Artivion Reports 15% Revenue Growth to $113M in Q2 2025

Artivion, Inc. reported a total revenue of $113.0 million for the second quarter of 2025, marking a 15% increase from $98.0 million in the same period of 2024. The growth was driven by increased sales across all product lines, particularly in aortic stent grafts and On-X products, which saw revenue increases of 24% and 24%, respectively. For the first half of 2025, total revenues reached $212.0 million, an 8% rise compared to $195.5 million in the first half of 2024. The company’s gross margin also improved, totaling $73.1 million for the second quarter, up from $63.3 million a year earlier, reflecting a gross margin percentage of 65% for both periods.

Operating expenses rose significantly, with general, administrative, and marketing expenses increasing by 17% to $57.7 million in the second quarter, driven by investments in sales and marketing, particularly related to the launch of the AMDS product in the U.S. Additionally, the company recorded a loss of $2.7 million related to the inducement of convertible debt during the quarter. Despite these increases in expenses, Artivion achieved a net income of $1.3 million for the second quarter, a recovery from a net loss of $2.1 million in the same quarter of the previous year.

In terms of operational developments, Artivion's customer base and product adoption rates have shown positive trends. The company reported a significant increase in the volume of units sold across its product lines, particularly in North America and Europe. The company also noted a backlog of tissue processing that began to release in the second quarter, contributing to a 3% increase in preservation services revenue compared to the previous year. However, preservation services revenue for the first half of 2025 decreased by 11% compared to the same period in 2024, primarily due to the backlog caused by a cybersecurity incident in 2024.

Artivion's balance sheet reflects a total asset value of $838.4 million as of June 30, 2025, up from $789.1 million at the end of 2024. The company’s cash and cash equivalents remained stable at $53.5 million, with total liabilities decreasing to $418.5 million from $512.9 million. The reduction in long-term debt was notable, dropping to $215.5 million from $314.2 million, following the settlement of a significant portion of its convertible senior notes.

Looking ahead, Artivion anticipates continued growth driven by its product pipeline and market expansion efforts. The company is focused on enhancing its operational efficiency and addressing the impacts of recent market conditions, including currency fluctuations and supply chain dynamics. Management remains optimistic about achieving its strategic goals, including the anticipated full commercial distribution of the AMDS product in the U.S. by 2026, contingent upon regulatory approvals.