Forensic Analysis · Medical Devices · as of Nov 10, 2026

Anteris Technologies Global Corp. (AVR)

A forensic read on Anteris Technologies Global Corp. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

F · Poor — capital at risk

Forensic grade

Distress

Financial health

-81.6

Distress distance

Forensic signals

-300.5%

ROE

-29.2%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Anteris Technologies Global Corp. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -81.6, placing it in the Distress zone. 2 forensic signals were flagged in its latest SEC filings, led by share-count dilution.

What the filings flag

+82.3%/yr

FY2024–FY2025

Share-count dilution. Diluted share count changed +82% over the last 1 year to FY2025 (+82.3%/yr). The count is growing — 20.3M shares in FY2024, 36.9M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~82.3% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2024 has been diluted ~45%.

407% of rev

FY2025

Stock-based comp load. Stock-based compensation ran 407% of revenue in FY2025 — about $0.21 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 82.3% a year across FY2024–FY2025, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.

Key fundamentals

Latest Revenue$1.9M

Revenue Growth YoY-29.2%

Net Margin-4921.3%

Free Cash Flow-$79.8M

Return on Equity-300.5%

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Data from SEC EDGAR public filings · metrics as of Nov 10, 2026. Forensic signals flag probability, not certainty.

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