Detailed financial statements for Anteris Technologies Global Corp. (AVR): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Anteris Technologies Global Corp. is a structural heart innovator dedicated to discovering, developing, and bringing to market medical devices that enhance the well-being of patients grappling with aortic stenosis. The company's premier offering is the DurAVR transcatheter heart valve system, a pioneering transcatheter aortic valve engineered to treat aortic stenosis by precisely emulating the performance of a healthy human aortic valve.
Analysis Summary
Anteris Technologies Global Corp. reported revenue of $1.9M in the most recent fiscal year, growing at a 5-year CAGR of -18.9%.
Trailing-twelve-month margins: gross margin 37.0%, operating margin -47.4%, net margin -46.2%.
At the current price of $8.37, AVR has negative trailing earnings (P/E not meaningful) and an ROE of -77.66%. Market capitalisation stands at $814M.
Balance sheet quality for AVR: current ratio of 0.7, net cash position of $10.3M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $5.5M | $5.8M | $3.2M | $2.7M | $2.7M | $1.9M |
| Cost of Revenue | $2.1M | $3.9M | $2.9M | $1.9M | $1.4M | $2.2M |
| Gross Profit | $3.4M | $1.9M | $298383 | $876800 | $1.3M | -$317000 |
| Research & Development | $3.6M | $10.0M | $17.6M | $31.0M | $51.5M | $69.1M |
| Selling, General & Admin | $2.6M | $9.1M | $15.2M | $17.0M | 0 | $24.5M |
| Operating Expenses | $16.6M | $18.8M | $31.4M | $49.0M | $79.6M | $93.6M |
| Operating Income | -$13.3M | -$16.9M | -$31.1M | -$48.1M | -$78.4M | -$93.9M |
| EBITDA | -$14.1M | -$15.5M | -$29.1M | -$45.5M | -$74.4M | -$92.5M |
| Interest Expense | $300641 | $1.0M | $648709 | $67089 | $82000 | $73000 |
| Pre-tax Income | -$11.8M | -$17.2M | -$30.6M | -$46.8M | -$76.0M | -$94.2M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$11.8M | -$17.2M | -$30.6M | -$46.0M | -$76.3M | -$94.1M |
| EPS | $-0.33 | $-0.48 | $-0.85 | $-1.28 | $-3.77 | $-2.55 |
| EPS (Diluted) | $-0.33 | $-0.48 | $-0.85 | $-1.28 | $-3.77 | $-2.55 |
| Shares Outstanding (Diluted) | $35.9M | $35.9M | $35.9M | $35.9M | $20.3M | $36.9M |
Balance Sheet (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $3.4M | $15.5M | $9.4M | $21.1M | $70.5M | $12.6M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $652395 | $1.9M | $563677 | $1.1M | $383000 | $32000 |
| Inventory | $534667 | $549820 | $355624 | $442348 | $513000 | $735000 |
| Total Current Assets | $6.2M | $18.7M | $12.2M | $24.2M | $74.7M | $15.7M |
| Property, Plant & Equipment | $1.9M | $1.9M | $3.1M | $5.5M | $5.9M | $7.3M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $1.1M | $763643 | $607354 | $410146 | $189000 | $65000 |
| Total Assets | $9.8M | $21.4M | $16.0M | $30.5M | $80.7M | $23.0M |
| Accounts Payable | $581865 | $2.2M | $1.7M | $3.1M | $5.9M | $11.1M |
| Short-term Debt | $2.0M | $3.4M | $513009 | $668921 | $3000 | $582000 |
| Total Current Liabilities | $6.0M | $10.2M | $6.0M | $9.5M | $16.6M | $21.4M |
| Long-term Debt | 0 | 0 | $8695 | $97961 | 0 | $22000 |
| Total Liabilities | $7.9M | $10.9M | $7.0M | $11.6M | $18.0M | $23.2M |
| Retained Earnings | -$103.9M | -$123.5M | -$154.1M | -$200.1M | -$276.4M | -$370.5M |
| Total Equity | $1.9M | $10.5M | $9.0M | $19.3M | $62.8M | -$93000 |
| Total Debt | $2.9M | $4.1M | $952787 | $1.7M | $1.4M | $2.3M |
| Net Debt | -$440556 | -$11.3M | -$8.4M | -$19.4M | -$69.1M | -$10.3M |
| Working Capital | $195348 | $8.6M | $6.2M | $14.8M | $58.1M | -$5.7M |
Cash Flow (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Net Income | -$11.8M | -$17.2M | -$30.6M | -$46.8M | -$76.3M | -$94.2M |
| Depreciation & Amortization | $1.0M | $640087 | $774077 | $1.2M | $1.5M | $1.7M |
| Stock-based Compensation | $323983 | $254850 | $2.9M | $5.8M | 0 | $7.8M |
| Change in Working Capital | $5.4M | $976405 | -$1.7M | $4.0M | $6.7M | $6.3M |
| Operating Cash Flow | -$11.1M | -$14.4M | -$29.4M | -$34.6M | -$61.2M | -$77.8M |
| Capital Expenditure | -$222454 | -$582235 | -$1.7M | -$2.4M | -$2.3M | -$2.0M |
| Acquisitions | 0 | 0 | 0 | -$213000 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$11.3M | -$15.0M | -$31.1M | -$37.0M | -$63.5M | -$79.8M |
Growth & Margins (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +6.8% | -45.1% | -14.6% | -1.2% | -29.2% | |
| Net Income Growth (YoY) | -45.8% | -78.0% | -50.6% | -65.8% | -23.4% | |
| EPS Growth (YoY) | -45.5% | -77.1% | -50.6% | -194.5% | +32.4% | |
| Shares Change (YoY) | +0.0% | +0.0% | +0.0% | -43.6% | +82.3% | |
| FCF Growth (YoY) | -32.9% | -106.9% | -19.1% | -71.5% | -25.6% | |
| Gross Margin | 61.5% | 32.7% | 9.3% | 32.1% | 46.8% | -16.6% |
| Operating Margin | -243.0% | -289.2% | -972.1% | -1760.3% | -2899.4% | -4908.2% |
| EBITDA Margin | -257.5% | -265.8% | -910.5% | -1665.1% | -2751.7% | -4834.9% |
| Net Margin | -215.8% | -294.5% | -954.9% | -1682.8% | -2822.5% | -4921.3% |
| FCF Margin | -207.1% | -257.6% | -971.1% | -1353.9% | -2349.5% | -4169.2% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| FCF Per Share | $-0.31 | $-0.42 | $-0.86 | $-1.03 | $-3.14 | $-2.16 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $35.9M | $35.9M | $35.9M | $35.9M | $20.3M | $36.9M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | -77.66% |
| Return on Invested Capital | -41.63% |
| Return on Assets | -38.01% |
| Gross Margin | 36.98% |
| Operating Margin | -4738.36% |
| Net Margin | -4619.67% |
Financial Health
| Debt / Equity | 0.01 |
| Current Ratio | 14.20 |
| Piotroski F-Score | 2 |
| Altman Z-Score | -31.49 |
Key Ratios (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| P/E | -16.97 | -11.67 | -6.59 | -4.38 | -1.48 | -1.96 |
| P/B | 108.44 | 19.12 | 22.28 | 10.43 | 1.80 | -1980.52 |
| P/S | 36.88 | 34.52 | 62.88 | 73.59 | 41.81 | 96.28 |
| Gross Margin | 61.5% | 32.7% | 9.3% | 32.1% | 46.8% | -16.6% |
| Operating Margin | -243.0% | -289.2% | -972.1% | -1760.3% | -2899.4% | -4908.2% |
| Net Margin | -215.8% | -294.5% | -954.9% | -1682.8% | -2822.5% | -4921.3% |
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Explore sector: Healthcare · Medical - Devices
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