Anteris Reports $26.8 Million Third-Quarter Net Loss as Sales Rise 21%

The Tip Desk · November 12, 2026 · 4 min read

The cardiac-valve developer reported third-quarter 2026 sales of $519,000, up 21% year over year, and a $26.8 million net loss as it ran the DurAVR pivotal study across five countries and took a Brooklyn Park plant.

Anteris Technologies Global (AVR) reported net sales of $519 thousand for the third quarter of 2026, up 21% year over year, and a net loss attributable to stockholders of $26.8 million. The company said it continued execution of the PARADIGM pivotal trial of its DurAVR transcatheter heart valve across active sites in the United States, Canada, Denmark, the Netherlands and France in the third quarter of 2026, with further site activation still pending after start-up work. Subsequent to September 30, the study received regulatory clearance from Germany’s Federal Institute for Drugs and Medical Devices and Human Research Ethics Committee and Therapeutic Goods Administration authorization in Australia, extending the trial’s geographic reach.

The development-stage healthcare company reported net sales of $519 thousand for the three months ended September 30, 2026, up 21% from $429 thousand a year earlier. That year-over-year gain followed a 63% increase in the prior quarter. The company attributed the third-quarter year-over-year increase primarily to higher tissue-product sales to 4C Medical Technologies.

Cost of products sold was $126 thousand. Anteris said the cost rose in line with 4C volumes and that gross margin remained generally consistent with the prior-year period. The Supply and License Agreement with 4C expired on June 1, 2026 after the company notified the customer it would not renew. Anteris said it expects to continue supplying products under purchase orders issued before expiration and that the lapse is not expected to have a material impact on financial results.

Research and development expense was $21.3 million, down from $23.4 million in the three months ended June 30, 2026. Expense increased from $16.8 million a year earlier. To explain that year-over-year increase, the company cited a $4.3 million increase tied to PARADIGM activities, including enrollment of additional patients and scaling of its field-based clinical team, and a $2.2 million increase related to upscaling manufacturing and quality capabilities, including process development, validation and higher employee levels. Those items were partly offset by $0.9 million lower stock-based payment expense from a period-to-period reduction in share price and $0.8 million lower v2vmedtech development expense after the company ceased further funding of that program.

Selling, general and administrative expense was $8.9 million. Anteris attributed the increase to higher employee costs from headcount growth, increased stock-based payment expenses, and additional consulting and IT expenditures to support expansion of operations. Operating loss was $29.8 million. Net loss attributable to stockholders was $26.8 million.

Other non-operating income, net was $2.6 million. The company said the increase was primarily due to higher investment income on money-market fund deposits and U.S. Treasury securities following the January 2026 capital raises, as well as CMS reimbursements associated with the PARADIGM Trial. An income tax benefit of $272 thousand reflected recognition of the recoverable portion of Swiss withholding tax.

On September 1, 2026, Anteris assumed occupancy as the primary tenant of its Northcross facility in Brooklyn Park, Minnesota, which it said provides the ability to expand manufacturing capacity in preparation for commercialization. Lease liabilities rose to $15.9 million from $2.9 million as of June 30. Cash, cash equivalents and restricted cash were $236.3 million as of September 30, 2026, down from $260.9 million as of June 30.

In January 2026 the company completed an underwritten public offering and a private placement to Medtronic that together generated gross proceeds of approximately $320.0 million before fees. In May it established an at-the-market program with TD Cowen of up to $250.0 million; as of September 30, no shares had been sold under that program. Anteris said it does not expect to generate significant revenue until it obtains regulatory approval and sales commence, and that, based on its current operating plan, existing cash and cash equivalents will be sufficient to meet operating requirements for at least the next 12 months.

The company said it anticipates that the PARADIGM design will provide primary clinical evidence on which the FDA could base a Premarket Approval decision required for U.S. commercialization, and that CE Mark approval will progress in parallel. Recruitment remains ongoing, with planned expansion into additional clinical sites.