Slides
Page 1
1 © 2026 Artivion, Inc. 4Q 2025 Earnings Presentation February 12, 2026
Page 2
2 © 2026 Artivion, Inc. 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; 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 September 30, 2025, as well as our February 12, 2026 earnings press release. Artivion does not undertake to update its forward-looking statements, whether as a result of new information, future events, or otherwise.
Page 3
3 © 2026 Artivion, Inc.3 NON-GAAP FINANCIAL MEASURES This presentation 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 non-GAAP 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.
Page 4
4 © 2026 Artivion, Inc. TABLE OF CONTENTS Key Messages 5 Q4 & Full Year 2025 Financial Highlights 6-7 Product Revenue Growth 8 Geographic Revenue Growth 9 On-X vs Bioprosthetic Valve Data 10 AMDS PERSEVERE US IDE Study 11 Endospan’s NEXUS TRIOMPHE US IDE Study 12 ARTIZEN Pivotal IDE Study 13 Full Year 2026 Financial Guidance 14-15 Appendix 16-22
Page 5
5 © 2026 Artivion, Inc.CC = constant currency; BPS = basis points *Full GAAP to non-GAAP reconciliation in Appendix Key Messages Presented positive 2-year data from AMDS PERSEVERE trial at STS 2026 further demonstrating the persistent clinical benefits of AMDS Data show positive aortic remodeling, minimal morbidity, and zero distal anastomotic new entry (DANE) tears between 1- and 2-year follow up Filed fourth and final module of pre-market approval (PMA) application for AMDSTM Hybrid Prothesis to U.S. Food and Drug Administration (FDA) PMA approval expected mid-2026 Continued positive momentum in U.S. AMDS launch following receipt of Humanitarian Device Exemption in late 2024 FY26 revenue & adjusted EBITDA guidance Expect FY26 reported revenue to be in the range of $486 to $504 million, representing 10% to 14% year-over-year constant currency growth Expect FY26 adjusted EBITDA to be in the range of $105 to $110 million, growing 18% to 22% over FY25 with 150 bps of EBITDA margin expansion at the mid-point of the ranges $443.6M FY25 REVENUE 13% Y/Y CC GROWTH 4Q 2025* FY 2025* $118.3M 4Q REVENUE 18% Y/Y CC GROWTH $22.7M 4Q ADJ. EBITDA 29% Y/Y CC GROWTH $89.6M FY25 ADJ. EBITDA 26% Y/Y CC GROWTH Endospan presented positive 1-year data from NEXUS TRIOMPHE trial at STS 2026 demonstrating high patient survival with low morbidity Data highlighted 94% patient survival from lesion-related death and 91% freedom from disabling stroke at 1-year post treatment in this high-risk patient group PMA approval expected in the second half of 2026
Page 6
6 © 2026 Artivion, Inc. Q4 2025 FINANCIAL HIGHLIGHTS GAAP Q4 2025 Q4 2024 % Y/Y Δ Revenue $116.0M $97.3M 19.2% Gross Margin 63.1% 63.2% -10 bps Diluted EPS $0.05 ($0.39) -- Net income (loss) $2.4M ($16.5M) -- Cash from operations $19.6M $10.1M 92.9% Full GAAP to non-GAAP reconciliation in Appendix Non-GAAP Q4 2025 Q4 2024 % Y/Y Δ Revenue $118.3M $99.8M 18.5% Gross Margin 63.1% 63.2% -10 bps Diluted EPS $0.17 $0.00 -- Adjusted EBITDA $22.7M $17.6M 29.0% Free Cash Flow ($7.9M) $8.7M -- Percentage change utilizes actual numbers
Page 7
7 © 2026 Artivion, Inc. Full Year 2025 FINANCIAL HIGHLIGHTS GAAP FY 2025 FY 2024 % Y/Y Δ Revenue $441.3M $388.5M 13.6% Gross Margin 64.4% 64.0% 40 bps Diluted EPS $0.21 ($0.32) -- Net income (loss) $9.8M ($13.4M) -- Cash from operations $39.9M $22.2M 79.3% Full GAAP to non-GAAP reconciliation in Appendix Non-GAAP FY 2025 FY 2024 % Y/Y Δ Revenue $443.6M $391.9M 13.2% Gross Margin 64.4% 64.0% 40 bps Diluted EPS $0.63 $0.25 -- Adjusted EBITDA $89.6M $71.3M 25.7% Free Cash Flow $0.8M $11.0M -92.4% Percentage change utilizes actual numbers
Page 8
8 © 2026 Artivion, Inc. Q4 2025 Year-Over-Year Revenue Growth Product Portfolio Preservation Services 6% Surgical Sealant 2% 25% 44% On-X Aortic Stent Grafts GAAP Growth Constant Currency Growth 6% 0% 24% 36%
Page 9
9 © 2026 Artivion, Inc. GAAP Growth Adjusted Constant Currency Growth* North America 18% 18% Latin America 15% 9% EMEA 18% 17% APAC 32% 32% Q4 2025 Year-Over-Year Revenue Growth Across Geographies *Adjusted for the impact of estimated Italian payback obligations recorded in the fourth quarter of 2025 for fiscal years 2019 through 2025
Page 10
10 © 2026 Artivion, Inc. On-X: High Growth, High Margin, with Market Upside New Recently Published Data Across Three Leading Journals to Drive Potential $100 million Upside to Addressable U.S. Mechanical Heart Valve Market 5-year PAS Data Presented in April 2024 1 Demonstrated 87% Reduction in Major Bleeding Validated On-X as Only Mechanical Heart Valve Safely Maintained at a Low INR of 1.5 to 2.0 Independent study of over 100K patients showed: Higher 10-year freedom from mortality or reoperation in patients ≤65 years with mechanical AVR (87%) vs with bioprosthetic AVR (69%) October 2025 Article in The Annals of Thoracic Surgery2 Independent study of over 100K patients showed: Statistically significant mortality benefit of mechanical vs bioprosthetic AVR at 10yrs in patients ≤60 years January 2025 Article in JACC: Journal of The American College ofCardiology3 1. 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. 2. Kaneko T, et al. Reoperation in Bioprosthetic vs Mechanical Aortic Valve Replacement in The Society of Thoracic Surgeons Database. The Annals of Thoracic Surgery (2025) doi: https://doi.org/10.1016/j.athoracsur.2025.09.047. 3. 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.
Page 11
11 © 2026 Artivion, Inc. 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% 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 2026, January 24.
Page 12
12 © 2026 Artivion, Inc. Endospan NEXUS ® TRIOMPHE US IDE Trial 30-day data demonstrate 63% reduction in major adverse event (MAE) rate compared to the reference performance goal PROJECT STATUS (FORECAST COMPLETIONS) Enrollment 4Q24 Follow Up 4Q25 Approval 2H26 30-DAY DATA 1 TRIOMPHE (n=54) Performance Goal p Value MAEs2 >=1 13.0% 35.0% p<0.001 Technical Failure 1.9% 30.0% p<0.001 Source: Endospan Ld 1. References for PG: Bashir et al. Aorta 2014; Brat et al. JCTS, 2015; Chakos et al. Ann Cardiothorac Surg 2018; DeRango et al. J Vasc Surg 2015; Hiraoka et al. JTCVS, 2017; Iba et al. JTCVS 2013; Joo et al. JTCVS 2018; Thomas et al. JTCVS, 2012 2. MAE includes: Early Mortality, Disabling Stroke, Permanent Paralysis/Paraplegia, Renal Failure (Permanent Dialysis), Aortic R upture Presented at AATS 2025 30-DAY KEY TAKEAWAYS • FDA investigational device exemption (IDE) trial for endovascular treatment of chronic dissections in the aortic arch; focused on patients at high risk for open surgery • 30-day data demonstrates statistically significant improvement in clinical outcomes and device technical performance compared with performance goals set forth in the FDA-approved IDE • Stroke and renal failure rates particularly favorable compared to published data for alternative endovascular treatments 1-year data demonstrate high patient survival with low morbidity [STS 2026] • 94% patient survival from lesion-related death • 91% free from disabling stroke • 97% of patients free from reinterventions due to endoleaks
Page 13
13 © 2026 Artivion, Inc. 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 Nov 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%
Page 14
14 © 2026 Artivion, Inc. FULL YEAR 2026 REVENUE GUIDANCE 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 + Continued adoption of AMDS following receipt of Humanitarian Device Exemption by the FDA $443.6M 13% $486M- $504M 10-14% $90.0M FY25 Results Current FY26 Guidance Revenue* ($) Y/Y cc. Growth (%)* *Adjusted for the impact of estimated Italian payback obligations recorded in the fourth quarter of 2025 for fiscal years 2019 through 2025
Page 15
15 © 2026 Artivion, Inc. Expect continued operating leverage to be driven by gross margin expansion, global sales force and G&A infrastructure DRIVERS FULL YEAR 2026 ADJUSTED EBITDA EXPECTATIONS REVENUE GROWTH AND OPERATING LEVERAGE TO DRIVE ADJUSTED EBITDA EXPANSION $89.6M 26% $105M- $110M 18-22% $90.0M FY25 Results Current FY26 Guidance Adjusted EBITDA ($) Y/Y Growth (%)
Page 16
© 2026 Artivion, Inc. Appendix 16
Page 17
17 © 2026 Artivion, Inc. Q4 2025 GAAP to Non-GAAP Financial Reconciliations Revenue $ in thousands Revenues for the Three Months Ended December 31, Percent Change From Prior Yea r 2025 2024 US GAAP Italian Payback Measure * 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 % * Reduction in revenue from Italian government payback reserves.
Page 18
18 © 2026 Artivion, Inc. FY 2025 GAAP to Non-GAAP Financial Reconciliations Revenue $ in thousands Revenues for the Year Ended December 31, Percent Change From Prior Yea r 2025 2024 US GAAP Italian Payback Measure * 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 % * Reduction in revenue from Italian government payback reserves.
Page 19
19 © 2026 Artivion, Inc. Q4 and FY 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 Three Months Ended December 31, Year Ended December 31, 2025 2024 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: $ 0.05 $ (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 In thousands, except per share data
Page 20
20 © 2026 Artivion, Inc. Q4 and FY 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 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
Page 21
21 © 2026 Artivion, Inc. Q4 2025 GAAP to Non-GAAP Financial Reconciliations Reconciliation of cash flows from operating activities, GAAP to free cash flows, non-GAAP $ in thousands 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
Page 22
© 2026 Artivion, Inc. Thank You