Artivion’s fourth quarter results were met with a negative market reaction, as revenue came in just below Wall Street’s expectations. Management attributed the quarter’s performance to robust demand for stent grafts, which grew 36% year-over-year, and continued gains from the On-X mechanical heart valve, which benefited from newly published clinical data. CEO Pat Mackin noted, “Growth was driven by our continued global market share gains and early traction in our new $100 million U.S. market opportunity unlocked by recently published data.” However, tissue processing revenue remained subdued, reflecting lingering impacts from a prior cybersecurity incident, while BioGlue sales were flat due to distributor stocking variability.

Is now the time to buy AORT? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Artivion’s Q4 Earnings Call

• William John Plovanic (Canaccord Genuity) asked about the impact of the Italian payback and the apparent disconnect between U.S. growth and strong stent graft sales; CFO Lance A. Berry clarified that the Italian adjustment only affected EMEA revenue and did not distort core growth rates, while differences in U.S. growth were mainly tied to fluctuations in tissue processing.
• John Glenn McAulay (Stifel) inquired about the penetration rate for AMDS and how far along Artivion is in its account-opening process. CEO Pat Mackin analogized the effort to being in the "first inning" of a baseball game, with substantial opportunity left as only about 10% of target accounts are active so far.
• Jacob Conway (Oppenheimer, for Suraj Kalia) questioned pricing strategy and demand elasticity for AMDS and NEXUS. Management stated that these products are premium-priced due to their clinical impact and favorable reimbursement, and that current assumptions remain appropriate in the market.
• Pat Nelson (Lake Street Capital Markets, for Frank Takkinen) asked about the effect of a recent DRG code change and the timing of marketing programs for On-X. Management indicated the new DRG is a tailwind for reimbursement but does not accelerate hospital bureaucracy, and that cardiologist outreach for On-X is ramping slowly with more impact expected after 2026.
• Daniel Walker Stauder (JMP Securities) sought insight on cross-selling between AMDS and On-X, and the differences in commercializing NEXUS. Management explained that cross-selling is expected to continue as new AMDS accounts often lead to On-X adoption, while NEXUS will require more intensive training at a smaller set of high-volume centers.

Catalysts in Upcoming Quarters

In the coming quarters, the StockStory team will be monitoring (1) the rate of new account openings and implant growth for both AMDS and On-X, (2) progress on U.S. regulatory approvals for AMDS and NEXUS, and (3) the trajectory of tissue processing recovery and BioGlue sales stabilization. We will also watch for any acceleration in cardiologist education efforts and updates from the ARTISAN trial, as these may signal incremental upside to the growth outlook.

Artivion currently trades at $37.50, down from $40.65 just before the earnings. At this price, is it a buy or sell? The answer lies in our full research report (it’s free).

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