Anteris Technologies Ltd Overview
Anteris is a clinical-stage structural heart company. It is attempting to build the first "biomimetic" transcatheter aortic valve: DurAVR, a balloon-expandable valve molded from a single piece of ADAPT anti-calcification bovine pericardium. The design aims to restore near-physiological, laminar aortic flow rather than merely relieve obstruction. The company emerged from two decades of tissue-engineering work at Admedus. That lineage includes the CardioCel patch, which was sold to LeMaitre Vascular in 2019, and the ADAPT tissue platform, which has been used in more than 55,000 patients. Anteris re-domiciled to Delaware and listed on Nasdaq in December 2024. In January 2026 it raised USD 320M, including a USD 90M strategic investment from Medtronic, the world's second-largest TAVR vendor, which now holds 16.1%. Its value now rests almost entirely on the approximately 1,000-patient, head-to-head PARADIGM randomized pivotal trial against commercial TAVR valves. A positive readout could support FDA PMA and CE Mark approval and position Anteris as a disruptive third force in a two-player TAVR market worth about USD 10B. A negative readout would leave it with minimal revenue and no approved product.
Company's own description (10-K FY2025, paraphrased). Anteris describes itself as a structural heart company focused on restoring heart valve patients to healthy function through science-driven, measurable advances. Its lead product is the DurAVR Transcatheter Heart Valve (THV) System, which it developed with leading interventional cardiologists and cardiac surgeons to treat aortic stenosis. The company characterizes DurAVR as the first biomimetic valve: a balloon-expandable device shaped to mimic a healthy native aortic valve and to replicate normal aortic blood flow. The system has three components:
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the DurAVR valve, a single piece of molded ADAPT-treated bovine pericardium sutured inside a cobalt-chromium frame;
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the ADAPT anti-calcification tissue technology;
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the ComASUR balloon-expandable delivery system, which offers rotational control for commissural alignment.
The company explicitly describes itself as a development-stage company with recurring losses, generating only small revenue.
Business model. Anteris is a single-asset, pre-commercial medical device developer. It follows the classic "clinical evidence → PMA/CE Mark → commercial launch" model and intends to sell a premium-priced Class III implant (valve plus delivery system) directly or through a commercial partner to hospital heart teams. Before approval, the economic engine is equity financing.
Revenue model and mix (FY2025). All current revenue is product revenue from sales of regenerative ADAPT tissue products. There is no service, subscription or licensing revenue of significance.
Value chain position. Anteris is vertically integrated in tissue processing: it buys bovine pericardium from Harvey Industries Group (Australia) and performs ADAPT processing in Western Australia. It designs the valve and delivery system and outsources specific engineering, component manufacturing and testing to U.S. contract partners (Switchback Medical, NPX Medical, Taurus Engineering; knitted materials from Aran Biomedical/Integer). It sponsors its own clinical trials, using CRF for core lab and data services, Bright Research Partners for clinical services, and QMED for EU regulatory support.
Customer types and end-markets. The prospective customers are hospital-based structural heart teams (interventional cardiologists and cardiac surgeons) in TAVR-capable centers in North America and Europe, the company's initial targets, with reimbursement from Medicare (U.S.) and national health systems. Current customers are the device OEMs that buy tissue (4C Medical, and LeMaitre until January 2025).
Independent characterization. Anteris is best understood as a binary, venture-stage asset wrapped in a public listing. Commercially, it is a call option on one randomized trial. Its genuine differentiators are a single-piece, molded leaflet design; ADAPT tissue with 10-year calcium-free clinical data in pediatric patch use; and delivery-system commissural alignment. Early hemodynamics are excellent: single-digit mean gradients, an average effective orifice area (EOA) of about 2.2 cm², and only 3% moderate-or-greater patient-prosthesis mismatch (PPM) in small annuli. However, these come from a pooled, non-randomized cohort of about 130–140 patients. The January 2026 Medtronic investment provides strategic validation and a credible exit or partnership pathway, but it also concentrates strategic optionality in one counterparty.
Strategy
Stated strategic themes (10-K FY2025 and company releases, paraphrased).
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Generate randomized, head-to-head evidence (PARADIGM) to support FDA PMA and CE Mark, rather than relying on historical or device-generation comparisons.
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Reframe TAVR from "rescue therapy" to disease modification and lifetime valve management, emphasizing durability, laminar flow, ventricular remodeling and future reintervention options for younger, lower-risk patients. The company describes this as a "category reset" run on a pharmaceutical playbook (July 2026 release).
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Expand the treated population: only 15–20% of severe aortic stenosis patients are treated today.
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Build manufacturing, quality and supply readiness for commercialization.
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Focus initially on North American and European markets.
Strategic initiatives in the last 24 months.
ESG and cost programs: none disclosed.
Medium-term financial targets: none. Management guides only that operating losses and expenses will continue to rise, that cash is sufficient for at least 12 months, and that additional capital may be required.
Products & Services
Registered trademarks include ADAPT, ADAPT FOR LIFE, ANTERIS, ComASUR, DurAVR and GYNECEL (10-K FY2025). No GYNECEL product is commercially described in the sources reviewed.
Product Portfolio
| Product | Description and key capabilities | Target customer | Status / year | Pricing | Source |
|---|---|---|---|---|---|
DurAVR THV (flagship) | Balloon-expandable transcatheter aortic valve. Single piece of molded ADAPT-treated bovine pericardium sutured inside a cobalt-chromium frame. Three-dimensional native-shaped leaflets, long coaptation, fewer sutures/seams, large open frame cells for coronary access. Pooled data in 100 small-annulus patients (annulus area 404 ± 37 mm²): 93% technical success, 0% mortality and 2% stroke at 30 days, mean gradient 8.2 mmHg, EOA 2.2 cm², 3% moderate-or-greater PPM, no moderate/severe paravalvular leak | Heart teams treating severe symptomatic aortic stenosis (native and valve-in-valve) | Investigational (Class III). More than 130 implants by Dec 2025 (about 140 cited Mar 2026). In PARADIGM pivotal trial | Not publicly disclosed (pre-commercial) | 10-K FY2025; PCR London Valves 2025; TD Cowen, Mar 2026 |
ComASUR Delivery System | Physician-developed balloon-expandable delivery system with a reinforced, steerable catheter; rotational control for commissural alignment with native anatomy; even balloon expansion. Patent pending | Same as DurAVR (reviewed as part of the DurAVR PMA) | Investigational | — | 10-K FY2025 |
ADAPT anti-calcification tissue | Decellularized, crosslinked, detoxified bovine pericardium bioscaffold stored in non-glutaraldehyde solution. Calcium-free for up to 10 years in pediatric CardioCel data (Neethling et al.). Used in more than 55,000 patients | Internal (DurAVR); OEM supply (4C Medical) | FDA 510(k)-cleared 3 Apr 2020 (Class II) | Per-unit price by annual volume (4C); no minimums | 10-K FY2025 |
CardioCel / CardioCel 3D / CardioCel Neo (divested) | ADAPT pericardial patches for congenital and cardiovascular repair | Cardiac surgeons | FDA-cleared 2014/2017; sold to LeMaitre Oct 2019; contract manufacture ended Jan 2025 | — | LeMaitre 8-K 2019 |
VascuCel / VascuCel 3D (divested) | Vascular repair patch | Vascular surgeons | FDA-cleared 2016; sold to LeMaitre 2019 | — | LeMaitre 8-K 2019 |
v2vmedtech TEER device (pipeline, VIE) | Transcatheter edge-to-edge repair clip/coupler for mitral and tricuspid regurgitation; Columbia University license | Interventional cardiologists (mitral/tricuspid) | Stage 2 of 5 (concept lock on clips and coupler); first-in-human timing undetermined | — | 10-K FY2025 |
“—” = not publicly disclosed.
Financial Narrative
Income statement
Revenue CAGR FY2021–FY2025: -23.8% (calculated). Company-reported FY2025: revenue USD 1.913M; loss after tax USD 94.225M; loss attributable USD 94.144M (FY2024: USD 2.703M, USD 75.967M and USD 76.291M respectively). FY2025 R&D of USD 69.1M and SG&A of USD 26.1M match the company release. Pre-2024 share counts and EPS reflect S&P adjustments and may not match historical ASX-reported per-share figures.
Margins (%)
EBITDA margins for FY2022–FY2025 are calculated from the table above.
Balance sheet
Interim balance sheet as of 30 Jun 2026: total assets USD 272.51M; cash & short-term investments USD 256.87M; total debt USD 3.32M; equity USD 251.67M; working capital USD 242.29M (S&P). Company figures conflict slightly: the condensed balance sheet shows cash, cash equivalents and restricted cash of USD 257.385M, while the Q2 2026 results summary cites USD 260.9M. Both are noted; the gap is likely definitional (treatment of restricted or other cash). At 31 Mar 2026 the figure was USD 283.21M.
Cash flow
FY2025 net operating cash outflow of USD 77.8M matches the company release. Quarterly operating cash outflows in 2026 were USD 28.7M in Q1 and USD 20.8M in Q2. Trailing-twelve-month free cash flow to 30 Jun 2026 was USD -88.21M.
Ratios (calculated on year-end balances)
FY2025 ROE and debt/equity are not meaningful because year-end equity was negative (USD -0.25M). ROIC, net debt/EBITDA and interest coverage are not meaningful for a company with negative EBIT and a net cash position. The cash conversion cycle is not meaningful given immaterial inventory and receivables.
Commentary
Revenue. Revenue has declined every year since FY2021 as the company deliberately wound down legacy tissue businesses. The LeMaitre contract-manufacturing relationship ended in January 2025, and the 4C Medical supply agreement will not be renewed. Revenue is therefore not a value driver. The gross margin rebound to 70% in FY2025 reflects mix (higher-margin 4C tissue) rather than scale.
Losses. The operating loss widened roughly 5.6x between FY2021 and FY2025, driven by R&D, which grew about 12x. That growth funded the DurAVR program, manufacturing scale-up, quality management buildout (including ISO 13485 certification for DurAVR production) and PARADIGM start-up. SG&A rose in FY2024 with IPO and U.S.-listing costs and was broadly flat in FY2025.
Liquidity inflection. The balance sheet swung sharply. Year-end FY2025 cash was only USD 12.1M with negative equity, and the Q3 2025 10-Q carried a going-concern flag. In January 2026 the company raised USD 320M. By June 2026 cash was about USD 257–261M against quarterly operating burn of USD 21–29M. Management states that existing cash funds operations for at least 12 months, which on a simple run-rate basis implies roughly 2–3 years of runway before trial expansion costs. Share count dilution is the primary financing cost: shares rose from 11.1M (FY2021) to about 97.5M (Oct 2026).
Interim 2026 results
For Q2 2026 alone: net sales USD 1.0M (+63% YoY); operating loss USD 31.0M (+48% YoY); R&D USD 23.4M (+43% YoY); net loss attributable USD 29.1M. Source: Q2 2026 10-Q / ASX release; Quartr summary.
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View Subscription PlansFinancial Detail
Group Entities
| Entity | Role | Ownership | Source |
|---|---|---|---|
Anteris Technologies Global Corp. (Delaware) | Listed parent (Nasdaq/ASX) | — | 10-K FY2025 |
Anteris Technologies Pty Ltd (formerly Anteris Technologies Ltd) | Former ASX parent; Australian operating company (Brisbane HQ, WA manufacturing) | 100% | 10-K FY2025 |
U.S. operating subsidiary(ies), Minnesota | Engineering, clinical, regulatory, U.S. operations | — | 10-K FY2025 |
Swiss operations (Geneva) | European presence | — | 10-K FY2025 |
v2vmedtech, inc. | TEER device developer (Columbia University license) | 30% equity, consolidated as VIE; rises to 58–60% after Stage 5 or USD 10.0M of contributions | 10-K FY2025 |
Admedus Biomanufacturing Pty Ltd; Admedus (Australia) Pty Ltd | Legacy entities | Deregistered by ASIC on 16 Jul 2025 | FY2025 Appendix 4E-equivalent |
Results by Segment and Segment Margins & Growth (%)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Consolidated revenue — regenerative tissue products (USD Mn) | 2.74 | 2.70 | 1.91 |
YoY growth (%) | -12.33 | -1.17 | -29.23 |
Gross profit (USD Mn) | 0.88 | 1.27 | 1.34 |
Gross margin (%) | 32.07 | 46.84 | 70.26 |
Operating income (USD Mn) | -47.37 | -78.37 | -93.89 |
Contribution to total revenue (%) | 100 | 100 | 100 |
Income Statement and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue (USD Mn) | 5.66 | 3.12 | 2.74 | 2.70 | 1.91 |
Cost of revenue (USD Mn) | 1.19 | 1.35 | 1.86 | 1.44 | 0.57 |
Gross profit (USD Mn) | 4.47 | 1.77 | 0.88 | 1.27 | 1.34 |
SG&A (USD Mn) | 13.97 | 23.34 | 17.36 | 28.19 | 26.12 |
R&D (USD Mn) | 5.83 | 8.98 | 30.89 | 51.45 | 69.12 |
Operating income (USD Mn) | -16.73 | -32.21 | -47.37 | -78.37 | -93.89 |
D&A (USD Mn) | 0.57 | 0.70 | 1.16 | 1.51 | 1.66 |
EBITDA (USD Mn) | -16.16 | -31.51 | -46.22 | -76.87 | -92.23 |
Pre-tax income (USD Mn) | -16.66 | -30.14 | -46.76 | -75.97 | -94.23 |
Net income attributable (USD Mn) | -16.66 | -30.14 | -46.02 | -76.29 | -94.14 |
EPS basic (USD) | -2.25 | -2.26 | -2.95 | -3.77 | -2.55 |
EPS diluted (USD) | -2.25 | -2.26 | -2.95 | -3.77 | -2.55 |
Dividends per share (USD) | 0 | 0 | 0 | 0 | 0 |
Weighted average shares (M) | 7 | 13 | 16 | 20 | 37 |
Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin (%) | 78.95 | 56.83 | 32.07 | 46.84 | 70.26 |
Operating margin (%) | -295.31 | -1,032.36 | -1,732.14 | -2,899.45 | -4,908.21 |
EBITDA margin (%) | -285.32 | -1,009.94 | -1,686.86 | -2,847.04 | -4,828.80 |
Net margin (%) | -294.02 | -966.01 | -1,682.71 | -2,822.46 | -4,921.27 |
Balance Sheet and Share Count (M)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets (USD Mn) | 21.44 | 15.96 | 30.53 | 80.70 | 23.00 |
Cash & equivalents (USD Mn) | 15.49 | 9.38 | 21.09 | 70.46 | 12.08 |
Short-term debt incl. current leases (USD Mn) | 3.85 | 0.51 | 0.67 | 0.75 | 0.59 |
Long-term debt incl. leases (USD Mn) | 0.31 | 0.44 | 0.92 | 0.65 | 1.70 |
Total debt (USD Mn) | 4.17 | 0.96 | 1.60 | 1.40 | 2.28 |
Net debt (USD Mn; negative = net cash) | -11.32 | -8.43 | -19.49 | -69.06 | -9.79 |
Shareholders' equity (USD Mn) | 10.43 | 8.98 | 18.90 | 62.68 | -0.25 |
Goodwill & intangibles (USD Mn) | 0.83 | 0.61 | 0.41 | 0.19 | 0.07 |
Working capital (USD Mn) | 9.38 | 7.15 | 14.77 | 58.09 | -5.70 |
Shares outstanding, year-end (M) | 11.09 | 13.90 | 17.82 | 35.94 | 41.58 |
Cash Flow
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating cash flow (USD Mn) | -13.68 | -26.50 | -34.63 | -61.24 | -77.80 |
Capex (USD Mn) | -0.55 | -1.55 | -2.39 | -2.27 | -1.95 |
Free cash flow (USD Mn) | -14.23 | -28.05 | -37.02 | -63.51 | -79.76 |
Dividends paid (USD Mn) | 0 | 0 | 0 | 0 | 0 |
Buybacks (USD Mn) | 0 | 0 | 0 | 0 | 0 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROE (%) | -159.7 | -335.6 | -243.5 | -121.7 | — |
ROA (%) | -77.7 | -188.8 | -150.7 | -94.5 | -409.3 |
Current ratio (x) | 2.00 | 2.39 | 2.56 | 4.51 | 0.73 |
Debt/equity (x) | 0.40 | 0.11 | 0.08 | 0.02 | — |
Asset turnover (x) | 0.26 | 0.20 | 0.09 | 0.03 | 0.08 |
Income Statement
| Metric | H1 2025 | H1 2026 |
|---|---|---|
Revenue from ordinary activities (USD Mn) | 1.174 | 1.503 |
Loss from ordinary activities after tax (USD Mn) | -42.993 | -51.675 |
Loss attributable to members (USD Mn) | -42.698 | -52.118 |
Revenue by Region
| Region | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
United States (USD Mn) | 3.57 | 2.38 | 2.26 | 1.78 | 1.61 |
Australia (USD Mn) | 0.13 | 0.02 | 0.01 | 0.02 | 0.03 |
Germany (USD Mn) | 0 | 0 | 0.47 | 0.90 | 0.27 |
Total (USD Mn) | 3.70 | 2.40 | 2.74 | 2.70 | 1.91 |
Growth (%)
| Growth (%) | FY2024 | FY2025 |
|---|---|---|
United States YoY (%) | -21.2 | -9.6 |
Germany YoY (%) | 91.5 | -70.0 |
Valuation Snapshot
| Metric | Value | Date | Source |
|---|---|---|---|
Price (Nasdaq) | USD 7.05 | 6 Oct 2026 | StockAnalysis |
52-week range | USD 3.30–11.06 | Oct 2026 | StockAnalysis |
ASX CDI reference price | about AUD 12.07 | Aug 2026 | InvestSMART |
Market capitalization | USD 687.3M | 6 Oct 2026 | StockAnalysis |
Enterprise value | about USD 433.8M (market cap less USD 253.55M net cash at 30 Jun 2026) | Calculated | — |
EV/Sales (trailing twelve months) | about 194x | Calculated | — |
P/S (trailing twelve months) | about 307x | Calculated | — |
P/B | about 2.73x (equity USD 251.67M) | Calculated | — |
P/E, EV/EBITDA | Not meaningful (losses) | — | — |
Beta | 0.73 | StockAnalysis | — |
Share Price History
| Date | Price |
|---|---|
12 Dec 2024 (IPO price) | 6.00 |
31 May 2025 | 4.24 |
30 Nov 2025 | 4.10 |
28 Feb 2026 | 6.51 |
27 Jun 2026 | 9.69 |
14 Aug 2026 | 9.40 |
6 Oct 2026 | 7.05 |
Analyst Ratings & Targets
| Broker | Rating | Price target (USD) | Date |
|---|---|---|---|
Consensus (3 analysts) | Strong Buy | 15.33 average | Oct 2026 |
Barclays | Overweight → reported Equal Weight | 22 → 17 → 18 → 10 | Feb, May, Oct 2026 |
Wells Fargo | Overweight | 16 | ~Mar 2026 |
Cantor Fitzgerald | Overweight | 15 | ~Apr 2026 |
Lake Street | Buy | 20 → 15 | Jan/Feb 2026 |
Analyst Conclusions
Management guidance: continued and rising operating losses; cash sufficient for at least 12 months; acceleration of U.S. site activation under the CMS framework; further PARADIGM expansion; eventual PMA and CE Mark submissions. No revenue or enrollment-completion guidance has been given. Consensus revenue is minimal (Q2 2026 expectation about USD 1.5M; actual about USD 1.0M); consensus EPS for Q2 2026 was USD -0.21.
Bull case
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DurAVR's hemodynamics (single-digit gradients, EOA about 2.2 cm², 3% PPM in small annuli) are best-in-class signals in a roughly USD 10B market dominated by two players.
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Medtronic's USD 90M stake, together with CEO commentary that Medtronic initially sought a full acquisition, sets a strategic floor and a plausible M&A exit.
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Pro-forma cash of about USD 260M funds PARADIGM through key enrollment milestones without near-term financing risk.
Bear case
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A non-inferiority trial of about 1,000 patients on hard 1-year endpoints is long and expensive, and the FDA has approved only 200 patients so far.
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Revenue of USD 1.9M against EV of about USD 434M implies the market already prices in substantial success; dilution capacity (ATM, shelf, warrants) is large.
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Incumbents can respond on price, on evidence and in litigation; Medtronic's stake may deter other acquirers.
12-month catalysts and monitorables: PARADIGM enrollment pace and site count; an FDA IDE supplement to expand beyond 200 patients; Australian site activation; Q3 2026 results (around 11 Nov 2026); TCT and PCR 2026 data presentations; ATM usage; any Medtronic commercial agreement; resolution of the Harvey supply agreement; analyst re-ratings following the Barclays move; v2vmedtech's Stage 2/3 decision ahead of the March 2027 milestone trigger.
Analyst verdict. Anteris has executed one of the more unusual transformations in Australian medtech. It began as a diversified distributor and tissue-patch vendor, became a focused TAVR innovator, re-domiciled to Delaware and now carries a roughly USD 690M Nasdaq market value, a strategic shareholder in Medtronic and enough capital to run a genuine pivotal trial. The scientific thesis is coherent. Leaflet stress, flow quality and durability will matter more as TAVR moves into younger patients, and a single-piece molded tissue valve is a credible engineering answer to that problem. The early data are consistently strong, especially in small annuli, the segment where incumbent balloon-expandable valves are weakest.
The investment case is nonetheless binary and back-end loaded. There is no meaningful revenue, legacy tissue sales are winding down by design, and every dollar of value depends on PARADIGM succeeding. That trial randomizes against excellent commercial comparators on hard clinical endpoints, and the FDA has so far approved enrollment of only 200 U.S. patients. A plausible timeline from completed enrollment through 1-year follow-up, PMA review and launch extends several years, during which further equity issuance is likely. The current valuation, at about 2.7x book and close to the average analyst target before Barclays' reported downgrade, already embeds meaningful probability of success.
Our assessment is that Anteris is a high-quality speculative asset. Monitoring should focus on enrollment velocity, any IDE expansion and the shape of the Medtronic relationship. A commercial partnership would materially de-risk the launch; a full takeover would crystallize value. The principal downside markers are slower-than-expected enrollment, a safety signal or aggressive ATM issuance at depressed prices.
Sources referenced throughout: Anteris Technologies Global Corp. Form 10-K FY2025 (filed 26 Feb 2026); Forms 10-Q (2025–2026); Form 8-Ks and ASX releases (Feb, May and Aug 2026); 424B3/424B5/FWP (Jan–Aug 2026); DEF 14A (10 Nov 2025); Schedule 13D (Medtronic) and 13G (Nantahala, Perceptive); LeMaitre Vascular 8-K (Oct 2019); Admedus, bioMD and Allied releases (2011–2019); Jones Day deal note; MassDevice; S&P Global via StockAnalysis.com; Quartr; TheFly/TipRanks; Trefis; InvestSMART; Frazis Capital interview; MarketBeat (TD Cowen conference summary).
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Tenure | Background | Age / born | Source |
|---|---|---|---|---|---|
Wayne Paterson | Vice Chairman & CEO | CEO since 2016 (start month varies by source) | Merck KGaA 2005–2013 (President Europe/Canada/Australia, Emerging Markets, Japan, Cardiovascular Medicine); Roche (Head of Pharmaceuticals South Korea; Head of Commercial Operations China) | Born 1967 | Motley Fool AU; Yahoo; 8-Ks |
David St Denis | President & Director; CEO of v2vmedtech | President since Mar 2025; COO from Jul 2017 | Merck (Head of Commercial Operations Europe & Canada from 2013; Head of Operations Emerging Markets from 2008); Millennium Pharmaceuticals 1996–2006. BS University of Connecticut, MA Boston University, MBA Babson College | 56 (Mar 2025) | DEF 14A 2025; 8-K Mar 2025 |
Matthew McDonnell | Chief Financial Officer | — | Not detailed in sources reviewed | Born 1974 | Kalkine; S-3ASR |
Dr Chris Meduri, MD, MPH | Chief Medical Officer; Medical Advisory Board member | — | Interventional cardiologist | — | Yahoo profile |
“—” = not publicly disclosed.
Board of Directors
| Director | Role | Appointed / class | Background | Source |
|---|---|---|---|---|
John Seaberg | Independent Chair | — | Co-founder, Chair and CEO of NeoChord (2007–2014); Chair of Synovis (acquired by Baxter); co-founder and CEO of ACIST Medical (1991–1995); senior sales and marketing roles at a cardiac company later acquired by Boston Scientific; chair of Preceptis Medical and Phraxis Medical | Motley Fool AU; S-3ASR 2026 |
Wayne Paterson | Vice Chairman, CEO | Executive director | See above | — |
David St Denis | Executive director, President | Class II, Mar 2025 | See above | 8-K Mar 2025 |
David Roberts | Independent director | 7 Jun 2025; Class III (term to 2027); Audit & Risk and Compensation committees | President of LeMaitre Vascular (joined 1997; CFO from 2000) | 8-K Jun 2025 |
Gregory Moss | Independent director | 7 Jun 2025 | Chief Business & Legal Officer, Evommune; formerly EVP and General Counsel at Kadmon (acquired by Sanofi for USD 1.9B in 2021) | 8-K Jun 2025 |
Susan Knight | Independent director | 11 May 2026; Class I (term to 2028); Audit & Risk Committee | Board Chair of Surmodics 2015–Nov 2025; former CFO of MTS Systems; 24 years at Honeywell | 8-K May 2026 |
Stephen Denaro | Director (rejoined) | 11 May 2026; Class II (term to 2026) | Company secretary of Anteris Australian subsidiaries; previously a director | 8-K May 2026 |
Directors' Remuneration
| Item | Detail | Source |
|---|---|---|
CEO options (2024) | 300,000 options at USD 14.64 exercise price (translated from AUD), vesting in three equal annual tranches from 19 Jun 2024 | 10-K FY2025 |
IPO RSUs | Paterson 1,000,000 (granted 3 Dec 2025 after stockholder approval); St Denis 500,000; McDonnell 83,333. Three-year annual vesting; double-trigger acceleration on change of control | 10-K FY2025; AGM results Dec 2025 |
Director RSUs | 52,742 RSUs each to Moss and Roberts on appointment; annual non-employee director RSU award with USD 125,000 grant-date fair value | Proxy 2025; 8-K May 2026 |
CEO total compensation | USD 3.04M (aggregator; 22.9% salary). | Simply Wall St |
Related-party payments | USD 460k in Q4 2025 and USD 583k in Q2 2026 (director fees plus CEO, President and CFO salaries) | ASX supplementary disclosures |
Major Shareholders
| Holder | Shares | % of outstanding (as reported) | Date | Source |
|---|---|---|---|---|
Medtronic plc (via Covidien Group S.à r.l.) | 15,652,173 | 16.1 | 25 Feb 2026 | 10-K FY2025; Schedule 13D |
Nantahala Capital Management | 3,143,154 | about 7.6 at the time; about 3.2 on the current share count (calculated) | 31 Dec 2025 | Schedule 13G/A |
Perceptive Advisors | 1,705,130 | 4.7 at the time; about 1.8 on the current share count (calculated) | 30 Jun 2025 | Schedule 13G/A |
Competitive Landscape
Key Competitors
| Competitor | Key TAVR platform | Positioning vs DurAVR |
|---|---|---|
Edwards Lifesciences | SAPIEN 3 family (balloon-expandable) | Market leader. Its balloon-expandable delivery is the ease-of-use benchmark DurAVR aims to match; three-piece leaflet design |
Medtronic (also a 16.1% Anteris shareholder) | Evolut (self-expanding, supra-annular) | Strong hemodynamics in small annuli; the CEO noted recent Evolut disclosures could ease DurAVR's commercial path in small annuli and valve-in-valve |
Abbott | Navitor (self-expanding) | Third global player |
Boston Scientific | — | Exit would reduce the field |
JenaValve | Trilogy (aortic regurgitation focus) | Edwards' acquisition attempt failed over FTC antitrust concerns |
Meril Life Sciences | Myval (balloon-expandable) | Price-competitive challenger outside the U.S. |
MicroPort CardioFlow | VitaFlow | China |
Venus Medtech | VenusA | China |
Peijia Medical | TaurusOne | China |
Polymeric valve developers (e.g. Foldax) | Polymer leaflets | Alternative durability thesis |
Competitor Detail
| Metric | Anteris (FY2025) |
|---|---|
Revenue (USD Mn) | 1.91 |
Revenue growth (%) | -29.2 |
Operating margin (%) | -4,908 |
R&D intensity (% of revenue) | 3,619 |
Recent Developments
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