Research Reports

Key takeaways

Revenue declined 11.2% to $494K as prior-year LeMaitre Transition Services ended without repeat, partially offset by higher 4C tissue product demand.

Gross profit increased 8.9% to $380K with 76.9% margin, driven by lower cost of sales post-LeMaitre and increased production volumes for 4C.

Operating loss expanded 10.2% to -$24.0M due to elevated R&D focused on DurAVR THV System and related components for PARADIGM Trial.

Net loss grew 5.3% to -$23.0M while diluted EPS improved 54.1% to -$0.28, reflecting share dilution offset.

Operating cash use rose to -$28.7M free cash flow amid recurring losses since inception and scaling investments.

Capex fell to $137K from $248K, reflecting disciplined spend during clean room transition for manufacturing scale.

Full analysis

Revenue of $494K declined 11.2% from $556K in Q1 2025, primarily because the prior period included sales of CardioCel™ and VascuCel™ products under the Transition Services Agreement with LeMaitre, which did not recur. This topline pressure was partially offset by increased production volumes responding to rising demand for tissue products from 4C Medical in 2026, demonstrating sustained commercial traction in this segment despite the LeMaitre transition.

Management notes expectations for rising expenses in research, clinical validation, development, design, manufacturing, and marketing, necessitating additional capital. The company anticipates continued losses for the foreseeable future with no assurance of profitability, consistent with its pre-revenue development stage. Operational progress in dual-sourcing ADAPT® tissue and clean room scaling positions Anteris for PARADIGM Trial execution, balancing growth investments against liquidity demands.

AVR · Anteris Technologies Global Corp.

Summary

Key takeaways

Full analysis