AORT Collar 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 collar on AORT?
A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot.
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 collar 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 collar structure on AORT specifically: IV regime affects collar pricing on both sides; compressed AORT IV at 54.80% typically pushes the short call premium to roughly offset the long put cost, 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 collar setup
The AORT collar 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 $24.30 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).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $23.14 | long |
| Sell 1 | Call | $24.30 | N/A |
| Buy 1 | Put | $21.98 | N/A |
AORT collar 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 roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium.
AORT collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar 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 collar on AORT
Collars on AORT hedge an existing long AORT stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
AORT thesis for this collar
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 collar hedges an existing long AORT position with a protective put while financing the put cost via a short call; when the premiums roughly offset, the collar acts as a near-zero-cost insurance band around the current spot. 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 collar positions are structurally neutral (protective); 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. Always rebuild the position from current AORT chain quotes before placing a trade.
Frequently asked questions
- What is a collar on AORT?
- A collar on AORT is the collar strategy applied to AORT (stock). The strategy is structurally neutral (protective): A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot. 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 collar max profit and max loss calculated?
- Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium. For the AORT collar 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 collar?
- The breakeven for the AORT collar 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 collar on AORT?
- Collars on AORT hedge an existing long AORT stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
- How does current AORT implied volatility affect this collar?
- 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.