Medical device company Artivion (NYSE: AORT) met Wall Street’s revenue expectations in Q1 CY2026, with sales up 17.5% year on year to $116.3 million. On the other hand, the company’s full-year revenue guidance of $488 million at the midpoint came in 1.5% below analysts’ estimates. Its non-GAAP profit of $0.08 per share was 35.1% below analysts’ consensus estimates.
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Artivion (AORT) Q1 CY2026 Highlights:
- Revenue: $116.3 million vs analyst estimates of $115.9 million (17.5% year-on-year growth, in line)
- Adjusted EPS: $0.08 vs analyst expectations of $0.12 (35.1% miss)
- Adjusted EBITDA: $22.08 million vs analyst estimates of $22.96 million (19% margin, 3.8% miss)
- The company dropped its revenue guidance for the full year to $488 million at the midpoint from $495 million, a 1.4% decrease
- EBITDA guidance for the full year is $103.5 million at the midpoint, below analyst estimates of $106.5 million
- Operating Margin: 5%, up from 2.2% in the same quarter last year
- Free Cash Flow was -$6.85 million compared to -$20.59 million in the same quarter last year
- Market Capitalization: $1.68 billion
"In the first quarter of 2026, we achieved 12% constant currency revenue growth and 26% adjusted EBITDA growth, reflecting continued execution of our strategy to deliver long-term, profitable performance with an expanding and clinically differentiated product portfolio. Revenue results were driven by year-over-year gains in stent grafts of 21%, On-X of 20%, preservation services of 23%, BioGlue of 4%, all compared to the first quarter of 2025. On a constant currency basis, first quarter year-over-year stent grafts, On-X, and preservation services grew 10%, 17%, and 23%, respectively," said Pat Mackin, Chairman, President, and Chief Executive Officer.
Company Overview
Formerly known as CryoLife until its 2022 rebranding, Artivion (NYSE: AORT) develops and manufactures medical devices and preserves human tissues used in cardiac and vascular surgical procedures for patients with aortic disease.
Revenue Growth
Examining a company’s long-term performance can provide clues about its quality. Any business can put up a good quarter or two, but the best consistently grow over the long haul. Thankfully, Artivion’s 12.2% annualized revenue growth over the last five years was solid. Its growth beat the average healthcare company and shows its offerings resonate with customers.
Long-term growth is the most important, but within healthcare, a half-decade historical view may miss new innovations or demand cycles. Artivion’s annualized revenue growth of 11.6% over the last two years aligns with its five-year trend, suggesting its demand was stable. 
This quarter, Artivion’s year-on-year revenue growth was 17.5%, and its $116.3 million of revenue was in line with Wall Street’s estimates.
Looking ahead, sell-side analysts expect revenue to grow 11.1% over the next 12 months, similar to its two-year rate. This projection is admirable and suggests the market sees success for its products and services.
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Adjusted Operating Margin
Artivion has done a decent job managing its cost base over the last five years. The company has produced an average adjusted operating margin of 10.8%, higher than the broader healthcare sector.
Looking at the trend in its profitability, Artivion’s adjusted operating margin rose by 5.9 percentage points over the last five years, as its sales growth gave it operating leverage. Zooming in on its more recent performance, we can see the company’s trajectory is intact as its margin has also increased by 2 percentage points on a two-year basis.
This quarter, Artivion generated an adjusted operating margin profit margin of 12.2%, up 3.7 percentage points year on year. This increase was a welcome development and shows it was more efficient.
Earnings Per Share
Revenue trends explain a company’s historical growth, but the long-term change in earnings per share (EPS) points to the profitability of that growth – for example, a company could inflate its sales through excessive spending on advertising and promotions.
Artivion’s spectacular 13.8% annual EPS growth over the last five years aligns with its revenue performance. This tells us its incremental sales were profitable.
In Q1, Artivion reported adjusted EPS of $0.08, up from $0.06 in the same quarter last year. Despite growing year on year, this print missed analysts’ estimates, but we care more about long-term adjusted EPS growth than short-term movements. Over the next 12 months, Wall Street expects Artivion’s full-year EPS of $0.65 to grow 31.3%.
Key Takeaways from Artivion’s Q1 Results
We struggled to find many positives in these results. Its EPS missed and its full-year revenue guidance fell slightly short of Wall Street’s estimates. Overall, this was a softer quarter. The stock remained flat at $35.42 immediately after reporting.
Artivion’s earnings report left more to be desired. Let’s look forward to see if this quarter has created an opportunity to buy the stock. What happened in the latest quarter matters, but not as much as longer-term business quality and valuation, when deciding whether to invest in this stock. We cover that in our actionable full research report which you can read here (it’s free).
