ARTIVION, INC.
AORT · Surgical & Medical Instruments & Apparatus · 48.5M shares · +2%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: -$9M (gross $6M, SBC $14M)
Reference price $20.71 · est. market cap ~$1.0B — last insider sale, 2026-06-11 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C63Aortic-disease device maker with solid double-digit revenue growth but thin absolute returns and a recent negative label-expansion trial.
Strengths
- Revenue growth 13.6% with operating margin 7.6% (74th pct) and OCF margin 9% (71st)
- Differentiated aortic franchise (NEXUS, On-X, JOTEC) with positive FCF and adequate liquidity (current ratio 3.5)
Risks
- Absolute returns are weak — ROE 2.2%, ROA 1.1%, net margin 2.2% — despite decent sector percentiles; net income fell 173% (3rd pct)
- PROACT Xa apixaban trial failed noninferiority/was halted for excess thromboembolism, foreclosing an On-X label expansion; FX, tariff and Italian payback exposure
Notable findings
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- FDA approvalFDA clearance/approval — CryoValve SG Pulmonary Valve (SGPV10) CryoValve SG Pulmonary Valve and Conduit ( (2025-10-02)
- China exposurehowever, continuation or escalation of the wars in Ukraine or instability in the Middle East, and in particular Iran, or increased export controls or additional sanctions imposed on or by impacted cou
- Notable holderHeld by 4 notable fund(s): FMR LLC, STATE STREET CORP, GOLDMAN SACHS GROUP INC +1 more (as of 2026-03-31)
- Insider sellingInsider selling — 27 open-market sale(s) by 7 insider(s) (cluster of 7 insiders, ~$6M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
64.4%
Operating margin
7.6%
Net margin
2.2%
Return on equity
2.2%
Return on assets
1.1%
ROIC
4.0%
Revenue growth (QoQ)
0.3%
Debt / equity
0.5×
Net debt / EBITDA
2.7×
Current ratio
3.5×
Free cash flow
$839K
EBITDA
$56M
Tangible book value
$70M
Cash & investments
$65M
Stock comp / revenue
5.5%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-11 | GREEN ANDREW M | Sell | 14K | $20.71 |
| 2026-06-11 | GREEN ANDREW M | Option exercise | 14K | $18.44 |
| 2026-06-11 | GREEN ANDREW M | Sell | 30K | $20.69 |
| 2026-06-11 | GREEN ANDREW M | Option exercise | 30K | $11.03 |
| 2026-06-02 | SEMEDO ANTHONY B. | Other | 6.3K | — |
| 2026-06-02 | SEMEDO ANTHONY B. | Other | 6.3K | — |
| 2026-05-18 | SEMEDO ANTHONY B. | Grant | 7.6K | — |
| 2026-05-18 | Salveson Jon W | Grant | 7.6K | — |
| 2026-05-18 | Hoff Elizabeth A | Grant | 7.6K | — |
| 2026-05-18 | Burbank Jeffrey H | Grant | 7.6K | — |
| 2026-05-18 | Bullock James | Grant | 7.6K | — |
| 2026-05-18 | Borgstrom Marna P | Grant | 7.6K | — |
| 2026-05-18 | BEVEVINO DANIEL J | Grant | 7.6K | — |
| 2026-05-18 | ACKERMAN THOMAS F | Grant | 7.6K | — |
| 2026-05-14 | Borgstrom Marna P | Grant | 7.8K | — |
| 2026-03-04 | Holloway Jean F | Sell | 9.0K | $38.00 |
| 2026-03-03 | Horton Amy | Sell | 901 | $37.78 |
| 2026-03-03 | Berry Lance A | Sell | 6.3K | $37.78 |
| 2026-03-03 | Mackin James P | Sell | 18K | $37.78 |
| 2026-03-03 | Davis John E | Sell | 4.6K | $37.78 |
| 2026-03-03 | Stanton Marshall S. | Sell | 2.1K | $37.78 |
| 2026-03-03 | Holloway Jean F | Sell | 3.8K | $37.78 |
| 2026-03-02 | Davis John E | Sell | 2.8K | $38.02 |
| 2026-03-02 | Horton Amy | Grant | 7.5K | — |
| 2026-03-02 | Holloway Jean F | Grant | 28K | — |
| 2026-03-02 | Stanton Marshall S. | Grant | 22K | — |
| 2026-03-02 | Davis John E | Grant | 29K | — |
| 2026-03-02 | Berry Lance A | Grant | 41K | — |
| 2026-03-02 | Mackin James P | Grant | 117K | — |
| 2026-03-02 | Horton Amy | Sell | 641 | $38.02 |
| 2026-03-02 | Stanton Marshall S. | Sell | 1.5K | $38.02 |
| 2026-03-02 | Mackin James P | Sell | 15K | $38.02 |
| 2026-03-02 | Holloway Jean F | Sell | 2.2K | $38.02 |
| 2026-03-02 | Berry Lance A | Sell | 5.2K | $38.02 |
| 2026-02-24 | Mackin James P | Grant | 97K | — |
| 2026-02-24 | Horton Amy | Sell | 830 | $35.69 |
| 2026-02-24 | Horton Amy | Grant | 5.7K | — |
| 2026-02-24 | Stanton Marshall S. | Sell | 1.3K | $35.69 |
| 2026-02-24 | Holloway Jean F | Sell | 1.7K | $35.69 |
| 2026-02-24 | Holloway Jean F | Grant | 20K | — |
| 2026-02-24 | Mackin James P | Sell | 14K | $35.69 |
| 2026-02-24 | Berry Lance A | Sell | 4.5K | $35.69 |
| 2026-02-24 | Berry Lance A | Grant | 37K | — |
| 2026-02-24 | Davis John E | Sell | 2.1K | $35.69 |
| 2026-02-24 | Davis John E | Grant | 20K | — |
| 2026-02-23 | Berry Lance A | Sell | 5.0K | $37.59 |
| 2026-02-23 | Mackin James P | Sell | 21K | $37.59 |
| 2026-02-23 | Holloway Jean F | Sell | 3.1K | $37.59 |
| 2026-02-23 | Davis John E | Sell | 3.8K | $37.59 |
| 2026-02-23 | Horton Amy | Sell | 1.7K | $37.59 |
| 2026-02-23 | Stanton Marshall S. | Sell | 2.4K | $37.59 |
| 2025-12-15 | Davis John E | Sell | 5.0K | $45.11 |
| 2025-12-08 | Horton Amy | Sell | 4.6K | $44.42 |
| 2025-12-03 | Mackin James P | Option exercise | 31K | $29.62 |
| 2025-12-03 | Mackin James P | Sell | 31K | $45.46 |
| 2025-12-03 | Holloway Jean F | Sell | 2.0K | $45.30 |
| 2025-12-03 | Holloway Jean F | Sell | 5.3K | $45.30 |
| 2025-12-02 | Mackin James P | Option exercise | 31K | $29.62 |
| 2025-12-02 | Mackin James P | Sell | 31K | $45.56 |
| 2025-12-01 | Horton Amy | Gift | 750 | — |
| 2025-11-21 | Stanton Marshall S. | Option exercise | 20K | $18.44 |
| 2025-11-21 | Stanton Marshall S. | Sell | 15K | $44.92 |
| 2025-11-21 | Stanton Marshall S. | Sell | 5.7K | $45.35 |
| 2025-11-21 | Stanton Marshall S. | Option exercise | 27K | $11.03 |
| 2025-11-21 | Stanton Marshall S. | Sell | 19K | $44.91 |
| 2025-11-21 | Stanton Marshall S. | Sell | 8.4K | $45.34 |
| 2025-11-20 | Stanton Marshall S. | Sell | 12K | $44.14 |
| 2025-11-20 | Stanton Marshall S. | Option exercise | 2.0K | $18.44 |
| 2025-11-20 | Stanton Marshall S. | Sell | 2.0K | $44.31 |
| 2025-11-20 | Stanton Marshall S. | Option exercise | 1.4K | $11.03 |
| 2025-11-20 | Stanton Marshall S. | Sell | 1.4K | $44.28 |
| 2025-11-18 | Hoff Elizabeth A | Sell | 4.2K | $45.10 |
| 2025-11-17 | Davis John E | Sell | 6.4K | $45.17 |
| 2025-11-17 | Holloway Jean F | Option exercise | 6.4K | $29.62 |
| 2025-11-17 | Holloway Jean F | Sell | 6.4K | $45.17 |
| 2025-11-17 | Davis John E | Option exercise | 6.4K | $29.62 |
| 2025-11-17 | Horton Amy | Sell | 6.0K | $45.73 |
| 2025-11-14 | Davis John E | Sell | 6.4K | $44.67 |
| 2025-11-14 | Holloway Jean F | Option exercise | 6.4K | $29.62 |
| 2025-11-14 | Holloway Jean F | Sell | 6.4K | $45.00 |
| 2025-11-14 | Davis John E | Option exercise | 6.4K | $29.62 |
| 2025-11-13 | Holloway Jean F | Sell | 5.8K | $45.86 |
| 2025-11-13 | Stanton Marshall S. | Sell | 5.0K | $45.86 |
| 2025-11-13 | Horton Amy | Sell | 3.5K | $45.86 |
| 2025-11-13 | Mackin James P | Sell | 34K | $45.86 |
| 2025-11-13 | Davis John E | Sell | 6.6K | $45.86 |
| 2025-11-11 | Holloway Jean F | Sell | 10K | $46.18 |
| 2025-11-11 | Holloway Jean F | Option exercise | 10K | $11.03 |
| 2025-11-10 | Holloway Jean F | Sell | 3.0K | $44.62 |
| 2025-11-10 | Mackin James P | Sell | 18K | $44.62 |
| 2025-11-10 | Davis John E | Sell | 3.4K | $44.62 |
| 2025-11-10 | Horton Amy | Sell | 1.8K | $44.62 |
| 2025-11-10 | Stanton Marshall S. | Sell | 2.6K | $44.62 |
| 2025-08-27 | Stanton Marshall S. | Option exercise | 18K | $11.03 |
| 2025-08-27 | Stanton Marshall S. | Sell | 18K | $44.02 |
| 2025-08-25 | Holloway Jean F | Option exercise | 10K | $11.03 |
| 2025-08-25 | Holloway Jean F | Sell | 10K | $44.37 |
| 2025-08-15 | Mackin James P | Sell | 12K | $42.32 |
| 2025-08-12 | Holloway Jean F | Sell | 6.4K | $43.02 |
| 2025-08-12 | Davis John E | Option exercise | 11K | $26.24 |
| 2025-08-12 | Davis John E | Sell | 11K | $43.67 |
| 2025-08-12 | Holloway Jean F | Option exercise | 17K | $26.24 |
| 2025-08-12 | Holloway Jean F | Sell | 17K | $43.01 |
| 2025-08-08 | Horton Amy | Option exercise | 8.0K | $29.62 |
| 2025-08-08 | Horton Amy | Sell | 8.0K | $38.49 |
| 2025-06-17 | Stanton Marshall S. | Sell | 14K | $29.50 |
| 2025-06-17 | Stanton Marshall S. | Sell | 1.2K | $29.50 |
| 2025-06-13 | Stanton Marshall S. | Sell | 8.7K | $28.46 |
| 2025-06-13 | Stanton Marshall S. | Sell | 1.3K | $28.47 |
| 2025-06-13 | Stanton Marshall S. | Sell | 14K | $28.42 |
| 2025-06-13 | Stanton Marshall S. | Sell | 1.8K | $28.43 |
| 2025-05-27 | Holloway Jean F | Sell | 8.7K | $29.00 |
| 2025-05-23 | SEMEDO ANTHONY B. | Sell | 2.6K | $28.47 |
| 2025-05-23 | SEMEDO ANTHONY B. | Sell | 2.6K | $28.47 |
| 2025-05-22 | Borgstrom Marna P | Grant | 6.3K | — |
| 2025-05-22 | BEVEVINO DANIEL J | Grant | 6.3K | — |
| 2025-05-22 | ACKERMAN THOMAS F | Grant | 6.3K | — |
| 2025-05-22 | Salveson Jon W | Grant | 6.3K | — |
| 2025-05-22 | Hoff Elizabeth A | Grant | 6.3K | — |
| 2025-05-22 | Burbank Jeffrey H | Grant | 6.3K | — |
| 2025-05-22 | Bullock James | Grant | 6.3K | — |
| 2025-05-22 | SEMEDO ANTHONY B. | Grant | 6.3K | — |
| 2025-05-21 | Holloway Jean F | Sell | 9.9K | $29.00 |
| 2025-05-09 | Stanton Marshall S. | Sell | 5.7K | $29.13 |
| 2025-05-09 | Stanton Marshall S. | Sell | 4.8K | $29.13 |
| 2025-03-11 | Holloway Jean F | Option exercise | 19K | $21.55 |
| 2025-03-11 | Holloway Jean F | Sell | 18K | $23.61 |
| 2025-03-11 | Davis John E | Option exercise | 16K | $21.55 |
| 2025-03-11 | Davis John E | Sell | 15K | $23.61 |
| 2025-03-06 | Horton Amy | Grant | 10K | — |
| 2025-03-06 | Mackin James P | Grant | 116K | — |
| 2025-03-06 | Mackin James P | Sell | 18K | $24.80 |
| 2025-03-06 | Mackin James P | Option exercise | 76K | $21.55 |
| 2025-03-06 | Mackin James P | Sell | 71K | $24.76 |
| 2025-03-06 | Horton Amy | Sell | 1.0K | $24.80 |
| 2025-03-06 | Berry Lance A | Grant | 48K | — |
| 2025-03-06 | Berry Lance A | Sell | 4.9K | $24.80 |
| 2025-03-06 | Davis John E | Grant | 26K | — |
| 2025-03-06 | Davis John E | Sell | 2.6K | $24.80 |
| 2025-03-06 | Stanton Marshall S. | Grant | 19K | — |
| 2025-03-06 | Stanton Marshall S. | Sell | 1.6K | $24.80 |
| 2025-03-06 | Holloway Jean F | Grant | 25K | — |
| 2025-03-06 | Holloway Jean F | Sell | 2.1K | $24.80 |
| 2025-03-05 | Holloway Jean F | Sell | 472 | $25.29 |
| 2025-03-05 | SEMEDO ANTHONY B. | Buy | 1.5K | $25.33 |
| 2025-03-05 | SEMEDO ANTHONY B. | Buy | 600 | $25.25 |
| 2025-02-28 | Stanton Marshall S. | Grant | 18K | — |
| 2025-02-28 | Mackin James P | Grant | 99K | — |
| 2025-02-28 | Horton Amy | Grant | 6.3K | — |
| 2025-02-28 | Holloway Jean F | Grant | 23K | — |
| 2025-02-28 | Davis John E | Grant | 24K | — |
| 2025-02-28 | Berry Lance A | Grant | 34K | — |
| 2025-02-24 | Horton Amy | Sell | 1.7K | $27.31 |
| 2025-02-24 | Horton Amy | Sell | 814 | $27.31 |
| 2025-02-24 | Horton Amy | Sell | 318 | $27.30 |
| 2025-02-24 | Horton Amy | Sell | 485 | $27.31 |
| 2025-02-24 | Mackin James P | Sell | 17K | $27.31 |
| 2025-02-24 | Mackin James P | Sell | 14K | $27.31 |
| 2025-02-24 | Mackin James P | Sell | 6.8K | $27.31 |
| 2025-02-24 | Mackin James P | Sell | 4.9K | $27.31 |
| 2025-02-24 | Holloway Jean F | Sell | 2.4K | $27.31 |
| 2025-02-24 | Holloway Jean F | Sell | 490 | $27.31 |
| 2025-02-24 | Holloway Jean F | Sell | 810 | $27.31 |
| 2025-02-24 | Holloway Jean F | Sell | 1.6K | $27.31 |
| 2025-02-24 | Davis John E | Sell | 2.8K | $27.31 |
| 2025-02-24 | Davis John E | Sell | 591 | $27.31 |
| 2025-02-24 | Davis John E | Sell | 985 | $27.31 |
| 2025-02-24 | Davis John E | Sell | 2.0K | $27.31 |
| 2025-02-24 | Berry Lance A | Sell | 3.3K | $27.31 |
| 2025-02-24 | Stanton Marshall S. | Sell | 2.3K | $27.31 |
| 2025-02-24 | Stanton Marshall S. | Sell | 470 | $27.31 |
| 2025-02-24 | Stanton Marshall S. | Sell | 672 | $27.31 |
| 2025-02-24 | Stanton Marshall S. | Sell | 1.2K | $27.31 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07089576 ↗ | Clinical Study to Evaluate the Safety and Effectiveness of Arcevo LSA Aortic Arch Aneurysm, Aortic Arch Dissection | NA | Recruiting | 2028-04-01 |
| NCT05174767 ↗ | PERSEVERE- A Trial to Evaluate AMDS in Acute DeBakey Type I Dissection Acute Aortic Dissection | NA | Active Not Recruiting | 2023-12-11 |
| NCT07413926 ↗ | Mitral Valve Repair With the Chord-X System: A Long Term Evaluation Mitral Regurgitation (MR) | — | Not Yet Recruiting | 2034-03-01 |
| NCT04142658 ↗ | PROACT Xa - A Trial to Determine if Participants With an On-X Aortic Valve Can be Maintained Safely on Apixaban Aortic Valve Disease, Aortic Valve Stenosis | PHASE3 | Terminated | 2022-12-12 |
| NCT05314868 ↗ | Retrospective Evaluation of Photo-oxidized Decellularized Bovine Pericardium in Cardiac Repair or Reconstruction Surgery Congenital Heart Disease, Cardiac Anomaly | — | Terminated | 2022-11-30 |
| NCT03669042 ↗ | Post-market, Prospective Evaluation of PHOTO-oxidized Bovine Pericardium in Vascular Surgery Vascular Diseases, Peripheral Arterial Disease | NA | Completed | 2020-07-10 |
| NCT02359994 ↗ | Prospective, Multicenter, Multidisciplinary, Controlled Clinical Investigation Evaluating the Safety and Efficacy of PerClot® Polysaccharide Hemostatic System Blood Loss, Surgical | NA | Completed | 2019-01-11 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Supply chain
Customers (1)
Suppliers (1)
- Endospan
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-18 | Reg FDOtherExhibits | filing ↗ |
| 2026-05-15 | Shareholder vote | filing ↗ |
| 2026-05-07 | Material agreementResultsExhibits | filing ↗ |
| 2026-02-12 | ResultsExhibits | filing ↗ |
| 2025-11-06 | ResultsExhibits | filing ↗ |
| 2025-09-29 | Material agreementExhibits | filing ↗ |
| 2025-09-15 | Material agreementDebt obligationExhibits | filing ↗ |
| 2025-08-11 | Exec/director change | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-18 | 2026-05-18 | 0001628280-26-035798 ↗ |
| 8-K | 2026-05-15 | 2026-05-12 | 0001628280-26-035507 ↗ |
| 10-Q | 2026-05-08 | 2026-03-31 | 0001628280-26-032620 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001628280-26-032097 ↗ |
| 10-K | 2026-02-18 | 2025-12-31 | 0001628280-26-009046 ↗ |
| 8-K | 2026-02-12 | 2026-02-12 | 0001628280-26-007674 ↗ |
| 10-Q | 2025-11-07 | 2025-09-30 | 0001628280-25-050502 ↗ |
| 8-K | 2025-11-06 | 2025-11-06 | 0001628280-25-050164 ↗ |
| 8-K | 2025-09-29 | 2025-09-26 | 0001628280-25-043099 ↗ |
| 8-K | 2025-09-15 | 2025-09-12 | 0000784199-25-000145 ↗ |
| 8-K | 2025-08-11 | 2025-08-06 | 0000784199-25-000136 ↗ |
| 10-Q | 2025-08-08 | 2025-06-30 | 0001628280-25-039166 ↗ |