XVARY Composite Score
/ 100
Combines growth, value, risk, and momentum factors into a single institutional-grade score.
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What it is
Anteris builds replacement heart valves and the system that places them.
How it gets paid
Last year Anteris Technologies made $2M in revenue.
Why growth slowed
Revenue fell 29.2% last year. FY revenue fell ~29.2% in the annual table.
What just happened
Quarter revenue was $2M, and EPS was -$1.80.
At a Glance
N/a balance sheet
-$3.68 fy2024 eps est
$3M fy2024 rev est
Operating margin n/a — tiny revenue makes % margins meaningless
~$602M market cap
What They Do
Anteris builds replacement heart valves and the system that places them.
DurAVR has already been used in 83 patients across the US, Canada, and Europe. That is a small sample, but it is real human data. You are not buying one part. You are buying DurAVR, ADAPT, and ComASUR together. ADAPT is the tissue prep tech, and ComASUR is the delivery system. If one piece works and the others do not, the stack breaks. The quiet part is simple. A company with 136 employees and $2M in annual revenue does not need perfection. It needs one clean approval path and one hospital workflow that sticks.
How They Make Money
$2M
annual revenue · revenue declined -29.2% last year
total revenue
$2M
29.2%
The Products That Matter
Transcatheter heart valve
DurAVR THV
pivotal trial started jan 2026
this is the whole story. total FY revenue is ~$2M in this snapshot; legacy lines are ~$310K —most of the $602M valuation rests on the valve program, not current sales.
core asset
Residual legacy revenue
Legacy Services
$310K · down 85%
it brought in $310K last year after an 85% drop. that's not a growth engine. it's leftover revenue while management funds the valve program.
winding down
Key Numbers
$602M
market cap
This is the stock market's value for the whole business. Pair it with $2M of annual revenue, and the gap is the story.
$2M
annual revenue
The business brought in $2M last year. That is tiny next to a $602M valuation.
83
patients treated
83 people have received DurAVR. That is early proof, not mass adoption.
136
employees
136 employees is a small team for an FDA-driven launch. That makes execution risk easy to see and hard to ignore.
Financial Health
n/a
Strength
- balance sheet grade n/a
n/a — functional but not a standout on the balance sheet.
Total Return vs. Market
source: institutional data · return history unavailable
What Just Happened
verify Q vs FY est.
Quarter revenue was $2M, and EPS was -$1.80.
FY revenue fell ~29.2% in the annual table. The strip’s ~-$3.68 FY EPS est. is not automatically comparable to a quarterly -$1.80 —call beat/miss only when period and basis match. Triple-digit quarterly vs. prior year off a tiny base does not undo the FY decline until labels align.
$2M
revenue
-$1.80
eps
n/a
n/a
the number that mattered
The $2M revenue print matters because it shows how early the business still is next to a $602M market cap.
source: company earnings report, 2026
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What Could Go Wrong
The #1 risk is DurAVR stumbling in its pivotal trial.
Med
Pivotal trial disappointment
The company is a single-asset story. If the pivotal study produces weak efficacy, safety issues, or material delay, the equity case breaks fast.
impact: with only $310K of revenue, there is no second business to catch you if the lead program stumbles.
Med
Cash burn and dilution
Anteris burned $77.8M last year and proposed a $200M offering in Jan 2026. That tells you management already knows the current business does not fund itself.
impact: new shares can cap your upside even if the science holds, because financing arrives before commercialization.
Med
Approval still sits ahead of the company
DurAVR has no approval yet. Even a good study does not turn into immediate sales, and any regulatory delay would keep revenue small while the cost base stays real.
impact: 100% of the current valuation still points to future events rather than present cash flow.
a capital raise landing while trial timing slips would hit both sides of the stock at once: more shares and a later payoff.
Source: institutional data · regulatory filings · risk analysis
Pay Attention To
Catalyst
Pivotal trial milestones
The trial started in Jan 2026. Enrollment pace, safety commentary, and any interim timing are the calendar items that matter most.
Capital
$200M offering terms
Watch whether the proposed raise closes, at what price, and with how much dilution. Financing details matter as much as clinical headlines here.
Trend
Legacy revenue heading toward zero
Revenue fell 85% to $310K. If that number disappears, the market will treat AVR even more explicitly as a pure trial vehicle.
Message risk
Management language at conferences
At TD Cowen and Barclays in March 2026, listen for any shift in wording around funding runway, enrollment, or regulatory timing. Thin coverage makes wording matter.
Analyst Rankings
chart momentum
top 20%
momentum rank 2 — analysts expect above-average price performance in the year ahead.
Source: institutional data
Institutional Activity
institutional ownership data for AVR is being compiled.
Source: institutional data
Price Targets
3-5 year target range
$5
Current price
Target midpoint · from current
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