Highlights

  • DurAVR TAVR system advancing toward IDE pivotal trial application to the US FDA
  • Positive early feasibility study data demonstrating haemodynamic superiority hypothesis support
  • Single-piece anatomically correct bovine pericardium design differentiates DurAVR from competitor valves
  • Global TAVR market exceeds US$3 billion annually, with continued growth as patient eligibility expands

Anteris Technologies Limited (ASX:AVR), trading at A$59.29 as at 30 October 2026, is an Australian medical device company developing the DurAVR Transcatheter Heart Valve System for the treatment of aortic stenosis, a serious and common heart valve disease requiring valve replacement, with the Company advancing toward a US Investigational Device Exemption pivotal trial following compelling early clinical results that support DurAVR's potential to deliver superior haemodynamic performance compared to existing transcatheter valve technologies.

DurAVR: A Differentiated TAVR Technology

Aortic stenosis is the most common valvular heart disease in the developed world, affecting millions of patients over 65 and requiring valve replacement to prevent progression to heart failure and death. Transcatheter aortic valve replacement (TAVR) has revolutionised treatment by allowing valve replacement through a catheter delivered via the femoral artery, avoiding open-heart surgery. However, existing TAVR technologies have design limitations that result in suboptimal haemodynamic performance compared to surgical tissue valves. Anteris's DurAVR is designed differently: it uses a single piece of bovine pericardium shaped to replicate the natural anatomy of the native aortic valve, rather than the multi-component trileaflet designs used by most competitors. Management believes DurAVR's anatomically correct design produces superior blood flow dynamics and better long-term valve performance.

Early Clinical Data: Haemodynamic Performance Results

Anteris has published early clinical data from its DurAVR Early Feasibility Study and CE Mark trial in Europe demonstrating haemodynamic performance metrics that compare favourably to published data for competitor TAVR valves. Key haemodynamic metrics in TAVR include the mean pressure gradient across the valve and the effective orifice area – both of which reflect how efficiently the valve allows blood to flow from the heart into the aorta. DurAVR's clinical data has shown low mean pressure gradients and large effective orifice areas consistent with or better than surgical tissue valve performance benchmarks, which management describes as potentially offering patients a lower long-term risk profile. These data support the hypothesis that DurAVR may deliver superior clinical outcomes versus existing TAVR technologies.

US Pivotal Trial: The Path to FDA Approval

Anteris's primary regulatory objective is to conduct a pivotal clinical trial in the United States to support a Pre-Market Approval (PMA) application to the US Food and Drug Administration. A US IDE (Investigational Device Exemption) application enables a company to conduct clinical trials of a medical device in the US before regulatory approval. Anteris has been engaging with the FDA on the design of its pivotal trial protocol, including the comparator valve to be used, the primary endpoints, and the patient enrolment criteria. US FDA approval is the primary commercial value unlock for Anteris, given that the US TAVR market is the largest in the world. Management has targeted IDE application submission as a near-term milestone.

Market Opportunity and Competitive Landscape

The global TAVR market is valued at more than US$3 billion annually and is growing as the eligible patient population expands following the approval of TAVR in lower surgical risk patients. The market is currently dominated by Edwards Lifesciences (SAPIEN valve family) and Medtronic (Evolut valve family), which together represent the substantial majority of TAVR procedures performed globally. Anteris is positioning DurAVR as a premium TAVR technology with demonstrated haemodynamic advantages, targeting adoption by high-volume structural heart centres seeking the best clinical outcomes for their patients. If DurAVR demonstrates superior outcomes in the pivotal trial, it could achieve a meaningful share of the premium TAVR segment.