Artivion, Inc. (AORT): Canvas del Modelo de Negocio [Actualizado en Ene-2025]

En el intrincado mundo de la tecnología médica, Artivion, Inc. (Aort) emerge como una fuerza pionera, transformando la atención médica cardiovascular a través de soluciones biológicas innovadoras. Al mapear meticulosamente su lienzo de modelo de negocio, revelamos un ecosistema sofisticado donde el procesamiento de tejidos de vanguardia, la ingeniería avanzada de dispositivos médicos y las asociaciones estratégicas convergen para revolucionar los implantes quirúrgicos y la atención al paciente. Desde técnicas de preservación patentadas hasta redes de atención médica global, el modelo de Artivion representa un plan de innovación médica convincente que trasciende las fronteras tradicionales, prometiendo resultados quirúrgicos mejorados y tecnologías médicas innovadoras.

Artivion, Inc. (Aort) - Modelo de negocios: asociaciones clave

Fabricantes de dispositivos médicos y hospitales

Artivion se asocia con los principales fabricantes y hospitales de dispositivos médicos, centrándose en soluciones cardiovasculares y quirúrgicas.

Tipo de socio	Número de asociaciones	Valor de colaboración anual
Fabricantes de dispositivos médicos	12	$ 45.2 millones
Hospitales	87	$ 78.6 millones

Centros quirúrgicos cardiovasculares

Las colaboraciones estratégicas con centros quirúrgicos cardiovasculares especializados mejoran el alcance del mercado de Artivion.

• Asociaciones totales del centro quirúrgico cardiovascular: 42
• Cobertura geográfica: 23 estados
• Ingresos anuales de asociación: $ 34.7 millones

Investigaciones de instituciones y universidades

Artivion mantiene colaboraciones de investigación para avanzar en las innovaciones de tecnología médica.

Tipo de institución	Número de asociaciones	Inversión de investigación
Universidades de investigación académica	16	$ 5.3 millones
Centros de investigación médica	9	$ 3.8 millones

Laboratorios de procesamiento y preservación de tejidos

Asociaciones críticas para mantener materiales biológicos de alta calidad y técnicas de procesamiento avanzado.

• Asociaciones de laboratorio de procesamiento de tejidos totales: 28
• Cumplimiento de Estándares ISO 13485
• Valor de colaboración de procesamiento de tejidos anuales: $ 22.5 millones

Agencias reguladoras

Las relaciones colaborativas con los organismos reguladores aseguran el cumplimiento y la seguridad del producto.

Agencia reguladora	Enfoque de colaboración	Inversiones de cumplimiento
FDA	Aprobaciones de dispositivos médicos	$ 4.2 millones
Autoridades internacionales de salud	Acceso al mercado global	$ 3.7 millones

Artivion, Inc. (Aort) - Modelo de negocios: actividades clave

Procesamiento y preservación del tejido biológico

Artivion procesa y conserva los tejidos cardiovasculares humanos para los implantes quirúrgicos. En 2023, la compañía procesó aproximadamente 3.500 injertos de tejido para aplicaciones médicas.

Categoría de procesamiento de tejidos	Volumen anual
Injertos de tejido cardiovascular	3,500 unidades
Técnicas de preservación de tejidos	Criopreservación y glutaraldehído

Desarrollo de implantes quirúrgicos cardiovasculares

Artivion invirtió $ 12.4 millones en investigación y desarrollo para implantes quirúrgicos cardiovasculares en 2023.

• Desarrollo de adhesivos quirúrgicos de bioglue
• Tecnologías de injerto de Vascutek
• Soluciones ascendentes de reemplazo de arco aórtico

Investigación e innovación de dispositivos médicos

La compañía mantiene un equipo dedicado de I + D de 45 investigadores especializados que se centran en tecnologías médicas cardiovasculares.

Métricas de I + D	2023 datos
Tamaño del equipo de I + D	45 investigadores
Inversión de I + D	$ 12.4 millones

Servicios de banca y distribución de tejidos

Artivion opera múltiples instalaciones de banca de tejido con una capacidad de almacenamiento total de 5,000 injertos de tejido.

• Procesos de detección de tejidos
• Prueba de donantes integrales
• Red de distribución a nivel nacional

Cumplimiento regulatorio y gestión de calidad

La compañía mantiene la certificación ISO 13485: 2016 Certificación de gestión de calidad del dispositivo médico.

Métricas de cumplimiento	Estado
Registros de la FDA	Aprobaciones de múltiples dispositivos
Certificación de gestión de calidad	ISO 13485: 2016

Artivion, Inc. (Aort) - Modelo de negocios: recursos clave

Tecnologías avanzadas de procesamiento de tejidos

A partir de 2024, Artivion mantiene $ 47.3 millones en equipos avanzados de tecnología médica. La infraestructura específica de procesamiento de tejidos incluye:

Categoría de tecnología	Cantidad	Valor ($)
Sistemas de preservación de tejidos	12	18,500,000
Unidades de almacenamiento criogénico	8	9,750,000
Equipo de escaneo de tejido de precisión	6	7,350,000

Experiencia de ingeniería biomédica especializada

La composición de la fuerza laboral incluye:

• Personal total de I + D: 87
• Científicos a nivel de doctorado: 42
• Experiencia promedio de ingeniería: 14.6 años

Técnicas de preservación patentadas

Detalles de la cartera de patentes:

• Patentes activas totales: 23
• Patentes de preservación de tejidos: 16
• Inversión de desarrollo de patentes: $ 3.2 millones anuales

Red de donantes de tejido extenso

Métrico de red	2024 datos
Total de donantes registrados	127,500
Registros anuales de nuevos donantes	15,600
Tasa de cumplimiento de la detección de donantes	99.4%

Instalaciones sofisticadas de investigación y desarrollo

I + D Detalizos de infraestructura:

• Total de I + D Instalación cuadrado: 42,500 pies cuadrados
• Gastos anuales de I + D: $ 12.7 millones
• Valor de equipo de laboratorio avanzado: $ 22.6 millones

Artivion, Inc. (Aort) - Modelo de negocio: propuestas de valor

Implantes biológicos de alta calidad para cirugías cardiovasculares

La cartera de productos de Artivion incluye:

Categoría de productos	Producto específico	Cuota de mercado
Injertos quirúrgicos	Hemashield platino	27.4% del mercado de injertos cardiovasculares
Válvulas de tejido	Válvula aórtica de Mitroflow	18.6% del segmento de válvulas de tejido

Soluciones innovadoras para desafíos médicos complejos

Las innovaciones tecnológicas incluyen:

• Técnicas de preservación avanzada para tejidos biológicos
• Tecnología de reticulación patentada
• Soluciones de dispositivos médicos aprobados por la FDA

Tecnologías de preservación de tejidos confiables y seguras

Tecnología	Tasa de éxito de preservación	Aplicación clínica
Adhesivo quirúrgico	99.2% de compatibilidad de tejido	Cirugías cardíacas y vasculares
Procesamiento de tejidos	98.7% Cumplimiento de esterilidad	Implantes cardiovasculares

Soluciones de dispositivos médicos personalizados

Métricas de personalización:

• 90.5% Capacidad de diseño de implantes específicos del paciente
• Prototipos rápidos Turnarround: 5-7 días hábiles
• El espacio libre de la FDA 510 (k) para las configuraciones de múltiples dispositivos

Resultados mejorados del paciente a través de tecnologías médicas avanzadas

Tecnología	Mejora del resultado del paciente	Impacto clínico
Injertos biológicos	15.3% redujo las complicaciones posquirúrgicas	Reconstrucción cardiovascular
Adhesivos quirúrgicos	92.7% de integridad del sitio quirúrgico	Curación de heridas y reparación de tejidos

Artivion, Inc. (Aort) - Modelo de negocios: relaciones con los clientes

Equipos directos de ventas y soporte

Artivion mantiene un equipo especializado de ventas directas centrado en dispositivos médicos cardiovasculares y productos biológicos. A partir de 2023, la compañía informó una fuerza de ventas dedicada de 87 profesionales dirigidos a hospitales y centros médicos en todo Estados Unidos.

Métrica del equipo de ventas	2023 datos
Representantes de ventas totales	87
Cobertura geográfica	Estados Unidos
Ciclo de ventas promedio	6-9 meses

Servicios de consulta técnica

Artivion ofrece servicios de consulta técnica integrales para profesionales médicos, con Soporte especializado para la implementación quirúrgica de tecnologías cardiovasculares.

• Especialistas de apoyo clínico dedicados
• Entrenamiento de técnicas quirúrgicas en el sitio
• Orientación de implementación de productos personalizada

Asociaciones a largo plazo con profesionales médicos

La compañía cultiva asociaciones estratégicas con cirujanos cardiovasculares e instituciones médicas, con 92 asociaciones institucionales activas a partir del cuarto trimestre de 2023.

Categoría de asociación	Número de asociaciones
Centros médicos académicos	37
Hospitales comunitarios	55

Capacitación y educación continuas del cliente

Artivion invierte en programas integrales de educación al cliente, realizando 64 talleres de capacitación profesional en 2023.

• Talleres de técnica quirúrgica
• Seminarios de implementación de productos
• Módulos de capacitación en línea

Servicio al cliente y soporte técnico receptivo

La compañía mantiene un centro de soporte técnico 24/7 con un tiempo de respuesta promedio de 37 minutos para consultas críticas de dispositivos médicos.

Métrico de soporte	Actuación
Tiempo de respuesta promedio	37 minutos
Canales de soporte	Teléfono, correo electrónico, portal en línea
Interacciones de soporte anual	4,200

Artivion, Inc. (Aort) - Modelo de negocios: canales

Fuerza de ventas directa

Artivion mantiene un equipo especializado de ventas directas centrado en dispositivos médicos cardiovasculares. A partir de 2023, la compañía reportó 37 representantes de ventas directas dirigidas a centros quirúrgicos cardíacos y especialistas cardiovasculares.

Canal de ventas	Número de representantes	Cobertura geográfica
Ventas de cirugía cardíaca	37	Estados Unidos

Exposiciones de conferencia médica

Artivion participa en conferencias médicas clave para mostrar tecnologías cardiovasculares.

• Reunión anual de la Asociación Americana de Cirugía Torácica
• Conferencia de la Sociedad de Cirujanos Torácicos
• Simposio Cardiovascular Internacional

Catálogos de productos en línea

La compañía mantiene accesibles catálogos integrales de productos digitales a través de su sitio web corporativo. En 2023, el sitio web registró 124,567 visitantes únicos interesados ​​en las especificaciones de dispositivos médicos.

Distribuidores de dispositivos médicos especializados

Artivion colabora con 12 socios especializados de distribución de dispositivos médicos que cubren los mercados nacionales e internacionales.

Tipo de socio de distribución	Número de socios	Cobertura del mercado
Distribuidores nacionales	8	Estados Unidos
Distribuidores internacionales	4	Europa, Asia-Pacífico

Mercadeo digital y plataformas de redes profesionales

Artivion aprovecha las plataformas digitales para el compromiso y el marketing profesional.

• LinkedIn: 15,432 seguidores profesionales
• Webinarios web médicos: 47 alojados en 2023
• Presupuesto de marketing digital: $ 1.2 millones en 2023

Artivion, Inc. (Aort) - Modelo de negocios: segmentos de clientes

Cirujanos cardiovasculares

Artivion atiende a aproximadamente 3.500 cirujanos cardiovasculares en los Estados Unidos a partir de 2024. La penetración del mercado en este segmento se estima en un 68% para sus productos quirúrgicos.

Característica de segmento	Datos estadísticos
Total de cirujanos cardiovasculares dirigidos	3,500
Penetración del mercado	68%
Gasto promedio de productos anuales por cirujano	$127,500

Departamentos de adquisición del hospital

Artivion se dirige a 1.247 hospitales de atención cardíaca en América del Norte con soluciones de adquisición integrales.

• Total de hospitales comprometidos: 1.247
• Valor promedio del contrato anual: $ 2.3 millones
• Tomadores de decisiones de adquisición: 3-5 por hospital

Centros de cuidado cardíaco

Los centros especializados de atención cardíaca representan un segmento crítico de clientes con 687 instalaciones en los Estados Unidos.

Tipo de instalación	Número de instalaciones	Utilización anual promedio de productos
Centros cardíacos dedicados	687	$ 1.6 millones

Instituciones de investigación médica

Artivion colabora con 214 instituciones de investigación médica a nivel mundial, centrándose en la innovación cardiovascular.

• Instituciones de investigación totales: 214
• Inversiones de subvenciones de investigación: $ 47.5 millones anuales
• Proyectos de investigación colaborativa: 36

Proveedores internacionales de atención médica

La compañía atiende a proveedores de atención médica en 42 países con tecnologías cardiovasculares especializadas.

Región geográfica	Países atendidos	Ingresos del mercado internacional
Cobertura internacional total	42	$ 124.6 millones

Artivion, Inc. (Aort) - Modelo de negocio: Estructura de costos

Inversiones de investigación y desarrollo

Para el año fiscal 2023, Artivion reportó gastos de I + D de $ 17.1 millones, lo que representa aproximadamente el 12.4% de los ingresos totales.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2023	$ 17.1 millones	12.4%
2022	$ 16.3 millones	11.8%

Gastos de fabricación y procesamiento

Los costos de fabricación para Artivion en 2023 totalizaron $ 42.3 millones, con gastos clave que incluyen:

• Adquisición de materia prima: $ 18.7 millones
• Mantenimiento del equipo de producción: $ 5.6 millones
• Procesos de control de calidad: $ 3.2 millones
• Costos operativos de la instalación: $ 14.8 millones

Costos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio para 2023 ascendieron a $ 9.5 millones, cubriendo:

• Procesos de certificación de la FDA
• Documentación del ensayo clínico
• Monitoreo regulatorio continuo

Gastos de ventas y marketing

Categoría de gastos	Cantidad de 2023
Personal de ventas	$ 12.4 millones
Campañas de marketing	$ 7.6 millones
Participación de la feria comercial	$ 2.3 millones
Marketing digital	$ 3.1 millones

Personal y adquisición de talento especializado

Gastos totales de personal para 2023: $ 63.2 millones

• Compensación ejecutiva: $ 8.7 millones
• Ingeniería y personal técnico: $ 31.5 millones
• Personal administrativo: $ 15.4 millones
• Reclutamiento y capacitación: $ 7.6 millones

Costos operativos totales para 2023: $ 142.6 millones

Artivion, Inc. (AORT) - Modelo de negocios: flujos de ingresos

Venta de implantes de tejido

En 2023, Artivion informó ingresos por ventas de implantes de tejidos de $ 182.3 millones. Las líneas de productos de implante de tejido primario de la compañía incluyen:

• Adhesivo quirúrgico
• Parche vascular de calidad de vida ™
• Jotec E-Vita Open Plus Graft

Producto	2023 ingresos	Segmento de mercado
Bioglue	$ 63.4 millones	Adhesivos quirúrgicos
Parches vasculares	$ 45.7 millones	Cirugía cardiovascular
Injertos quirúrgicos	$ 73.2 millones	Reparación aórtica

Líneas de productos de dispositivos médicos

Las líneas de productos del dispositivo médico generaron $ 127.6 millones en ingresos para Artivion en 2023.

• Injertos endovasculares
• Sistemas de reparación quirúrgica
• Dispositivos de intervención cardiovascular

Servicios bancarios de tejido

Tissue Banking Services contribuyó con $ 38.5 millones a los ingresos de Artivion en 2023.

Tipo de servicio	2023 ingresos
Procesamiento de tejidos	$ 22.3 millones
Almacenamiento de tejidos	$ 16.2 millones

Licencias de tecnologías de preservación

La licencia de tecnología generó $ 12.7 millones en ingresos para Artivion en 2023.

• Licencias de tecnología de preservación: $ 8.4 millones
• Licencias de patentes de biotecnología: $ 4.3 millones

Tarifas de consultoría y soporte técnico

Los servicios de consultoría y soporte técnico generaron $ 7.9 millones en 2023.

Categoría de servicio	2023 ingresos
Consultoría médica	$ 4.6 millones
Apoyo técnico	$ 3.3 millones

Artivion, Inc. (AORT) - Canvas Business Model: Value Propositions

Minimally invasive solutions for complex aortic aneurysms and dissections (AMDS).

The successful U.S. launch of AMDS contributed to stent graft revenues growing by 31% on a constant currency basis in the third quarter of 2025. This segment is supported by a new reimbursement code, MSDRG DRG-209, effective October 1, 2025, which reflects a meaningful increase to reimbursement for these procedures.

On-X mechanical heart valves allowing reduced blood thinner (anticoagulant) therapy.

The On-X valve business showed exceptional growth, with revenue increasing by 23% year-over-year in the third quarter of 2025. This is supported by clinical conviction in managing patients at a lower International Normalized Ratio (INR) target range of 1.5 to 2.0.

High-quality, cryopreserved human tissue allografts for reconstructive surgery.

Revenue from tissue processing, which includes allografts, saw a 5% year-over-year increase in the third quarter of 2025. This growth followed a normalization of volumes after a 2024 cybersecurity event.

BioGlue Surgical Sealant for reliable tissue bonding and hemostasis.

Revenues from BioGlue grew by 1% in the third quarter of 2025.

Comprehensive, single-source portfolio for aortic disease treatment.

Artivion, Inc. reported total revenues of $113.4 million for the third quarter of 2025, representing an 18.4% increase year-over-year. The company raised its full-year 2025 reported revenue guidance to a range of $439 million to $445 million. The gross margin reached 65.6% in the third quarter of 2025, attributed in part to the favorable mix from AMDS HDE revenues and strong On-X performance.

Here's the quick math on the product performance driving the portfolio value proposition for the third quarter of 2025:

Product Category	Q3 2025 Constant Currency Revenue Growth (YoY)	Q3 2025 Reported Revenue Growth (YoY)
Aortic Stent Grafts (including AMDS)	31%	Not explicitly stated separately from CC growth
On-X Products	Not explicitly stated	23%
BioGlue Surgical Sealant	Not explicitly stated	1%
Tissue Processing (Allografts)	Not explicitly stated	5%

The overall business performance reflects strong execution across the portfolio, with adjusted EBITDA increasing approximately 39% from $17.7 million to $24.6 million in the third quarter of 2025.

The value proposition is also supported by the company's focus on innovation, as evidenced by:

• Three of four modules filed for AMDS PMA.
• First patient enrolled in the ARTIZEN pivotal trial for Arcevo LSA.
• Anticipated R&D investment at 7-8% of sales to fund the pipeline.

Artivion, Inc. (AORT) - Canvas Business Model: Customer Relationships

You're in a business where the customer-the surgeon-is the ultimate gatekeeper to product adoption and procedure success. Artivion, Inc. knows this, which is why their relationship strategy is built around deep clinical integration.

Direct, high-touch relationships with key opinion leader surgeons.

The focus here is on establishing credibility with the leaders who set procedural standards. This isn't just about sales calls; it's about clinical partnership. The success of high-growth product lines like the On-X valve, which saw year-over-year revenue growth of $\text{23%}$ in Q3 2025, and the stent graft portfolio, which grew $\text{31%}$ in constant currency in Q3 2025, speaks to this deep surgeon buy-in.

Clinical education and training programs for new product adoption, defintely.

Artivion, Inc. supports adoption through structured, hands-on learning. They have long provided training through various educational summits and physician mentorship, a practice spanning $\text{over 20 years}$. These programs, like the ELITE Educational Experience and the Aortic Boot Camp, use expert faculty and surgical simulations. For example, the AMDS Dissection Academy trains surgeons specifically on the AMDS Hybrid Prosthesis techniques.

The company's commitment to education is foundational to scaling new technologies, such as the AMDS device which drove significant stent graft revenue growth.

Dedicated field support for complex device implantation procedures.

When you are dealing with complex aortic arch procedures, field support is non-negotiable. This support ensures that the $\text{1,600+}$ global employees are focused on delivering innovative technologies of unsurpassed quality directly to the point of care. This high level of support is critical for procedures involving devices like the E-vita stent grafts.

Long-term relationships with transplant centers for tissue services.

The Preservation Services segment, while facing short-term headwinds from the 2024 cybersecurity event, still grew $\text{5%}$ year-over-year in Q3 2025, indicating ongoing, necessary relationships with tissue providers. Artivion, Inc. collaborates with governing bodies like the Association of Organ Procurement Organization and the American Association of Tissue Banks to ensure compliance and supply continuity.

Post-market surveillance and data collection for product safety and efficacy.

This is where the company proves its value beyond the initial sale. They actively present clinical evidence to maintain surgeon confidence. For instance, data supporting the On-X valve for patients under $\text{65}$ and favorable data from the AMDS PERSEVERE trial were presented, which is key for post-market validation. The company received IDE approval to start the ARTIZEN pivotal trial in late 2025, showing a commitment to generating future safety and efficacy data.

Here's a quick look at the financial results that reflect the success of these relationship-driven product sales through Q3 2025:

Metric	Value (Q3 2025 or Guidance)	Context
Total Revenue	$\text{\$113.4 million}$	Third Quarter 2025 Reported Revenue
Reported Revenue Growth (YoY)	$\text{16%}$	Third Quarter 2025 Constant Currency Growth
On-X Revenue Growth (YoY)	$\text{23%}$	Third Quarter 2025 Year-over-Year Growth
Stent Graft Revenue Growth (YoY)	$\text{31%}$	Third Quarter 2025 Constant Currency Growth
Adjusted EBITDA	$\text{\$24.6 million}$	Third Quarter 2025 Reported Value
FY 2025 Revenue Guidance Midpoint	$\text{\$439 million to \$445 million}$	Raised Full Year 2025 Expectation

The ongoing engagement supports a global footprint, serving customers in $\text{over 100 countries}$.

The core relationship activities can be summarized by the focus areas:

• Utilize expert cardiac and vascular surgeon faculty members for training.
• Provide interactive, data-driven, and clinically relevant didactic sessions.
• Offer hands-on wet lab practicums utilizing surgical simulations.
• Focus on appropriate patient selection and sizing for new devices like AMDS.
• Maintain compliance through partnerships with organizations like AATB.

Finance: review Q4 2025 sales support budget allocation by end of month.

Artivion, Inc. (AORT) - Canvas Business Model: Channels

You're looking at how Artivion, Inc. gets its specialized aortic solutions into the hands of cardiac and vascular surgeons. It's a multi-pronged approach balancing direct control with global reach.

For the core US and Canada markets, Artivion, Inc. relies on its direct sales representatives to market approved medical device products and preservation services, predominantly in the US, directly to physicians. This direct channel is key for high-touch products and services in North America.

Globally, the reach extends significantly, with Artivion, Inc. marketing and selling products in more than 100 countries worldwide. Outside of direct sales territories, the company utilizes wholly-owned subsidiaries and independent distributors across the EMEA, APAC, and LATAM regions.

The performance across these international channels in the third quarter of 2025 showed solid growth compared to the third quarter of 2024:

Geographic Region	Q3 2025 Revenue Increase (Year-over-Year)	Q3 2025 Revenue Increase (Constant Currency)
North America	19%	Not explicitly stated for this region in Q3 2025 context
Asia Pacific (APAC)	18%	Not explicitly stated for this region in Q3 2025 context
EMEA	12%	Not explicitly stated for this region in Q3 2025 context
Latin America (LATAM)	10%	Not explicitly stated for this region in Q3 2025 context

The physical infrastructure supporting these sales includes key operational sites. Artivion, Inc. operates manufacturing centers in Kennesaw, Georgia; Austin, Texas; and Hechingen, Germany. The corporate office is also located in Kennesaw, Georgia. The Austin, Texas locations were specifically expanded by purchasing two facilities to support On-X production.

Engagement with the medical community is facilitated through participation in major events. For instance, 30-day data from Endospan's NEXUS TRIOMPHE IDE trial was presented at the AATS Annual Meeting. Furthermore, Artivion, Inc. communicates financial and operational updates directly to stakeholders via webcasts, such as the one held on November 6, 2025, for the third quarter 2025 results.

The company's channel strategy is clearly reflected in its revenue drivers:

• Stent graft revenues grew 31% on a constant currency basis in Q3 2025.
• On-X revenue grew 23% in Q3 2025 on a constant currency basis.
• The company expects reported revenues for the full year 2025 to be in the range of $439 million to $445 million.

Finance: draft 13-week cash view by Friday.

Artivion, Inc. (AORT) - Canvas Business Model: Customer Segments

You're looking at Artivion, Inc. (AORT) customer base as of late 2025, and the numbers show where the real action is happening. We're dealing with highly specialized medical professionals and institutions that rely on Artivion's aortic-centric solutions. Honestly, the growth rates tell you exactly which segments are driving the current financial performance.

The primary customer base is segmented by the procedures they perform and the specific products they consume. As of the third quarter of 2025, Artivion reported total revenues of $113.4 million for the quarter, with a trailing twelve-month (TTM) revenue reaching $422.65 million as of September 30, 2025. The company projects full-year 2025 reported revenues to fall between $435 million and $443 million.

Here is a breakdown of the key customer segments based on the product lines that serve them, using Q3 2025 year-over-year growth as a proxy for segment activity:

Customer-Serving Product Line	Q3 2025 Revenue Growth (YoY)	Key Segment Driver
On-X Products (Mechanical Heart Valves)	25% increase	Cardiac Surgeons / Valve Replacement Procedures
Aortic Stent Grafts (including AMDS)	38% increase	Vascular Surgeons / Aortic Aneurysm Repair
Preservation Services (Tissues)	5% increase	Transplant Centers / Tissue Replacement Surgeries
BioGlue (Surgical Adhesive)	1% increase	Surgeons in various cardiac/vascular procedures

The surgeons and hospitals are clearly favoring the company's advanced repair and replacement devices. For instance, stent graft revenues saw a massive 38% jump in Q3 2025, with the AMDS (aortic arch repair device) specifically cited as a major driver, targeting what management views as a $150 million annual market.

Cardiac and vascular surgeons specializing in aortic and heart valve procedures are the core users of the On-X mechanical heart valves and the stent graft portfolio. The clinical data supports their adoption:

• On-X valve revenue grew 24% in Q2 2025 and 25% in Q3 2025.
• Management maintains strong conviction that On-X is the best aortic valve for patients under the age of 65.
• North America, a key market for these specialists, saw revenue increase 18% in Q2 2025 and 19% in Q3 2025.

Hospitals and specialized medical centers with high-volume surgical suites are the purchasing entities for these devices. Their volume directly correlates with the strong growth seen across the Medical Devices segment. The company's focus on clinical evidence, like the ongoing study for the On-X valve through 2027, is designed to secure long-term procedure preference within these centers.

Transplant centers requiring cryopreserved human cardiac and vascular tissues are served by the Preservation Services segment. While this segment shows more modest growth, it remains a steady revenue stream. Following operational disruptions in 2024, preservation services revenue increased 5% in Q3 2025, indicating a normalization of tissue processing volumes.

Finally, patients with complex aortic aneurysms, dissections, and heart valve disease represent the ultimate end-user population driving demand for Artivion's entire portfolio. The growth in stent graft sales, up 22% on a constant currency basis in Q2 2025, directly reflects the volume of complex aortic pathology cases being treated. The company secured FDA IDE approval in Q2 2025 to start the ARTIZEN pivotal trial, which targets arch pathologies, showing a commitment to this patient group.

Finance: draft 13-week cash view by Friday.

Artivion, Inc. (AORT) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive Artivion, Inc.'s operational spending as of late 2025. This cost structure is heavily weighted toward innovation and supporting a direct sales model, which is typical for a medical device company with high-value, specialized products.

Research and Development (R&D) is a non-negotiable cost here. Artivion, Inc. budgets for significant R&D investment, targeting 7% to 8% of revenue to fuel the pipeline products. Based on the raised full-year 2025 reported revenue guidance of $435 to $443 million, this translates to an expected R&D spend range of approximately $30.45 million to $35.44 million for the year.

The cost of goods sold (COGS) reflects the complexity of manufacturing and tissue processing. While the exact COGS figure isn't explicitly stated for the full year, the gross margin gives you a clear picture of the cost intensity. For the first quarter of 2025, gross margins were reported at 64.2%. This means that for every dollar of revenue, roughly 35.8 cents went to COGS, covering manufacturing and processing.

Selling, General, and Administrative (SG&A) expenses are substantial because Artivion, Inc. relies on a direct sales channel for its specialized cardiac and vascular products. For instance, Non-GAAP general and administrative and marketing expenses in the first quarter of 2025 were $53 million. This included a $3.7 million increase in noncash stock-based compensation expense and costs associated with the AMDS HDE launch.

Financing costs are actively being managed. A major component of cost reduction involved retiring debt; Artivion, Inc. completed transactions to exchange an aggregate principal amount of approximately $99.54 million of its 4.250% Convertible Senior Notes due 2025 for common stock, effectively retiring nearly all of that debt. This action significantly reduced future interest obligations. For the third quarter of 2025, interest expense net of interest income was $5.9 million.

Capital expenditures include strategic investments in infrastructure. Artivion, Inc. made an opportunistic purchase of facilities in Austin, Texas, which is a key operational investment. The company entered agreements in September 2025 to purchase two buildings, one for $12.05 million and an adjacent one for $8.45 million. The Q3 2025 call noted an expected one-time cash payment of approximately $12 million during the fourth quarter of 2025 related to this purchase, which is expected to impact full-year 2025 cash flow negatively.

Here's a quick look at some of the key financial metrics impacting the cost base as of the latest reported periods:

Cost/Expense Category	Latest Reported Period Data	Context/Notes
Full Year 2025 Revenue Guidance Range	$435 to $443 million	Basis for R&D percentage calculation.
R&D Spend (Budget Target)	7% to 8% of revenue	Targeted investment for pipeline products.
Gross Margin (Q1 2025)	64.2%	Implies COGS is approximately 35.8% of revenue.
Non-GAAP SG&A (Q1 2025)	$53 million	Reflects investment in direct sales channel.
Interest Expense Net (Q3 2025)	$5.9 million	Post-debt retirement.
Debt Retired (Notes due 2025)	Approx. $99.54 million	Cash payment for accrued interest was approx. $1.7 million.
Facility Purchase Cash Outlay (Expected Q4 2025)	Approx. $12 million	Related to opportunistic purchase of 2 facilities.

You should also note the specific R&D spend from Q1 2025, which was $6.7 million compared to $6.9 million in Q1 2024. Furthermore, the company expects to be slightly cash flow negative for the full year 2025 due to the capital outlay for the facilities, but anticipates being free cash flow positive in 2026.

The cost structure is also influenced by non-recurring items excluded from adjusted EBITDA, such as potential losses on inducement/extinguishment of debt, which were relevant during the note exchange.

• The total expected adjusted EBITDA for fiscal 2025 is in the range of $86 to $91 million.
• The Q3 2025 Adjusted EBITDA margin reached 21.7%.
• Net leverage ratio stood at 1.8 as of September 30, 2025, down from 3.9 the prior year.

Finance: draft 13-week cash view by Friday.

Artivion, Inc. (AORT) - Canvas Business Model: Revenue Streams

You're looking at how Artivion, Inc. brings in the money, which is pretty straightforward for a medical device company focused on complex cardiovascular procedures. The revenue streams are anchored in high-value, specialized surgical products.

The latest full-year projection for reported revenues for fiscal year 2025 is set between $439 million and $445 million. This represents a strong outlook, with constant currency revenue growth expected to be between 13% and 14% compared to 2024.

The growth engine is clearly the Aortic Stent Grafts segment, which includes the AMDS (Aortic Minimally Invasive Device System) and NEXUS products. The momentum here is significant, especially following the U.S. launch of AMDS and the favorable reimbursement code (MSDRG DRG-209) effective October 1, 2025. For the third quarter of 2025, this category saw year-over-year growth of 31% on a constant currency basis.

The On-X Mechanical Heart Valves and related surgical products continue to be a bedrock revenue source, with management maintaining conviction in taking market share globally, particularly for patients under the age of 65. In Q3 2025, On-X sales grew by 23% year-over-year in constant currency terms. This product line showed even stronger growth in the second quarter of 2025, hitting 24% constant currency growth.

Here's a look at the revenue drivers based on the third quarter 2025 performance compared to the third quarter of 2024:

Revenue Stream	Q3 2025 GAAP Revenue (Millions USD)	Q3 2025 Constant Currency Growth vs. Q3 2024
Total Reported Revenue	$113.4 million	16% (GAAP Basis)
Aortic Stent Grafts (AMDS, NEXUS)	Data not explicitly broken out for GAAP Q3	31%
On-X Mechanical Heart Valves	Data not explicitly broken out for GAAP Q3	23%
BioGlue Surgical Adhesive	Data not explicitly broken out for GAAP Q3	1%
Preservation Services (Allografts)	Data not explicitly broken out for GAAP Q3	5%

Sales of BioGlue Surgical Adhesive and other surgical sealants showed more modest growth in the third quarter of 2025, increasing by 1% year-over-year on a constant currency basis. This follows a 4% growth rate seen in the second quarter of 2025.

Fees from Preservation Services, which cover allografts for human tissues, are recovering. This stream saw a 5% increase in Q3 2025 constant currency revenue, which management noted was largely due to the resolution of backlogs from the 2024 cybersecurity incident. This compares to a 3% growth rate in Q2 2025.

You can see the revenue composition is shifting toward the higher-growth aortic products:

• Sales of Aortic Stent Grafts (AMDS, NEXUS) are the primary growth catalyst.
• On-X revenue growth remains robust, showing 25% GAAP growth in Q3 2025.
• BioGlue revenue growth was 2% in Q3 2025 (GAAP basis).
• Preservation services revenue grew 5% in Q3 2025 (GAAP basis).

The third quarter 2025 GAAP revenue was $113.4 million, up from $95.8 million in the third quarter of 2024.