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1 © 2025 Artivion, Inc. 2Q 2025 Earnings Presentation August 7, 2025
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2 2 FORWARD-LOOKING STATEMENT Statements made in this presentation that look forward in time or that express management’s beliefs, expectations, or forecasts 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 our beliefs and expectations about our future revenue, year over year growth and growth drivers, earnings, adjusted EBITDA, currency impacts, and other financial measures and related information; expected timing for regulatory approvals; beliefs about our competitive advantages and market opportunities; expected product mix; expected geographies and timeframes for commercializing our products; expected benefits from retiring our convertible senior notes due July 1, 2025; and the expected impact of the November 2024 cybersecurity incident, including our expected timeline for returning to normal levels of inventory and backlog. 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 risks and uncertainties relating to our international operations; regulatory developments; clinical trials and regulatory approvals; anticipated benefits of our credit facility and other agreements; market opportunities and commercialization; and the November 2024 cybersecurity incident. These risks and uncertainties include the risk factors detailed in documents that we file with or furnish to Securities and Exchange Commission, including our Form 10-K for the year ended December 31, 2024, our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, as well as our August 7, 2025 earnings press release. Artivion does not undertake to update its forward-looking statements, whether as a result of new information, future events, or otherwise. © 2025 Artivion, Inc.
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3 3 NON-GAAP FINANCIAL MEASURES To supplement financial measures prepared in accordance with generally accepted accounting principles in the United States ("GAAP"), we use non- GAAP financial measures, including non-GAAP revenue, constant currency revenue growth rates, non-GAAP net income and diluted EPS, 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. Our non-GAAP measures are calculated by, among other things, adjusting for certain expenses and the impact of changes in foreign currency exchange rates. The Company expects 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 included in the financial tables at the end of this presentation and in our August 7, 2025 earnings release. We also present expectations on a non-GAAP basis about future revenue growth and growth rates, free cash flow, net debt leverage, and adjusted EBITDA. These measures exclude potential charges or gains that may be recorded during the fiscal year, relating to, among other things, non-cash compensation; business development, integration, and severance income or expense; losses on inducement/extinguishment of debt; and foreign currency revaluations. The Company does not attempt to provide reconciliations of forward-looking non-GAAP measures to the comparable GAAP measures because the impact and timing of these adjustments, including 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. Our estimated revenue growth as adjusted for the illustrative impact of foreign currency translation reflects an expected negative year-over-year impact of approximately 2%, based on current exchange rates. © 2025 Artivion, Inc.
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4 TABLE OF CONTENTS Key Messages 5 Q2 2025 Financial Highlights 6 Product Revenue Growth 7 Geographic Revenue Growth 8 On-X vs Bioprosthetic Valve Data 9 AMDS PERSEVERE US IDE Study 10 ARTIZEN Pivotal IDE Study 11 Full Year 2025 Financial Guidance 12-13 Appendix 14-19 © 2025 Artivion, Inc.
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5 CC = CONSTANT CURRENCY © 2025 Artivion, Inc. $113.0M REVENUE 14% Y/Y CC GROWTH $24.8M ADJ. EBITDA 33% Y/Y GROWTH Key Messages Strong Organic Growth; Multipronged Pipeline on Track; Balance Sheet Strengthened On-X 24% y/y cc revenue growth driven by market share gains following aortic valve low INR label, recent positive JACC and post-approval data, and cross-selling opportunities from initial AMDS launch Stent grafts 22% y/y cc revenue growth fueled by differentiated portfolio of products and early impacts of the U.S. AMDS launch Continued progress in reducing tissue processing backlog following November 2024 cyber incident Remain on track to clear backlog by the end of Q3 Raised midpoint of FY25 revenue & adj. EBITDA guidance Raised FY25 reported revenue guidance to be in the range of $435 to $443 million representing 12% to 14% year-over-year cc growth, compared to previous guidance of $423 to $435 million Guidance reflects current estimate that FY25 currency impact will be approximately flat to 2024 Raised FY25 adjusted EBITDA to be in the range of $86 to $91 million, growing 21% to 28% over FY24, compared to previous guidance of $84 to $91 million Positive momentum in initial U.S. AMDS launch following receipt of Humanitarian Device Exemption in late 2024 Extremely encouraging reception with more hospitals progressing through IRB and value analysis committee approval processes; Maintain expectation for AMDS sales to grow sequentially each quarter in 2025 PMA approval expected mid-2026 Received Investigational Device Exemption (IDE) approval from U.S. FDA to initiate Arcevo LSA pivotal trial ARTIZEN trial will evaluate the safety and effectiveness of Arcevo LSA in replacing the entire aortic arch for the treatment of acute and chronic arch pathologies Plans to enroll 132 patients in up to 30 sites Effectively retired convertible senior notes due July 1, 2025, reducing net debt leverage to 2.2x EBITDA Exchanged $99.54 million in principal amount of outstanding convertible senior notes due July 1, 2025 for common stock Approximately $0.46 million in aggregate principal amount remained outstanding as of June 30 and was settled with approximately 20,000 shares of common stock at maturity on July 1
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6 Q2 2025 FINANCIAL HIGHLIGHTS (in millions except EPS) © 2025 Artivion, Inc. GAAP Q2 2025 Q2 2024 % Y/Y Δ Revenue $113.0M $98.0M 15.3% Gross Margin 64.7% 64.6% 0.2% Diluted EPS $0.03 ($0.05) -- Net income (loss) $1.3M ($2.1M) -- Cash from operations $15.0M $6.1M 144.7% Full GAAP to non-GAAP reconciliation in Appendix Non-GAAP Q2 2025 Q2 2024 % Y/Y Δ Revenue $113.0M $98.7M 14.5% Gross Margin 65.1% 64.6% 0.8% Diluted EPS $0.24 $0.07 -- Adjusted EBITDA $24.8 $18.6 32.8% Free Cash Flow $11.7M $3.6M 223.7% Percentage change utilizes actual numbers
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7 Q2 2025 Year-Over-Year Revenue Growth Product Portfolio Preservation Services 3% Surgical Sealant 4% 24% 24% On-X Aortic Stent Grafts GAAP Growth Constant Currency Growth 3% 4% 24% 22% © 2025 Artivion, Inc.
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8 GAAP Growth Constant Currency Growth North America 18% 18% Latin America 0% 7% EMEA 13% 10% APAC 15% 15% © 2025 Artivion, Inc. Q2 2025 Year-Over-Year Revenue Growth Across Geographies
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9 ON-X IS UNIQUELY POSITIONED FOR YOUNGER AVR PATIENTS, BACKED BY A GROWING BODY OF CLINICAL EVIDENCE TAVR was associated with a 2.3-fold increased hazard (+130%) of 6-year mortality when compared to SAVR in patients <65.1 1. 1. Alabbadi S, Bowdish ME, Sallam A, Tam DY, Hassan I, Kumaresan A, Alzahrani AH, Iribarne A, Egorova N, Chikwe J, Transcatheter versus Surgical Aortic Valve Replacement in Patients Younger than 65 Years in the US, The Journal of Thoracic and Cardiovascular Surgery (2025), doi: https://doi.org/10.1016/j.jtcvs.2024.12.025. 2. Bowdish ME, Mehaffey JH, Chang S-C, O’Gara P, Mack MJ, Goldstone A, Chikwe J, Gillinov AM, Wu C, Fontana G, Bavaria J, Malaisrie C, Kaneko T, Sultan I, von Ballmoos MW, Harrington K, Jacobs J, Thourani V, Szeto W, Sabik J, Habib R, Badhwar V, Bioprosthetic vs. Mechanical Aortic Valve Replacement in Patients 40-75 Years. Journal of American College of Cardiology (2025) doi: https://doiˌorg/10ˌ1016/jˌjaccˌ2025ˌ01ˌ013. 3. Gerdisch MW, et al. Low-Dose Warfarin with a Novel Mechanical Aortic Valve: Interim Registry Results at 5-Year Follow-Up, J Thorac Cardiovasc Surg (2024), doi: https://doi.org/10.1016/j.jtcvs.2024.04.017. 2. Artivion data on file, weighted average of control groups from FDA Premarket Approval P000037 S030 and IDE trial G050208. SAVR > TAVR in patients younger than 65 years Mechanical AVR > Bioprosthetic AVR in patients 60 years and younger opens new $100M market opportunity 10-year all-cause mortality favors mechanical valves in patients ≤60 (independently risk- adjusted)2 when compared to bioprosthetic valves for AVR. On-X > Other Mechanical Valves with differentiated, validated clinical benefit3 At a lower INR target (1.5-2.0), On-X Aortic valve demonstrated an 87% decrease in major bleeding with no increase in thromboembolism and zero valve thrombosis when compared to standard anticoagulation therapy (INR 2.0-3.0).3
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10 ACUTE DEBAKEY TYPE I (ADTI) WITH MALPERFUSION Hemiarch Reference Cohort Avg.¹ (n=790) PERSEVERE² (n=93) 58.0% >=1 MAE 26.9% 34.6% All-Cause Mortality 9.7% 20.9% New Disabling Stroke 10.8% 24.1% Renal Failure Requiring Dialysis 19.4% 10.5% Myocardial Infarction 0.0% 45.0% Distal Anastomotic New Entry 0.0% Full 30-Day Data Through Hospital Discharge Data Full IDE data demonstrates AMDS use significantly lowers 30-day Major Adverse Events (MAEs) compared to hemiarch control group AMDSTM PERSEVERE US IDE Study Primary Endpoints Total patients with ≧ 1MAE PERSEVERE: 27% Goal: < 40% © 2025 Artivion, Inc. 30-day data demonstrate AMDS induced positive aortic remodeling in over 80% of patients3 1. Zindovic I, 2019. Pacini D, 2013. Girdauskas E, 2009. Geirsson A, 2007. and Bossone E, 2002. 2. Szeto WY, Fukuhara S, Fleischman F, Sultan I, Brinkman W, Arnaoutakis G, Takayama H, Eudailey K, Brinster D, Jassar A, DeRose J, Brown C, Farrington W, Moon MC. A novel hybrid prosthesis for open repair of acute DeBakey type I dissection with malperfusion: Early results from the PERSEVERE trial. J Thorac Cardiovasc Surg. 2024 Aug 6:S0022-5223(24)00677-9. 3. Szeto WY et al: One-Year Results of a Novel Aortic Arch Hybrid Prosthesis for Open Repair of Acute DeBakey Type I Dissection with Malperfusion in the PERSEVERE Study; Late Breaking Abstract presentation at STS 2025, January 24.
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11 ARTIZEN PIVOTAL IDE STUDY Prospective, Non-randomized, Non-blinded, Double-arm, Multicenter (US & EU ≈ 30 Sites) PRIMARY PATIENT GROUP 117 patients: Chronic dissection or Aneurysm Primary endpoint: Freedom from major adverse events (MAEs) within 1-year post-index procedure: all-cause mortality, new permanent disabling stroke, new permanent paraplegia and/or paraparesis, unanticipated aortic reoperation in the treated segment, LSA occlusion SECONDARY PATIENT GROUP 15 patients: Acute or subacute dissection Descriptive statistics: No pre-defined endpoint STUDY STATUS 1ST Enrollment Sep / Oct 2025 Enrollment ∼ 2025- 2027 Follow Up ∼ 2027- 2028 Approval ∼ 2029 REFERENCE COHORT Historical controls freedom from MAE rate of 59%. Positive outcome is freedom from MAE composite ≥74% © 2025 Artivion, Inc.
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12 FULL YEAR 2025 REVENUE GUIDANCE © 2025 Artivion, Inc. GROWTH DRIVERS + Continued strength in existing products On-X and aortic stents + Positive new data supporting the benefits of AMDS and On-X aortic valves + Launch of AMDS following receipt of Humanitarian Device Exemption by the FDA $388.5M 9.4% $420M- $435M 10-14% $423M- $435M 11-14% $435M- $443M 12-14% FY24 Results Initial Revenue ($) Y/Y cc. Growth (%) Current FY25 Guidance Revised Q1
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13 Expect continued operating leverage to be driven by global sales force and G&A infrastructure Revenue growth and adjusted EBITDA margin expansion drives incremental cash flow DRIVERS FULL YEAR 2025 ADJUSTED EBITDA EXPECTATIONS REVENUE GROWTH AND OPERATING LEVERAGE TO DRIVE ADJUSTED EBITDA EXPANSION © 2025 Artivion, Inc. Expect to be free cash flow positive for FY25 $71.3M 32% $84M- $91M 18-28% $86M- $91M 21-28% FY24 Results Initial Adj. EBITDA($) Y/Y Growth (%) Current FY25 Guidance
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Appendix © 2025 Artivion, Inc.14
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15 © 2025 Artivion, Inc. Q2 2025 GAAP to Non-GAAP Financial Reconciliation Revenue $ in thousands Revenues for the Three Months Ended June 30, Percent Change From Prior Year 2025 2024 US GAAP US GAAP Exchange Rate Effect Constant Currency Constant Currency Products: Aortic stent grafts $ 39,841 $ 32,190 $ 584 $ 32,774 22 % On-X 25,572 20,645 41 20,686 24 % Surgical sealants 19,288 18,545 61 18,606 4 % Other 2,743 1,830 4 1,834 50 % Total products 87,444 73,210 690 73,900 18 % Preservation services 25,528 24,809 (17) 24,792 3 % Total $ 112,972 $ 98,019 $ 673 $ 98,692 14 % North America 57,569 48,662 (46) 48,616 18 % Europe, the Middle East, and Africa 38,713 34,145 1,091 35,236 10 % Asia Pacific 11,131 9,653 — 9,653 15 % Latin America 5,559 5,559 (372) 5,187 7 % Total $ 112,972 $ 98,019 $ 673 $ 98,692 14 %
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16 © 2025 Artivion, Inc. Q2 2025 GAAP to Non-GAAP Financial Reconciliations Reconciliation of diluted income (loss) per common share, GAAP to adjusted diluted income per common share, non GAAP $ in thousands, except per share data Three Months Ended June 30, 2025 2024 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: $ 0.03 $ (0.05) Adjustments: Amortization expense 0.07 0.09 Business development, integration, and severance expense 0.06 0.05 Non-cash interest expense 0.01 0.01 Cybersecurity incident 0.03 — Losses on inducement/extinguishment of debt 0.06 — Tax effect of non-GAAP adjustments (0.06) (0.04) Effect of 25% tax rate 0.04 0.01 Adjusted diluted income per common share, non-GAAP $ 0.24 $ 0.07 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: 45,378 41,683 Adjustments: Effect of dilutive stock options and awards — 941 Diluted weighted-average common shares outstanding, non-GAAP 45,378 42,624
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17 © 2025 Artivion, Inc. Q2 2025 GAAP to Non-GAAP Financial Reconciliations Reconciliation of net income (loss), GAAP and EBITDA, non-GAAP to adjusted EBITDA, non-GAAP $ in thousands Three Months Ended June 30, 2025 2024 Reconciliation of net income (loss), GAAP and EBITDA, non-GAAP to adjusted EBITDA, non-GAAP: Net income (loss), GAAP $ 1,345 $ (2,121) Adjustments: Interest expense 7,270 8,304 Interest income (68) (353) Income tax expense (benefit) 2,137 (306) Depreciation and amortization expense 5,538 5,891 EBITDA, non-GAAP 16,222 11,415 Non-cash compensation 6,122 4,252 Business development, integration, and severance expense 2,568 2,033 Cybersecurity incident 1,683 — Losses on inducement/extinguishment of debt 2,664 — (Gain) loss on foreign currency revaluation (4,495) 943 Adjusted EBITDA, non-GAAP $ 24,764 $ 18,643
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18 © 2025 Artivion, Inc. Q2 2025 GAAP to Non-GAAP Financial Reconciliations Reconciliation of cash flows from operating activities, GAAP to free cash flows, non-GAAP Three Months Ended June 30, 2025 2024 Reconciliation of cash flows from operating activities, GAAP to free cash flows, non- GAAP: Net cash flows provided by operating activities 15,011 6,135 Capital expenditures (3,287) (2,513) Free cash flows, non-GAAP $ 11,724 $ 3,622 $ in thousands
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Thank You