Anteris Technologies Global Corp. (NASDAQ: AVR)

Anteris Technologies Global Corp. is a structural heart company dedicated to revolutionizing cardiac care through science-driven advancements for heart valve patients. The company focuses on treating aortic stenosis, a life-threatening condition caused by narrowing of the aortic valve, using its lead product, the DurAVR® THV System. This system is designed to restore healthy heart function by mimicking the performance of a natural human aortic valve.

The company generates revenue primarily through the development and future commercialization of its DurAVR® THV System, which includes the biomimetic valve, ADAPT® anti-calcification tissue technology, and ComASUR® Delivery System. Revenue is also derived from licensing agreements, such as the supply of ADAPT® tissue to 4C Medical Technologies under the 4C Agreement, which has generated $10.2 million in proceeds to date. As a development-stage company, Anteris currently reports minimal revenue, with operations funded through equity offerings and private placements to support clinical trials and regulatory approvals.

The company operates through the following segments:

• DurAVR® THV System: This segment focuses on the transcatheter aortic valve replacement product designed to treat symptomatic severe aortic stenosis. The DurAVR® THV is a balloon-expandable, single-piece biomimetic valve made with proprietary ADAPT® tissue and deployed via the ComASUR® Delivery System. It aims to replicate normal aortic blood flow and improve hemodynamics compared to traditional three-piece valves. The segment includes the DurAVR® valve, ADAPT® anti-calcification tissue, and ComASUR® Delivery System as core components.

• ADAPT® Anti-Calcification Tissue: This segment involves the proprietary tissue engineering process that transforms bovine pericardium into a durable, non-calcifying bioscaffold. ADAPT® tissue has been clinically demonstrated to remain calcium-free for up to 10 years post-procedure and has been distributed for use in over 55,000 patients globally in other indications. The technology reduces calcification risk, enhances tissue integrity, and supports long-term durability of prosthetic heart valves. It is also supplied to third parties like 4C Medical Technologies under licensing agreements.

• ComASUR® Delivery System: This segment covers the physician-developed balloon-expandable delivery system designed for precise alignment and accurate placement of the DurAVR® THV. The system provides rotational control to achieve commissural alignment with the heart’s native anatomy, supporting optimal hemodynamics and future coronary access. It features even balloon expansion, ease of use under fluoroscopic guidance, and a patent-pending design to mitigate valve rotation during deployment.

Anteris Technologies Global Corp. competes in the transcatheter aortic valve replacement (TAVR) market against established players such as Edwards Lifesciences Corporation and Medtronic. The company differentiates itself through its first-in-class biomimetic, single-piece valve design that replicates natural valve physiology and its ADAPT® tissue technology, which targets improved durability and hemodynamic performance. These innovations aim to address unmet needs in younger and lower-risk patients seeking longer-lasting valves with pre-disease blood flow characteristics.

The company serves patients with severe aortic stenosis, including those undergoing de novo valve replacement and valve-in-valve (ViV) procedures for failed surgical bioprostheses. Its clinical trials enroll patients across a broad risk profile, including those with small aortic annuli and complex anatomies such as bicuspid aortic valves. Anteris collaborates with leading interventional cardiologists and cardiac surgeons in the United States and Europe to advance its clinical development program, including the ongoing PARADIGM Trial.