equity
885
789
792
+12.1%
Fixed assets
65.0
36.4
38.4
+78.5%
Goodwill
254
241
247
+5.5%
Intangible assets
124
128
143
-3.4%
Cash and equivalents
64.9
53.5
58.9
+21.4%
Receivables
89.8
79.5
71.8
+13.0%
Inventory
92.4
79.8
82.0
+15.9%
Other assets
195
171
151
+14.0%
Total assets
885
789
792
+12.1%
10-K for the year ended 31 December 2025, filed 18 February 2026: the filing.