AORT Cash-Secured Put Strategy

AORT (Artivion, Inc.), in the Healthcare sector, (Medical - Devices industry), listed on NYSE.

Artivion Inc. manufactures, processes, and distributes medical devices and implantable human tissues worldwide. The company offers BioGlue, a polymer consisting of bovine blood protein and an agent for cross-linking proteins for cardiac, vascular, neurologic, and pulmonary procedures; cardiac preservation services; PhotoFix, a bovine pericardial patch; and E-vita Open Plus and E-vita Open Neo. It also provides E-xtra design engineering systems for the treatment of aortic vascular diseases; E-nside, an off-the-shelf stent graft for the treatment of thoraco-abdominal disease; E-vita THORACIC 3G for the endovascular treatment of thoracic aortic aneurysms; E-nya, a thoracic stent graft system for the minimally invasive repair of lesions of the descending aorta; E-ventus BX, a balloon-expandable peripheral stent graft for the endovascular treatment of renal and pelvic arteries; E-liac to treat aneurysmal iliac arteries, and aneurysmal iliac side branches; and E-tegra, an abdominal aortic aneurysms stent graft system. In addition, the company offers synthetic vascular grafts for use in open aortic and peripheral vascular surgical procedures; PerClot, an absorbable powdered hemostat for use in surgical procedures; cardiac laser therapy products for angina treatment; CryoVein femoral vein and CryoArtery femoral artery vascular preservation services; On-X prosthetic aortic and mitral heart valves and the On-X ascending aortic prosthesis; CarbonAid CO2 diffusion catheters and Chord-X ePTFE sutures for mitral chordal replacement; and ascyrus medical dissection stents, as well as pyrolytic carbon coating services to medical device manufacturers. It serves physicians, hospitals, and other healthcare facilities, as well as cardiac, vascular, thoracic, and general surgeons. The company was formerly known as CryoLife, Inc. and changed its name to Artivion Inc. in January 2022.

AORT (Artivion, Inc.) trades in the Healthcare sector, specifically Medical - Devices, with a market capitalization of approximately $1.08B, a trailing P/E of 91.42, a beta of 1.40 versus the broader market, a 52-week range of 19.16-48.25, average daily share volume of 549K, a public-listing history dating back to 1993, approximately 2K full-time employees. These structural characteristics shape how AORT stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.40 indicates AORT has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. The trailing P/E of 91.42 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple.

What is a cash-secured put on AORT?

A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike.

Current AORT snapshot

As of May 15, 2026, spot at $23.14, ATM IV 54.80%, IV rank 26.34%, expected move 15.71%. The cash-secured put on AORT below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 34-day expiry.

Why this cash-secured put structure on AORT specifically: AORT IV at 54.80% is on the cheap side of its 1-year range, which means a premium-selling AORT cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 15.71% (roughly $3.64 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated AORT expiries trade a higher absolute premium for lower per-day decay. Position sizing on AORT should anchor to the underlying notional of $23.14 per share and to the trader's directional view on AORT stock.

AORT cash-secured put setup

The AORT cash-secured put below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With AORT near $23.14, the first option leg uses a $21.98 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed AORT chain at a 34-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 AORT shares for the stock leg in covered calls and collars).

ActionTypeStrike / BasisPremium (est)
Sell 1Put$21.98N/A

AORT cash-secured put risk and reward

Net Premium / Debit
N/A
Max Profit (per contract)
Unbounded
Max Loss (per contract)
Unbounded
Breakeven(s)
None on modeled curve
Risk / Reward Ratio
N/A

Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.

AORT cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on AORT. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.

When traders use cash-secured put on AORT

Cash-secured puts on AORT earn premium while a trader waits to acquire AORT stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning AORT.

AORT thesis for this cash-secured put

The market-implied 1-standard-deviation range for AORT extends from approximately $19.50 on the downside to $26.78 on the upside. A AORT cash-secured put lets a trader earn premium while waiting to acquire AORT at the strike price; the strategy is most attractive when the trader is comfortable holding the underlying at that level and IV is rich enough to compensate for the assignment risk. Current AORT IV rank near 26.34% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on AORT at 54.80%. As a Healthcare name, AORT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to AORT-specific events.

AORT cash-secured put positions are structurally neutral to slightly bullish; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. AORT positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move AORT alongside the broader basket even when AORT-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on AORT carry tail risk when realized volatility exceeds the implied move; review historical AORT earnings reactions and macro stress periods before sizing. Always rebuild the position from current AORT chain quotes before placing a trade.

Frequently asked questions

What is a cash-secured put on AORT?
A cash-secured put on AORT is the cash-secured put strategy applied to AORT (stock). The strategy is structurally neutral to slightly bullish: A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike. With AORT stock trading near $23.14, the strikes shown on this page are snapped to the nearest listed AORT chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are AORT cash-secured put max profit and max loss calculated?
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium. For the AORT cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 54.80%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a AORT cash-secured put?
The breakeven for the AORT cash-secured put priced on this page is no defined breakeven on the modeled curve at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current AORT market-implied 1-standard-deviation expected move is approximately 15.71%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a cash-secured put on AORT?
Cash-secured puts on AORT earn premium while a trader waits to acquire AORT stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning AORT.
How does current AORT implied volatility affect this cash-secured put?
AORT ATM IV is at 54.80% with IV rank near 26.34%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.

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