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Artivion (AORT) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · Artivion (AORT) Q3 2026 earnings results →

Q3 2026 Revenue up 9% year over year to $124M · 6¢ of every $1 of revenue lost · operating margin 2.4%

Artivion made $124M in Q3 2026 (+9% Y/Y): Products $98.2M, Preservation services $25.6M. Operating margin 2.4%, net loss $7.9M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.

Revenue$124M
Year over year+9%
Operating margin2.4%
Net earnings−$7.9M
Operating cash flow−$4.6M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $123.8M in Q3 2026, up 9% year over year and down 2% from the previous quarter. Aortic stent grafts was the largest line at 36% of revenue. Aortic stent grafts added $4.7M year over year (up 12%), 45% of the total change.

Gross margin was 61.4%, down 4.2 points from Q3 2025. Operating profit was $2.9M, a 2.4% margin (down 8.7 points year over year). Operating profit fell $9.6M even though revenue rose $10.4M versus Q3 2025, so costs grew faster than sales. Operating expenses grew 18% against revenue growth of 9%. The quarter ended with a net loss of $7.9M, narrower than the previous quarter's $13.5M loss. Net interest and other expense of $8.9M was the main reason.

Operating cash flow was −$4.6M. Non-cash charges added back $7.3M of depreciation and amortization and $6.2M of share-based compensation. Working capital and other items used $10.2M. Capital expenditures of $13.0M exceeded it, leaving free cash flow of −$17.6M.

Quarterly history

Artivion revenue by quarterArtivion revenue by quarter$99.0MQ1 2025$113MQ2 2025$113MQ3 2025$116MQ4 2025$116MQ1 2026$126MQ2 2026$124MQ3 2026
Artivion net earnings by quarterArtivion net earnings by quarter−$505KQ1 2025$1.3MQ2 2025$6.5MQ3 2025$2.4MQ4 2025$1.4MQ1 2026−$13.5MQ2 2026−$7.9MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 6, 2026$124M+9%2.4%−$7.9M−$4.6M
Q2 202610-QAug 7, 2026$126M+11%-6.7%−$13.5M−$1.3M
Q1 202610-QMay 8, 2026$116M+18%5.0%$1.4M$1.2M
Q4 202510-KFeb 18, 2026$116M+19%9.2%$2.4M$19.6M
Q3 202510-QNov 7, 2025$113M+18%11.1%$6.5M$22.3M
Q2 202510-QAug 8, 2025$113M+15%7.4%$1.3M$15.0M
Q1 202510-QMay 6, 2025$99.0M+2%2.2%−$505K−$17.0M

Charts

Artivion: revenue growth, year over year and quarter over quarterArtivion: revenue growth, year over year and quarter over quarterY/YQ/Q+2%Q1 2025+15%+14%Q2 2025+18%+0%Q3 2025+19%+2%Q4 2025+18%+0%Q1 2026+11%+8%Q2 2026+9%-2%Q3 2026
Latest (Q3 2026): Y/Y +9%, Q/Q -2%.
Artivion: where the cash came from (+) and went (−), TTM to Q3 2026Artivion: where the cash came from (+) and went (−), TTM to Q3 2026Net borrowing (+) / repaid (−)$146MOther investing−$124MCapital spending−$59.3MCash drawn (+) / kept (−)$25.0MOperating cash flow$14.9MOther financing−$9.3MShares issued$7.6MExchange rates−$487K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Artivion: profit against cash, quarter by quarterArtivion: profit against cash, quarter by quarterNet incomeOperating cash flow−$16.5M$10.1MQ4 2024−$505K−$17.0MQ1 2025$1.3M$15.0MQ2 2025$6.5M$22.3MQ3 2025$2.4M$19.6MQ4 2025$1.4M$1.2MQ1 2026−$13.5M−$1.3MQ2 2026−$7.9M−$4.6MQ3 2026
Latest (Q3 2026): Net income −$7.9M, Operating cash flow −$4.6M.
Artivion: diluted shares by fiscal yearArtivion: diluted shares by fiscal year38MFY202039MFY202140MFY202241MFY202342MFY202447MFY2025
+24.6% since FY2020: more shares outstanding (issuance, stock pay).
Artivion in its industry: growth against margin (111 companies, SIC 3841)Artivion in its industry: growth against margin (111 companies, SIC 3841)revenue growth, year over year →↑ operating marginmedian +10%median -9%MDLNMMMSYKBSXBDXBAXSOLVRMDDXCMWSTMMEDPODDGMEDTFXICUIMMSIIARTPENHAETNDMEMBCIRTCATECGKOSOFIXINSPNVCRUFPTATRCBVSPRCTTCMDARAYANGOKIDSSKINLMATHTFLMDXGCERSSIBNTMCISTIMINFUBBNXKMTSOSURANIKDCTHRCELSGHTIRMDXTNTLUNGNPCEPDEXTELACARLLNSRSIMOBIAPYXSSIICVRXCLPTKRMDTLSIPROFSNWVCTSOIDXGUTMDRVPSNOAPREMNEPHDRIOVVOSBTCYNXGLMDAIMDNCPMINONE.SRTSSINTIVFNMTCNSPRAURXXAIRLUCDTNONINBSRNXTVTAKUSAQICUVYCOHRGNCNSYPLSEPETVFEMYOSRHCODXOBIORDGLPAVMGUTSAORT (+9%, 2%)
Surgical & Medical Instruments & Apparatus; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Artivion

Artivion, Inc. (“Artivion,” the “Company,” “we,” or “us”), is a leader in the manufacturing, processing, and distribution of medical devices and implantable human tissues used in cardiac and vascular surgical procedures for patients with aortic disease. We have four major product families: aortic stent grafts, On-X ® mechanical heart valves and related surgical products (“On-X” products), surgical sealants, and implantable cardiac and vascular human tissues. Aortic stent grafts include aortic arch stent grafts, abdominal stent grafts, and synthetic vascular grafts.

In its own words, from its 10-K, filed Feb 18, 2026.

Artivion against its Surgical & Medical Instruments & Apparatus peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +9% against the peers' median +5%. Operating margin: 2.4% against the peers' median 13.3%.

CompanyQuarterRevenueY/YOp. margin
AORT ArtivionQ3 2026$124M+9%2.4%
MDLN MedlineQ3 2026$7.9B+10%6.4%
MMM 3MQ3 2026$6.6B+1%23.7%
SYK StrykerQ3 2026$6.5B+8%15.9%
BSX Boston ScientificQ3 2026$5.1B+1%16.1%
BDX Becton DickinsonQ3 FY26$5.0B+5%13.3%
BAX Baxter InternationalQ3 2026$3.0B+5%7.6%
SOLV SolventumQ3 2026$1.9B-7%3.5%
RMD ResMedQ1 FY27$1.4B+6%32.0%

Source: Artivion 10-Q on SEC EDGAR · CIK 784199 · Surgical & Medical Instruments & Apparatus

Guidance and outlook

Artivion: what its forward-looking statements are about (10-Q filed 2026-11-06)Artivion: what its forward-looking statements are about (10-Q filed 2026-11-06)Financing2Demand1Supply chain1Capital spending1
5 statements; tone -0.20 (−1 all cautious, +1 all confident); 3 hedged.
Artivion: outlook statements against the filing beforeArtivion: outlook statements against the filing beforeConfident1Cautious2

13F: who owns AORT and who is buying

Largest holders of AORT (13F)Largest holders of AORT (13F)BlackRock$150MVanguard Group$145MNomura Asset Management Internati…$71.6MMorgan Stanley$57.5MJuniper Investment Company, LLC$45.4MVanguard Capital Management LLC$45.0MFMR LLC$44.1MState Street$41.8MPerceptive Advisors LLC$39.0MConestoga Capital Advisors, LLC$31.3M
Funds' net buying of AORT by quarter (13F)Funds' net buying of AORT by quarter (13F)$11.6M2024-09$33.8M2024-12$69.9M2025-03$35.9M2025-06$33.7M2025-09−$58.9M2025-12$1.3M2026-03$21.2M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on AORT

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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