0001628280-26-032620 | 10-Q | XBRL Viewer

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Stock Compensation (Details) - USD ($) $ in Millions	3 Months Ended
Stock Compensation (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ESPP, percentage of market price for eligible employees	85.00%
Employee stock purchase plan (in shares)	41,000	44,000
RSUs And PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized awards from approved stock incentive plans (in shares)	761,000	748,000
Aggregate grant date market value	$ 27.0	$ 19.0
Stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized awards from approved stock incentive plans (in shares)	0	0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Agreements with Endospan	3 Months Ended
Agreements with Endospan	Mar. 31, 2026
Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [Abstract]
Agreements with Endospan	Agreements with Endospan On September 11, 2019 Artivion’s wholly owned subsidiary, JOTEC, entered into an exclusive distribution agreement (“Endospan Distribution Agreement”) with Endospan Ltd. (“Endospan”), an Israeli corporation, pursuant to which JOTEC obtained exclusive distribution rights for NEXUS ONE, and under subsequent amendments, the NEXUS DUO and NEXUS TRE (collectively the “NEXUS family of products”) and accessories in certain countries in Europe in exchange for a fixed distribution fee of $9.0 million paid in September 2019. The Endospan Distribution Agreement was fully amortized as of December 31, 2024. Additionally, we entered into a loan agreement to provide Endospan a secured loan of up to $15.0 million (“Endospan Loan”) and a securities purchase option agreement (“Endospan Option”) with Endospan for $1.0 million paid in September 2019. The Endospan Option Agreement, prior to amendment described below, provides Artivion the option to purchase all the outstanding securities of Endospan from Endospan’s securityholders at the time of acquisition, or the option to acquire all of Endospan’s assets, in each case, for a price between $350.0 and $450.0 million before, or within a certain period of time after FDA approval of NEXUS, with such option expiring if not exercised within 90 days after receiving notice that Endospan has received approval from the FDA for NEXUS. On July 1, 2024 Artivion and Endospan entered into an amendment to the Endospan Option (“Endospan Option Amendment”) which amended the terms of the previously existing Endospan Option. Under the terms of the Endospan Option Amendment, the price to acquire all of Endospan’s outstanding securities from Endospan’s securityholders at the time of acquisition, or the option to acquire all of Endospan’s assets under the Endospan Option was reduced from $250.0 million to $175.0 million, resulting in an upfront acquisition purchase price of $135.0 million, inclusive of the loan off-set. There is no longer a minimum earnout payment of $100.0 million and the maximum earnout payment of $200.0 million remains the same. As described in more detail below, we also entered into an amendment to the Endospan Loan (the “Endospan Loan Amendment”) whereby we agreed to fund Endospan additional secured loans of up to $25.0 million (“Additional Endospan Loan” and together with the Endospan Loan, the “Endospan Loans”). Valuation The agreements with Endospan were entered into concurrently and had certain terms that are interrelated. In our evaluation of the initial relative fair value of each of the Endospan agreements to determine the amount to record, we utilized discounted cash flows to estimate the fair market value for the Endospan Loan and for the Endospan Distribution Agreement. We estimated the fair value of the Endospan Option utilizing a Monte Carlo simulation model. Inputs in our valuation of the Endospan agreements included cash payments and anticipated payments based on the executed agreements with Endospan, projected discounted cash flows in connection with the Endospan transaction, our expected internal rate of return and discount rates, and our assessed probability and timing of receipt of certification of certain approvals and milestones in obtaining FDA approval. Endospan Option In July 2024, in conjunction with the Endospan Option Amendment, we performed a fair value measurement utilizing a Monte Carlo simulation model and determined that the value of the Endospan Option was $3.1 million. The Endospan Option was valued at $3.1 million as of March 31, 2026 and December 31, 2025, which is reflected in Other current assets in the Condensed Consolidated Balance Sheets. In April 2026 the FDA approved the PMA for the NEXUS® Aortic Arch System. On May 7, 2026, following such approval, we elected to exercise the option to acquire Endospan pursuant to the Endospan Option Amendment. We will fund the upfront purchase price of $135.0 million using proceeds from the New Delayed Draw Term Loan Facility, as described in Note 8 – “Debt” in Part I, Item 1 of this Form 10-Q. Endospan Loans Artivion and Endospan also entered into a loan agreement (the “Endospan Loan”), dated September 11, 2019, in which Artivion agreed to provide Endospan a secured loan of up to $15.0 million to be funded in three tranches of $5.0 million each in 2019, 2020, and 2023, respectively. We elected the fair value option for recording the Endospan Loan. We assess the fair value of the Endospan Loan based on quantitative and qualitative characteristics, and adjust the amount recorded to its current fair market value at each reporting period. We performed assessments of the fair value of the Endospan Loan in previous periods and determined that the Endospan Loan had no fair value. After entering into the Endospan Loan Amendment in July 2024, we determined that the Endospan Loan had a fair value of $0.8 million as of March 31, 2026 and December 31, 2025. As a part of the Endospan Loan Amendment, Artivion agreed to fund the Additional Endospan Loan up to $25.0 million. The Additional Endospan Loan is contracted to be funded in three tranches of $7.0 million, $10.0 million, and $8.0 million, subject to Endospan’s achievement of milestones related to its pursuit of regulatory approval for NEXUS ONE that are specified in the Endospan Loan Amendment. The first two tranches totaling $17.0 million were funded during the year ended December 31, 2024. The third tranche of $8.0 million was funded in November 2025. We performed a fair value assessment of the Additional Endospan Loan and determined that the fair value was $19.6 million and $19.1 million as of March 31, 2026 and December 31, 2025, respectively, which is reflected in Other current assets in the Condensed Consolidated Balance Sheets.

Sale of PerClot	3 Months Ended
Sale of PerClot	Mar. 31, 2026
Discontinued Operations and Disposal Groups [Abstract]
Sale of PerClot	Sale of PerClot Overview On July 28, 2021 we entered into an asset purchase agreement, Transitional Manufacturing and Supply Agreement (“TMSA”), and other ancillary agreements related to the sale of PerClot®, a polysaccharide hemostatic agent used in surgery (“PerClot”), to a subsidiary of Baxter International, Inc. (“Baxter”) and an agreement to terminate all of our material agreements with Starch Medical, Inc. (“SMI”) related to PerClot (collectively the “Baxter Transaction”). Under the terms of the Baxter Transaction, Baxter will pay an aggregate of up to $54.5 million in consideration (we will receive up to $41.0 million and SMI will receive up to $13.5 million), consisting of (i) $25.0 million at closing, of which $6.0 million was paid to SMI; (ii) $18.8 million upon our receipt of Premarket Approval (“PMA”) from the US Food and Drug Administration (the “FDA”) for PerClot and our transfer of the PMA to Baxter, of which $4.5 million was paid to SMI; and (iii) up to $10.0 million upon Baxter’s achievement of certain cumulative worldwide net sales of PerClot prior to December 31, 2026 and December 31, 2027, of which up to $3.0 million is payable to SMI. In addition, at the conclusion of our manufacturing and supply services for Baxter, Baxter will pay $0.8 million upon transfer of our PerClot manufacturing equipment. Under the terms of the Baxter Transaction, we will continue to provide to Baxter certain transition services relating to the sale of SMI PerClot outside of the US. Within the terms of the TMSA, we will manufacture and supply PerClot for Baxter post PMA for a contractual period. The TMSA has been extended for an additional 24-month term and will expire in February 2027. PerClot PMA Upon receipt of the PMA in May 2023, under the terms of the TMSA, we began manufacturing and supplying PerClot for Baxter and recorded $0.6 million and $0.8 million of PerClot revenues on the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income during the three months ended March 31, 2026 and 2025, respectively. PerClot Sales Milestone During the second half of 2025, upon Baxter’s achievement of certain cumulative worldwide net sales of PerClot, we recorded a pre-tax gain of $7.0 million included as Gain from sale of non-financial assets within the Consolidated Statements of Operations and Comprehensive Income (Loss) for the year ended December 31, 2025. The gain is comprised of a cash payment of $5.0 million from Baxter, a receivable of $5.0 million due from Baxter, and a payable of $3.0 million due to SMI. The receivable and payable are reflected in Other receivables and Other current liabilities, respectively, in the Consolidated Balance Sheets as of December 31, 2025. Pursuant to the terms of the Baxter Transaction, we made a payment of $1.5 million to SMI in January 2026 in connection with Baxter’s achievement of the PerClot sales milestone. As of March 31, 2026, $1.5 million remained payable to SMI and $5.0 million was receivable from Baxter, which were reflected in Other current liabilities and Other receivables, respectively, in the Condensed Consolidated Balance Sheets.

Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Basic income (loss) per common share
Net income (loss)	$ 1,417	$ (505)
Net (income) loss allocated to participating securities	(1)	1
Net income (loss) allocated to common stockholders	$ 1,416	$ (504)
Basic weighted-average common shares outstanding (in shares)	48,074	42,232
Basic income (loss) per common share (in usd per share)	$ 0.03	$ (0.01)
Diluted income (loss) per common share
Net income (loss)	$ 1,417	$ (505)
Net (income) loss allocated to participating securities	(1)	1
Net income (loss) allocated to common stockholders	$ 1,416	$ (504)
Basic weighted-average common shares outstanding (in shares)	48,074	42,232
Effect of dilutive stock options and awards (in shares)	1,657	0
Diluted weighted-average common shares outstanding	49,731	42,232
Diluted income (loss) per common share (in usd per share)	$ 0.03	$ (0.01)

Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt

Debt consists of the following (in thousands):


	March 31, 2026		December 31, 2025
Term Loan Facility	$	190,000	$	190,000
Revolving Credit Facility	30,000		30,000
Total principal debt	220,000		220,000
Less: Unamortized debt issuance costs(a)	(4,648)		(4,886)
Total debt	215,352		215,114
Less: Current portion of long-term debt	—		—
Long-term debt, net	$	215,352	$	215,114

(a) Additional unamortized debt issuance costs totaling $1.5 million related to the Revolving Credit Facility are included in “Other long-term assets” in the Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025. Additional unamortized debt issuance costs totaling $1.1 million related to the New Delayed Draw Term Loan Facility are included in “Other long-term assets” in the Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025 as a result of the Amendment discussed below.

Our liquidity needs arise from the funding of our cost of operations and capital expenditures and from debt service on our indebtedness. We believe that cash generated from operations, together with amounts available under our Term Loan Facilities, as defined below, will be adequate to permit us to meet our obligations over the next twelve months from the date of this report.

Credit Facilities

On January 18, 2024 we entered into a credit and guaranty agreement with Ares Management Credit funds for $350.0 million of senior secured, interest-only, credit facilities, consisting of a $190.0 million secured term loan facility (the “Term Loan Facility”), a $100.0 million secured delayed draw term loan facility (the “Delayed Draw Term Loan Facility” and, together with the Term Loan Facility, the “Term Loan Facilities”) and a $60.0 million “senior-priority” secured revolving credit facility which has a priority claim ahead of the other secured facilities (the “Revolving Credit Facility” and, together with the Term Loan Facilities, the “Credit Facilities”). Upon closing, we borrowed $190.0 million under the Term Loan Facility and $30.0 million under the Revolving Credit Facility. The proceeds of the borrowings were used along with cash on hand to pay off our previously existing credit agreement and pay related fees and expenses.

The remaining $30.0 million of undrawn availability under the Revolving Credit Facility as of March 31, 2026 may be drawn for working capital, capital expenditures, and other general corporate purposes. The Delayed Draw Term Loan Facility remained undrawn and was terminated on July 2, 2025 as we entered into separate, privately negotiated exchange agreements with the Holders of the Convertible Senior Notes as discussed below.

On September 12, 2025 (the “Second Amendment Effective Date”) we entered into a Second Amendment to the credit and guaranty agreement (the “Amendment”), with Ares Management Credit funds, which amends the credit and guaranty agreement dated as of January 18, 2024. The Amendment provides for (i) an extension of the maturity date of the existing term loans (the “Existing Term Loan Facility”) and the existing revolving credit facility (the “Existing Revolving Credit Facility”) under the Credit Agreement by one year to January 18, 2031, (ii) a reduction in the interest rate margin applicable to the Existing Term Loan Facility and the Existing Revolving Credit Facility and (iii) a new $150.0 million secured delayed draw term loan facility (the “New Delayed Draw Term Loan Facility” and, together with the Existing Term Loan Facility, the “Term Loan Facilities”).

Subject to the satisfaction of a specified maximum total net leverage ratio and other customary conditions, we may borrow under the New Delayed Draw Term Loan Facility at any time and from time to time on or prior to September 12, 2027. The proceeds of borrowings under the New Delayed Draw Term Loan Facility may be used to fund permitted acquisitions (including any earnouts and other similar payments in connection therewith), other investments permitted by the Credit Agreement and capital expenditures, among other things. Loans borrowed under the New Delayed Draw Term Loan Facility will have the same terms and interest rate margins as the loans under the Existing Term Loan Facility.

In May 2026, in connection with our election to exercise the Endospan Option, we borrowed $150.0 million under the New Delayed Draw Term Loan Facility, of which $135.0 million will be used to fund the upfront purchase price for the acquisition of Endospan. See Part I, Item 1, Note 3 – “Agreements with Endospan” for further discussion of the Endospan Option acquisition.

Ranking; Guarantees

The Credit Facilities are secured by a security interest in substantially all existing and after-acquired real and personal property (subject to certain exceptions and exclusions) of us and the Guarantors.

Maturity and Prepayment

The final scheduled maturity date of the amended Credit Facilities is January 18, 2031. There are no scheduled repayments of principal required to be made prior to the final maturity date. We have the right to prepay loans under the Credit Agreement in whole or in part at any time, provided that any prepayment of loans under the Term Loan Facilities (or loans under the Revolving Credit Facility to the extent of reducing the balance of outstanding loans below $30.0 million) will be subject to a prepayment premium of 1.00% if the prepayment occurs prior to July 18, 2027. Amounts repaid in respect of loans under the Term Loan Facilities may not be reborrowed.

Covenants

The Credit Facilities contain certain customary affirmative and negative covenants, including covenants that limit our ability and the ability of our subsidiaries to, among other things, grant liens, incur debt, dispose of assets, make loans and investments, make acquisitions, make certain restricted payments (including cash dividends), merge or consolidate, change business or accounting or reporting practices, in each case subject to customary exceptions for a credit facility of this size and type. The covenants include a financial maintenance covenant that requires the company’s total net leverage ratio, as defined in the agreement, to be not greater than 6.25x for the test periods from the second quarter of fiscal year 2024 through the fourth quarter of fiscal year 2024 and not greater than 5.75x from the first quarter of fiscal year 2025 and thereafter. As of March 31, 2026 we are in compliance with our debt covenants.

Interest

On and after the Second Amendment Effective Date, the Revolving Credit Facility bears interest, at our option, at a floating annual rate equal to either the base rate plus a margin of 2.50%, or the Secured Overnight Financing Rate (“SOFR”) plus a margin of 3.50%. In addition, we will be required to pay fees of 0.50% per annum on the daily unused amount of the Revolving Credit Facility and 1.00% per annum on the daily unused amount of the New Delayed Draw Term Loan Facility. The Term Loan Facilities initially bear interest, at our option, at a floating annual rate equal to either the base rate plus a margin of 3.75%, or SOFR plus a margin of 4.75%. As of March 31, 2026 the stated and effective interest rate for the Term Loan Facility was 8.41% and 9.05%, respectively. As of March 31, 2026 the stated interest rate was 7.16% per annum for the Revolving Credit Facility.

Debt Discount and Debt Issuance Costs

In connection with the Amendment, we capitalized $0.5 million in debt issuance costs under the Existing Term Loan Facility, $0.2 million in other long-term assets under the Existing Revolving Credit Facility, and $1.1 million in other long-term assets under the New Delayed Draw Term Loan Facility. Non-cash amortization of debt issuance costs and debt discounts for our Credit Facilities totaled $0.3 million and $0.5 million for the three months ended March 31, 2026 and 2025, respectively.

Convertible Senior Notes

On June 18, 2020 we issued $100.0 million aggregate principal amount of 4.25% Convertible Senior Notes with a maturity date of July 1, 2025 (the “Convertible Senior Notes”). The net proceeds from this offering, after deducting initial purchasers’ discounts and costs directly related to this offering, were approximately $96.5 million. On January 1, 2021 we adopted ASU 2020-06 and adjusted the carrying balance of the Convertible Senior Notes to notional.

In May 2025 we entered into separate, privately negotiated exchange agreements (“Exchange Agreements”) with the Holders of the Convertible Senior Notes. The transactions contemplated by the Exchange Agreements closed on May 28, 2025. Under the terms of the Exchange Agreements, the Holders exchanged an aggregate principal amount of approximately $99.5 million of the Convertible Senior Notes held by the Holders in exchange for an aggregate of 4,334,347 shares of our common stock. In addition, pursuant to the Exchange Agreements, we made a cash payment of approximately $1.7 million to the Holders in respect of accrued and unpaid interest on the exchanged Convertible Senior Notes. The remaining $0.5 million in aggregate principal amount of the Convertible Senior Notes was settled on July 1, 2025 resulting in the issuance of 19,605 shares of our common stock. The Delayed Draw Term Loan Facility was terminated on July 2, 2025 after all of the Convertible Senior Notes were settled.

The Convertible Senior Notes could have been settled in cash, stock, or a combination thereof, solely at our discretion. The initial conversion rate of the Convertible Senior Notes is 42.6203 shares per $1,000 principal amount, which is equivalent to a conversion price of approximately $23.46 per share, subject to adjustments. We used the if-converted method for assumed conversion of the Convertible Senior Notes for the diluted earnings per share calculation in periods prior to inducement.

We did not incur interest expense for the three months ended March 31, 2026 due to the Convertible Senior Notes settlement in July 2025, as discussed above. We incurred $1.3 million of interest expense on the Convertible Senior Notes for the three months ended March 31, 2025. Interest on the Convertible Senior Notes began accruing upon issuance and was payable semi-annually.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

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+ Details

Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Short-Term and Long-Term Balances of Term Loan

Debt consists of the following (in thousands):


	March 31, 2026		December 31, 2025
Term Loan Facility	$	190,000	$	190,000
Revolving Credit Facility	30,000		30,000
Total principal debt	220,000		220,000
Less: Unamortized debt issuance costs(a)	(4,648)		(4,886)
Total debt	215,352		215,114
Less: Current portion of long-term debt	—		—
Long-term debt, net	$	215,352	$	215,114

Sale of PerClot (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		12 Months Ended
Sale of PerClot (Details) - USD ($) $ in Thousands	Jul. 28, 2021	Jan. 31, 2026	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total revenues			$ 116,337	$ 98,978
Per Clot
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration for sale of assets	$ 41,000				$ 5,000
Total revenues			600	$ 800
Gain from sale of non-financial assets					7,000
Notes and loans receivable			5,000		5,000
Per Clot \| Transfer Of Perclot Manufacturing Equipment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contingent consideration receivable	800
Per Clot \| Starch Medical Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contingent liability payment	4,500	$ 1,500
Payable			$ 1,500		$ 3,000
Per Clot \| Upon Our Receipt of Premarket Approval
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of assets	18,800
Per Clot \| Artivion Inc. And Starch Medical Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration for sale of assets	54,500
Proceeds from sale of assets	25,000
Per Clot \| Artivion Inc. And Starch Medical Inc. \| Baxter Achievement Of Worldwide Sales
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contingent consideration receivable	10,000
Per Clot \| Starch Medical Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration for sale of assets	13,500
Contingent liability payment	6,000
Per Clot \| Starch Medical Inc. \| Baxter Achievement Of Worldwide Sales
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contingent liability payment	$ 3,000

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Effective income tax rate expense	(318.00%)	78.00%

Financial Instruments (Schedule of Endospan Loan Amendment) (Details) - Variable Interest Entity, Primary Beneficiary - Endospan Loans - Level 3 $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Contingent Consideration
Balance as of December 31, 2025	$ 19,872
Change in valuation	530
Balance as of March 31, 2026	$ 20,402

Goodwill and Other Intangible Assets (Schedule of Goodwill by Reportable Segment) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 254,091
Foreign currency translation	(2,431)
Ending balance	$ 251,660

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

+ Details

Inventories and Deferred Preservation Costs (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Inventory [Line Items]
Consignment inventory	$ 15,600	$ 14,900
Deferred preservation costs	$ 53,412	$ 54,531
Domestic
Inventory [Line Items]
Consignment inventory percentage	36.00%	33.00%
International
Inventory [Line Items]
Consignment inventory percentage	64.00%	67.00%

Inventories and Deferred Preservation Costs (Schedule of Inventories) (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 37,897	$ 36,355
Work-in-process	20,399	17,133
Finished goods	39,699	38,939
Inventories	$ 97,995	$ 92,427

Financial Instruments

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Financial Instruments

A summary of financial instruments measured at fair value was as follows (in thousands):


March 31, 2026	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	24,304	$	—	$	—	$	24,304
Certificates of deposit	1,094		—		—		1,094
Endospan Loans	—		—		20,402		20,402
Total assets	$	25,398	$	—	$	20,402	$	45,800

Liabilities
Current portion of contingent consideration	$	—	$	—	$	21,490	$	21,490
Non-current contingent consideration	—		—		40,830		40,830
Total liabilities	$	—	$	—	$	62,320	$	62,320


December 31, 2025	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	20,725	$	—	$	—	$	20,725
Certificates of deposit	1,080		—		—		1,080
Endospan Loans	—		—		19,872		19,872
Total assets	$	21,805	$	—	$	19,872	$	41,677

Liabilities
Current portion of contingent consideration	$	—	$	—	$	20,690	$	20,690
Non-current contingent consideration	—		—		39,890		39,890
Total liabilities	$	—	$	—	$	60,580	$	60,580

We used prices quoted from our investment advisors to determine the Level 1 valuation of our investments in money market funds and certificates of deposit. The estimated market value of all cash equivalents is equal to the cost basis as there were no gross realized gains or losses on cash equivalents for the three months ended March 31, 2026 and 2025.

On September 2, 2020 we entered into a Securities Purchase Agreement to acquire 100% of the outstanding equity interests of Ascyrus Medical LLC (“Ascyrus”). Ascyrus developed the Ascyrus Medical Dissection Stent hybrid prosthesis (“AMDS”), the world’s first aortic arch remodeling device for use in the treatment of acute Type A aortic dissections. As part of the acquisition, we may be required to pay additional consideration in cash of up to $100.0 million to the former shareholders of Ascyrus upon the achievement of certain milestones and the sales-based additional earnout.

The contingent consideration represents the estimated fair value of future potential payments. The fair value of the contingent consideration liability was estimated by discounting to present value the contingent payments expected to be made based on a probability-weighted scenario approach. We applied a discount rate based on our unsecured credit spread and the term commensurate risk-free rate to the additional consideration to be paid, and then applied a risk-based estimate of the probability of achieving each scenario to calculate the fair value of the contingent consideration. This fair value measurement was based on unobservable inputs, including management estimates and assumptions about the future achievement of milestones and future estimate of revenues, and is, therefore, classified as Level 3 within the fair value hierarchy. We used a discount rate of approximately 17% and estimated future achievement of milestone dates to calculate the fair value of contingent consideration as of March 31, 2026. We remeasure this liability at each reporting date and record changes in the fair value of the contingent consideration in General, administrative, and marketing expenses in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income. Increases or decreases in the fair value of the contingent consideration liability can result from changes in the passage of time, discount rates, the timing and amount of our revenue estimates, and the timing and expectation of regulatory approvals.

We perform quarterly assessments of the fair value of the contingent consideration and recorded a net fair value loss of $1.7 million and a net fair value gain of $2.8 million for the three months ended March 31, 2026 and 2025, respectively, in General, administrative, and marketing expenses in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income. The $1.7 million increase in the fair value of liability for the three months ended March 31, 2026 was primarily due to the passage of time. The contingent consideration liability reflected in the Condensed Consolidated Balance Sheets as of March 31, 2026 was $62.3 million, of which $21.5 million was included in current liabilities. The $21.5 million represents the fair value of the $25.0 million contingent payment associated with FDA approval of the PMA application, which is expected to be achieved in mid-2026. The contingent consideration liability reflected in the Consolidated Balance Sheets as of December 31, 2025 was $60.6 million.

The fair value of the contingent consideration component of the Ascyrus acquisition and Endospan Loans were updated using Level 3 inputs. Changes in fair value of Level 3 assets and liabilities are listed in the tables below (in thousands):


	Contingent Consideration
Balance as of December 31, 2025	$	60,580
Change in valuation	1,740
Balance as of March 31, 2026	$	62,320


	Endospan Loans
Balance as of December 31, 2025	$	19,872
Change in valuation	530
Balance as of March 31, 2026	$	20,402

The determination of fair value and the assessment of a measurement’s placement within the hierarchy requires judgment. Level 3 valuations often involve a higher degree of judgment and complexity. Although we believe that the recorded fair values of our financial instruments are appropriate, these fair values may not be reflective of future fair values.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Financial Instruments (Schedule of Financial Instruments Measured at Fair Value) (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	$ 45,800	$ 41,677
Current portion of contingent consideration	21,490	20,690
Non-current contingent consideration	40,830	39,890
Total liabilities	62,320	60,580
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	25,398	21,805
Current portion of contingent consideration	0	0
Non-current contingent consideration	0	0
Total liabilities	0	0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	0	0
Current portion of contingent consideration	0	0
Non-current contingent consideration	0	0
Total liabilities	0	0
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	20,402	19,872
Current portion of contingent consideration	21,490	20,690
Non-current contingent consideration	40,830	39,890
Total liabilities	62,320	60,580
Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	24,304	20,725
Money market funds \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	24,304	20,725
Money market funds \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	0	0
Money market funds \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	0	0
Certificates of deposit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	1,094	1,080
Certificates of deposit \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	1,094	1,080
Certificates of deposit \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	0	0
Certificates of deposit \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	0	0
Endospan Loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Endospan Loans	20,402	19,872
Endospan Loans \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Endospan Loans	0	0
Endospan Loans \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Endospan Loans	0	0
Endospan Loans \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Endospan Loans	$ 20,402	$ 19,872

Goodwill and Other Intangible Assets (Schedule of Gross Carrying Values, Accumulated Amortization, and Approximate Amortization Period of Definite Lived Intangible Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]
Net Carrying Value	$ 120,001	$ 123,664
Other intangibles, net
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	49,870	52,063
Accumulated Amortization	19,239	23,536
Net Carrying Value	$ 30,631	$ 28,527
Weighted Average Useful Life (Years)	9 years 3 months 18 days	9 years 9 months 18 days
Acquired technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 206,300	$ 208,235
Accumulated Amortization	86,299	84,571
Net Carrying Value	$ 120,001	$ 123,664
Weighted Average Useful Life (Years)	18 years 2 months 12 days	18 years 1 month 6 days
Customer lists and relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 28,808	$ 28,853
Accumulated Amortization	13,369	13,057
Net Carrying Value	$ 15,439	$ 15,796
Weighted Average Useful Life (Years)	21 years 7 months 6 days	21 years 6 months
Patents
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 1,379	$ 4,658
Accumulated Amortization	258	3,523
Net Carrying Value	$ 1,121	$ 1,135
Weighted Average Useful Life (Years)	17 years	17 years
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 19,683	$ 18,552
Accumulated Amortization	5,612	6,956
Net Carrying Value	$ 14,071	$ 11,596
Weighted Average Useful Life (Years)	5 years	5 years

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended
Revenue Recognition (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Total revenues	$ 116,337	$ 98,978
North America
Disaggregation of Revenue [Line Items]
Total revenues	58,695	47,793
EMEA
Disaggregation of Revenue [Line Items]
Total revenues	43,986	37,045
APAC
Disaggregation of Revenue [Line Items]
Total revenues	8,690	8,214
LATAM
Disaggregation of Revenue [Line Items]
Total revenues	$ 4,966	$ 5,926

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Foreign currency transaction gain (loss)	$ (800)	$ 2,900
Foreign currency translation adjustments gain (loss)	(8,846)	6,331
Intercompany Loans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Foreign currency translation adjustments gain (loss)	$ (7,400)	$ 3,800

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Carrying Values of Indefinite Lived Intangible Assets

The carrying values of our indefinite lived intangible assets were as follows (in thousands):


	March 31, 2026		December 31, 2025
Goodwill	$	251,660	$	254,091
In-process R&D	2,242		2,291
Procurement contracts and agreements	2,013		2,013

Schedule of Goodwill by Reportable Segment

Changes in the carrying value of our goodwill, all of which was related to our Medical Devices segment, were as follows (in thousands):


	March 31, 2026
Balance as of December 31, 2025	$	254,091
Foreign currency translation	(2,431)
Balance as of March 31, 2026	$	251,660

Schedule of Gross Carrying Values, Accumulated Amortization, and Approximate Amortization Period of Definite Lived Intangible Assets

The major intangible asset classes consist of the following (in thousands, except weighted average useful life):


March 31, 2026	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life (Years)
Acquired technology	$	206,300	$	86,299	$	120,001	18.2
Other intangibles:
Customer lists and relationships	$	28,808	$	13,369	$	15,439	21.6
Patents	1,379		258		1,121		17.0
Other	19,683		5,612		14,071		5.0
Other intangibles, net	$	49,870	$	19,239	$	30,631	9.3


December 31, 2025	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life (Years)
Acquired technology	$	208,235	$	84,571	$	123,664	18.1
Other intangibles:
Customer lists and relationships	$	28,853	$	13,057	$	15,796	21.5
Patents	4,658		3,523		1,135		17.0
Other	18,552		6,956		11,596		5.0
Other intangibles, net	$	52,063	$	23,536	$	28,527	9.8

Schedule of Amortization Expense

Amortization expense recorded in General, administrative, and marketing expenses in our Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income was as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Amortization expense	$	3,911	$	3,388

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Goodwill and Other Intangible Assets (Narrative) (Details)	3 Months Ended
	Mar. 31, 2026 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of indefinite lived intangible assets	$ 0
Goodwill, impairment loss	$ 0

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

Segment Information (Schedule of Revenues, Cost of Products and Services, and Gross Margins for Operating Segments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Total revenues	$ 116,337	$ 98,978
Total cost of products and preservation services	40,889	35,401
Total gross margin	75,448	63,577
Operating Segments \| Medical devices
Segment Reporting Information [Line Items]
Total revenues	91,442	78,798
Total cost of products and preservation services	29,697	25,263
Total gross margin	61,745	53,535
Operating Segments \| Preservation services
Segment Reporting Information [Line Items]
Total revenues	24,895	20,180
Total cost of products and preservation services	11,192	10,138
Total gross margin	$ 13,703	$ 10,042

- Definition

The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities.

+ References + Details

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

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Stock Compensation	3 Months Ended
Stock Compensation	Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]
Stock Compensation	Stock Compensation Overview We have stock option and stock incentive plans for employees and non-employee directors that provide for grants of restricted stock awards (“RSAs”), restricted stock units (“RSUs”), performance stock units (“PSUs”), and options to purchase shares of our common stock at exercise prices generally equal to the fair value of such stock at the dates of grant. We also maintain a stockholder-approved Employee Stock Purchase Plan (“ESPP”) for the benefit of our employees. The ESPP allows eligible employees to purchase common stock on a regular basis at the lower of 85% of the market price at the beginning or end of each offering period. Equity Grants During the three months ended March 31, 2026 the Compensation Committee of our Board of Directors (the “Committee”) authorized awards from approved stock incentive plans of RSUs and PSUs to certain employees and company officers, which, assuming that performance under the PSUs will be achieved at target levels, together totaled 761,000 shares and had an aggregate grant date fair value of $27.0 million. During the three months ended March 31, 2025 the Committee authorized awards from approved stock incentive plans of RSUs and PSUs to certain employees and company officers, which, assuming that performance under the PSUs were to be achieved at target levels, together totaled 748,000 shares and had an aggregate grant date fair value of $19.0 million. The Committee did not authorize any grants of stock options during the three months ended March 31, 2026 and 2025. Employees purchased common stock totaling 41,000 and 44,000 shares in the three months ended March 31, 2026 and 2025, respectively, through the ESPP.

Debt (Schedule of Short-Term and Long-Term Balances of Term Loan) (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Total principal debt	$ 220,000	$ 220,000
Less: Unamortized debt issuance costs	(4,648)	(4,886)
Total debt	215,352	215,114
Less: Current portion of long-term debt	0	0
Long-term debt, net	215,352	215,114
New Delayed Draw Term Loan Facility
Debt Instrument [Line Items]
Less: Unamortized debt issuance costs	(1,100)
Unamortized debt issuance costs	1,100	1,100
Term Loan Facility
Debt Instrument [Line Items]
Total principal debt	190,000	190,000
Revolving Credit Facility
Debt Instrument [Line Items]
Total principal debt	30,000	30,000
Unamortized debt issuance costs	$ 1,500	$ 1,500

Revenue Recognition

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Disaggregation of Revenue

Revenues are disaggregated by the following geographic regions:

•North America: consists of the US and Canada. We market our approved medical device products and preservation services (predominantly in the US), primarily to physicians through our direct sales representatives who are managed by regional managers.

•Europe, the Middle East, and Africa (“EMEA”): in certain countries, we market approved medical device products to physicians, hospitals, and distributors through our direct sales force. In countries where we have no direct sales forces, regional sales managers market to distributors who buy medical device products directly from us and sell to hospitals in their respective countries.

•Asia Pacific (“APAC”): we market medical device products that are approved in each country to distributors in the region.

•Latin America (“LATAM”): we market medical device products that are approved in each country to distributors in the region except for Brazil where we sell directly to end customers and distributors.

Net revenues by geographic location based on the location of the customer were as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
North America	$	58,695	$	47,793
EMEA	43,986		37,045
APAC	8,690		8,214
LATAM	4,966		5,926
Total revenues	$	116,337	$	98,978

Also see segment disaggregation information in Note 13 below.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2026	May 01, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	1-13165
Entity Registrant Name	ARTIVION, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	59-2417093
Entity Address, Address Line One	1655 Roberts Boulevard, NW
Entity Address, City or Town	Kennesaw
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30144
City Area Code	770
Local Phone Number	419-3355
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	AORT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		48,543,350
Entity Central Index Key	0000784199
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false

Segment Information (Narrative) (Details)	3 Months Ended
Segment Information (Narrative) (Details)	Mar. 31, 2026 USD ($) segment	Mar. 31, 2025 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	2
Total revenues	$ 116,337,000	$ 98,978,000
Intersegment Eliminations
Segment Reporting Information [Line Items]
Total revenues	$ 0

- Definition

+ References

+ Details

Segment Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Information

We have two reportable segments organized according to our products and services: Medical Devices and Preservation Services. The Medical Devices segment includes external revenues from product sales of aortic stent grafts, On-X®, surgical sealants, and other product revenues. Aortic stent grafts include aortic arch stent grafts, abdominal stent grafts, and synthetic vascular grafts. Aortic arch stent grafts include our E-vita® Open NEO, E-vita Open Plus, Arcevo LSA, AMDSTM, the NEXUS ONETM, NEXUS DUOTM, and NEXUS TRETM aortic arch stent graft systems (the “NEXUS family of products”), and E-vita Thoracic 3G. Abdominal stent grafts include our E-xtra Design Engineering, E-nsideTM, ArtivexTM, E-tegraTM, E-ventusTM BX, TuvaTM BX, and E-liacTM products. Surgical sealants include BioGlue® Surgical Adhesive products. The Preservation Services segment includes external services revenues from the preservation of cardiac and vascular tissues. There are no intersegment revenues.

Our Chief Operating Decision Maker (“CODM”) is the Company’s Chairman, President, and CEO. The CODM reviews financial information to assess segment performance and determine how to allocate resources across segments.

The primary measure of segment performance, as assessed by our management, is segment gross margin or net external revenues less cost of products and preservation services. The CODM regularly reviews these costs, recognizing them as significant segment expenses. We do not segregate assets by segment; therefore, asset information is excluded from the segment disclosures below.

The following table summarizes revenues, cost of products and preservation services, and gross margins for our reportable segments (in thousands):


	Three Months Ended March 31,
	2026		2025
Revenues:
Medical devices	$	91,442	$	78,798
Preservation services	24,895		20,180
Total revenues	116,337		98,978

Cost of products and preservation services:
Medical devices	29,697		25,263
Preservation services	11,192		10,138
Total cost of products and preservation services	40,889		35,401

Gross margin:
Medical devices	61,745		53,535
Preservation services	13,703		10,042
Total gross margin	$	75,448	$	63,577

Net revenues by product were as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Products:
Aortic stent grafts	$	44,397	$	36,602
On-X	25,951		21,574
Surgical sealants	18,805		18,106
Other	2,289		2,516
Total products	91,442		78,798

Preservation services	24,895		20,180
Total revenues	$	116,337	$	98,978

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Segment Information (Schedule of Net Revenues by Product and Service) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Product Information [Line Items]
Total revenues	$ 116,337	$ 98,978
Products
Product Information [Line Items]
Total revenues	91,442	78,798
Aortic stent grafts
Product Information [Line Items]
Total revenues	44,397	36,602
On-X
Product Information [Line Items]
Total revenues	25,951	21,574
Surgical sealants
Product Information [Line Items]
Total revenues	18,805	18,106
Other
Product Information [Line Items]
Total revenues	2,289	2,516
Preservation services
Product Information [Line Items]
Total revenues	$ 24,895	$ 20,180

- Definition

+ References

+ Details

Inventories and Deferred Preservation Costs (Tables)

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consist of the following (in thousands):


	March 31, 2026		December 31, 2025
Raw materials and supplies	$	37,897	$	36,355
Work-in-process	20,399		17,133
Finished goods	39,699		38,939
Inventories	$	97,995	$	92,427

Goodwill and Other Intangible Assets (Schedule of Amortization Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 3,911	$ 3,388

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ Details

Debt (Narrative) (Details)									3 Months Ended
Debt (Narrative) (Details)	May 07, 2026 USD ($)	Sep. 12, 2025 USD ($)	Jul. 01, 2025 USD ($) shares	May 28, 2025 USD ($) shares	Jul. 01, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jan. 18, 2024 USD ($)	Jun. 18, 2020 USD ($) $ / shares	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Line of Credit Facility [Line Items]
Secured term loan facility									$ 220,000,000		$ 220,000,000
Debt issuance costs, net									4,648,000		4,886,000
Long-term debt									215,352,000		$ 215,114,000
For Period from Second Quarter To Fourth Quarter of Fiscal Year 2024 \| Secured Debt
Line of Credit Facility [Line Items]
Debt Instrument, net leverage ratio							6.25
From First Quarter of Fiscal Year 2025 and Thereafter \| Secured Debt
Line of Credit Facility [Line Items]
Debt Instrument, net leverage ratio							5.75
Variable Interest Entity, Primary Beneficiary
Line of Credit Facility [Line Items]
Option to purchase outstanding securities					$ 175,000,000.0	$ 250,000,000.0
Variable Interest Entity, Primary Beneficiary \| Upfront Acquisition Purchase Price
Line of Credit Facility [Line Items]
Option to purchase outstanding securities					$ 135,000,000.0
Subsequent Event \| Variable Interest Entity, Primary Beneficiary \| Upfront Acquisition Purchase Price
Line of Credit Facility [Line Items]
Option to purchase outstanding securities	$ 135,000,000.0
Credit Facilities, Convertible Senior Notes and Old Credit Facilities
Line of Credit Facility [Line Items]
Non-cash amortization of debt issuance costs									300,000	$ 500,000
Convertible Debt [Member]
Line of Credit Facility [Line Items]
Debt instrument, face amount								$ 100,000,000.0
Interest rate on amounts borrowed								4.25%
Proceeds from issuance of convertible debt								$ 96,500,000
Conversion price (in dollars per share) \| $ / shares								$ 23.46
Conversion ratio								0.0426203
Interest expense									$ 0	$ 1,300,000
Credit and Guaranty Agreement \| Secured Debt
Line of Credit Facility [Line Items]
Debt instrument, face amount							$ 350,000,000.0
Term Loan Facility \| Secured Debt
Line of Credit Facility [Line Items]
Debt instrument, face amount							190,000,000.0
Secured term loan facility							190,000,000.0
Interest rate on amounts borrowed									8.41%
Effective interest rate									9.05%
Delayed Draw Term Loan Facility \| Secured Debt
Line of Credit Facility [Line Items]
Debt instrument, face amount							100,000,000.0
Revolving Credit Facility \| Secured Debt
Line of Credit Facility [Line Items]
Interest rate on amounts borrowed									7.16%
Revolving Credit Facility \| Secured Debt \| Base Rate
Line of Credit Facility [Line Items]
Credit facility margin		2.50%
Revolving Credit Facility \| Secured Debt \| SOFR
Line of Credit Facility [Line Items]
Credit facility margin		3.50%
Revolving Credit Facility \| Secured Debt
Line of Credit Facility [Line Items]
Debt instrument, face amount							60,000,000.0
Secured term loan facility							30,000,000.0
Debt instrument, unused borrowing capacity, amount							$ 30,000,000.0		$ 30,000,000.0
Commitment fee percentage		0.50%
Revolving Credit Facility \| Secured Debt \| If Prepayment Occurs Prior to July 18, 2027
Line of Credit Facility [Line Items]
Debt prepayment premium							1.00%
New Delayed Draw Term Loan Facility
Line of Credit Facility [Line Items]
Debt issuance costs, net									1,100,000
New Delayed Draw Term Loan Facility \| Secured Debt
Line of Credit Facility [Line Items]
Debt instrument, face amount		$ 150,000,000.0
Debt instrument, extension period		1 year
Commitment fee percentage		1.00%
New Delayed Draw Term Loan Facility \| Secured Debt \| Subsequent Event
Line of Credit Facility [Line Items]
Proceeds from issuance of debt	$ 150,000,000.0
Term Loan Facilities \| Secured Debt \| Base Rate
Line of Credit Facility [Line Items]
Credit facility margin		3.75%
Term Loan Facilities \| Secured Debt \| SOFR
Line of Credit Facility [Line Items]
Credit facility margin		4.75%
Existing Term Loan Facility
Line of Credit Facility [Line Items]
Debt issuance costs, net									500,000
Existing Revolving Credit Facility
Line of Credit Facility [Line Items]
Debt issuance costs, net									$ 200,000
Exchange Agreements \| Convertible Debt [Member]
Line of Credit Facility [Line Items]
Cash payment				$ 99,500,000
Exchange aggregate shares (In shares) \| shares			19,605	4,334,347
Cash payment amount				$ 1,700,000
Long-term debt			$ 500,000

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Agreements with Endospan (Details)					1 Months Ended		12 Months Ended
Agreements with Endospan (Details)	May 07, 2026 USD ($)	Jul. 01, 2024 USD ($)	Jun. 30, 2024 USD ($)	Sep. 11, 2019 USD ($) tranche	Nov. 30, 2025 USD ($)	Sep. 30, 2019 USD ($)	Dec. 31, 2024 USD ($) tranche	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)	Jul. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Variable Interest Entity [Line Items]
Number of tranches \| tranche				3
New Delayed Draw Term Loan Facility \| Secured Debt \| Subsequent Event
Variable Interest Entity [Line Items]
Proceeds from issuance of debt	$ 150,000,000.0
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Notes receivable balance		$ 25,000,000.0		$ 15,000,000.0			$ 25,000,000.0
Securities purchase option agreement						$ 1,000,000.0
Securities purchase option agreement, expiration period						90 days
Option to purchase outstanding securities		175,000,000.0	$ 250,000,000.0
Minimum amount of future consideration payment		0
Securities purchase option agreement, payment		100,000,000.0
Maximum amount of future consideration payment		200,000,000.0
Number of tranches \| tranche							3
Funding of loan agreement per tranche				5,000,000.0
Loans at fair value											$ 0
Variable Interest Entity, Primary Beneficiary \| Endospan Option Amendment
Variable Interest Entity [Line Items]
Endospan option								$ 3,100,000	$ 3,100,000	$ 3,100,000
Variable Interest Entity, Primary Beneficiary \| Additional Endospan Loan
Variable Interest Entity [Line Items]
Loans at fair value								19,600,000	19,100,000
Variable Interest Entity, Primary Beneficiary \| Upfront Acquisition Purchase Price
Variable Interest Entity [Line Items]
Option to purchase outstanding securities		$ 135,000,000.0
Variable Interest Entity, Primary Beneficiary \| Upfront Acquisition Purchase Price \| Subsequent Event
Variable Interest Entity [Line Items]
Option to purchase outstanding securities	$ 135,000,000.0
Variable Interest Entity, Primary Beneficiary \| After Entering into the Endospan Loan Amendment \| Endospan Loan
Variable Interest Entity [Line Items]
Loans at fair value								$ 800,000	$ 800,000
Variable Interest Entity, Primary Beneficiary \| Tranche One
Variable Interest Entity [Line Items]
Funding of loan agreement per tranche							$ 7,000,000.0
Variable Interest Entity, Primary Beneficiary \| Tranche Two
Variable Interest Entity [Line Items]
Funding of loan agreement per tranche							10,000,000.0
Variable Interest Entity, Primary Beneficiary \| Tranche Three
Variable Interest Entity [Line Items]
Funding of loan agreement per tranche					$ 8,000,000.0		8,000,000.0
Variable Interest Entity, Primary Beneficiary \| Tranche One and Two
Variable Interest Entity [Line Items]
Funding of loan agreement per tranche							$ 17,000,000.0
Variable Interest Entity, Primary Beneficiary \| Minimum
Variable Interest Entity [Line Items]
Option to purchase outstanding securities						$ 350,000,000.0
Variable Interest Entity, Primary Beneficiary \| Maximum
Variable Interest Entity [Line Items]
Option to purchase outstanding securities						$ 450,000,000.0
Variable Interest Entity, Primary Beneficiary \| JOTEC GmbH
Variable Interest Entity [Line Items]
Distribution fee				$ 9,000,000.0

Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Indefinite Lived Intangible Assets

The carrying values of our indefinite lived intangible assets were as follows (in thousands):


	March 31, 2026		December 31, 2025
Goodwill	$	251,660	$	254,091
In-process R&D	2,242		2,291
Procurement contracts and agreements	2,013		2,013

We monitor the phases of development of our acquired in-process research and development projects, including the risks associated with further development and the amount and timing of benefits expected to be derived from the completed projects. Incremental costs associated with development are charged to expense as incurred. Capitalized costs are amortized over the estimated useful life of the developed asset once completed. Our in-process research and development projects are reviewed for impairment annually, or more frequently, if events or changes in circumstances indicate that the asset might be impaired. We evaluate our goodwill and indefinite lived intangible assets for impairment on an annual basis during the fourth quarter of the year, and, if necessary, during interim periods if factors indicate that an impairment review is warranted. We did not record any impairment of indefinite lived intangible assets, including goodwill, during the three months ended March 31, 2026. In-process research and development, procurement contracts and agreements are included in Other intangibles, net in the Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025.

Based on our experience with similar agreements, we believe that our acquired procurement contracts and agreements have indefinite useful lives, as we expect to continue to renew these contracts for the foreseeable future.

Changes in the carrying value of our goodwill, all of which was related to our Medical Devices segment, were as follows (in thousands):


	March 31, 2026
Balance as of December 31, 2025	$	254,091
Foreign currency translation	(2,431)
Balance as of March 31, 2026	$	251,660

Definite Lived Intangible Assets

The definite lived intangible assets balance includes balances related to acquired technology, customer relationships, distribution and manufacturing rights and know-how, patents, and other definite lived intangible assets. The major intangible asset classes consist of the following (in thousands, except weighted average useful life):


March 31, 2026	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life (Years)
Acquired technology	$	206,300	$	86,299	$	120,001	18.2
Other intangibles:
Customer lists and relationships	$	28,808	$	13,369	$	15,439	21.6
Patents	1,379		258		1,121		17.0
Other	19,683		5,612		14,071		5.0
Other intangibles, net	$	49,870	$	19,239	$	30,631	9.3


December 31, 2025	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life (Years)
Acquired technology	$	208,235	$	84,571	$	123,664	18.1
Other intangibles:
Customer lists and relationships	$	28,853	$	13,057	$	15,796	21.5
Patents	4,658		3,523		1,135		17.0
Other	18,552		6,956		11,596		5.0
Other intangibles, net	$	52,063	$	23,536	$	28,527	9.8

Amortization Expense

Amortization expense recorded in General, administrative, and marketing expenses in our Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income was as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Amortization expense	$	3,911	$	3,388

Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenues:
Total revenues	$ 116,337	$ 98,978
Cost of products and preservation services:
Total cost of products and preservation services	40,889	35,401
Gross margin	75,448	63,577
Operating expenses:
General, administrative, and marketing	60,820	54,704
Research and development	8,841	6,728
Total operating expenses	69,661	61,432
Operating income	5,787	2,145
Interest expense	5,367	7,663
Interest income	(205)	(144)
Other expense (income), net	286	(3,079)
Income (loss) before income taxes	339	(2,295)
Income tax benefit	(1,078)	(1,790)
Net income (loss)	$ 1,417	$ (505)
Income (loss) per share
Basic (in usd per share)	$ 0.03	$ (0.01)
Diluted (in usd per share)	$ 0.03	$ (0.01)
Weighted-average common shares outstanding:
Basic (in shares)	48,074	42,232
Diluted (in shares)	49,731	42,232
Net income (loss)	$ 1,417	$ (505)
Other comprehensive (loss) income:
Foreign currency translation adjustments, net of tax	(8,846)	6,331
Comprehensive (loss) income	(7,429)	5,826
Products
Revenues:
Total revenues	91,442	78,798
Cost of products and preservation services:
Total cost of products and preservation services	29,697	25,263
Preservation services
Revenues:
Total revenues	24,895	20,180
Cost of products and preservation services:
Total cost of products and preservation services	$ 11,192	$ 10,138

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	75,000,000	75,000,000
Common stock, shares issued (in shares)	49,983,000	49,330,000
Treasury stock at cost, shares (in shares)	1,487,000	1,487,000

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Liability Claims In the normal course of business, we are made aware of adverse events involving our products and tissues. Future adverse events could ultimately give rise to a lawsuit against us, and liability claims may be asserted against us in the future based on past events that we are not aware of at the present time. We maintain claims-made insurance policies to mitigate our financial exposure to product and tissue processing liability claims. Claims-made insurance policies generally cover only those asserted claims and incidents that are reported to the insurance carrier while the policy is in effect. The amounts recorded in these Condensed Consolidated Financial Statements as of March 31, 2026 and December 31, 2025 represent our estimate of the probable losses and anticipated recoveries for incurred but not reported claims related to products sold and services performed prior to the balance sheet date.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income Tax Expense Our effective income tax rate was a benefit of 318% and 78% for the three months ended March 31, 2026 and 2025, respectively. The effective income tax rate for the three months ended March 31, 2026 was primarily impacted by excess tax deductions on stock-based compensation, partially offset by state income taxes, non-deductible executive compensation, and changes in our valuation allowance against net deferred tax assets. On July 4, 2025 the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. We have reflected the impact of the enactment in our results for the three months ended March 31, 2026.

- Definition

The entire disclosure for income tax.

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+ Details

Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value

A summary of financial instruments measured at fair value was as follows (in thousands):


March 31, 2026	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	24,304	$	—	$	—	$	24,304
Certificates of deposit	1,094		—		—		1,094
Endospan Loans	—		—		20,402		20,402
Total assets	$	25,398	$	—	$	20,402	$	45,800

Liabilities
Current portion of contingent consideration	$	—	$	—	$	21,490	$	21,490
Non-current contingent consideration	—		—		40,830		40,830
Total liabilities	$	—	$	—	$	62,320	$	62,320


December 31, 2025	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	20,725	$	—	$	—	$	20,725
Certificates of deposit	1,080		—		—		1,080
Endospan Loans	—		—		19,872		19,872
Total assets	$	21,805	$	—	$	19,872	$	41,677

Liabilities
Current portion of contingent consideration	$	—	$	—	$	20,690	$	20,690
Non-current contingent consideration	—		—		39,890		39,890
Total liabilities	$	—	$	—	$	60,580	$	60,580

Schedule of Reconciliation of Changes in Fair Value of Level 3 Liabilities

Changes in fair value of Level 3 assets and liabilities are listed in the tables below (in thousands):


	Contingent Consideration
Balance as of December 31, 2025	$	60,580
Change in valuation	1,740
Balance as of March 31, 2026	$	62,320


	Endospan Loans
Balance as of December 31, 2025	$	19,872
Change in valuation	530
Balance as of March 31, 2026	$	20,402

Goodwill and Other Intangible Assets (Schedule of Carrying Values of Indefinite Lived Intangible Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Indefinite-lived Intangible Assets [Line Items]
Goodwill	$ 251,660	$ 254,091
In-process R&D
Indefinite-lived Intangible Assets [Line Items]
Total indefinite-lived intangible assets	2,242	2,291
Procurement contracts and agreements
Indefinite-lived Intangible Assets [Line Items]
Total indefinite-lived intangible assets	$ 2,013	$ 2,013

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-Topic 350
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

+ Details

Financial Instruments (Schedule of Reconciliation of Contingent Consideration) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Contingent Consideration
Change in valuation	$ 1,740	$ (2,830)
Ascyrus Medical LLC
Contingent Consideration
Change in valuation	1,700	$ (2,800)
Ascyrus Medical LLC \| Level 3
Contingent Consideration
Balance as of December 31, 2025	60,580
Change in valuation	1,740
Balance as of March 31, 2026	$ 62,320

Inventories and Deferred Preservation Costs

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Inventories and Deferred Preservation Costs

Inventories consist of the following (in thousands):


	March 31, 2026		December 31, 2025
Raw materials and supplies	$	37,897	$	36,355
Work-in-process	20,399		17,133
Finished goods	39,699		38,939
Inventories	$	97,995	$	92,427

To facilitate product usage, we maintain consignment inventory of On-X heart valves at domestic hospital locations and On-X heart valves, aortic stent grafts, and AMDS products at international hospital locations. We retain title and control over this consignment inventory until we receive a notification of implantation, at which time we invoice the hospital and recognize revenue. As of March 31, 2026 we had $15.6 million in consignment inventory, with approximately 36% in domestic locations and 64% in international locations. As of December 31, 2025 we had $14.9 million in consignment inventory, with approximately 33% in domestic locations and 67% in foreign locations.

Total deferred preservation costs were $53.4 million and $54.5 million as of March 31, 2026 and December 31, 2025, respectively.

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Overview The accompanying Condensed Consolidated Financial Statements include the accounts of Artivion, Inc. and its subsidiaries (“Artivion,” the “Company,” “we,” or “us”). All significant intercompany accounts and transactions have been eliminated in consolidation. The accompanying Consolidated Balance Sheet as of December 31, 2025 has been derived from audited financial statements. The accompanying unaudited Condensed Consolidated Financial Statements as of, and for the three months ended, March 31, 2026 and 2025 have been prepared in accordance with (i) accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information and (ii) the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the US Securities and Exchange Commission (the “SEC”). Accordingly, such statements do not include all the information and disclosures that are required by US GAAP for a complete presentation of financial statements. In the opinion of management, all adjustments (including those of a normal, recurring nature) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes included in Artivion’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 18, 2026. Foreign Currency Translation and Transactions Assets and liabilities of international subsidiaries whose functional currency is the local currency are translated at the rate of exchange in effect on the balance sheet date; income and expenses are translated at the average exchange rates throughout the year. Foreign currency exchange rate realized and unrealized gains and losses resulting from transactions are included in Other expense (income), net in our Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income and resulted in a net loss of $0.8 million and a net gain of $2.9 million for the three months ended March 31, 2026 and 2025, respectively. Currency translation adjustments resulting from intra-entity loans that are of a long-term investment nature, net of tax, are included in Accumulated other comprehensive loss and resulted in a net loss of $7.4 million and a net gain of $3.8 million for the three months ended March 31, 2026 and 2025, respectively. Significant Accounting Policies A summary of our significant accounting policies is included in Note 1 of the “Notes to Consolidated Financial Statements” contained in our Form 10-K for the year ended December 31, 2025. Management believes that the consistent application of these policies enables us to provide users of the financial statements with useful and reliable information about our operating results and financial condition. The Condensed Consolidated Financial Statements are prepared in accordance with US GAAP, which require us to make estimates and assumptions. We did not experience any significant changes during the three months ended March 31, 2026 in any of our Significant Accounting Policies from those contained in our Form 10-K for the year ended December 31, 2025. New Accounting Pronouncements Recently Adopted In July 2025 the FASB issued ASU No. 2025-05 – Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient for estimating expected credit losses on current accounts receivable and current contract assets arising from transactions accounted for under Topic 606 – Revenue from Contracts with Customers. Under this practical expedient, entities may assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. The updated standard is effective for financial statements issued for fiscal years beginning after December 15, 2025. We adopted ASU 2025-05 on a prospective basis effective January 1, 2026. The adoption of ASU 2025-05 did not have a material impact on our financial condition or results of operations. Not Yet Effective In September 2025 the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the accounting for internal-use software costs under Subtopic 350-40. The amendments remove references to prescriptive and sequential software development stages and clarify when entities begin capitalizing internal-use software costs. The updated standard is effective for financial statements issued for fiscal years beginning after December 15, 2027. We are currently evaluating the impacts of the new standard. In November 2024 the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses to improve the disclosures about a public business entity’s expenses for more detailed information about the types of expenses in commonly presented expense captions such as cost of sales; selling, general, and administrative expenses; and research and development. The updated accounting guidance, among other things, requires quantitative disclosures for employee compensation, selling expenses, and purchases of inventory. The updated guidance is effective for financial statements issued for fiscal years beginning after December 15, 2026. We are currently evaluating the impacts of the new standard.

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Deficit	Accumulated Other Comprehensive Loss	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2024		43,432
Beginning balance at Dec. 31, 2024	$ 276,200	$ 434	$ 376,607	$ (61,266)	$ (24,927)	$ (14,648)
Beginning balance, treasury stock (in shares) at Dec. 31, 2024						(1,487)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(505)			(505)
Other comprehensive income (loss), net of tax	6,331				6,331
Equity compensation (in shares)		543
Equity compensation	8,045	$ 6	8,039
Exercise of options (in shares)		171
Exercise of options	3,220	$ 2	3,218
Employee stock purchase plan (in shares)		44
Employee stock purchase plan	961		961
Ending balance (in shares) at Mar. 31, 2025		44,190
Ending balance at Mar. 31, 2025	294,252	$ 442	388,825	(61,771)	(18,596)	$ (14,648)
Ending balance, treasury stock (in shares) at Mar. 31, 2025						(1,487)
Beginning balance (in shares) at Dec. 31, 2025		49,330
Beginning balance at Dec. 31, 2025	$ 448,232	$ 493	516,604	(51,498)	(2,719)	$ (14,648)
Beginning balance, treasury stock (in shares) at Dec. 31, 2025	(1,487)					(1,487)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 1,417			1,417
Other comprehensive income (loss), net of tax	(8,846)				(8,846)
Equity compensation (in shares)		603
Equity compensation	8,414	$ 6	8,408
Exercise of options (in shares)		9
Exercise of options	178		178
Employee stock purchase plan (in shares)		41
Employee stock purchase plan	1,072	$ 1	1,071
Ending balance (in shares) at Mar. 31, 2026		49,983
Ending balance at Mar. 31, 2026	$ 450,467	$ 500	$ 526,261	$ (50,081)	$ (11,565)	$ (14,648)
Ending balance, treasury stock (in shares) at Mar. 31, 2026	(1,487)					(1,487)

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 55,764	$ 64,908
Trade receivables, net	91,871	89,758
Other receivables	13,749	13,921
Inventories	97,995	92,427
Deferred preservation costs	53,412	54,531
Prepaid expenses and other	44,725	42,537
Total current assets	357,516	358,082
Goodwill	251,660	254,091
Acquired technology, net	120,001	123,664
Operating lease right-of-use assets, net	34,555	34,701
Property and equipment, net	67,744	64,988
Other intangibles, net	34,886	32,831
Deferred tax assets, net	1,139	1,201
Other long-term assets	15,656	15,238
Total assets	883,157	884,796
Current liabilities:
Accounts payable	18,337	16,042
Accrued compensation	13,852	22,484
Accrued expenses	17,427	16,447
Accrued interest	4,482	4,815
Taxes payable	7,130	7,489
Accrued procurement fees	1,785	3,436
Current portion of contingent consideration	21,490	20,690
Current maturities of operating leases	4,667	4,649
Current portion of finance lease obligations	862	726
Other current liabilities	2,668	4,778
Total current liabilities	92,700	101,556
Long-term debt, net	215,352	215,114
Non-current contingent consideration	40,830	39,890
Non-current maturities of operating leases	34,231	34,427
Deferred tax liabilities, net	27,637	24,308
Deferred compensation liability	9,738	9,464
Non-current finance lease obligations	3,045	2,698
Other long-term liabilities	9,157	9,107
Total liabilities	432,690	436,564
Commitments and contingencies
Stockholders’ equity:
Preferred stock $0.01 par value per share, 5,000 shares authorized, no shares issued	0	0
Common stock $0.01 par value per share, 75,000 shares authorized, 49,983 and 49,330 shares issued as of March 31, 2026 and December 31, 2025, respectively	500	493
Additional paid-in capital	526,261	516,604
Retained deficit	(50,081)	(51,498)
Accumulated other comprehensive loss	(11,565)	(2,719)
Treasury stock, at cost, 1,487 shares as of March 31, 2026 ‎and December 31, 2025	(14,648)	(14,648)
Total stockholders’ equity	450,467	448,232
Total liabilities and stockholders’ equity	$ 883,157	$ 884,796

Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Revenues, Cost of Products and Services, and Gross Margins for Operating Segments

The following table summarizes revenues, cost of products and preservation services, and gross margins for our reportable segments (in thousands):


	Three Months Ended March 31,
	2026		2025
Revenues:
Medical devices	$	91,442	$	78,798
Preservation services	24,895		20,180
Total revenues	116,337		98,978

Cost of products and preservation services:
Medical devices	29,697		25,263
Preservation services	11,192		10,138
Total cost of products and preservation services	40,889		35,401

Gross margin:
Medical devices	61,745		53,535
Preservation services	13,703		10,042
Total gross margin	$	75,448	$	63,577

Schedule of Net Revenues by Product and Service

Net revenues by product were as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Products:
Aortic stent grafts	$	44,397	$	36,602
On-X	25,951		21,574
Surgical sealants	18,805		18,106
Other	2,289		2,516
Total products	91,442		78,798

Preservation services	24,895		20,180
Total revenues	$	116,337	$	98,978

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Net revenues by geographic location based on the location of the customer were as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
North America	$	58,695	$	47,793
EMEA	43,986		37,045
APAC	8,690		8,214
LATAM	4,966		5,926
Total revenues	$	116,337	$	98,978

Income (Loss) Per Common Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Income (Loss) Per Common Share

The following table sets forth the computation of basic and diluted income (loss) per common share (in thousands, except per share data):


	Three Months Ended March 31,
Basic income (loss) per common share	2026		2025
Net income (loss)	$	1,417	$	(505)
Net (income) loss allocated to participating securities	(1)		1
Net income (loss) allocated to common stockholders	$	1,416	$	(504)

Basic weighted-average common shares outstanding	48,074		42,232
Basic income (loss) per common share	$	0.03	$	(0.01)


	Three Months Ended March 31,
Diluted income (loss) per common share	2026		2025
Net income (loss)	$	1,417	$	(505)
Net (income) loss allocated to participating securities	(1)		1
Net income (loss) allocated to common stockholders	$	1,416	$	(504)

Basic weighted-average common shares outstanding	48,074		42,232
Effect of dilutive stock options and awards	1,657		—
Diluted weighted-average common shares outstanding	49,731		42,232
Diluted income (loss) per common share	$	0.03	$	(0.01)

We excluded stock options and awards from the calculation of diluted weighted-average common shares outstanding if the per share value, including the sum of (i) the exercise price of the options and (ii) the amount of the compensation cost attributed to future services and not yet recognized, was greater than the average market price of the shares because the inclusion of these stock options would be antidilutive to loss per common share. For the three months ended March 31, 2026 only dilutive stock options and awards were included in the calculation of diluted weighted-average common shares outstanding. Antidilutive potential common shares were immaterial and excluded from the calculation of diluted weighted-average common shares outstanding. For the three months ended March 31, 2025 all stock options and awards were excluded from the calculation of diluted weighted-average common shares outstanding as these would be antidilutive due to the net loss.

Income (Loss) Per Common Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Income (Loss) Per Common Share

The following table sets forth the computation of basic and diluted income (loss) per common share (in thousands, except per share data):


	Three Months Ended March 31,
Basic income (loss) per common share	2026		2025
Net income (loss)	$	1,417	$	(505)
Net (income) loss allocated to participating securities	(1)		1
Net income (loss) allocated to common stockholders	$	1,416	$	(504)

Basic weighted-average common shares outstanding	48,074		42,232
Basic income (loss) per common share	$	0.03	$	(0.01)


	Three Months Ended March 31,
Diluted income (loss) per common share	2026		2025
Net income (loss)	$	1,417	$	(505)
Net (income) loss allocated to participating securities	(1)		1
Net income (loss) allocated to common stockholders	$	1,416	$	(504)

Basic weighted-average common shares outstanding	48,074		42,232
Effect of dilutive stock options and awards	1,657		—
Diluted weighted-average common shares outstanding	49,731		42,232
Diluted income (loss) per common share	$	0.03	$	(0.01)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Net cash flows from operating activities:
Net income (loss)	$ 1,417	$ (505)
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation and amortization	6,340	5,446
Non-cash compensation	8,414	8,045
Non-cash lease expense	1,297	1,226
Write-down of inventories and deferred preservation costs	1,062	1,312
Deferred income taxes	(524)	0
Change in fair value of contingent consideration	1,740	(2,830)
Other	537	(2,891)
Changes in operating assets and liabilities:
Receivables	(2,760)	(7,922)
Inventories and deferred preservation costs	(6,379)	(2,453)
Prepaid expenses and other assets	(1,286)	(327)
Accounts payable, accrued expenses, and other liabilities	(8,704)	(16,054)
Net cash flows provided by (used in) operating activities	1,154	(16,953)
Net cash flows from investing activities:
Capital expenditures	(8,003)	(3,638)
Payments related to sale of non-financial assets	(1,500)	0
Payments for Endospan agreements	(1,000)	0
Net cash flows used in investing activities	(10,503)	(3,638)
Net cash flows from financing activities:
Repayment of debt	0	(66)
Proceeds from exercise of stock options and issuance of common stock	1,250	4,181
Principal payments on short-term notes payable	(577)	0
Other	(210)	(178)
Net cash flows provided by financing activities	463	3,937
Effect of exchange rate changes on cash and cash equivalents	(258)	884
Decrease in cash and cash equivalents	(9,144)	(15,770)
Cash and cash equivalents beginning of period	64,908	53,463
Cash and cash equivalents end of period	$ 55,764	$ 37,693

Financial Instruments (Narrative) (Details)	3 Months Ended
Financial Instruments (Narrative) (Details)	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)	Sep. 02, 2020 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized investment gains (losses)	$ 0	$ 0
Change in fair value of contingent consideration	1,740,000	(2,830,000)
Current portion of contingent consideration	21,490,000		$ 20,690,000
Ascyrus Medical LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of outstanding equity acquired				100.00%
Maximum amount of future consideration payment				$ 100,000,000.0
Change in fair value of contingent consideration	1,700,000	$ (2,800,000)
Business combination, contingent consideration, liability	62,300,000		$ 60,600,000
Current portion of contingent consideration	21,500,000
Ascyrus Medical LLC \| Contingent Payment Upon PMA Approval
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business combination, contingent consideration, liability	$ 25,000,000.0
Ascyrus Medical LLC \| Measurement Input, Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, measurement input	0.17

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting	The accompanying Condensed Consolidated Financial Statements include the accounts of Artivion, Inc. and its subsidiaries (“Artivion,” the “Company,” “we,” or “us”). All significant intercompany accounts and transactions have been eliminated in consolidation. The accompanying Consolidated Balance Sheet as of December 31, 2025 has been derived from audited financial statements. The accompanying unaudited Condensed Consolidated Financial Statements as of, and for the three months ended, March 31, 2026 and 2025 have been prepared in accordance with (i) accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information and (ii) the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the US Securities and Exchange Commission (the “SEC”). Accordingly, such statements do not include all the information and disclosures that are required by US GAAP for a complete presentation of financial statements. In the opinion of management, all adjustments (including those of a normal, recurring nature) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes included in Artivion’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 18, 2026.
Foreign Currency Translation and Transactions	Foreign Currency Translation and Transactions Assets and liabilities of international subsidiaries whose functional currency is the local currency are translated at the rate of exchange in effect on the balance sheet date; income and expenses are translated at the average exchange rates throughout the year. Foreign currency exchange rate realized and unrealized gains and losses resulting from transactions are included in Other expense (income), net in our Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income and resulted in a net loss of $0.8 million and a net gain of $2.9 million for the three months ended March 31, 2026 and 2025, respectively. Currency translation adjustments resulting from intra-entity loans that are of a long-term investment nature, net of tax, are included in Accumulated other comprehensive loss and resulted in a net loss of $7.4 million and a net gain of $3.8 million for the three months ended March 31, 2026 and 2025, respectively.
New Accounting Pronouncements	New Accounting Pronouncements Recently Adopted In July 2025 the FASB issued ASU No. 2025-05 – Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient for estimating expected credit losses on current accounts receivable and current contract assets arising from transactions accounted for under Topic 606 – Revenue from Contracts with Customers. Under this practical expedient, entities may assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. The updated standard is effective for financial statements issued for fiscal years beginning after December 15, 2025. We adopted ASU 2025-05 on a prospective basis effective January 1, 2026. The adoption of ASU 2025-05 did not have a material impact on our financial condition or results of operations. Not Yet Effective In September 2025 the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the accounting for internal-use software costs under Subtopic 350-40. The amendments remove references to prescriptive and sequential software development stages and clarify when entities begin capitalizing internal-use software costs. The updated standard is effective for financial statements issued for fiscal years beginning after December 15, 2027. We are currently evaluating the impacts of the new standard. In November 2024 the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses to improve the disclosures about a public business entity’s expenses for more detailed information about the types of expenses in commonly presented expense captions such as cost of sales; selling, general, and administrative expenses; and research and development. The updated accounting guidance, among other things, requires quantitative disclosures for employee compensation, selling expenses, and purchases of inventory. The updated guidance is effective for financial statements issued for fiscal years beginning after December 15, 2026. We are currently evaluating the impacts of the new standard.