10-Q · May 12, 2026
Anteris Technologies reported Q1 2026 revenue of $0.5 million, down 11% from $0.6 million in the previous year, with a decrease largely attributed to the expiration of sales agreements. The company continues to…
Earnings analysis · 10-Q
AVR earnings analysis
Filed August 11, 2026 · Our reading of the company's report
The latest report
Anteris delivered Q2 revenue of $1.009 million, up 63% year over year, with gross margin near 76.9% and diluted EPS improving to $(0.30) from $(0.58). However, the operating loss widened 48% to $30.997 million as R&D…
Read full summary
Anteris delivered Q2 revenue of $1.009 million, up 63% year over year, with gross margin near 76.9% and diluted EPS improving to $(0.30) from $(0.58). However, the operating loss widened 48% to $30.997 million as R&D and SG&A spending increased to support manufacturing scale-up and the PARADIGM Trial. January financing left the company with $260.894 million of cash, cash equivalents and restricted cash, but six-month operating cash burn rose to $49.477 million and management expects substantial losses and additional capital needs. The key positives are clinical-trial expansion and liquidity; the key negatives are regulatory execution, ongoing material weaknesses, and dependence on future financing.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.3
- Segment
- Single reportable segment: DurAVR THV System and ADAPT products; net sales $1.009 million in Q2 2026 versus $0.618 million in Q2 2025, up 63%. U.S. revenue was $995 thousand, Australia $14 thousand, and Germany $0.
What stood out
-
Tissue-product sales grew 63%
Q2 net sales increased 63% year over year to $1.009 million from $0.618 million, primarily reflecting increased tissue-product sales to 4C. Gross margin was approximately 76.9%, and management said it remained generally consistent with the prior-year period.
-
PARADIGM investment accelerated
The operating loss increased 48% year over year to $30.997 million from $20.884 million, although the operating margin improved to approximately -3,070.1% from -3,378.6% because revenue grew faster than operating expenses. R&D rose 43% to $23.369 million, driven by manufacturing scale-up and PARADIGM Trial activities.
-
EPS improved through share issuance
Diluted loss per share improved to $(0.30) from $(0.58) year over year, despite stockholders’ net loss increasing to $29.094 million from $20.834 million, primarily because weighted-average shares increased to 97.340 million from 36.062 million.
-
Clinical program expanded geographically
PARADIGM recruitment remains ongoing: U.S. enrollment began in May 2026, French recruitment was enabled by June 2026 regulatory clearance, and early clinical experience includes more than 130 patients treated with DurAVR.
-
Capital raise materially strengthened liquidity
Cash, cash equivalents and restricted cash totaled $260.894 million at June 30, 2026 versus $12.576 million at December 31, 2025, following $308.270 million of net share-issuance proceeds. Management believes existing cash and cash equivalents are sufficient for operating requirements for at least the next 12 months.
-
Cash burn rose with trial spending
Six-month operating cash use increased 21% to $49.477 million from $41.024 million, while investing cash use was $0.830 million, including $0.785 million of plant and equipment purchases. A cash-flow-based free cash flow figure was not separately disclosed.
What to watch
-
PMA and trial execution risk
The company added a supplemental risk that the PARADIGM Trial may be unsuccessful and that FDA PMA may not be obtained or maintained, even though the FDA IDE permits the study to proceed. The trial is intended to support commercialization, and failure could prevent revenue generation or profitability.
-
Material weaknesses remain open
The company reported that disclosure controls and procedures were not effective as of June 30, 2026 because previously identified material weaknesses remained unremediated. The weaknesses involve inadequate procedures and controls and segregation-of-duties deficiencies; remediation testing is ongoing.
-
Ongoing funding and dilution risk
Management expects continued substantial losses and additional funding needs: the six-month operating cash outflow was $49.477 million, accumulated deficit was $422.650 million, and the company states it may be unable to raise additional funds on favorable terms or at all.
Management's outlook
No numeric revenue or EPS guidance was provided. Management expects to continue incurring substantial losses, does not expect significant revenue until regulatory approval and product commercialization, and believes existing cash and cash equivalents will fund operating requirements for at least the next 12 months.
Earlier filings 2
10-K · February 26, 2026
Anteris (AVR) remains a development‑stage structural heart company focused on commercializing the DurAVR® THV (a single‑piece, biomimetic valve using ADAPT® anti‑calcification tissue). 2025 operational milestones…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.