Artivion Reports Second Quarter 2024 Financial Results
Artivion announced its Q2 2024 financial results.
Revenue grew to $98.0 million, a 10% increase from Q2 2023. The company reported a net loss of ($2.1 million), or ($0.05) per share, compared to a net loss of ($3.4 million) or ($0.08) per share in Q2 2023. Non-GAAP net income was $2.9 million or $0.07 per share, up from $2.3 million or $0.06 per share last year.
Adjusted EBITDA rose by 35% to $18.6 million. The company raised its full-year revenue guidance to a growth of 10% to 12% and adjusted EBITDA guidance to a growth of 28% to 34%.
Revenue growth was driven by 15% increase in On-X and 13% increase in stent grafts. The company also saw strong revenue in Latin America and Asia Pacific, growing by 25% and 15% respectively.
Artivion ha annunciato i risultati finanziari del secondo trimestre del 2024.
Il fatturato è cresciuto a 98 milioni di dollari, con un incremento del 10% rispetto al secondo trimestre del 2023. L'azienda ha registrato una perdita netta di (2,1 milioni di dollari), pari a (0,05 dollari)2,9 milioni di dollari o 0,07 dollari per azione, in aumento rispetto a 2,3 milioni di dollari o 0,06 dollari per azione dell'anno precedente.
L'EBITDA rettificato è aumentato del 35% a 18,6 milioni di dollari. L'azienda ha alzato le previsioni di fatturato per l'intero anno a una crescita del 10% al 12% e le previsioni di EBITDA rettificato a una crescita del 28% al 34%.
La crescita del fatturato è stata sostenuta da un incremento del 15% in On-X e un incremento del 13% nei stent graft. L'azienda ha anche registrato forti ricavi in America Latina e nella regione Asia-Pacifico, con una crescita rispettivamente del 25% e del 15%.
Artivion anunció sus resultados financieros del segundo trimestre de 2024.
Los ingresos crecieron a 98,0 millones de dólares, un incremento del 10% con respecto al segundo trimestre de 2023. La empresa reportó una pérdida neta de (2,1 millones de dólares), o (0,05 dólares)2,9 millones de dólares o 0,07 dólares por acción, por encima de los 2,3 millones de dólares o 0,06 dólares por acción del año pasado.
El EBITDA ajustado aumentó en un 35% hasta 18,6 millones de dólares. La empresa incrementó su pronóstico de ingresos para todo el año a un crecimiento de 10% a 12% y su pronóstico de EBITDA ajustado a un crecimiento de 28% a 34%.
El crecimiento de los ingresos fue impulsado por un incremento del 15% en On-X y un incremento del 13% en endoprótesis vasculares. La empresa también vio fuertes ingresos en América Latina y Asia-Pacífico, creciendo un 25% y 15% respectivamente.
아르티비온이 2024년 2분기 재무 결과를 발표했습니다.
수익은 9,800만 달러로 증가했으며, 이는 2023년 2분기 대비 10% 증가한 수치입니다. 회사는 순손실로 (210만 달러), 혹은 (0.05 달러)의 주당 손실을 기록했으며, 이는 2023년 2분기의 순손실 (340만 달러) 혹은 (0.08 달러)와 비교됩니다. 비 GAAP 기준 순소득은 290만 달러 또는 0.07 달러로, 작년의 230만 달러 또는 0.06 달러에서 증가했습니다.
조정된 EBITDA는 35% 증가하여 1860만 달러에 이르렀습니다. 회사는 연간 수익 지침을 10%에서 12%의 성장으로 올렸으며, 조정된 EBITDA 지침을 28%에서 34%의 성장으로 상향 조정했습니다.
수익 성장은 On-X의 15% 증가와 스텐트 그래프트의 13% 증가에 의해 추진되었습니다. 회사는 또한 라틴 아메리카와 아시아 태평양 지역에서 각각 25%와 15%의 성장을 보이며 강력한 수익을 기록했습니다.
Artivion a annoncé ses résultats financiers pour le deuxième trimestre de 2024.
Le chiffre d'affaires a atteint 98,0 millions de dollars, soit une augmentation de 10% par rapport au deuxième trimestre de 2023. La société a déclaré une perte nette de (2,1 millions de dollars), ou (0,05 dollars)2,9 millions de dollars ou 0,07 dollars par action, en hausse par rapport à 2,3 millions de dollars ou 0,06 dollars par action l'année dernière.
Le résultat EBITDA ajusté a augmenté de 35% pour atteindre 18,6 millions de dollars. La société a relevé ses prévisions de chiffre d'affaires pour l'année entière à une croissance de 10% à 12% et ses prévisions EBITDA ajustées à une croissance de 28% à 34%.
La croissance des revenus a été soutenue par une augmentation de 15% dans On-X et une augmentation de 13% dans les greffons endovasculaires. L'entreprise a également connu de forts revenus en Amérique Latine et dans la région Asie-Pacifique, avec une croissance respective de 25% et 15%.
Artivion hat seine finanziellen Ergebnisse für das 2. Quartal 2024 bekannt gegeben.
Der Umsatz stieg auf 98 Millionen Dollar, was einem 10% Anstieg im Vergleich zum 2. Quartal 2023 entspricht. Das Unternehmen berichtete von einem Nettoverlust von (2,1 Millionen Dollar), oder (0,05 Dollar)2,9 Millionen Dollar oder 0,07 Dollar pro Aktie, was einen Anstieg von 2,3 Millionen Dollar oder 0,06 Dollar pro Aktie im letzten Jahr bedeutet.
Das bereinigte EBITDA stieg um 35% auf 18,6 Millionen Dollar. Das Unternehmen hob seine Umsatzprognose für das Gesamtjahr auf ein Wachstum von 10% bis 12% und die EBITDA-Prognose auf ein Wachstum von 28% bis 34% an.
Das Umsatzwachstum wurde durch einen 15% Anstieg bei On-X und einen 13% Anstieg bei Stent-Grafts vorangetrieben. Das Unternehmen verzeichnete auch starke Umsätze in Lateinamerika und im asiatisch-pazifischen Raum, die um 25% bzw. 15% wuchsen.
- Revenue grew by 10% year-over-year, reaching $98.0 million.
- Adjusted EBITDA increased by 35% to $18.6 million.
- Raised FY24 revenue guidance to 10% to 12% growth.
- Raised FY24 adjusted EBITDA guidance to 28% to 34% growth.
- On-X revenue increased by 15%.
- Stent grafts revenue increased by 13%.
- Latin America and Asia Pacific revenue grew by 25% and 15%, respectively.
- Net loss of ($2.1 million) or ($0.05) per share.
Insights
Artivion's Q2 2024 results show solid growth and improved profitability. Revenue increased
The
The raised guidance for FY24 indicates management's confidence in continued growth. The new revenue growth projection of
Artivion's Q2 results reflect strong market positioning in the aortic disease space. The
The raised guidance suggests potential market share gains and expanding opportunities in the cardiac and vascular surgery market. However, investors should note the ongoing net losses and currency revaluation impacts. The company's ability to continue improving profitability while investing in growth will be crucial.
The focus on non-GAAP metrics highlights management's emphasis on underlying operational performance. This approach can be valuable but requires careful interpretation alongside GAAP results to gain a comprehensive view of the company's financial health.
Second Quarter Highlights:
- Achieved revenue of
$98.0 million $89.3 million 10% on both a GAAP and constant currency basis - Net loss was
( or ($2.1) million $0.05 $2.9 million $0.07 - Adjusted EBITDA increased
35% to$18.6 million $13.8 million - Raised FY24 revenue guidance to
10% to12% year-over-year growth on a constant currency basis, an increase of0.5% at the midpoint - Raised FY24 adjusted EBITDA guidance to
28% to34% year-over-year growth, an increase of1% at the midpoint
"In the second quarter, we continued to make substantial progress on our strategic growth initiatives to drive sustained and profitable growth, and we further solidified our position as the leader in the aortic disease space. Revenue growth in the second quarter was driven by year-over-year constant currency growth in On-X of
Mr. Mackin concluded, "Given our second quarter performance, we are raising our full year revenue and adjusted EBITDA expectations for 2024."
Second Quarter 2024 Financial Results
Total revenues for the second quarter of 2024 were
Net loss for the second quarter of 2024 was
2024 Financial Outlook
Artivion is raising its revenue guidance range and now expects constant currency revenue growth of between
Additionally, Artivion is raising its adjusted EBITDA guidance range and now expects growth of between
The Company's financial performance for 2024 and future periods is subject to the risks identified below.
Non-GAAP Financial Measures
This press release contains non-GAAP financial measures, including non-GAAP revenue, non-GAAP net income, non-GAAP adjusted EBITDA, non-GAAP general, administrative, and marketing expenses, and free cash flows. Investors should consider this non-GAAP information in addition to, and not as a substitute for, financial measures prepared in accordance with US GAAP. In addition, this non-GAAP financial information may not be the same as similar measures presented by other companies. The Company's non-GAAP revenues are adjusted for the impact of changes in currency exchange. The Company's non-GAAP net income, non-GAAP adjusted EBITDA, non-GAAP general, administrative, and marketing, and free cash flows results exclude (as applicable) depreciation and amortization expense, interest income and expense, stock-based compensation expense, loss or gain on foreign currency revaluation, income tax expense or benefit, corporate rebranding expense, business development, integration, and severance income or expense, loss on extinguishment of debt, and non-cash interest expense. The Company generally uses non-GAAP financial measures to facilitate management's review of the operational performance of the company and as a basis for strategic planning. Company management believes that these non-GAAP presentations provide useful information to investors regarding unusual non-operating transactions, the operating expense structure of the Company's existing and recently acquired operations, without regard to its on-going efforts to acquire additional complementary products and businesses, and the transaction and integration expenses incurred in connection with recently acquired and divested product lines, and the operating expense structure excluding fluctuations resulting from foreign currency revaluation and stock-based compensation expense. The Company believes it is useful to exclude certain expenses because such amounts in any specific period may not directly correlate to the underlying performance of its business operations or can vary significantly between periods as a result of factors such as impact of recent acquisitions, non-cash expense related to amortization of previously acquired tangible and intangible assets, and any related adjustments to their carrying values. The Company has adjusted for the impact of changes in currency exchange from certain revenues to evaluate comparable product growth rates on a constant currency basis. The Company does, however, expect to incur similar types of expenses and currency exchange impacts in the future, and this non-GAAP financial information should not be viewed as a statement or indication that these types of expenses will not recur. Company management encourages investors to review the Company's consolidated financial statements and publicly filed reports in their entirety, including the reconciliation of GAAP to non-GAAP financial measures.
Webcast and Conference Call Information
The company will hold a teleconference call and live webcast on August 8, 2024, at 4:30 p.m. ET to discuss the results, followed by a question and answer session. To participate in the conference call dial 201-689-8261 a few minutes prior to 4:30 p.m. ET. The teleconference replay will be available approximately one hour following the completion of the event and can be accessed by calling (toll free) 877-660-6853 or 201-612-7415. The conference number for the replay is 13746922.
The live webcast and replay can be accessed by going to the Investors section of the Artivion website at www.Artivion.com and selecting the heading Webcasts & Presentations.
About Artivion, Inc.
Headquartered in suburban
Forward Looking-Statements
Statements made in this press release that look forward in time or that express management's beliefs, expectations, or hopes are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the views of management at the time such statements are made. These statements include, but are not limited to, those regarding our full year revenue expectations and our confidence in our ability to meet or exceed our adjusted EBITDA target for 2024; the timeline for regulatory approval for AMDS and other products; that our revenues for the full year 2024 will be in the range of
Artivion, Inc. and Subsidiaries
| |||||||
Three Months Ended | Six Months Ended | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Revenues: | |||||||
Products | $ 73,210 | $ 66,003 | $ 144,324 | $ 128,294 | |||
Preservation services | 24,809 | 23,248 | 51,126 | 44,186 | |||
Total revenues | 98,019 | 89,251 | 195,450 | 172,480 | |||
Cost of products and preservation services: | |||||||
Products | 24,545 | 20,977 | 48,295 | 40,510 | |||
Preservation services | 10,150 | 10,190 | 20,885 | 20,159 | |||
Total cost of products and preservation services | 34,695 | 31,167 | 69,180 | 60,669 | |||
Gross margin | 63,324 | 58,084 | 126,270 | 111,811 | |||
Operating expenses: | |||||||
General, administrative, and marketing | 49,320 | 57,241 | 80,009 | 107,606 | |||
Research and development | 7,497 | 7,418 | 14,443 | 14,641 | |||
Total operating expenses | 56,817 | 64,659 | 94,452 | 122,247 | |||
Gain from sale of non-financial assets | — | (14,250) | — | (14,250) | |||
Operating income | 6,507 | 7,675 | 31,818 | 3,814 | |||
Interest expense | 8,304 | 6,356 | 16,130 | 12,452 | |||
Interest income | (353) | (265) | (727) | (340) | |||
Loss on extinguishment of debt | — | — | 3,669 | — | |||
Other expense, net | 983 | 4,241 | 2,392 | 3,278 | |||
(Loss) income before income taxes | (2,427) | (2,657) | 10,354 | (11,576) | |||
Income tax (benefit) expense | (306) | 725 | 4,942 | 5,338 | |||
Net (loss) income | $ (2,121) | $ (3,382) | $ 5,412 | $ (16,914) | |||
(Loss) income per share: | |||||||
Basic | $ (0.05) | $ (0.08) | $ 0.13 | $ (0.41) | |||
Diluted | $ (0.05) | $ (0.08) | $ 0.13 | $ (0.41) | |||
Weighted-average common shares outstanding: | |||||||
Basic | 41,683 | 40,755 | 41,487 | 40,595 | |||
Diluted | 41,683 | 40,755 | 42,405 | 40,595 | |||
Net (loss) income | $ (2,121) | $ (3,382) | $ 5,412 | $ (16,914) | |||
Other comprehensive (loss) income: | |||||||
Foreign currency translation adjustments | (2,727) | 1,026 | (5,864) | $ 5,647 | |||
Unrealized gain (loss) from foreign currency intra-entity loans, net of tax | 404 | 800 | 2,013 | (205) | |||
Comprehensive (loss) income | $ (4,444) | $ (1,556) | $ 1,561 | $ (11,472) | |||
Artivion, Inc. and Subsidiaries
| |||
June 30, | December 31, | ||
(Unaudited) | |||
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | $ 55,019 | $ 58,940 | |
Trade receivables, net | 73,890 | 71,796 | |
Other receivables | 5,063 | 2,342 | |
Inventories, net | 80,802 | 81,976 | |
Deferred preservation costs, net | 50,674 | 49,804 | |
Prepaid expenses and other | 19,514 | 15,810 | |
Total current assets | 284,962 | 280,668 | |
Goodwill | 244,008 | 247,337 | |
Acquired technology, net | 135,151 | 142,593 | |
Operating lease right-of-use assets, net | 41,655 | 43,822 | |
Property and equipment, net | 37,440 | 38,358 | |
Other intangibles, net | 29,261 | 29,638 | |
Deferred income taxes | 3,309 | 1,087 | |
Other long-term assets | 13,753 | 8,894 | |
Total assets | $ 789,539 | $ 792,397 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Current liabilities: | |||
Accounts payable | $ 11,728 | $ 13,318 | |
Accrued expenses | 16,490 | 12,732 | |
Accrued compensation | 13,995 | 18,715 | |
Current maturities of operating leases | 3,283 | 3,395 | |
Taxes payable | 1,734 | 3,840 | |
Accrued procurement fees | 1,472 | 1,439 | |
Current portion of long-term debt | 268 | 1,451 | |
Other current liabilities | 1,612 | 2,972 | |
Total current liabilities | 50,582 | 57,862 | |
Long-term debt | 313,295 | 305,531 | |
Contingent consideration | 48,210 | 63,890 | |
Non-current maturities of operating leases | 41,967 | 43,977 | |
Deferred income taxes | 21,719 | 21,851 | |
Deferred compensation liability | 7,455 | 6,760 | |
Non-current finance lease obligation | 3,202 | 3,405 | |
Other long-term liabilities | 8,053 | 7,341 | |
Total liabilities | $ 494,483 | $ 510,617 | |
Commitments and contingencies | |||
Shareholders' equity: | |||
Preferred stock | — | — | |
Common stock (75,000 shares authorized, 43,279 and 42,569 shares issued in 2024 and 2023, respectively) | 433 | 426 | |
Additional paid-in capital | 367,627 | 355,919 | |
Retained deficit | (42,495) | (47,907) | |
Accumulated other comprehensive loss | (15,861) | (12,010) | |
Treasury stock, at cost, 1,487 shares as of June 30, 2024 and December 31, 2023 | (14,648) | (14,648) | |
Total shareholders' equity | 295,056 | 281,780 | |
Total liabilities and shareholders' equity | $ 789,539 | $ 792,397 | |
Artivion, Inc. and Subsidiaries
| |||
Six Months Ended | |||
2024 | 2023 | ||
Net cash flows from operating activities: | |||
Net income (loss) | $ 5,412 | $ (16,914) | |
Adjustments to reconcile net income (loss) to net cash from operating activities: | |||
Depreciation and amortization | 11,800 | 11,501 | |
Non-cash compensation | 7,730 | 7,279 | |
Non-cash lease expense | 3,897 | 3,631 | |
Loss on extinguishment of debt | 3,669 | — | |
Write-down of inventories and deferred preservation costs | 1,508 | 2,021 | |
Deferred income taxes | 994 | (8,073) | |
Fair value adjustment of long-term loan | — | 5,000 | |
Gain from sale of non-financial assets | — | (14,250) | |
Change in fair value of contingent consideration | (15,680) | 15,700 | |
Other | 1,178 | 1,836 | |
Changes in operating assets and liabilities: | |||
Inventories and deferred preservation costs | (2,165) | (6,921) | |
Prepaid expenses and other assets | (5,224) | (2,317) | |
Accounts payable, accrued expenses, and other liabilities | (6,031) | 1,607 | |
Receivables | (6,446) | 655 | |
Net cash flows provided by operating activities | 642 | 755 | |
Net cash flows from investing activities: | |||
Proceeds from sale of non-financial assets, net | — | 14,250 | |
Payments for Endospan Agreement | — | (5,000) | |
Capital expenditures | (6,124) | (5,015) | |
Net cash flows (used in) provided by investing activities | (6,124) | 4,235 | |
Net cash flows from financing activities: | |||
Proceeds from issuance of debt | 190,000 | — | |
Proceeds from revolving credit facility | 30,000 | — | |
Proceeds from exercise of stock options and issuance of common stock | 3,587 | 2,581 | |
Proceeds from financing insurance premiums | — | 3,558 | |
Principal payments on short-term notes payable | (1,027) | (529) | |
Payment of debt issuance costs | (10,044) | — | |
Repayment of debt | (211,688) | (1,381) | |
Other | (272) | (825) | |
Net cash flows provided by financing activities | 556 | 3,404 | |
Effect of exchange rate changes on cash and cash equivalents | 1,005 | 1,030 | |
(Decrease) increase in cash and cash equivalents | (3,921) | 9,424 | |
Cash and cash equivalents beginning of period | 58,940 | 39,351 | |
Cash and cash equivalents end of period | $ 55,019 | $ 48,775 | |
Artivion, Inc. and Subsidiaries
| |||||||
Three Months Ended | Six Months Ended | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Products: | |||||||
Aortic stent grafts | $ 32,190 | $ 28,359 | $ 64,293 | $ 54,509 | |||
On-X | 20,645 | 17,946 | 40,326 | 35,602 | |||
Surgical sealants | 18,545 | 16,566 | 35,526 | 33,269 | |||
Other | 1,830 | 3,132 | 4,179 | 4,914 | |||
Total products | 73,210 | 66,003 | 144,324 | 128,294 | |||
Preservation services | 24,809 | 23,248 | 51,126 | 44,186 | |||
Total revenues | $ 98,019 | $ 89,251 | $ 195,450 | $ 172,480 | |||
48,662 | 46,268 | 99,590 | 89,513 | ||||
34,145 | 30,143 | 67,733 | 58,072 | ||||
9,653 | 8,375 | 17,262 | 16,253 | ||||
5,559 | 4,465 | 10,865 | 8,642 | ||||
Total revenues | $ 98,019 | $ 89,251 | $ 195,450 | $ 172,480 | |||
Artivion, Inc. and Subsidiaries
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Revenues for the Three Months Ended June 30, | Percent Change From Prior Year | ||||||||
2024 | 2023 | ||||||||
US GAAP | US GAAP | Exchange | Constant | Constant | |||||
Products: | |||||||||
Aortic stent grafts | $ 32,190 | $ 28,359 | $ 148 | $ 28,507 | 13 % | ||||
On-X | 20,645 | 17,946 | (3) | 17,943 | 15 % | ||||
Surgical sealants | 18,545 | 16,566 | — | 16,566 | 12 % | ||||
Other | 1,830 | 3,132 | (2) | 3,130 | -42 % | ||||
Total products | 73,210 | 66,003 | 143 | 66,146 | 11 % | ||||
Preservation services | 24,809 | 23,248 | (6) | 23,242 | 7 % | ||||
Total | $ 98,019 | $ 89,251 | $ 137 | $ 89,388 | 10 % | ||||
48,662 | 46,268 | (11) | 46,257 | 5 % | |||||
34,145 | 30,143 | 177 | 30,320 | 13 % | |||||
9,653 | 8,375 | (1) | 8,374 | 15 % | |||||
5,559 | 4,465 | (28) | 4,437 | 25 % | |||||
Total | $ 98,019 | $ 89,251 | $ 137 | $ 89,388 | 10 % | ||||
Revenues for the Six Months Ended June 30, | Percent Change From Prior Year | ||||||||
2024 | 2023 | ||||||||
US GAAP | US GAAP | Exchange | Constant | Constant | |||||
Products: | |||||||||
Aortic stent grafts | $ 64,293 | $ 54,509 | 896 | $ 55,405 | 16 % | ||||
On-X | 40,326 | 35,602 | 101 | 35,703 | 13 % | ||||
Surgical sealants | 35,526 | 33,269 | 118 | 33,387 | 6 % | ||||
Other | 4,179 | 4,914 | 3 | 4,917 | -15 % | ||||
Total products | 144,324 | 128,294 | 1,118 | 129,412 | 12 % | ||||
Preservation services | 51,126 | 44,186 | (4) | 44,182 | 16 % | ||||
Total | $ 195,450 | $ 172,480 | $ 1,114 | $ 173,594 | 13 % | ||||
99,590 | 89,513 | (7) | 89,506 | 11 % | |||||
67,733 | 58,072 | 982 | 59,054 | 15 % | |||||
17,262 | 16,253 | (1) | 16,252 | 6 % | |||||
10,865 | 8,642 | 140 | 8,782 | 24 % | |||||
Total | $ 195,450 | $ 172,480 | $ 1,114 | $ 173,594 | 13 % | ||||
Artivion, Inc. and Subsidiaries
| |||||||
Three Months Ended | Six Months Ended | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Reconciliation of G&A expense, GAAP to adjusted G&A, non-GAAP: | |||||||
General, administrative, and marketing expense, GAAP | $ 49,320 | $ 57,241 | $ 80,009 | $ 107,606 | |||
Business development, integration, and severance expense (income) | 2,033 | 11,101 | (15,354) | 16,098 | |||
Corporate rebranding expense | — | 69 | — | 218 | |||
Abandonment of CardioGenesis Cardiac laser therapy business | — | 160 | — | 160 | |||
Adjusted G&A, non-GAAP | $ 47,287 | $ 45,911 | $ 95,363 | $ 91,130 | |||
Three Months Ended | Six Months Ended | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Reconciliation of net (loss) income, GAAP to adjusted EBITDA, non-GAAP: | |||||||
Net (loss) income, GAAP | $ (2,121) | $ (3,382) | $ 5,412 | $ (16,914) | |||
Adjustments: | |||||||
Interest expense | 8,304 | 6,356 | 16,130 | 12,452 | |||
Depreciation and amortization expense | 5,891 | 5,767 | 11,800 | 11,501 | |||
Stock-based compensation expense | 4,252 | 3,938 | 7,730 | 7,279 | |||
Income tax (benefit) expense | (306) | 725 | 4,942 | 5,338 | |||
Loss on extinguishment of debt | — | — | 3,669 | — | |||
Loss (gain) on foreign currency revaluation | 943 | (797) | 2,353 | (1,770) | |||
Abandonment of CardioGenesis Cardiac laser therapy business | — | 390 | — | 390 | |||
Corporate rebranding expense | — | 69 | — | 218 | |||
Gain from sale of non-financial assets | — | (14,250) | — | (14,250) | |||
Interest income | (353) | (265) | (727) | (340) | |||
Business development, integration, and severance expense (income) | 2,033 | 15,270 | (15,354) | 20,722 | |||
Adjusted EBITDA, non-GAAP | $ 18,643 | $ 13,821 | $ 35,955 | $ 24,626 | |||
Three Months Ended | Six Months Ended | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Reconciliation of cash flows from operating activities, GAAP to free cash flows, non-GAAP: | |||||||
Net cash flows provided by operating activities | $ 6,135 | $ 6,909 | $ 642 | $ 755 | |||
Capital expenditures | (2,513) | (2,172) | (6,124) | (5,015) | |||
Free cash flows, non-GAAP | $ 3,622 | $ 4,737 | $ (5,482) | $ (4,260) | |||
Artivion Inc. and Subsidiaries
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Three Months Ended | Six Months Ended | ||||||
2024 | 2023 | 2024 | 2023 | ||||
GAAP: | |||||||
(Loss) income before income taxes | $ (2,427) | $ (2,657) | $ 10,354 | $ (11,576) | |||
Income tax (benefit) expense | (306) | 725 | 4,942 | 5,338 | |||
Net (loss) income | $ (2,121) | $ (3,382) | $ 5,412 | $ (16,914) | |||
Diluted (loss) income per common share | $ (0.05) | $ (0.08) | $ 0.13 | $ (0.41) | |||
Diluted weighted-average common shares outstanding | 41,683 | 40,755 | 42,405 | 40,595 | |||
Reconciliation of (loss) income before income taxes, GAAP to adjusted income, non-GAAP: | |||||||
(Loss) income before income taxes, GAAP: | $ (2,427) | $ (2,657) | $ 10,354 | $ (11,576) | |||
Adjustments: | |||||||
Amortization expense | 3,793 | 3,806 | 7,660 | 7,687 | |||
Loss on extinguishment of debt | — | — | 3,669 | — | |||
Non-cash interest expense | 484 | 464 | 1,064 | 926 | |||
Abandonment of CardioGenesis Cardiac laser therapy business | — | 390 | — | 390 | |||
Corporate rebranding expense | — | 69 | — | 218 | |||
Gain from sale of non-financial assets | — | (14,250) | — | (14,250) | |||
Business development, integration, and severance expense (income) | 2,033 | 15,270 | (15,354) | 20,722 | |||
Adjusted income before income taxes, non-GAAP | 3,883 | 3,092 | 7,393 | 4,117 | |||
Income tax expense calculated at a tax rate of | 970 | 773 | 1,848 | 1,029 | |||
Adjusted net income, non-GAAP | $ 2,913 | $ 2,319 | $ 5,545 | $ 3,088 | |||
Reconciliation of diluted income (loss) per common share, GAAP to adjusted diluted income per common share, non-GAAP: | |||||||
Diluted income (loss) per common share, GAAP: | $ (0.05) | $ (0.08) | $ 0.13 | $ (0.41) | |||
Adjustments: | |||||||
Amortization expense | 0.09 | 0.09 | 0.18 | 0.19 | |||
Loss on extinguishment of debt | — | — | 0.09 | — | |||
Non-cash interest expense | 0.01 | 0.01 | 0.02 | 0.02 | |||
Abandonment of CardioGenesis Cardiac laser therapy business | — | 0.01 | — | 0.01 | |||
Corporate rebranding expense | — | — | — | 0.01 | |||
Gain from sale of non-financial assets | — | (0.34) | — | (0.34) | |||
Business development, integration, and severance expense (income) | 0.05 | 0.37 | (0.36) | 0.50 | |||
Tax effect of non-GAAP adjustments | (0.04) | (0.03) | 0.01 | (0.10) | |||
Effect of | 0.01 | 0.03 | 0.06 | 0.20 | |||
Adjusted diluted income per common share, non-GAAP | $ 0.07 | $ 0.06 | $ 0.13 | $ 0.08 | |||
Reconciliation of diluted weighted-average common shares outstanding GAAP to diluted weighted-average common shares outstanding, non-GAAP: | |||||||
Diluted weighted-average common shares outstanding, GAAP: | 41,683 | 40,755 | 42,405 | 40,595 | |||
Adjustments: | |||||||
Effect of dilutive stock options and awards | 941 | 419 | — | 444 | |||
Diluted weighted-average common shares outstanding, non-GAAP | 42,624 | 41,174 | 42,405 | 41,039 | |||
Contacts: | |
Artivion | Gilmartin Group LLC |
Lance A. Berry | Brian Johnston / Laine Morgan |
Executive Vice President & | Phone: 332-895-3222 |
Chief Financial Officer | investors@artivion.com |
Phone: 770-419-3355 |
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SOURCE Artivion, Inc.
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