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AORT · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Artivion, Inc. (AORT) stock moving?
Artivion beat consensus on third-quarter revenue ($123.8M vs $120.7M expected) and non-GAAP EPS ($0.08 vs a $(0.06) estimate), and revenue grew 9%, led by On-X. However, adjusted EBITDA fell 8% to $22.5M, GAAP results included a $(7.9)M net loss, and full-year sales guidance was narrowed to $484M-$492M, with a midpoint slightly below the $490.6M consensus. Analysts stayed constructive but cut targets: Canaccord kept Buy with a $30 target and Citizens kept Market Outperform with a $42 target. The stock rose 11% to $26.45 on Nov 4 on 1.09M shares, then fell from $25.33 on Nov 5 to $20.21 on Nov 6, a 20% drop on 3.25M shares, roughly 6 times the late-October average volume. Since then the shares have held in a $19.2-$20.7 range on declining volume (1.66M on Nov 9, 1.0M on Nov 10), closing at $20.47. The longer-term case rests on the company's U.S. aortic arch portfolio (PMA approvals for AMDS and NEXUS, ARCEVO LSA enrollment) and a roughly $330M U.S. market opportunity, with NEXUS launching in January 2027. Near-term direction depends on whether the post-earnings selloff stabilizes, and the main risk is EBITDA pressure.
News behind the analysis
- Canaccord Genuity Maintains Buy on Artivion, Lowers Price Target to $30Canaccord Genuity kept its Buy rating on Artivion but cut its price target to $30 after the third-quarter report.
- Citizens Maintains Market Outperform on Artivion, Lowers Price Target to $42Citizens kept its Market Outperform rating and lowered its price target to $42 following the quarterly results.
- Artivion Q3 2026 Earnings Call TranscriptManagement discussed the third-quarter results, the U.S. launch of NEXUS planned for January 2027, and AMDS implant trends.
- Artivion Reports Third Quarter 2026 Financial ResultsRevenue rose 9% to $123.8M, but adjusted EBITDA fell 8% to $22.5M and the company posted a GAAP net loss of $(7.9)M.
- Artivion Narrows FY2026 Sales Guidance from $480.000M-$496.000M to $484.000M-$492.000M vs $490.600M EstFull-year 2026 sales guidance was narrowed to $484M-$492M, with the midpoint of $488M sitting slightly below the $490.6M consensus estimate.
- Artivion Q3 Adj. EPS $0.08 Beats $(0.06) Estimate, Sales $123.800M Beat $120.738M EstimateNon-GAAP EPS of $0.08 and revenue of $123.8M both beat consensus estimates for the third quarter.
- Artivion to Participate in Upcoming Investor ConferencesArtivion will present at the Stifel 2026 Healthcare Conference and the 20th Annual Canaccord Genuity MedTech Forum in November 2026.
About Artivion, Inc.
Artivion, based near Atlanta and formerly called CryoLife, makes medical devices that heart and vascular surgeons use to treat diseases of the aorta, the body's main artery. Its focus on aortic disease sets it apart, and so does its product range: stent grafts (including the AMDS hybrid prosthesis, approved by the FDA in 2026 and acquired through the Endospan deal completed in May 2026), On-X mechanical heart valves, BioGlue surgical sealant and preserved human tissue implants. It sells in more than 100 countries.
How it makes money
Artivion makes money by selling devices and processed tissue to hospitals around the world. In Q2 2026, revenue was roughly $126 million, with aortic stent grafts making up about 37% and On-X heart valves about 24%. The rest comes mostly from BioGlue surgical sealant and from preserving and supplying human heart and blood-vessel tissue for implants. A large share of sales is outside the US, so changes in exchange rates affect reported revenue. The company also carries about $370 million in debt (as of mid-2026).
What usually moves AORT
- FDA approvals and adoption of aortic stent grafts such as AMDS
- On-X valve market share gains backed by clinical data
- Results from integrating the Endospan acquisition
- Quarterly revenue growth and changes to company guidance
- Debt level, interest costs and currency swings