At a glance
Artivion Inc is worth $1.12B, about 109 times its fiscal 2025 earnings. Revenue grew 13.6% to $441.3M in fiscal 2025, with 2.2% kept as profit; over 5 years it has grown 11.8% a year. It pays no dividend. The stock returned −49.4% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
Artivion, formerly CryoLife, makes medical devices and preserves donated human tissue for heart and blood-vessel surgery in patients with aortic disease. The aorta is the body's main artery, carrying blood out of the heart. Cardiac and vascular surgeons are the main users. Revenue was $441.3 million in the fiscal year ended December 31, 2025.
Aortic stent grafts are the largest product line, at 36.1% of that revenue. A stent graft is a fabric tube on a metal frame. It is placed inside the aorta to become a new channel for blood, often through an artery in the leg. Many of these products came from JOTEC, a German company acquired in 2017. On-X mechanical heart valves brought in 23.1%. These valves often last a lifetime, but patients must take blood thinners long term. Surgical sealants, mainly BioGlue adhesive, added 17.4%.
Artivion reports two segments. Preservation Services made up 21.6% of revenue. It uses cryopreservation, which means storing tissue at extremely cold temperatures, to keep donated human heart valves (such as CryoValve) and blood vessels ready for surgery. Medical Devices covers everything else. Revenue split almost evenly by region: 51.5% came from outside the United States and 48.5% from within it.
Price history
The interactive chart needs JavaScript.
AORT -49.4% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Aortic stent grafts | $159.4M | 36.1% |
| On-X | $101.7M | 23.1% |
| Preservation services | $95.5M | 21.6% |
| Surgical sealants | $76.6M | 17.4% |
| Other | $8.1M | 1.8% |
By geography
| Foreign | $227.3M | 51.5% |
| UNITED STATES | $214.1M | 48.5% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $125.8M, up 11.3% from a year earlier, and net income was $-13.5M (-1104.5%).
- For fiscal 2025, revenue was $441.3M (+13.6% year over year; +11.8% a year from FY2020 to FY2025) with a 2.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +11.8% good |
|---|---|
| Operating margin | 7.6% watch |
| Free cash flow margin | 0.2% watch |
| Return on equity (FY2025) | 2.2% weak |
| Return on assets (FY2025) | 1.1% weak |
| Net cash (cash minus debt) | $-286.1M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $253.2M | $-16.7M | $5.0M |
| FY2021 | $298.8M | $-14.8M | $-15.7M |
| FY2022 | $313.8M | $-19.2M | $-15.9M |
| FY2023 | $354.0M | $-30.7M | $9.1M |
| FY2024 | $388.5M | $-13.4M | $11.0M |
| FY2025 | $441.3M | $9.8M | $839K |
Valuation snapshot
| Market value | $1.12B |
|---|---|
| P/E ratio | 109.1 |
| Dividend yield | 0% |
Rank among 1514 US companies
Market value at each year end
Artivion’s market value went from $488.8M at the end of 2022 to $1.12B on Oct 28, 2026, about 2.3 times as much; since the end of 2025 it is down 48%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.12B | -48.3% |
| 2025 | $2.16B | +80.3% |
| 2024 | $1.20B | +63.3% |
| 2023 | $733.9M | +50.2% |
| 2022 | $488.8M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| AORT price data to Oct 28, 2026 | -49.7% | -49.4% | +23.0% | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -49.8% |
| 2025 | +59.5% |
| 2024 | +59.9% |
| 2023 | +47.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 19 sales ($5.8M), 2 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 19, 2026 | James P Mackin President & CEO | sell | $2.0M |
| Mar 3, 2026 | James P Mackin President & CEO | sell | $676K |
| Jun 11, 2026 | Andrew M Green SVP, Regulatory and Quality | sell (plan) | $621K |
| Mar 2, 2026 | James P Mackin President & CEO | sell | $567K |
| Mar 4, 2026 | Jean F Holloway SVP, General Counsel | sell | $341K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.7% | Sep 30, 2026 |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | 6.5% | Jun 30, 2026 |
| Morgan Stanley | 4.4% | Sep 30, 2025 |
| Perceptive Advisors LLC | 4.3% | Sep 30, 2025 |
| FMR LLC | 4% | Jun 30, 2026 |
ETFs with the most weight in AORT
| SAWS AAM Sawgrass US Small Cap Quality Growth ETF | 2.54% |
| NANC Unusual Whales Subversive Democratic Trading ETF | 2.3% |
| HTEC ROBO Global Healthcare Technology and Innovation ETF | 1.78% |
| RZG Invesco S&P SmallCap 600® Pure Growth ETF | 0.43% |
| FYC First Trust Small Cap Growth AlphaDEX Fund | 0.38% |
| XSMO Invesco S&P SmallCap Momentum ETF | 0.34% |
| IJT iShares S&P Small-Cap 600 Growth ETF | 0.15% |
| SLYG SPDR S&P 600 Small Cap Growth ETF | 0.15% |
What could go wrong
- Heavy reliance on four product lines. Aortic stent grafts, On-X valves, tissue preservation and surgical sealants produced nearly all of fiscal 2025 revenue. A quality problem, regulatory setback or stronger competitor in any one could hurt results.
- FDA reclassification could end a valve service. The US Food and Drug Administration may reclassify the CryoValve SG pulmonary heart valve, a preserved human tissue. The company warns this could make further processing commercially infeasible, cutting preservation revenue.
- Single-source suppliers, including one in Israel. Artivion relies on single and sole-source suppliers and on single facilities. Its NEXUS aortic arch stent grafts are made only by Endospan in Herzliya, Israel, so conflict in the region could disrupt supply.
- Debt backed by nearly all US assets. As of June 30, 2026, Artivion owed about $363 million against $77 million in cash and investments. Substantially all US assets are pledged as collateral, and loan terms limit its flexibility.
- Over half of revenue comes from abroad. Foreign customers supplied 51.5% of fiscal 2025 revenue. Swings in the euro against the dollar, slow-paying government hospitals and clawbacks like Italy's medical-device spending rule can cut reported sales and profit.
- Larger rivals and new treatments. Artivion competes with bigger device makers and tissue processors that have more money and staff. It also says new therapies aimed at overall health, such as GLP-1 drugs, could affect its market.
Recent events
- Quarterly results released
- Investor presentation or announcement; Other company announcement
- Shareholder vote results
- Major agreement signed; Quarterly results released
- Quarterly results released
- Quarterly results released
For income and retirement investors
Artivion pays no dividend, and its fiscal 2025 annual report says it expects to pay none for the foreseeable future. It repurchased no shares from fiscal 2021 through fiscal 2025. Meanwhile the share count rose about 24% between October 2021 and July 2026, which shrinks each holder's slice of the company. Net income was $9.8 million in fiscal 2025, after losses in every year from 2020 through 2024. Free cash flow, the cash left after capital spending, was just $0.8 million. An income investor would receive no cash from this stock. Any return depends on the share price rising.
The price history covers only about 4.8 years. That is too short to show how the shares behaved in the 2008, 2020 or 2022 downturns. The ride has been rough anyway. The stock gained about 48% in 2023 and about 60% in both 2024 and 2025, then fell 49.7% from the start of 2026 to October 28, 2026. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Artivion make money?
Artivion makes medical devices and preserves donated human tissue used in heart and aortic surgery. Revenue was $441.3 million in fiscal 2025. Aortic stent grafts brought in 36.1%, On-X mechanical heart valves 23.1%, tissue preservation services 21.6%, and surgical sealants such as BioGlue 17.4%. Cardiac and vascular surgeons are the main users. Slightly more than half of revenue, 51.5%, came from outside the United States.
Does Artivion pay a dividend?
No. Artivion does not pay a dividend, and its fiscal 2025 annual report says it does not expect to pay one for the foreseeable future. The dividend yield was 0% as of October 28, 2026. The company also repurchased no shares from fiscal 2021 through fiscal 2025, while its share count rose about 24% between October 2021 and July 2026. Shareholders' returns depend entirely on the share price.
Is Artivion profitable?
Only barely, and not consistently. Artivion earned $9.8 million, or $0.21 per diluted share, in fiscal 2025 on $441.3 million of revenue, a 2.2% net margin. That followed net losses in every year from 2020 through 2024. In the quarter ended June 30, 2026, it posted a $13.5 million net loss even though revenue rose 11.3% to $125.8 million. The price-to-earnings ratio (share price divided by earnings per share) was 109.1 as of October 28, 2026, based on fiscal 2025 earnings.
How has Artivion stock performed?
It has swung sharply in both directions. The shares gained about 48% in 2023 and about 60% in both 2024 and 2025. Then they fell 49.7% from the start of 2026 through October 28, 2026. Over the year to that date they were down 49.4%, with a peak-to-trough drop of 57.8%. Even so, the total three-year return to October 28, 2026 was 86%.
Is Artivion the same company as CryoLife?
Yes. Artivion, Inc. was formerly named CryoLife Inc. It still runs a tissue cryopreservation business, which stores donated human heart valves and blood vessels at extremely cold temperatures. That Preservation Services segment supplied 21.6% of fiscal 2025 revenue. The company bought On-X Life Technologies in 2016, JOTEC in 2017 and Ascyrus Medical in 2020, which added mechanical heart valves and aortic stent grafts. The shares trade on the NYSE under the ticker AORT.