Quality Investor

Artivion, Inc.

Rank #247Op. Leverage

AORT · NYSE · Healthcare

Artivion, Inc. (AORT) — Rank #247 by gross profitability (GP/assets 0.27) · ROE 2.2% · Piotroski F-Score 7 / 9.

As-of 2026-09-28 · CIK 0000784199 · all metrics point-in-time as of the filing date.

About

Artivion, Inc. manufactures, processes, and distributes medical devices and implantable human tissues worldwide.

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The company offers On-X prosthetic aortic and mitral heart valves; On-X ascending aortic prosthesis; CarbonAid CO2 diffusion catheters; Chord-X ePTFE sutures; pyrolytic carbon coating services; E-vita Open NEO, a hybrid stent graft; Arcevo, an LSA hybrid stent graft system; AMDS hybrid prosthesis; and NEXUS ONE, an endovascular stent graft system. It also provides NEXUS DUO, an aortic arch system; NEXUS TRE, a custom-made three branch graft; E-vita thoracic 3G, a stent graft system; E-xtra Design Engineering, a range of stent graft systems for the treatment of aortic vascular diseases, such as TAAA and Artivex; E-nside, a multibranch stent graft system; E-tegra, an AAA stent graft system; E-ventus BX and Tuva BX balloon-expandable peripheral stent grafts; and E-liac, a stent graft used to treat aneurysmal iliac arteries. In addition, the company offers synthetic vascular grafts that are used in open aortic and peripheral vascular surgical procedures; BioGlue, a surgical sealant; CryoValve SG pulmonary heart valve; CryoPatch SG pulmonary cardiac patch; SynerGraft, a decellularization technology; vascular preservation services; and PhotoFix, a bovine pericardial patch fixated. It markets its products and preservation services primarily to physicians through a direct sales team to hospitals and other healthcare facilities. The company was formerly known as CryoLife, Inc. and changed its name to Artivion, Inc. in January 2022. Artivion, Inc.

was incorporated in 1984 and is headquartered in Kennesaw, Georgia.

Industry
Medical Devices
Sector
Healthcare
State
DE
Filer Category
Large accelerated filer
Fiscal Year End
December 31

Company Snapshot

P/E and reverse DCF are the primary valuation lenses at this stage.

Market Cap

—

P/E (annual)

—

P/S (annual)

—

P/B

—

P/OCF (annual)

—

Shareholder Yield

—

Employees

1,800

Industry

Medical Devices

Exchange

NYSE

Signal Flags

1 green1 yellow1 red
Revenue growth acceleratingGrowth rate increasing year over year
Dilution above 2%Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation
Operating margin decliningOperating margin lower than prior year

Quality Profile

Profitability

1/1 pass
GP / assets
0.27
Return on equity
2.2%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
1.41
Current ratio
3.47×
Net cash
-$286.11M

Cash Flow

2/3 pass
Positive FCF
PASS
Cash-backed earnings
WARN
Accruals healthy
PASS
SBC / revenue
5.5%

Growth

1/2 pass
Revenue growth
13.6%
Piotroski F-Score
7 / 9
Share dilution
13.2%

Terry Smith quality gate

Passes 1/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

Operating margin expansion and free cash flow are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.27

Primary signal (Novy-Marx).

11th pctl of 20 SIC 3841 peers

Return on equity

2.2%

Gross margin

64.4%

53rd pctl of 20 SIC 3841 peers

Revenue growth (YoY)

13.6%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

12.0%

Revenue CAGR (5Y)

11.8%

Earnings CAGR (3Y)

—

FCF CAGR (3Y)

—

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

1.41

17th of 19 SIC 3841 peers (best = lowest)

Current ratio

3.47×

68th pctl of 20 SIC 3841 peers

Quick ratio

1.64×

Net cash

-$286.11M

Cash & equivalents minus total debt.

Recession resistance

Revenue through recessions

Worst single-year YoY revenue decline, 17 years of history

Moderate
2008-2009 (GFC)
N/AN/A
2020 (COVID)
-8.3%Mild decline
Worst year on record(any fiscal year, not recession-limited)
-8.3%Mild decline

Cash-flow health

Free cash flow

$839.00K

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

-0.91

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

WARN

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

5.5%

Stock-based comp intensity.

Piotroski F-Score

F-Score

7 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

20202025
Decline
Startup
Op. Leverage