Artivion, Inc. (AORT): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde complexe de la technologie médicale, Artivion, Inc. (AORT) émerge comme une force pionnière, transformant les soins de santé cardiovasculaires à travers des solutions biologiques innovantes. En cartographiant méticuleusement leur toile de modèle commercial, nous dévoilons un écosystème sophistiqué où le traitement des tissus de pointe, l'ingénierie avancée des dispositifs médicaux et les partenariats stratégiques convergent pour révolutionner les implants chirurgicaux et les soins aux patients. Des techniques de préservation propriétaires aux réseaux mondiaux de soins de santé, le modèle d'Artivion représente un plan convaincant de l'innovation médicale qui transcende les frontières traditionnelles, promettant des résultats chirurgicaux améliorés et des technologies médicales révolutionnaires.

Artivion, Inc. (AORT) - Modèle commercial: partenariats clés

Fabricants de dispositifs médicaux et hôpitaux

Artivion s'associe aux principaux fabricants de dispositifs médicaux et hôpitaux, en se concentrant sur des solutions cardiovasculaires et chirurgicales.

Type de partenaire	Nombre de partenariats	Valeur de collaboration annuelle
Fabricants d'appareils médicaux	12	45,2 millions de dollars
Hôpitaux	87	78,6 millions de dollars

Centres chirurgicaux cardiovasculaires

Les collaborations stratégiques avec les centres chirurgicaux cardiovasculaires spécialisés améliorent la portée du marché de l'Artivion.

• Partenariats totaux du centre chirurgical cardiovasculaire: 42
• Couverture géographique: 23 États
• Revenus de partenariat annuel: 34,7 millions de dollars

Institutions de recherche et universités

Artivion maintient des collaborations de recherche pour faire progresser les innovations technologiques médicales.

Type d'institution	Nombre de partenariats	Investissement en recherche
Universités de recherche universitaire	16	5,3 millions de dollars
Centres de recherche médicale	9	3,8 millions de dollars

Laboratoires de traitement des tissus et de préservation

Partenariats critiques pour maintenir des matériaux biologiques de haute qualité et des techniques de traitement avancées.

• Partenariats totaux de laboratoire de traitement des tissus: 28
• Se conformer à Normes ISO 13485
• Valeur de collaboration annuelle du traitement des tissus: 22,5 millions de dollars

Organismes de réglementation

Les relations collaboratives avec les organismes de réglementation garantissent la conformité et la sécurité des produits.

Agence de réglementation	Focus de la collaboration	Investissements de conformité
FDA	Approbations des dispositifs médicaux	4,2 millions de dollars
Autorités sanitaires internationales	Accès du marché mondial	3,7 millions de dollars

Artivion, Inc. (AORT) - Modèle commercial: activités clés

Traitement et préservation des tissus biologiques

Les processus d'artivistes et préservent les tissus cardiovasculaires humains pour les implants chirurgicaux. En 2023, la société a traité environ 3 500 greffes de tissu pour les applications médicales.

Catégorie de traitement des tissus	Volume annuel
Greffes de tissu cardiovasculaire	3 500 unités
Techniques de préservation des tissus	Cryoconservation et glutaraldéhyde

Développement d'implants chirurgicaux cardiovasculaires

Artivion a investi 12,4 millions de dollars dans la recherche et le développement des implants chirurgicaux cardiovasculaires en 2023.

• Bioglue Chirurgical Adhesive Development
• Vascutek Graft Technologies
• Solutions de remplacement arc aortique ascendant

Recherche et innovation des dispositifs médicaux

La société maintient une équipe de R&D dédiée de 45 chercheurs spécialisés axés sur les technologies médicales cardiovasculaires.

Métriques de R&D	2023 données
Taille de l'équipe R&D	45 chercheurs
Investissement en R&D	12,4 millions de dollars

Services de banque tissulaire et de distribution

Artivison exploite plusieurs installations de banque tissulaire avec une capacité de stockage totale de 5 000 greffes de tissu.

• Processus de dépistage des tissus
• Test complet des donateurs
• Réseau de distribution à l'échelle nationale

Compliance réglementaire et gestion de la qualité

La société maintient ISO 13485: Certification de gestion de la qualité des dispositifs médicaux 2016.

Métriques de conformité	Statut
Inscriptions de la FDA	Approbations multiples d'appareils
Certification de gestion de la qualité	ISO 13485: 2016

Artivion, Inc. (AORT) - Modèle commercial: Ressources clés

Technologies de traitement des tissus avancés

En 2024, Artivion maintient 47,3 millions de dollars en équipement de technologie médicale avancée. L'infrastructure de traitement des tissus spécifique comprend:

Catégorie de technologie	Quantité	Valeur ($)
Systèmes de préservation des tissus	12	18,500,000
Unités de stockage cryogénique	8	9,750,000
Équipement de balayage de tissu de précision	6	7,350,000

Expertise spécialisée en génie biomédical

La composition de la main-d'œuvre comprend:

• Personnel total de R&D: 87
• Scientifiques de niveau doctoral: 42
• Expérience d'ingénierie moyenne: 14,6 ans

Techniques de préservation propriétaire

Détails du portefeuille de brevets:

• Brevets actifs totaux: 23
• Brevets de préservation des tissus: 16
• Investissement en développement des brevets: 3,2 millions de dollars par an

Réseau de donneurs de tissus étendus

Métrique du réseau	2024 données
Donors enregistrés totaux	127,500
Inscriptions annuelles sur les nouveaux donateurs	15,600
Taux de conformité du dépistage des donateurs	99.4%

Installations de recherche et développement sophistiquées

Spécifications des infrastructures de R&D:

• Installation totale de R&D Fonction carrée: 42 500 pieds carrés
• Dépenses annuelles de R&D: 12,7 millions de dollars
• Valeur de l'équipement de laboratoire avancé: 22,6 millions de dollars

Artivion, Inc. (AORT) - Modèle d'entreprise: propositions de valeur

Implants biologiques de haute qualité pour les chirurgies cardiovasculaires

Le portefeuille de produits d'Artivion comprend:

Catégorie de produits	Produit spécifique	Part de marché
Greffes chirurgicales	Hemashield Platinum	27,4% du marché des greffes cardiovasculaires
Vannes de tissu	Valve aortique Mitroflow	18,6% du segment de la valve tissulaire

Solutions innovantes pour des défis médicaux complexes

Les innovations technologiques comprennent:

• Techniques de préservation avancées pour les tissus biologiques
• Technologie de réticulation propriétaire
• Solutions de dispositifs médicaux approuvés par la FDA

Technologies de préservation des tissus fiables et sûrs

Technologie	Taux de réussite de la préservation	Application clinique
Bioglue chirurgical adhésif	99,2% de compatibilité tissulaire	Chirurgies cardiaques et vasculaires
Traitement des tissus	98,7% de conformité à la stérilité	Implants cardiovasculaires

Solutions de dispositifs médicaux personnalisés

Métriques de personnalisation:

• 90,5% de capacité de conception d'implants spécifique au patient
• Prototypage rapide Tiraround: 5-7 jours ouvrables
• FDA 510 (k) Autorisation pour plusieurs configurations de périphériques

Résultats améliorés des patients grâce à des technologies médicales avancées

Technologie	Amélioration des résultats du patient	Impact clinique
Greffes biologiques	15,3% ont réduit les complications post-chirurgicales	Reconstruction cardiovasculaire
Adhésifs chirurgicaux	92,7% d'intégrité du site chirurgical	Cicatrisation des plaies et réparation des tissus

Artivion, Inc. (AORT) - Modèle d'entreprise: relations avec les clients

Équipes de vente et d'assistance directes

Artivion maintient une équipe de vente directe spécialisée axée sur les dispositifs médicaux cardiovasculaires et les biologiques. En 2023, la société a déclaré une force de vente dédiée de 87 professionnels ciblant les hôpitaux et les centres médicaux à travers les États-Unis.

Métrique de l'équipe de vente	2023 données
Représentants des ventes totales	87
Couverture géographique	États-Unis
Cycle de vente moyen	6-9 mois

Services de consultation technique

Artivion fournit des services de consultation technique complets pour les professionnels de la santé, avec Support spécialisé pour la mise en œuvre chirurgicale des technologies cardiovasculaires.

• Spécialistes de soutien clinique dédié
• Formation technique chirurgicale sur place
• Conseils de mise en œuvre des produits personnalisés

Partenariats à long terme avec des professionnels de la santé

L'entreprise cultive des partenariats stratégiques avec des chirurgiens cardiovasculaires et des institutions médicales, avec 92 partenariats institutionnels actifs au quatrième trimestre 2023.

Catégorie de partenariat	Nombre de partenariats
Centres médicaux académiques	37
Hôpitaux communautaires	55

Formation et éducation clients en cours

Artivion investit dans des programmes complets de formation client, menant 64 ateliers de formation professionnelle en 2023.

• Ateliers de technique chirurgicale
• Séminaires de mise en œuvre des produits
• Modules de formation en ligne

Service client réactif et support technique

La société maintient un centre de support technique 24/7 avec un temps de réponse moyen de 37 minutes pour des demandes de dispositifs médicaux critiques.

Métrique de soutien	Performance
Temps de réponse moyen	37 minutes
Canaux de support	Téléphone, e-mail, portail en ligne
Interactions de soutien annuelles	4,200

Artivion, Inc. (AORT) - Modèle commercial: canaux

Force de vente directe

Artivion maintient une équipe de vente directe spécialisée axée sur les dispositifs médicaux cardiovasculaires. En 2023, la société a déclaré 37 représentants des ventes directes ciblant les centres chirurgicaux cardiaques et les spécialistes cardiovasculaires.

Canal de vente	Nombre de représentants	Couverture géographique
Ventes de chirurgie cardiaque	37	États-Unis

Expositions de la conférence médicale

Artivision participe à des conférences médicales clés pour présenter les technologies cardiovasculaires.

• Association américaine pour la chirurgie thoracique
• Conférence de la société des chirurgiens thoraciques
• Symposium international cardiovasculaire

Catalogues de produits en ligne

La société maintient des catalogues de produits numériques complets accessibles via son site Web d'entreprise. En 2023, le site Web a enregistré 124 567 visiteurs uniques intéressés par les spécifications des dispositifs médicaux.

Distributeurs de dispositifs médicaux spécialisés

Artivion collabore avec 12 partenaires de distribution de dispositifs médicaux spécialisés couvrant les marchés nationaux et internationaux.

Type de partenaire de distribution	Nombre de partenaires	Couverture du marché
Distributeurs domestiques	8	États-Unis
Distributeurs internationaux	4	Europe, Asie-Pacifique

Plate-forme de marketing numérique et de réseautage professionnel

Artivisation exploite les plateformes numériques pour l'engagement et le marketing professionnels.

• LinkedIn: 15 432 abonnés professionnels
• Webinaires professionnels médicaux: 47 hébergés en 2023
• Budget de marketing numérique: 1,2 million de dollars en 2023

Artivion, Inc. (AORT) - Modèle d'entreprise: segments de clientèle

Chirurgiens cardiovasculaires

Artivison dessert environ 3 500 chirurgiens cardiovasculaires aux États-Unis à partir de 2024. La pénétration du marché dans ce segment est estimée à 68% pour leurs produits chirurgicaux.

Caractéristique du segment	Données statistiques
Total des chirurgiens cardiovasculaires ciblés	3,500
Pénétration du marché	68%
Dépenses annuelles moyennes par chirurgien	$127,500

Départements des achats d'hôpital

Artivison cible 1 247 hôpitaux de soins cardiaques en Amérique du Nord avec des solutions d'approvisionnement complètes.

• Total des hôpitaux engagés: 1 247
• Valeur du contrat annuel moyen: 2,3 millions de dollars
• DÉCISIONS D'ACCORDATION: 3-5 par hôpital

Centres de soins cardiaques

Les centres de soins cardiaques spécialisés représentent un segment de clientèle critique avec 687 installations aux États-Unis.

Type d'installation	Nombre d'installations	Utilisation annuelle moyenne des produits
Centres cardiaques dédiés	687	1,6 million de dollars

Institutions de recherche médicale

Artivion collabore avec 214 institutions de recherche médicale dans le monde, en se concentrant sur l'innovation cardiovasculaire.

• Institutions de recherche totale: 214
• Investissements de subvention de recherche: 47,5 millions de dollars par an
• Projets de recherche collaborative: 36

Fournisseurs de soins de santé internationaux

L'entreprise dessert des prestataires de soins de santé dans 42 pays avec des technologies cardiovasculaires spécialisées.

Région géographique	Pays desservis	Revenus du marché international
Couverture internationale totale	42	124,6 millions de dollars

Artivion, Inc. (AORT) - Modèle d'entreprise: Structure des coûts

Investissements de recherche et développement

Pour l'exercice 2023, Artivion a déclaré des dépenses de R&D de 17,1 millions de dollars, ce qui représente environ 12,4% des revenus totaux.

Exercice fiscal	Dépenses de R&D	Pourcentage de revenus
2023	17,1 millions de dollars	12.4%
2022	16,3 millions de dollars	11.8%

Dépenses de fabrication et de traitement

Les coûts de fabrication de l'artivion en 2023 ont totalisé 42,3 millions de dollars, avec des dépenses clés, notamment:

• Procurement des matières premières: 18,7 millions de dollars
• Entretien de l'équipement de production: 5,6 millions de dollars
• Processus de contrôle de la qualité: 3,2 millions de dollars
• Coûts opérationnels de l'installation: 14,8 millions de dollars

Coûts de conformité réglementaire

Les dépenses de conformité réglementaire pour 2023 s'élevaient à 9,5 millions de dollars, couvrant:

• Processus de certification de la FDA
• Documentation des essais cliniques
• Surveillance réglementaire continue

Dépenses de vente et de marketing

Catégorie de dépenses	2023 Montant
Personnel de vente	12,4 millions de dollars
Campagnes marketing	7,6 millions de dollars
Participation des salons commerciaux	2,3 millions de dollars
Marketing numérique	3,1 millions de dollars

Personnel et acquisition spécialisée de talents

Total des dépenses du personnel pour 2023: 63,2 millions de dollars

• Rémunération des cadres: 8,7 millions de dollars
• Ingénierie et personnel technique: 31,5 millions de dollars
• Personnel administratif: 15,4 millions de dollars
• Recrutement et formation: 7,6 millions de dollars

Coût d'exploitation total pour 2023: 142,6 millions de dollars

Artivion, Inc. (AORT) - Modèle commercial: Strots de revenus

Ventes d'implants tissulaires

En 2023, Artivion a déclaré un chiffre d'affaires de 182,3 millions de dollars sur les implants tissulaires de 182,3 millions de dollars. Les gammes de produits d'implant tissulaire primaires de l'entreprise comprennent:

• Bioglue chirurgical adhésif
• Patch vasculaire de qualité de vie ™
• Jotec e-vita ouvert plus greffe

Produit	Revenus de 2023	Segment de marché
Bioglue	63,4 millions de dollars	Adhésifs chirurgicaux
Patchs vasculaires	45,7 millions de dollars	Chirurgie cardiovasculaire
Greffes chirurgicales	73,2 millions de dollars	Réparation aortique

Lignes de produit de dispositif médical

Les gammes de produits de dispositifs médicaux ont généré 127,6 millions de dollars de revenus pour l'artivion en 2023.

• Greffes endovasculaires
• Systèmes de réparation chirurgicale
• Dispositifs d'intervention cardiovasculaire

Services bancaires tissulaires

Les services bancaires tissulaires ont contribué 38,5 millions de dollars aux revenus d'Artivion en 2023.

Type de service	Revenus de 2023
Traitement des tissus	22,3 millions de dollars
Stockage des tissus	16,2 millions de dollars

Licence des technologies de conservation

Les licences technologiques ont généré 12,7 millions de dollars de revenus pour Artivion en 2023.

• Licence de technologie de préservation: 8,4 millions de dollars
• Licence de brevet biotechnologie: 4,3 millions de dollars

Frais de conseil et de support technique

Les services de conseil et de support technique ont généré 7,9 millions de dollars en 2023.

Catégorie de service	Revenus de 2023
Conseil médical	4,6 millions de dollars
Support technique	3,3 millions de dollars

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.