AORTARTIVION, INC.

Surgical & Medical Instruments & Apparatus

Revenue: $441M; 14% YoY
Operating margin: 7.6%; 24% YoY
EBITDA: $56M; 11% YoY
Market cap: $960M
Employees: 1,800; $245K revenue each
Net debt / EBITDA: 5.1×; $286M net debt
AI in 10-K: 0.4; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
408% of net income
Cash flow under 80% of net income
Dilutive SBCNo
6% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
23% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
33% of assets
Over 40% of assets
Shareholder dissentNo
87% lowest support
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeYes
$245K · 20th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.4 per 10K words · 19th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
5.1× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$960M market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$21M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$299M	$314M	$354M	$389M	$441M	14%
Operating income	$8M	$6M	$6M	$39M	$34M	13%
Net income	−$15M	−$19M	−$31M	−$13M	$10M	173%
Operating cash flow	−$3M	−$5M	$19M	$22M	$40M	79%
Capex	$13M	$11M	$10M	$11M	$39M	249%
Stock-based comp	$11M	$12M	$14M	$14M	$24M	71%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 12, 2025	Juniper Investment Company, LLC	SCHEDULE 13D/A	4.0%	Passive
Sep 26, 2022	Juniper Investment Company, LLC	SC 13D	5.2%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $21M · 64
Net: −$21M

Pay vs performance

No pay-versus-performance disclosure yet.