Artivion Reports Second Quarter 2026 Financial Results
- Achieved revenue of
$125.8 million in the second quarter of 2026 versus$113.0 million in the second quarter of 2025, an increase of 11% on a GAAP basis and 9% on a non-GAAP constant currency basis - Net loss for the second quarter of 2026 was
$(13.5) million , or$(0.28) per fully diluted share, and non-GAAP net income was$6.3 million , or$0.13 per fully diluted share - Adjusted EBITDA increased 7% to
$26.4 million in the second quarter of 2026 compared to$24.8 million in the second quarter of 2025 - Announced
U.S . FDA PMA Approval of the AMDS Hybrid Prosthesis - Completed acquisition of
Endospan Ltd.
"In the second quarter of 2026, we delivered 9% constant currency revenue growth and 7% adjusted EBITDA growth, reflecting continued execution of our strategy to drive long-term, profitable growth through an expanding and clinically differentiated product portfolio. Revenue growth was once again driven primarily by On-X and stent grafts, including AMDS, with On-X growing 18% and stent grafts growing 12% on a constant currency basis, both compared to the second quarter of 2025," said
Second Quarter 2026 Financial Results
Total revenues for the second quarter of 2026 were
Net loss for the second quarter of 2026 was
2026 Financial Outlook
The Company's financial performance for 2026 and future periods is subject to the risks identified below.
|
1 |
Full year 2025 adjusted revenue excluded a |
Non-GAAP Financial Measures
This press release 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 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) 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. 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 depreciation and 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.
Webcast and Conference Call Information
The Company will hold a teleconference call and live webcast on
The live webcast and replay can be accessed by going to the Investors section of the
About
Headquartered in suburban
Forward-Looking Statements
Statements made in this press release that look forward in time or that express management's beliefs, expectations, or hopes 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, but are not limited to, our beliefs and expectations about our revenue, year-over-year growth, growth drivers and short and long term growth prospects, earnings, currency impacts, and other financial measures and related information; our beliefs about our competitive advantages and market opportunities; our expected product mix and business strategy; anticipated quarterly fluctuations in our business; our ability to scale our business and expand adjusted EBITDA margins; that our revenues for the full year 2026 will be in the range of
|
Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income In Thousands, Except Per Share Data (Unaudited) |
|||||||
|
Three Months Ended |
Six Months Ended |
||||||
|
2026 |
2025 |
2026 |
2025 |
||||
|
Revenues: |
|||||||
|
Products |
$ 99,905 |
$ 87,444 |
$ 191,347 |
$ 166,242 |
|||
|
Preservation services |
25,852 |
25,528 |
50,747 |
45,708 |
|||
|
Total revenues |
125,757 |
112,972 |
242,094 |
211,950 |
|||
|
Cost of products and preservation services: |
|||||||
|
Products |
33,991 |
28,315 |
63,688 |
53,578 |
|||
|
Preservation services |
11,249 |
11,545 |
22,441 |
21,683 |
|||
|
Total cost of products and preservation services |
45,240 |
39,860 |
86,129 |
75,261 |
|||
|
Gross margin |
80,517 |
73,112 |
155,965 |
136,689 |
|||
|
Operating expenses: |
|||||||
|
General, administrative, and marketing |
79,826 |
57,665 |
140,646 |
112,369 |
|||
|
Research and development |
9,055 |
7,063 |
17,896 |
13,791 |
|||
|
Total operating expenses |
88,881 |
64,728 |
158,542 |
126,160 |
|||
|
Operating (loss) income |
(8,364) |
8,384 |
(2,577) |
10,529 |
|||
|
Interest expense |
7,253 |
7,270 |
12,620 |
14,933 |
|||
|
Interest income |
(367) |
(68) |
(572) |
(212) |
|||
|
Losses on inducement/extinguishment of debt |
— |
2,664 |
— |
2,664 |
|||
|
Other income |
(3,551) |
(4,964) |
(3,265) |
(8,043) |
|||
|
(Loss) income before income taxes |
(11,699) |
3,482 |
(11,360) |
1,187 |
|||
|
Income tax expense |
1,811 |
2,137 |
733 |
347 |
|||
|
Net (loss) income |
$ (13,510) |
$ 1,345 |
$ (12,093) |
$ 840 |
|||
|
(Loss) income per share |
|||||||
|
Basic |
$ (0.28) |
$ 0.03 |
$ (0.25) |
$ 0.02 |
|||
|
Diluted |
$ (0.28) |
$ 0.03 |
$ (0.25) |
$ 0.02 |
|||
|
Weighted-average common shares outstanding: |
|||||||
|
Basic |
48,541 |
44,296 |
48,309 |
43,270 |
|||
|
Diluted |
48,541 |
45,378 |
48,309 |
44,503 |
|||
|
Net (loss) income |
$ (13,510) |
$ 1,345 |
$ (12,093) |
$ 840 |
|||
|
Other comprehensive (loss) income: |
|||||||
|
Foreign currency translation adjustments, net of tax |
(911) |
15,768 |
(9,757) |
22,099 |
|||
|
Comprehensive (loss) income |
$ (14,421) |
$ 17,113 |
$ (21,850) |
$ 22,939 |
|||
|
Condensed Consolidated Balance Sheets In Thousands |
|||
|
|
|
||
|
(Unaudited) |
|||
|
ASSETS |
|||
|
Current assets: |
|||
|
Cash and cash equivalents |
$ 77,316 |
$ 64,908 |
|
|
Trade receivables, net |
97,928 |
89,758 |
|
|
Other receivables |
12,835 |
13,921 |
|
|
Inventories |
103,364 |
92,427 |
|
|
Deferred preservation costs |
53,365 |
54,531 |
|
|
Prepaid expenses and other |
26,572 |
42,537 |
|
|
Total current assets |
371,380 |
358,082 |
|
|
|
349,862 |
254,091 |
|
|
Acquired technology, net |
149,274 |
123,664 |
|
|
Operating lease right-of-use assets, net |
36,580 |
34,701 |
|
|
Property and equipment, net |
73,699 |
64,988 |
|
|
Other intangibles, net |
74,696 |
32,831 |
|
|
Deferred tax assets, net |
1,216 |
1,201 |
|
|
Other long-term assets |
15,227 |
15,238 |
|
|
Total assets |
$ 1,071,934 |
$ 884,796 |
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||
|
Current liabilities: |
|||
|
Accounts payable |
$ 20,870 |
$ 16,042 |
|
|
Accrued compensation |
17,843 |
22,484 |
|
|
Accrued expenses |
16,252 |
16,447 |
|
|
Accrued interest |
6,526 |
4,815 |
|
|
Taxes payable |
5,580 |
7,489 |
|
|
Accrued procurement fees |
1,541 |
3,436 |
|
|
Current portion of contingent consideration |
25,000 |
20,690 |
|
|
Current maturities of operating leases |
5,058 |
4,649 |
|
|
Current portion of finance lease obligations |
860 |
726 |
|
|
Other current liabilities |
7,401 |
4,778 |
|
|
Total current liabilities |
106,931 |
101,556 |
|
|
Long-term debt, net |
363,423 |
215,114 |
|
|
Non-current contingent consideration |
71,517 |
39,890 |
|
|
Non-current maturities of operating leases |
35,824 |
34,427 |
|
|
Deferred tax liabilities, net |
25,884 |
24,308 |
|
|
Deferred compensation liability |
10,739 |
9,464 |
|
|
Non-current finance lease obligations |
2,802 |
2,698 |
|
|
Other long-term liabilities |
9,229 |
9,107 |
|
|
Total liabilities |
$ 626,349 |
$ 436,564 |
|
|
Commitments and contingencies |
|||
|
Stockholders' equity: |
|||
|
Preferred stock |
— |
— |
|
|
Common stock |
502 |
493 |
|
|
Additional paid-in capital |
535,798 |
516,604 |
|
|
Retained deficit |
(63,591) |
(51,498) |
|
|
Accumulated other comprehensive loss |
(12,476) |
(2,719) |
|
|
|
(14,648) |
(14,648) |
|
|
Total stockholders' equity |
445,585 |
448,232 |
|
|
Total liabilities and stockholders' equity |
$ 1,071,934 |
$ 884,796 |
|
|
Condensed Consolidated Statement of Cash Flows In Thousands (Unaudited) |
|||
|
Six Months Ended |
|||
|
2026 |
2025 |
||
|
Net cash flows from operating activities: |
|||
|
Net (loss) income |
$ (12,093) |
$ 840 |
|
|
Adjustments to reconcile net (loss) income to net cash from operating activities: |
|||
|
Depreciation and amortization |
13,088 |
10,984 |
|
|
Non-cash compensation |
16,578 |
14,167 |
|
|
Non-cash lease expense |
2,612 |
2,510 |
|
|
Write-down of inventories and deferred preservation costs |
2,368 |
2,379 |
|
|
Deferred income taxes |
(1,421) |
(231) |
|
|
Change in fair value of contingent consideration |
9,710 |
(210) |
|
|
Losses on inducement/extinguishment of debt |
— |
2,664 |
|
|
Other |
(2,590) |
(7,423) |
|
|
Changes in operating assets and liabilities, net of acquisition: |
|||
|
Receivables |
(7,971) |
(9,660) |
|
|
Inventories and deferred preservation costs |
(10,752) |
(5,521) |
|
|
Prepaid expenses and other assets |
(5,271) |
(6,215) |
|
|
Accounts payable, accrued expenses, and other liabilities |
(4,370) |
(6,226) |
|
|
Net cash flows used in operating activities |
(112) |
(1,942) |
|
|
Net cash flows from investing activities: |
|||
|
Capital expenditures |
(18,751) |
(6,925) |
|
|
Acquisition of Endospan, net of cash acquired |
(116,661) |
— |
|
|
Payments related to sale of non-financial assets |
(1,500) |
— |
|
|
Other |
(3,000) |
— |
|
|
Net cash flows used in investing activities |
(139,912) |
(6,925) |
|
|
Net cash flows from financing activities: |
|||
|
Proceeds from issuance of long-term debt, net |
148,875 |
— |
|
|
Repayment of debt |
— |
(134) |
|
|
Proceeds from exercise of stock options and issuance of common stock |
2,625 |
4,459 |
|
|
Proceeds from financing insurance premiums |
3,217 |
3,117 |
|
|
Principal payments on short-term notes payable |
(1,440) |
(554) |
|
|
Other |
(426) |
(353) |
|
|
Net cash flows provided by financing activities |
152,851 |
6,535 |
|
|
Effect of exchange rate changes on cash and cash equivalents |
(419) |
2,345 |
|
|
Increase in cash and cash equivalents |
12,408 |
13 |
|
|
Cash and cash equivalents beginning of period |
64,908 |
53,463 |
|
|
Cash and cash equivalents end of period |
$ 77,316 |
$ 53,476 |
|
|
Financial Highlights In Thousands (Unaudited) |
|||||||
|
Three Months Ended |
Six Months Ended |
||||||
|
2026 |
2025 |
2026 |
2025 |
||||
|
Products: |
|||||||
|
Aortic stent grafts |
$ 46,414 |
$ 39,841 |
$ 90,811 |
$ 76,443 |
|||
|
On-X |
30,506 |
25,572 |
56,457 |
47,146 |
|||
|
Surgical sealants |
19,287 |
19,288 |
38,092 |
37,394 |
|||
|
Other |
3,698 |
2,743 |
5,987 |
5,259 |
|||
|
Total products |
99,905 |
87,444 |
191,347 |
166,242 |
|||
|
Preservation services |
25,852 |
25,528 |
50,747 |
45,708 |
|||
|
Total revenues |
$ 125,757 |
$ 112,972 |
$ 242,094 |
$ 211,950 |
|||
|
|
$ 62,333 |
$ 57,569 |
$ 121,028 |
$ 105,362 |
|||
|
|
44,548 |
38,713 |
88,534 |
75,758 |
|||
|
|
12,169 |
11,131 |
20,859 |
19,345 |
|||
|
|
6,707 |
5,559 |
11,673 |
11,485 |
|||
|
Total revenues |
$ 125,757 |
$ 112,972 |
$ 242,094 |
$ 211,950 |
|||
|
Reconciliation of GAAP to Non-GAAP Revenues $ In Thousands (Unaudited) |
|||||||||
|
Revenues for the Three Months Ended |
Percent Change From Prior Year |
||||||||
|
2026 |
2025 |
||||||||
|
US GAAP |
US GAAP |
Exchange |
Constant |
Constant |
|||||
|
Products: |
|||||||||
|
Aortic stent grafts |
$ 46,414 |
$ 39,841 |
$ 1,632 |
$ 41,473 |
12 % |
||||
|
On-X |
30,506 |
25,572 |
311 |
25,883 |
18 % |
||||
|
Surgical sealants |
19,287 |
19,288 |
361 |
19,649 |
-2 % |
||||
|
Other |
3,698 |
2,743 |
7 |
2,750 |
34 % |
||||
|
Total products |
99,905 |
87,444 |
2,311 |
89,755 |
11 % |
||||
|
Preservation services |
25,852 |
25,528 |
20 |
25,548 |
1 % |
||||
|
Total |
$ 125,757 |
$ 112,972 |
$ 2,331 |
$ 115,303 |
9 % |
||||
|
|
62,333 |
57,569 |
50 |
57,619 |
8 % |
||||
|
|
44,548 |
38,713 |
1,781 |
40,494 |
10 % |
||||
|
|
12,169 |
11,131 |
— |
11,131 |
9 % |
||||
|
|
6,707 |
5,559 |
500 |
6,059 |
11 % |
||||
|
Total |
$ 125,757 |
$ 112,972 |
$ 2,331 |
$ 115,303 |
9 % |
||||
|
Revenues for the Six Months Ended |
Percent Change From Prior Year |
||||||||
|
2026 |
2025 |
||||||||
|
US GAAP |
US GAAP |
Exchange |
Constant |
Constant |
|||||
|
Products: |
|||||||||
|
Aortic stent grafts |
$ 90,811 |
$ 76,443 |
$ 5,509 |
$ 81,952 |
11 % |
||||
|
On-X |
56,457 |
47,146 |
945 |
48,091 |
17 % |
||||
|
Surgical sealants |
38,092 |
37,394 |
1,110 |
38,504 |
-1 % |
||||
|
Other |
5,987 |
5,259 |
32 |
5,291 |
13 % |
||||
|
Total products |
191,347 |
166,242 |
7,596 |
173,838 |
10 % |
||||
|
Preservation services |
50,747 |
45,708 |
41 |
45,749 |
11 % |
||||
|
Total |
$ 242,094 |
$ 211,950 |
$ 7,637 |
$ 219,587 |
10 % |
||||
|
|
121,028 |
105,362 |
136 |
105,498 |
15 % |
||||
|
|
88,534 |
75,758 |
6,462 |
82,220 |
8 % |
||||
|
|
20,859 |
19,345 |
— |
19,345 |
8 % |
||||
|
|
11,673 |
11,485 |
1,039 |
12,524 |
-7 % |
||||
|
Total |
$ 242,094 |
$ 211,950 |
$ 7,637 |
$ 219,587 |
10 % |
||||
|
Reconciliation of GAAP to Non-GAAP General, Administrative, and Marketing Expense, EBITDA, Adjusted EBITDA, and Free Cash Flows In Thousands (Unaudited) |
|||||||
|
Three Months Ended |
Six Months Ended |
||||||
|
2026 |
2025 |
2026 |
2025 |
||||
|
Reconciliation of G&A expenses, GAAP to adjusted G&A, non-GAAP: |
|||||||
|
General, administrative, and marketing expense, GAAP |
$ 79,826 |
$ 57,665 |
$ 140,646 |
$ 112,369 |
|||
|
Business development, integration, and severance |
19,834 |
3,050 |
22,848 |
266 |
|||
|
Cybersecurity incident |
— |
1,243 |
(1,478) |
5,693 |
|||
|
Adjusted G&A, non-GAAP |
$ 59,992 |
$ 53,372 |
$ 119,276 |
$ 106,410 |
|||
|
Three Months Ended |
Six Months Ended |
||||||
|
2026 |
2025 |
2026 |
2025 |
||||
|
Reconciliation of net (loss) income, GAAP and EBITDA, non-GAAP |
|||||||
|
Net (loss) income, GAAP |
$ (13,510) |
$ 1,345 |
$ (12,093) |
$ 840 |
|||
|
Adjustments: |
|||||||
|
Interest expense |
7,253 |
7,270 |
12,620 |
14,933 |
|||
|
Interest income |
(367) |
(68) |
(572) |
(212) |
|||
|
Income tax expense |
1,811 |
2,137 |
733 |
347 |
|||
|
Depreciation and amortization expense |
6,748 |
5,538 |
13,088 |
10,984 |
|||
|
EBITDA, non-GAAP |
1,935 |
16,222 |
13,776 |
26,892 |
|||
|
Non-cash compensation |
8,164 |
6,122 |
16,578 |
14,167 |
|||
|
Business development, integration, and severance |
15,538 |
2,568 |
18,022 |
(489) |
|||
|
Cybersecurity incident |
— |
1,683 |
(1,478) |
6,429 |
|||
|
Losses on inducement/extinguishment of debt |
— |
2,664 |
— |
2,664 |
|||
|
Loss (gain) on foreign currency revaluation |
746 |
(4,495) |
1,568 |
(7,351) |
|||
|
Adjusted EBITDA, non-GAAP |
$ 26,383 |
$ 24,764 |
$ 48,466 |
$ 42,312 |
|||
|
Three Months Ended |
Six Months Ended |
||||||
|
2026 |
2025 |
2026 |
2025 |
||||
|
Reconciliation of cash flows from operating activities, GAAP to free |
|||||||
|
Net cash flows (used in) provided by operating activities |
$ (1,266) |
$ 15,011 |
$ (112) |
$ (1,942) |
|||
|
Capital expenditures |
(10,748) |
(3,287) |
(18,751) |
(6,925) |
|||
|
Free cash flows, non-GAAP |
$ (12,014) |
$ 11,724 |
$ (18,863) |
$ (8,867) |
|||
|
Reconciliation of GAAP to Non-GAAP Net Income and Diluted Income Per Common Share In Thousands, Except Per Share Data (Unaudited) |
|||||||
|
Three Months Ended |
Six Months Ended |
||||||
|
2026 |
2025 |
2026 |
2025 |
||||
|
GAAP: |
|||||||
|
(Loss) income before income taxes |
$ (11,699) |
$ 3,482 |
$ (11,360) |
$ 1,187 |
|||
|
Income tax expense |
1,811 |
2,137 |
733 |
347 |
|||
|
Net (loss) income |
$ (13,510) |
$ 1,345 |
$ (12,093) |
$ 840 |
|||
|
Diluted (loss) income per common share |
$ (0.28) |
$ 0.03 |
$ (0.25) |
$ 0.02 |
|||
|
Diluted weighted-average common shares outstanding |
48,541 |
45,378 |
48,309 |
44,503 |
|||
|
Reconciliation of (loss) income before income taxes, GAAP to |
|||||||
|
(Loss) income before income taxes, GAAP: |
$ (11,699) |
$ 3,482 |
$ (11,360) |
$ 1,187 |
|||
|
Adjustments: |
|||||||
|
Amortization expense |
4,226 |
3,427 |
8,137 |
6,815 |
|||
|
Business development, integration, and severance |
15,538 |
2,568 |
18,022 |
(489) |
|||
|
Non-cash interest expense |
396 |
485 |
711 |
1,028 |
|||
|
Cybersecurity incident |
— |
1,683 |
(1,478) |
6,429 |
|||
|
Losses on inducement/extinguishment of debt |
— |
2,664 |
— |
2,664 |
|||
|
Adjusted income before income taxes, non-GAAP |
8,461 |
14,309 |
14,032 |
17,634 |
|||
|
Income tax expense calculated at a tax rate of 25% |
2,115 |
3,577 |
3,508 |
4,408 |
|||
|
Adjusted net income, non-GAAP |
$ 6,346 |
$ 10,732 |
$ 10,524 |
$ 13,226 |
|||
|
Reconciliation of diluted (loss) income per common share, GAAP to |
|||||||
|
Diluted (loss) income per common share, GAAP: |
$ (0.28) |
$ 0.03 |
$ (0.25) |
$ 0.02 |
|||
|
Adjustments: |
|||||||
|
Amortization expense |
0.09 |
0.07 |
0.17 |
0.15 |
|||
|
Business development, integration, and severance |
0.31 |
0.06 |
0.36 |
(0.01) |
|||
|
Non-cash interest expense |
0.01 |
0.01 |
0.02 |
0.02 |
|||
|
Cybersecurity incident |
— |
0.03 |
(0.03) |
0.14 |
|||
|
Losses on inducement/extinguishment of debt |
— |
0.06 |
— |
0.06 |
|||
|
Tax effect of non-GAAP adjustments |
(0.10) |
(0.06) |
(0.13) |
(0.09) |
|||
|
Effect of 25% tax rate |
0.10 |
0.04 |
0.07 |
0.01 |
|||
|
Adjusted diluted income per common share, non-GAAP |
$ 0.13 |
$ 0.24 |
$ 0.21 |
$ 0.30 |
|||
|
Reconciliation of diluted weighted-average common shares |
|||||||
|
Diluted weighted-average common shares outstanding, GAAP: |
48,541 |
45,378 |
48,309 |
44,503 |
|||
|
Adjustments: |
|||||||
|
Effect of dilutive stock options and awards |
1,077 |
— |
1,360 |
— |
|||
|
Diluted weighted-average common shares outstanding, non- |
49,618 |
45,378 |
49,669 |
44,503 |
|||
Contacts:
|
|
|
|---|---|
|
|
|
|
Executive Vice President, |
Phone: 332-895-3222 |
|
Chief Operating Officer & |
|
|
Chief Financial Officer |
|
|
Phone: 770-419-3355 |
View original content to download multimedia:https://www.prnewswire.com/news-releases/artivion-reports-second-quarter-2026-financial-results-302845368.html
SOURCE
