Artivion, Inc. (AORT) vs CONMED Corporation (CNMD)

Artivion, Inc. and CONMED Corporation are both Medical Devices companies. CONMED Corporation is the larger, with a market value of $1.4B against $1.1B — 1.2× the size. Artivion, Inc. has negative trailing earnings, so its P/E is not meaningful; CONMED Corporation trades at 24.5×. Artivion, Inc. grew revenue faster over the last twelve months: 16.4% against 3.42%. CONMED Corporation has the higher net margin (4.12% vs −0.67%) and the higher return on invested capital (3.75% vs 1.76%). Across the 20 metrics below, CONMED Corporation leads on 14 and Artivion, Inc. on 6.

Valuation

Metric AORT CNMD Medical Devices median
P/E n/m 24.53 22.18
P/S 2.33 0.99 2.70
P/B 2.47 1.31 2.46
Price to free cash flow n/m 10.15 22.53
EV/EBITDA 30.70 11.33 11.78
EV/Sales 2.94 1.58 2.38
Earnings yield (0.27%) 4.08% (8.22%)
Free cash flow yield (1.19%) 9.85% (7.80%)

Profitability

Metric AORT CNMD Medical Devices median
Gross margin 64.37% 55.79% 56.01%
Operating margin 4.38% 8.04% (15.03%)
Net margin (0.67%) 4.12% (20.40%)
Free cash flow margin (1.94%) 9.80% (7.24%)
Return on equity (0.73%) 5.53% (15.32%)
Return on assets (0.33%) 2.44% (19.72%)
Return on invested capital 1.76% 3.75% (10.33%)

Growth

Metric AORT CNMD Medical Devices median
Revenue growth (TTM) 16.40% 3.42% 8.80%
EPS growth (last fiscal year) 165.63% (64.47%) —
Revenue growth, 5-year CAGR 11.75% 9.77% 15.23%
Net income growth, 5-year CAGR 0.00% 37.66% 0.00%

Health

Metric AORT CNMD Medical Devices median
Debt to equity 0.82 0.80 0.07
Current ratio 3.47 1.48 2.50
Net debt to EBITDA 2.72 4.35 0.49

Dividend

Metric AORT CNMD Medical Devices median
Dividend yield — 0.95% 0.94%
Payout ratio 0.00 0.27 0.00

Size

Metric AORT CNMD Medical Devices median
Market cap 1.13b 1.35b 172.91m

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