AORT ARTIVION, INC.

Did the company actually spend money buying back stock in 3+ of the last 4 quarters?

Bought back stock in 4/4 quarters. Q3 2015: $3M, Q3 2014: $0M, Q2 2014: $0M, Q1 2014: $1M

Is the most recent quarter's buyback spend more than 15% above the trailing average?

Latest quarter $3M vs trailing avg $1M (+408%)

What percentage of free cash flow is going to buybacks? Bull: 30%+. Bear: negative FCF or no buybacks.

Negative FCF ($-32M), buybacks not supported by cash flow

How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.

Repurchased 2,008,000 shares = 4.8% of 41,830,000 outstanding (annualized)

Are officers and directors buying stock with their own money on the open market?

No insider open-market purchases in the last 12 months

Are both company buybacks and insider buying independently active? Bull when the company is buying back stock in 2+ quarters and insiders have made 2+ open-market purchases.

Need both buyback and insider purchase data

Over the last 90 days, are insiders net buyers or net sellers on the open market?

Insiders bought $0M, sold $5M in the last 90 days (net selling)

Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.

Company buying back stock while insiders sold 22887042.6x more than bought. 4 C-suite officers among sellers

• Horton Amy (VP, Chief Accounting Officer) sold 901 shares on 2026-03-03
• Davis John E (Chief Commercial Officer) sold 4,573 shares on 2026-03-03
• Berry Lance A (EVP, COO, CFO & Treasurer) sold 6,316 shares on 2026-03-03
• Mackin James P (President & CEO) sold 17,887 shares on 2026-03-03
• Horton Amy (VP, Chief Accounting Officer) sold 641 shares on 2026-03-02
• Mackin James P (President & CEO) sold 14,911 shares on 2026-03-02
• Berry Lance A (EVP, COO, CFO & Treasurer) sold 5,178 shares on 2026-03-02
• Davis John E (Chief Commercial Officer) sold 2,784 shares on 2026-03-02
• Horton Amy (VP, Chief Accounting Officer) sold 1,731 shares on 2026-02-23
• Horton Amy (VP, Chief Accounting Officer) sold 830 shares on 2026-02-24