PARADIGM Progression Outweighs 1Q Results; US Enrollment Ignites Pivotal Phase

Research evidence excerpt

PARADIGM Progression Outweighs 1Q Results; US Enrollment Ignites Pivotal Phase

Medical Supplies & Devices

Anteris Technologies

TD SECURITIES (USA) LLC EARNINGS UPDATE

May 13, 2026

Price: $6.70 (05/12/2026) PARADIGM Progression Outweighs 1Q

Price Target: $15.00 Results; US Enrollment Ignites Pivotal Phase

BUY (1)

ESG SCORE: 63/100

Joshua Jennings, M.D. THE TD COWEN INSIGHT

646 562 1333

AVR’s 1Q update highlights accelerating PARADIGM momentum, with enrollment progressing

joshua.jennings@tdsecurities.com

in EU and newly initiated in the U.S. following CMS reimbursement clearance. Site activations,

John Rusch, CFA patient screening, and investigator training are ramping globally, positioning the trial for a

646 562 1324 faster enrollment cadence and reinforcing confidence in DurAVR’s path toward pivotal data

john.rusch@tdsecurities.com

readouts and commercialization.

Colin Clark

646 562 1441 PARADIGM Trial Update: Following our recent update report (LINK), Anteris announced its first

colin.clark@tdsecurities.com US patients treated in its global pivotal PARADIGM trial (LINK) last week, which overshadows

Key Data 1Q26 results. Anteris securing CMS reimbursement eligibility for PARADIGM represents a

Symbol NASDAQ: AVR key milestone in AVR's clinical development program as it unlocks access to US enrollment

Beta: 1.33 and allows DurAVR to take another step towards becoming a commercially viable product.

52-Week Range: $6.70-$2.90 Furthermore, we believe DurAVR is a differentiated TAVR technology amid the broader market

landscape, where Edwards and Medtronic maintain dominant market share. As evidence ofMarket Cap: $651.5MM

DurAVR's potential differentiation, we point to 1Q KOL conversations (LINK), and highlight

Net Debt (MM): $(10.3)