Artivion Inc. (AORT) PT Raised to $30 at Lake Street Capital Markets

Lake Street Capital Markets analyst Frank Takkinen raised the price target on Artivion Inc. (NYSE: AORT) to $30.00 (from $28.00) while maintaining a Buy rating.

The analyst commented: "This is a win-win for Artivion and Endospan. For Artivion, this reduces the upfront to a manageable payment and replaces the “sure-thing” $100M minimum milestone to a 2.5x multiple of year two revenue. The minimum milestone is lower, and if Artivion hits the maximum milestone of $200M (unchanged), it implies $80M of sales from NEXUS in year two. This would be a positive outcome with significant bottom line impact given the 90%+ GM profile and leverage potential. For Endospan, this bridges the Company to PMA approval. Artivion will initially provide Endospan with $7M of cash upfront (funded off balance sheet/or FCF) and the remaining $18M in tranches toward PMA approval. This further supports the Company’s ability to deleverage and prevent the need to take on onerous new debt or seek significant equity capital. The minimum amount of cash needed to exercise is $122.5M, likely in 2H26/1H27. Big Picture – We think the durability of the core business growing MSD-HSD with
leverage, complemented by significant growth and GM expansion opportunity from Stents, will continue to resonate with investors. Yesterday’s development helps the deleveraging narrative and provides a clearer outlook on ROI for NEXUS. We reiterate our Buy rating and increase our price target to $30."

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