Artivion Reports Fourth Quarter and Full Year 2025 Financial Results

Fourth Quarter Highlights:

1 Adjusted revenue excludes a $2.3 million reserve for estimated payback to the Italian government for fiscal years 2019 through 2025 as a result of legislation adopted in Italy that would require medical device manufacturers to repay previously paid amounts to the extent that such expenditures ostensibly exceed annual regional maximum ceilings. In fiscal 2025, the Company recorded a liability of $2.3 million as a reduction to revenue as an estimate of the amount that the Company may be required to repay for certain years after 2018. See "Non-GAAP Financial Measures" for important information about our use of non-GAAP measures.

ATLANTA, Feb. 12, 2026 /PRNewswire/ -- Artivion, Inc. (NYSE: AORT), a leading cardiac and vascular surgery company focused on aortic disease, today announced financial results for the fourth quarter and year ended December 31, 2025.

"We are very pleased with our strong performance for the full year 2025 as we drove 13% adjusted constant currency revenue growth and 26% adjusted EBITDA growth, while making substantial progress in advancing our Aortic focused product development pipeline. Our success continued through the fourth quarter, during which revenue growth was driven by year-over-year growth in stent grafts of 44%, On-X of 25%, and preservation services of 6%, all compared to the fourth quarter of 2024. On an adjusted constant currency basis, fourth quarter year-over-year stent grafts, On-X, and preservation services, grew 36%, 24%, and 6% respectively," said Pat Mackin, Chairman, President, and Chief Executive Officer.

Mr. Mackin continued, "We were also pleased to see Endospan present positive new clinical data for its NEXUS TRIOMPHE IDE trial at the Society of Thoracic Surgery Annual Meeting. These results highlighted 94% patient survival from lesion-related death with 91% of patients remaining free from disabling stroke at 1-year post treatment in this high-risk patient group. Also at STS, we saw positive new 2-year data from the AMDS PERSEVERE IDE trial, which further demonstrate persistent clinical benefits of our novel AMDS technology."

Mr. Mackin concluded, "Entering 2026, we expect to build on our strong financial performance and continued clinical and operational achievements, reinforcing our confidence in our ability to deliver sustained double-digit constant currency revenue growth and adjusted EBITDA growth at twice the pace of constant currency revenue growth over the long-term."

Fourth Quarter 2025 Financial Results

Total revenues for the fourth quarter of 2025 were $116.0 million compared to $97.3 million in the fourth quarter of 2024. Adjusted revenues 1 for the fourth quarter of 2025 were $118.3 million, an increase of 18% on an adjusted constant currency basis.

Net income for the fourth quarter of 2025 was $2.4 million, or $0.05 per fully diluted common share, compared to net loss of $(16.5) million, or $(0.39) per fully diluted common share for the fourth quarter of 2024. Non-GAAP net income for the fourth quarter of 2025 was $8.6 million, or $0.17 per fully diluted common share, compared to non-GAAP net income of $0.2 million, or $0.00 per fully diluted common share for the fourth quarter of 2024. Non-GAAP net income for the fourth quarter of 2025 includes pretax losses related to foreign currency revaluation of less than $0.1 million.

Full Year 2025 Financial Results

Total revenues for 2025 were $441.3 million compared to $388.5 million for the full year of 2024. Adjusted revenues 1 for the full year of 2025 were $443.6 million, an increase of 13% on an adjusted constant currency basis.

Net income for 2025 was $9.8 million, or $0.21 per fully diluted common share, compared to net loss of $(13.4) million, or $(0.32) per fully diluted common share for the full year of 2024. Non-GAAP net income for the full year of 2025 was $29.7 million, or $0.63 per fully diluted common share, compared to non-GAAP net income of $10.8 million, or $0.25 per fully diluted common share for the full year of 2024. Non-GAAP net income for the full year of 2025 includes pretax gains related to foreign currency revaluation of $7.2 million.

2026 Financial Outlooks

Artivion expects revenues for the full year 2026 to be in the range of $486 to $504 million, representing growth of 10% to 14% on an adjusted constant currency basis compared to 2025 adjusted revenues 1. This guidance contemplates currency to be approximately neutral for the full year.

Additionally, Artivion expects adjusted EBITDA growth of between 18% and 22% for the full year 2026 compared to 2025, resulting in an expected range of $105 to $110 million for 2026.

The Company's financial performance for 2026 and future periods is subject to the risks identified below.

Non-GAAP Financial Measures

This press release contains non-GAAP financial measures, including non-GAAP adjusted revenue, non-GAAP net income, EBITDA, adjusted EBITDA, non-GAAP general, administrative, and marketing expenses, and free cash flows. Investors should consider this non-GAAP information in addition to, and not as a substitute for, financial measures prepared in accordance with US GAAP. In addition, this non-GAAP financial information may not be the same as similar measures presented by other companies. The Company's non-GAAP adjusted revenues reflect an adjustment to GAAP revenue for the impact of certain estimated Italian payback obligations recorded in the fourth quarter of 2025 for fiscal years 2019 through 2025. The Company's non-GAAP adjusted constant currency growth rates compare current year revenues to prior period revenues adjusted for the impact of changes in currency exchange. The Company's non-GAAP net income, EBITDA, adjusted EBITDA, general, administrative, and marketing, and free cash flows results primarily exclude (as applicable) the impact of certain estimated Italian payback reserves recorded in the fourth quarter of 2025 for fiscal years 2019 through 2025, depreciation and amortization expense, interest income and expense, non-cash compensation expense, loss or gain on foreign currency revaluation, income tax expense or benefit, expense/(income) for business development, integration, and severance, losses on inducement/extinguishment of debt, non-cash interest expense, capital expenditures, and other non-recurring items.

The Company generally uses non-GAAP financial measures to facilitate management's review of the operational performance of the Company and as a basis for strategic planning. Company management believes that these non-GAAP presentations provide useful information to investors regarding unusual non-operating transactions, the operating expense structure of the Company's existing and acquired operations, without regard to its on-going efforts to acquire additional complementary products and businesses, and the transaction and integration expenses incurred in connection with recently acquired and divested product lines, and the operating expense structure excluding fluctuations resulting from foreign currency revaluation and non-cash compensation expense. Company management believes adjusted revenue is a useful metric as it eliminates the impact of the estimated Italian payback obligations recorded in the fourth quarter of 2025 for fiscal years 2019 through 2025 and allows a more direct comparison of our business performance between periods. The Company believes it is useful to exclude this revenue impact and certain expenses from non-GAAP financial measures because such amounts in any specific period may not directly correlate to the underlying performance of its business operations or can vary significantly between periods as a result of factors such as impact of recent acquisitions, non-cash expense related to amortization of previously acquired tangible and intangible assets, and any related adjustments to their carrying values. The Company has adjusted for the impact of changes in currency exchange from certain revenues to evaluate comparable product growth rates on a constant currency basis. The Company does, however, expect to incur similar types of expenses and currency exchange impacts in the future, and this non-GAAP financial information should not be viewed as a statement or indication that these types of expenses will not recur. Company management encourages investors to review the Company's consolidated financial statements and publicly filed reports in their entirety, including the reconciliation of GAAP to non-GAAP financial measures.

The Company's adjusted EBITDA expectations for fiscal 2026 exclude potential charges or gains that may be recorded during the fiscal year, relating to, among other things, non-cash compensation; expense/(income) for business development, integration, and severance; losses on inducement/extinguishment of debt; and foreign currency revaluations. The Company does not attempt to provide reconciliations of forward-looking adjusted EBITDA to the comparable GAAP measure because the impact and timing of these potential charges or gains are inherently uncertain and difficult to predict and are unavailable without unreasonable efforts. In addition, the Company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a material impact on GAAP measures of the Company's financial performance.

Webcast and Conference Call Information

The Company will hold a teleconference call and live webcast on February 12, 2026, at 4:30 p.m. ET to discuss the results, followed by a question-and-answer session. To participate in the conference call dial 201-689-8261 a few minutes prior to 4:30 p.m. ET. The teleconference replay will be available approximately one hour following the completion of the event and can be accessed by calling (toll free) 877-660-6853 or 201-612-7415. The conference number for the replay is 13758212.

The live webcast and replay can be accessed by going to the Investors section of the Artivion website at www.Artivion.com and selecting the heading Webcasts & Presentations.

About Artivion, Inc.

Headquartered in suburban Atlanta, Georgia, Artivion, Inc., is a medical device company focused on developing simple, elegant solutions that address cardiac and vascular surgeons' most difficult challenges in treating patients with aortic diseases. Artivion's four major groups of products include: aortic stent grafts, surgical sealants, On-X mechanical heart valves, and implantable cardiac and vascular human tissues. Artivion markets and sells products in more than 100 countries worldwide. For additional information about Artivion, visit our website, www.Artivion.com.

Forward-Looking Statements

Statements made in this press release that look forward in time or that express management's beliefs, expectations, or hopes are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the views of management at the time such statements are made. These statements include, but are not limited to, our beliefs and expectations about our revenue, year-over-year growth and growth drivers, earnings, currency impacts, and other financial measures and related information; our anticipated capital needs and capital structure; our beliefs about our competitive advantages and market opportunities; the expected impact on our business of the dynamic trade policy and tariff environment; our expected product mix and business strategy; anticipated quarterly fluctuations in our business; the benefits of receiving IDE approval to initiate our Arcevo LSA pivotal trial; the expected clinical benefits of our AMDS technology as a result of data from our AMDS PERSEVERE and PROTECT trials; our ability to scale our business and expand adjusted EBITDA margins; that our revenues for the full year 2026 will be in the range of $486 to $504 million, representing revenue growth of between 10% to 14% compared to 2025 on an adjusted constant currency basis; that we expect non-GAAP adjusted EBITDA to increase between 18% and 22% for the full year 2026 compared to 2025, resulting in non-GAAP adjusted EBITDA in the range of $105 to $110 million in 2025; and our belief that we will be able to grow adjusted EBITDA at twice the rate of constant currency revenue growth. These forward-looking statements are subject to a number of risks, uncertainties, estimates and assumptions that may cause actual results to differ materially from current expectations, including, but not limited to, the unpredictability of the timing and outcome of regulatory decisions and other regulatory developments; risks relating to our international operations; the benefits anticipated from our 2024 credit facility and the 2025 amendments thereto, the Ascyrus Medical LLC transaction and Endospan agreements, and our operational improvements in our tissue and stent graft business may not be achieved at all or at the levels we anticipate or had originally anticipated; the benefits anticipated from our clinical trials and regulatory approvals may not be achieved or achieved on our anticipated timelines; and the benefits anticipated from our expansion into APAC and LATAM may not be achieved or achieved on our anticipated timelines. These risks and uncertainties include the risk factors detailed in our Securities and Exchange Commission filings, including our Form 10-K for the year ended December 31, 2025. Artivion does not undertake to update its forward-looking statements, whether as a result of new information, future events, or otherwise.

Artivion, Inc. and Subsidiaries

Consolidated Statements of Operations and Comprehensive Income (Loss)

In Thousands, Except Per Share Data

Three Months Ended

December 31,

Year Ended

December 31,

2025

2024

2025

2024

(Unaudited)

(Unaudited)

Revenues:

Products

$ 91,918

$ 74,662

$ 345,825

$ 290,230

Preservation services

24,074

22,646

95,505

98,307

Total revenues

115,992

97,308

441,330

388,537

Cost of products and preservation services:

Products

31,392

26,678

112,781

99,385

Preservation services

11,457

9,128

44,322

40,371

Total cost of products and preservation services

42,849

35,806

157,103

139,756

Gross margin

73,143

61,502

284,227

248,781

Operating expenses:

General, administrative, and marketing

56,841

51,429

226,491

181,455

Research and development

9,122

7,404

30,991

28,452

Total operating expenses

65,963

58,833

257,482

209,907

Gain from sale of non-financial assets

(3,500)

—

(7,000)

—

Operating income

10,680

2,669

33,745

38,874

Interest expense

5,530

9,742

26,582

34,277

Interest income

(311)

(374)

(763)

(1,467)

Losses on inducement/extinguishment of debt

—

—

2,664

3,669

Other (income) expense, net

(1,076)

9,903

(9,518)

9,909

Income (loss) before income taxes

6,537

(16,602)

14,780

(7,514)

Income tax expense (benefit)

4,111

(119)

5,012

5,845

Net income (loss)

$ 2,426

$ (16,483)

$ 9,768

$ (13,359)

Income (loss) per share:

Basic

$ 0.05

(0.39)

$ 0.22

$ (0.32)

Diluted

$ 0.05

$ (0.39)

$ 0.21

$ (0.32)

Weighted-average common shares outstanding:

Basic

47,560

41,882

45,335

41,676

Diluted

49,601

41,882

47,162

41,676

Net income (loss)

$ 2,426

$ (16,483)

$ 9,768

$ (13,359)

Other comprehensive income (loss):

Foreign currency translation adjustments, net of tax

(432)

(15,399)

22,208

(12,917)

Comprehensive income (loss)

$ 1,994

$ (31,882)

$ 31,976

$ (26,276)

Artivion, Inc. and Subsidiaries

Consolidated Balance Sheets

In Thousands

December 31,

2025

2024

(Unaudited)

ASSETS

Current assets:

Cash and cash equivalents

$ 64,908

$ 53,463

Trade receivables, net

89,758

79,462

Other receivables

13,921

6,431

Inventories

92,427

79,766

Deferred preservation costs

54,531

51,701

Prepaid expenses and other

42,537

19,257

Total current assets

358,082

290,080

Goodwill

254,091

240,958

Acquired technology, net

123,664

128,051

Operating lease right-of-use assets, net

34,701

39,726

Property and equipment, net

64,988

36,403

Other intangibles, net

32,831

28,332

Deferred tax assets, net

1,201

1,068

Other long-term assets

15,238

24,483

Total assets

$ 884,796

$ 789,101

Artivion, Inc. and Subsidiaries

Consolidated Balance Sheets

In Thousands, Except Par Value

December 31,

2025

2024

(Unaudited)

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

$ 16,042

$ 17,971

Accrued compensation

22,484

18,342

Accrued expenses

16,447

11,834

Accrued interest

4,815

8,170

Taxes payable

7,489

2,934

Accrued procurement fees

3,436

1,704

Current portion of contingent consideration

20,690

—

Current maturities of operating leases

4,649

4,489

Current portion of finance lease obligations

726

601

Current portion of long-term debt, net

—

195

Other current liabilities

4,778

583

Total current liabilities

101,556

66,823

Long-term debt, net

215,114

314,152

Non-current contingent consideration

39,890

52,880

Non-current maturities of operating leases

34,427

39,988

Deferred tax liabilities, net

24,308

20,183

Deferred compensation liability

9,464

7,977

Non-current finance lease obligations

2,698

2,833

Other long-term liabilities

9,107

8,065

Total liabilities

436,564

512,901

Commitments and contingencies

Stockholders' equity:

Preferred stock $0.01 par value per share, 5,000 shares authorized, no shares issued

—

—

Common stock $0.01 par value per share, 75,000 shares authorized, 49,330 and 43,432 shares

issued as of December 31, 2025 and 2024, respectively

493

434

Additional paid-in capital

516,604

376,607

Retained deficit

(51,498)

(61,266)

Accumulated other comprehensive loss

(2,719)

(24,927)

Treasury stock at cost, 1,487 shares as of December 31, 2025 and 2024

(14,648)

(14,648)

Total stockholders' equity

448,232

276,200

Total liabilities and stockholders' equity

$ 884,796

$ 789,101

Artivion, Inc. and Subsidiaries

Consolidated Statement of Cash Flows

In Thousands

Year Ended December 31,

2025

2024

(Unaudited)

Net cash flows from operating activities:

Net income (loss)

$ 9,768

$ (13,359)

Adjustments to reconcile net income (loss) to net cash from operating activities:

Depreciation and amortization

22,458

24,205

Non-cash compensation

24,385

14,242

Non-cash lease expense

5,170

4,915

Write-down of inventories and deferred preservation costs

4,900

4,434

Non-cash interest expense

1,705

3,866

Deferred income taxes

37

(1,511)

Change in fair value of contingent consideration

7,700

(11,010)

Endospan fair value adjustments

(2,337)

4,329

Losses on inducement/extinguishment of debt

2,664

3,669

Gain on sale of non-financial assets

(7,000)

—

Other

(7,409)

5,699

Changes in operating assets and liabilities:

Receivables

(7,269)

(15,395)

Inventories and deferred preservation costs

(15,277)

(6,137)

Prepaid expenses and other assets

(1,798)

(5,209)

Accounts payable, accrued expenses, and other liabilities

2,183

9,498

Net cash flows provided by operating activities

39,880

22,236

Net cash flows from investing activities:

Capital expenditures

(39,041)

(11,188)

Payments under Endospan agreements

(8,000)

(17,000)

Proceeds from sale of non-financial assets, net

5,000

—

Net cash flows used in investing activities

(42,041)

(28,188)

Net cash flows from financing activities:

Proceeds from issuance of long-term debt

—

184,000

Proceeds from revolving credit facility

—

28,500

Repayment of debt

(210)

(211,831)

Proceeds from exercise of stock options and issuance of common stock

13,074

5,728

Payment of debt issuance costs

(1,750)

(2,544)

Proceeds from financing insurance premiums

3,117

—

Principal payments on short-term notes payable

(2,250)

(1,027)

Other

(699)

(623)

Net cash flows provided by financing activities

11,282

2,203

Effect of exchange rate changes on cash and cash equivalents

2,324

(1,728)

Increase (decrease) in cash and cash equivalents

11,445

(5,477)

Cash and cash equivalents, beginning of year

53,463

58,940

Cash and cash equivalents, end of year

$ 64,908

$ 53,463

Artivion, Inc. and Subsidiaries

Financial Highlights

In Thousands

(Unaudited)

Three Months Ended

December 31,

Year Ended

December 31,

2025

2024

2025

2024

Products:

Aortic stent grafts

$ 43,343

$ 30,145

$ 159,371

$ 123,081

On-X

27,797

22,178

101,740

83,982

Surgical sealants

20,315

19,935

76,602

73,898

Other (1)

463

2,404

8,112

9,269

Total products

91,918

74,662

345,825

290,230

Preservation services

24,074

22,646

95,505

98,307

Total revenues

$ 115,992

$ 97,308

$ 441,330

$ 388,537

North America

58,065

49,261

221,742

197,940

Europe, the Middle East, and Africa

39,386

33,362

151,368

131,518

Asia Pacific

12,668

9,574

44,250

37,202

Latin America

5,873

5,111

23,970

21,877

Total revenues

$ 115,992

$ 97,308

$ 441,330

$ 388,537

(1) 2025 Other revenue includes reduction in revenue from Italian government payback reserves of $2.3 million.

Artivion, Inc. and Subsidiaries

Reconciliation of GAAP to Non-GAAP

Revenues

$ In Thousands

(Unaudited)

Revenues for the

Three Months Ended

December 31,

Percent

Change

From Prior

Year

2025

2024

US GAAP

Italian

Payback

Measure

(2)

Adjusted

Revenue

US GAAP

Exchange

Rate Effect

Constant

Currency

Adjusted

Constant

Currency

Products:

Aortic stent grafts

$ 43,343

$ —

$ 43,343

$ 30,145

$ 1,842

$ 31,987

36 %

On-X

27,797

—

27,797

22,178

296

22,474

24 %

Surgical sealants

20,315

—

20,315

19,935

399

20,334

— %

Other

463

2,313

2,776

2,404

5

2,409

15 %

Total products

91,918

2,313

94,231

74,662

2,542

77,204

22 %

Preservation services

24,074

—

24,074

22,646

(10)

22,636

6 %

Total

$ 115,992

$ 2,313

$ 118,305

$ 97,308

$ 2,532

$ 99,840

18 %

North America

58,065

—

58,065

49,261

(19)

49,242

18 %

Europe, the Middle

East, and Africa

39,386

2,313

41,699

33,362

2,291

35,653

17 %

Asia Pacific

12,668

—

12,668

9,574

—

9,574

32 %

Latin America

5,873

—

5,873

5,111

260

5,371

9 %

Total

$ 115,992

$ 2,313

$ 118,305

$ 97,308

$ 2,532

$ 99,840

18 %

(2) Reduction in revenue from Italian government payback reserves.

Revenues for the

Year Ended

December 31,

Percent

Change

From Prior

Year

2025

2024

US GAAP

Italian

Payback

Measure

(2)

Adjusted

Revenue

US GAAP

Exchange

Rate Effect

Constant

Currency

Adjusted

Constant

Currency

Products:

Aortic stent grafts

$ 159,371

$ —

$ 159,371

$ 123,081

$ 2,701

$ 125,782

27 %

On-X

101,740

—

101,740

83,982

328

84,310

21 %

Surgical sealants

76,602

—

76,602

73,898

462

74,360

3 %

Other

8,112

2,313

10,425

9,269

12

9,281

12 %

Total products

345,825

2,313

348,138

290,230

3,503

293,733

19 %

Preservation services

95,505

—

95,505

98,307

(96)

98,211

(3) %

Total

$ 441,330

$ 2,313

$ 443,643

$ 388,537

$ 3,407

$ 391,944

13 %

North America

221,742

—

221,742

197,940

(216)

197,724

12 %

Europe, the Middle

East, and Africa

151,368

2,313

153,681

131,518

4,221

135,739

13 %

Asia Pacific

44,250

—

44,250

37,202

—

37,202

19 %

Latin America

23,970

—

23,970

21,877

(598)

21,279

13 %

Total

$ 441,330

$ 2,313

$ 443,643

$ 388,537

$ 3,407

$ 391,944

13 %

(2) Reduction in revenue from Italian government payback reserves.

Artivion, Inc. and Subsidiaries

Reconciliation of GAAP to Non-GAAP

General, Administrative, and Marketing Expense, EBITDA, Adjusted EBITDA, and Free Cash Flows

In Thousands

(Unaudited)

Three Months Ended

December 31,

Year Ended

December 31,

2025

2024

2025

2024

Reconciliation of G&A expenses, GAAP to adjusted G&A, non-

GAAP:

General, administrative, and marketing expense, GAAP

$ 56,841

$ 51,429

$ 226,491

$ 181,455

Business development, integration, and severance

6,260

1,297

9,478

(10,626)

Cybersecurity incident, net of recoveries

(2,880)

2,602

3,541

2,602

Adjusted G&A, non-GAAP

$ 53,461

$ 47,530

$ 213,472

$ 189,479

Three Months Ended

December 31,

Year Ended

December 31,

2025

2024

2025

2024

Reconciliation of net income (loss), GAAP and EBITDA, non-GAAP

to adjusted EBITDA, non-GAAP:

Net income (loss), GAAP

$ 2,426

$ (16,483)

$ 9,768

$ (13,359)

Adjustments:

Interest expense

5,530

9,742

26,582

34,277

Interest income

(311)

(374)

(763)

(1,467)

Income tax expense (benefit)

4,111

(119)

5,012

5,845

Depreciation and amortization

5,757

6,295

22,458

24,205

EBITDA, non-GAAP

17,513

(939)

63,057

49,501

Non-cash compensation

4,083

2,743

24,385

14,242

Business development, integration, and severance

5,151

5,821

7,141

(6,102)

Cybersecurity incident, net of recoveries

(2,880)

4,583

4,277

4,583

Losses on inducement/extinguishment of debt

—

—

2,664

3,669

Loss (gain) on foreign currency revaluation

42

5,398

(7,236)

5,369

Gain from sale of non-financial assets

(3,500)

—

(7,000)

—

Italian payback measure

2,313

—

2,313

—

Adjusted EBITDA, non-GAAP

$ 22,722

$ 17,606

$ 89,601

$ 71,262

Three Months Ended

December 31,

Year Ended

December 31,

2025

2024

2025

2024

Reconciliation of cash flows from operating activities, GAAP to free

cash flows, non-GAAP:

Net cash flows provided by operating activities

$ 19,560

$ 10,139

$ 39,880

$ 22,236

Capital expenditures

(27,507)

(1,425)

(39,041)

(11,188)

Free cash flows, non-GAAP

$ (7,947)

$ 8,714

$ 839

$ 11,048

Artivion Inc. and Subsidiaries

Reconciliation of GAAP to Non-GAAP

Net Income and Diluted Income Per Common Share

In Thousands, Except Per Share Data

(Unaudited)

Three Months Ended

December 31,

Year Ended

December 31,

2025

2024

2025

2024

GAAP:

Income (loss) before income taxes

$ 6,537

$ (16,602)

$ 14,780

$ (7,514)

Income tax expense (benefit)

4,111

(119)

5,012

5,845

Net income (loss)

$ 2,426

$ (16,483)

$ 9,768

$ (13,359)

Diluted income (loss) per common share

$ 0.05

$ (0.39)

$ 0.21

$ (0.32)

Diluted weighted-average common shares outstanding

49,601

41,882

47,162

41,676

Reconciliation of income (loss) before income taxes, GAAP to adjusted

income, non-GAAP

Income (loss) before income taxes, GAAP:

$ 6,537

$ (16,602)

$ 14,780

$ (7,514)

Adjustments:

Amortization expense

3,484

4,205

13,775

15,855

Business development, integration, and severance

5,151

5,821

7,141

(6,102)

Non-cash interest expense

326

2,256

1,705

3,866

Cybersecurity incident, net of recoveries

(2,880)

4,583

4,277

4,583

Losses on inducement/extinguishment of debt

—

—

2,664

3,669

Gain from sale of non-financial assets

(3,500)

—

(7,000)

—

Italian payback measure

2,313

—

2,313

—

Adjusted income before income taxes, non-GAAP

11,431

263

39,655

14,357

Income tax expense calculated at a tax rate of 25%

2,858

66

9,914

3,589

Adjusted net income, non-GAAP

$ 8,573

$ 197

$ 29,741

$ 10,768

Reconciliation of diluted income (loss) per common share, GAAP to adjusted

diluted income per common share, non-GAAP:

Diluted income (loss) per common share, GAAP:

$ 0.05

$ (0.39)

$ 0.21

$ (0.32)

Adjustments:

Amortization expense

0.07

0.10

0.29

0.37

Business development, integration, and severance

0.11

0.14

0.15

(0.14)

Non-cash interest expense

0.01

0.05

0.04

0.09

Cybersecurity incident, net of recoveries

(0.06)

0.11

0.09

0.11

Losses on inducement/extinguishment of debt

—

—

0.06

0.09

Gain from sale of non-financial assets

(0.08)

—

(0.15)

—

Italian payback measure

0.05

—

0.05

—

Tax effect of non-GAAP adjustments

(0.02)

(0.10)

(0.13)

(0.13)

Effect of 25% tax rate

0.04

0.09

0.02

0.18

Adjusted diluted income per common share, non-GAAP

$ 0.17

$ —

$ 0.63

$ 0.25

Reconciliation of diluted weighted-average common shares outstanding

GAAP to diluted weighted-average common shares outstanding, non-

GAAP:

Diluted weighted-average common shares outstanding, GAAP:

49,601

41,882

47,162

41,676

Adjustments:

Effect of dilutive stock options and awards

—

1,319

—

1,077

Diluted weighted-average common shares outstanding, non-GAAP

49,601

43,201

47,162

42,753

Contacts:

Artivion

Gilmartin Group LLC

Lance A. Berry

Brian Johnston / Laine Morgan

Executive Vice President,

Phone: 332-895-3222

Chief Operating Officer &

[email protected]

Chief Financial Officer

Phone: 770-419-3355

SOURCE Artivion, Inc.