Artivion Reports Third Quarter 2024 Financial Results
Artivion reported its Q3 2024 financial results, highlighting a 9% revenue increase to $95.8 million compared to Q3 2023. On a non-GAAP constant currency basis, revenue grew 10%. The company reported a net loss of ($2.3) million or ($0.05) per share, but achieved a non-GAAP net income of $5.0 million or $0.12 per share. Adjusted EBITDA rose 28% to $17.7 million. Key milestones include the submission of the first PMA module for AMDS Hybrid Prosthesis to the FDA, completion of enrollment in the NEXUS TRIOMPHE trial, and regulatory approval for BioGlue in China. For 2024, Artivion expects 10-12% revenue growth, narrowing its guidance to $389-$396 million and projecting adjusted EBITDA growth of 28-34%, resulting in $69-$72 million.
Artivion ha riportato i risultati finanziari del terzo trimestre 2024, evidenziando un aumento del fatturato del 9% a 95,8 milioni di dollari rispetto al terzo trimestre 2023. Su base non-GAAP con valuta costante, il fatturato è cresciuto del 10%. L'azienda ha registrato una perdita netta di ($2,3) milioni o ($0,05) per azione, ma ha raggiunto un reddito netto non-GAAP di 5,0 milioni di dollari o $0,12 per azione. L'EBITDA rettificato è aumentato del 28% a 17,7 milioni di dollari. Tra i principali traguardi ci sono la presentazione del primo modulo PMA per la Protesi Ibrida AMDS alla FDA, il completamento dell'arruolamento nella sperimentazione NEXUS TRIOMPHE e l'approvazione normativa per BioGlue in Cina. Per il 2024, Artivion prevede una crescita del fatturato del 10-12%, riducendo la guida a 389-396 milioni di dollari e proiettando una crescita dell'EBITDA rettificato del 28-34%, per un totale di 69-72 milioni di dollari.
Artivion reportó sus resultados financieros del tercer trimestre de 2024, destacando un aumento del 9% en los ingresos a 95.8 millones de dólares en comparación con el tercer trimestre de 2023. En términos de moneda constante no-GAAP, los ingresos crecieron un 10%. La compañía reportó una Pérdida neta de ($2.3) millones o ($0.05) por acción, pero logró un Ingreso neto no-GAAP de 5.0 millones de dólares o $0.12 por acción. El EBITDA ajustado aumentó un 28% a 17.7 millones de dólares. Los hitos clave incluyen la presentación del primer módulo PMA para la Prótesis Híbrida AMDS a la FDA, la finalización de la inscripción en el ensayo NEXUS TRIOMPHE, y la aprobación regulatoria para BioGlue en China. Para 2024, Artivion espera un crecimiento de ingresos del 10-12%, ajustando su guía a 389-396 millones de dólares y proyectando un crecimiento del EBITDA ajustado del 28-34%, resultando en 69-72 millones de dólares.
Artivion은 2024년 3분기 재무 결과를 발표하며 2023년 3분기와 비교해 수익이 9% 증가하여 9,580만 달러에 이르렀다고 밝혔다. 비-GAAP 고정 환율 기준으로 수익은 10% 증가했다. 회사는 순손실이 ($2.3) 백만 또는 ($0.05) 주당으로 보고되었으나, 비-GAAP 순이익은 500만 달러 또는 주당 $0.12를 기록했다. 조정된 EBITDA는 28% 증가하여 1,770만 달러에 달했다. 주요 이정표로는 FDA에 AMDS 하이브리드 보형물에 대한 첫 번째 PMA 모듈 제출, NEXUS TRIOMPHE 시험의 모집 완료, 그리고 중국에서 BioGlue에 대한 규제 승인이 포함된다. 2024년을 위해 Artivion은 10-12%의 수익 성장률을 예상하며, 지침을 3억8900만 달러에서 3억9600만 달러로 긴축하고 조정된 EBITDA 성장률을 28-34%로 예상하여 6900만 달러에서 7200만 달러를 기록할 것으로 보인다.
Artivion a annoncé ses résultats financiers du troisième trimestre 2024, mettant en évidence une augmentation de 9% des revenus à 95,8 millions de dollars par rapport au troisième trimestre 2023. Sur une base de monnaie constante hors-GAAP, les revenus ont augmenté de 10%. L'entreprise a enregistré une perte nette de ($2,3) millions ou ($0,05) par action, mais a réalisé un revenu net hors-GAAP de 5,0 millions de dollars ou $0,12 par action. L'EBITDA ajusté a augmenté de 28% pour atteindre 17,7 millions de dollars. Les jalons clés incluent la soumission du premier module PMA pour la prothèse hybride AMDS à la FDA, l'achèvement de l'inscription à l'essai NEXUS TRIOMPHE et l'approbation réglementaire pour BioGlue en Chine. Pour 2024, Artivion prévoit une croissance des revenus de 10 à 12%, réduisant ses prévisions à 389-396 millions de dollars et projetant une croissance de l'EBITDA ajusté de 28 à 34%, ce qui aboutirait à 69-72 millions de dollars.
Artivion hat die Finanzzahlen für das 3. Quartal 2024 veröffentlicht und hebt einen Umsatzanstieg von 9% auf 95,8 Millionen Dollar im Vergleich zum 3. Quartal 2023 hervor. Auf einer nicht-GAAP Basis mit konstanten Währungen ist der Umsatz um 10% gewachsen. Das Unternehmen berichtete von einem Nettoverlust von ($2,3) Millionen oder ($0,05) pro Aktie, erzielte jedoch einen nicht-GAAP Nettogewinn von 5,0 Millionen Dollar oder $0,12 pro Aktie. Der angepasste EBITDA stieg um 28% auf 17,7 Millionen Dollar. Zu den wichtigen Meilensteinen gehören die Einreichung des ersten PMA-Moduls für die AMDS-Hybridprothese bei der FDA, der Abschluss der Rekrutierung für die NEXUS TRIOMPHE-Studie und die Zulassung von BioGlue in China. Für 2024 erwartet Artivion ein Umsatzwachstum von 10-12% und schränkt die Prognose auf 389-396 Millionen Dollar ein, wobei ein Wachstum des angepassten EBITDA von 28-34% progtostiziert wird, was zu 69-72 Millionen Dollar führt.
- Revenue increased by 9% to $95.8 million.
- Non-GAAP net income was $5.0 million, up from $749,000.
- Adjusted EBITDA grew 28% to $17.7 million.
- Received regulatory approval for BioGlue in China.
- Completed enrollment in NEXUS TRIOMPHE trial.
- Net loss of ($2.3) million or ($0.05) per share.
Third Quarter Highlights:
- Achieved revenue of
$95.8 million $87.9 million 9% on a GAAP basis and10% on a non-GAAP constant currency basis - Net loss was
( or ($2.3) million $0.05 $5.0 million $0.12 - Adjusted EBITDA increased
28% to$17.7 million $13.9 million - Submitted first module of the pre-market approval application (PMA) for AMDS Hybrid Prosthesis with the
U.S. Food and Drug Administration - Enrollment completed in NEXUS TRIOMPHE clinical trial
- Received regulatory approval from the National Medical Products Administration (NMPA) to commercialize BioGlue Surgical Adhesive in
China . Commercialization expected in the second half of 2025.
"We continued our strong financial performance through the third quarter as our team delivered revenue growth consistent with our expectations while executing on several initiatives designed to drive long-term profitable growth with our expanding, clinically differentiated product portfolio. Revenue growth in the third quarter was driven by year-over-year growth in On-X of
Mr. Mackin concluded, "We also achieved important milestones in our R&D pipeline this quarter. First, BioGlue was approved in
Third Quarter 2024 Financial Results
Total revenues for the third quarter of 2024 were
Net loss for the third quarter of 2024 was
2024 Financial Outlook
Artivion is narrowing its revenue guidance and continues to expect constant currency revenue growth of between
Additionally, Artivion continues to expect adjusted EBITDA 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 November 7, 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 13748263.
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 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) In Thousands, Except Per Share Data (Unaudited) | |||||||
Three Months Ended | Nine Months Ended | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Revenues: | |||||||
Products | $ 71,244 | $ 63,747 | $ 215,568 | $ 192,041 | |||
Preservation services | 24,535 | 24,107 | 75,661 | 68,293 | |||
Total revenues | 95,779 | 87,854 | 291,229 | 260,334 | |||
Cost of products and preservation services: | |||||||
Products | 24,412 | 21,574 | 72,707 | 62,084 | |||
Preservation services | 10,358 | 10,010 | 31,243 | 30,169 | |||
Total cost of products and preservation services | 34,770 | 31,584 | 103,950 | 92,253 | |||
Gross margin | 61,009 | 56,270 | 187,279 | 168,081 | |||
Operating expenses: | |||||||
General, administrative, and marketing | 50,017 | 51,093 | 130,026 | 158,699 | |||
Research and development | 6,605 | 6,421 | 21,048 | 21,062 | |||
Total operating expenses | 56,622 | 57,514 | 151,074 | 179,761 | |||
Gain from sale of non-financial assets | — | — | — | (14,250) | |||
Operating income (loss) | 4,387 | (1,244) | 36,205 | 2,570 | |||
Interest expense | 8,405 | 6,603 | 24,535 | 19,055 | |||
Interest income | (366) | (339) | (1,093) | (679) | |||
Loss on extinguishment of debt | — | — | 3,669 | — | |||
Other (income) expense, net | (2,386) | 1,911 | 6 | 5,189 | |||
(Loss) income before income taxes | (1,266) | (9,419) | 9,088 | (20,995) | |||
Income tax expense | 1,022 | 382 | 5,964 | 5,720 | |||
Net (loss) income | $ (2,288) | $ (9,801) | $ 3,124 | $ (26,715) | |||
(Loss) income per share: | |||||||
Basic | $ (0.05) | $ (0.24) | $ 0.07 | $ (0.65) | |||
Diluted | $ (0.05) | $ (0.24) | $ 0.07 | $ (0.65) | |||
Weighted-average common shares outstanding: | |||||||
Basic | 41,844 | 40,881 | 41,607 | 40,691 | |||
Diluted | 41,844 | 40,881 | 42,621 | 40,691 | |||
Net (loss) income | $ (2,288) | $ (9,801) | $ 3,124 | $ (26,715) | |||
Other comprehensive income (loss): | |||||||
Foreign currency translation adjustments | 8,393 | (7,070) | 2,529 | $ (1,423) | |||
Unrealized (loss) gain from foreign currency intra-entity loans, net of tax | (2,060) | 2,060 | (47) | 1,855 | |||
Comprehensive income (loss) | $ 4,045 | $ (14,811) | $ 5,606 | $ (26,283) | |||
Artivion, Inc. and Subsidiaries Condensed Consolidated Balance Sheets In Thousands
| |||
September 30, | December 31, | ||
(Unaudited) | |||
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | $ 56,173 | $ 58,940 | |
Trade receivables, net | 75,686 | 71,796 | |
Other receivables | 2,288 | 2,342 | |
Inventories, net | 84,123 | 81,976 | |
Deferred preservation costs, net | 50,421 | 49,804 | |
Prepaid expenses and other | 19,267 | 15,810 | |
Total current assets | 287,958 | 280,668 | |
Goodwill | 248,745 | 247,337 | |
Acquired technology, net | 135,052 | 142,593 | |
Operating lease right-of-use assets, net | 41,206 | 43,822 | |
Property and equipment, net | 38,262 | 38,358 | |
Other intangibles, net | 29,527 | 29,638 | |
Deferred income taxes | 1,458 | 1,087 | |
Other long-term assets | 20,936 | 8,894 | |
Total assets | $ 803,144 | $ 792,397 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Current liabilities: | |||
Accounts payable | $ 11,146 | $ 13,318 | |
Current portion of long-term debt | 99,698 | 1,451 | |
Accrued expenses | 15,888 | 12,732 | |
Accrued compensation | 15,236 | 18,715 | |
Current maturities of operating leases | 4,513 | 3,395 | |
Taxes payable | 3,521 | 3,840 | |
Accrued procurement fees | 1,456 | 1,439 | |
Other current liabilities | 1,380 | 2,972 | |
Total current liabilities | 152,838 | 57,862 | |
Long-term debt | 214,270 | 305,531 | |
Contingent consideration | 51,720 | 63,890 | |
Non-current maturities of operating leases | 41,440 | 43,977 | |
Deferred income taxes | 18,538 | 21,851 | |
Deferred compensation liability | 7,930 | 6,760 | |
Non-current finance lease obligation | 3,194 | 3,405 | |
Other long-term liabilities | 8,475 | 7,341 | |
Total liabilities | $ 498,405 | $ 510,617 | |
Commitments and contingencies | |||
Stockholders' equity: | |||
Preferred stock | — | — | |
Common stock (75,000 shares authorized, 43,392 and 42,569 shares issued in 2024 and 2023, respectively) | 434 | 426 | |
Additional paid-in capital | 373,264 | 355,919 | |
Retained deficit | (44,783) | (47,907) | |
Accumulated other comprehensive loss | (9,528) | (12,010) | |
Treasury stock, at cost, 1,487 shares as of September 30, 2024 and December 31, 2023 | (14,648) | (14,648) | |
Total stockholders' equity | 304,739 | 281,780 | |
Total liabilities and stockholders' equity | $ 803,144 | $ 792,397 | |
Artivion, Inc. and Subsidiaries Condensed Consolidated Statement of Cash Flows In Thousands (Unaudited)
| |||
Nine Months Ended | |||
2024 | 2023 | ||
Net cash flows from operating activities: | |||
Net income (loss) | $ 3,124 | $ (26,715) | |
Adjustments to reconcile net income (loss) to net cash from operating activities: | |||
Depreciation and amortization | 17,910 | 17,260 | |
Change in fair value of contingent consideration | (12,170) | 21,900 | |
Non-cash compensation | 11,499 | 10,466 | |
Non-cash lease expense | 5,860 | 5,467 | |
Deferred income taxes | (4,187) | (7,250) | |
Non-cash debt extinguishment expense | 3,669 | — | |
Write-down of inventories and deferred preservation costs | 2,911 | 3,726 | |
Fair value adjustment of Endospan agreements | (195) | 5,000 | |
Gain from sale of non-financial assets | — | (14,250) | |
Other | 1,818 | 2,325 | |
Changes in operating assets and liabilities: | |||
Accounts payable, accrued expenses, and other liabilities | (5,237) | 412 | |
Inventories and deferred preservation costs | (4,791) | (10,592) | |
Prepaid expenses and other assets | (4,758) | (527) | |
Receivables | (3,356) | 765 | |
Net cash flows provided by operating activities | 12,097 | 7,987 | |
Net cash flows from investing activities: | |||
Capital expenditures | (9,763) | (7,083) | |
Payments for Endospan agreements | (7,000) | (5,000) | |
Proceeds from sale of non-financial assets, net | — | 14,250 | |
Net cash flows (used in) provided by investing activities | (16,763) | 2,167 | |
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 | 5,285 | 3,467 | |
Proceeds from financing insurance premiums | — | 3,558 | |
Repayment of debt | (211,765) | (2,063) | |
Payment of debt issuance costs | (10,044) | — | |
Principal payments on short-term notes payable | (1,027) | (1,522) | |
Other | (420) | (945) | |
Net cash flows provided by financing activities | 2,029 | 2,495 | |
Effect of exchange rate changes on cash and cash equivalents | (130) | 1,481 | |
(Decrease) increase in cash and cash equivalents | (2,767) | 14,130 | |
Cash and cash equivalents beginning of period | 58,940 | 39,351 | |
Cash and cash equivalents end of period | $ 56,173 | $ 53,481 | |
Artivion, Inc. and Subsidiaries Financial Highlights In Thousands (Unaudited)
| |||||||
Three Months Ended | Nine Months Ended | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Products: | |||||||
Aortic stent grafts | $ 28,643 | $ 25,523 | $ 92,936 | $ 80,032 | |||
On-X | 21,478 | 18,744 | 61,804 | 54,346 | |||
Surgical sealants | 18,437 | 16,234 | 53,963 | 49,503 | |||
Other | 2,686 | 3,246 | 6,865 | 8,160 | |||
Total products | 71,244 | 63,747 | 215,568 | 192,041 | |||
Preservation services | 24,535 | 24,107 | 75,661 | 68,293 | |||
Total revenues | $ 95,779 | $ 87,854 | $ 291,229 | $ 260,334 | |||
49,089 | 48,028 | 148,679 | 137,541 | ||||
30,423 | 26,536 | 98,156 | 84,608 | ||||
10,366 | 8,402 | 27,628 | 24,655 | ||||
5,901 | 4,888 | 16,766 | 13,530 | ||||
Total revenues | $ 95,779 | $ 87,854 | $ 291,229 | $ 260,334 | |||
Artivion, Inc. and Subsidiaries Reconciliation of GAAP to Non-GAAP Revenues In Thousands (Unaudited)
| |||||||||
Revenues for the Three Months Ended September 30, | Percent Change From Prior Year | ||||||||
2024 | 2023 | ||||||||
US GAAP | US GAAP | Exchange | Constant | Constant | |||||
Products: | |||||||||
Aortic stent grafts | $ 28,643 | $ 25,523 | $ (208) | $ 25,315 | 13 % | ||||
On-X | 21,478 | 18,744 | (103) | 18,641 | 15 % | ||||
Surgical sealants | 18,437 | 16,234 | (128) | 16,106 | 14 % | ||||
Other | 2,686 | 3,246 | 1 | 3,247 | -17 % | ||||
Total products | 71,244 | 63,747 | (438) | 63,309 | 13 % | ||||
Preservation services | 24,535 | 24,107 | (22) | 24,085 | 2 % | ||||
Total | $ 95,779 | $ 87,854 | $ (460) | $ 87,394 | 10 % | ||||
49,089 | 48,028 | (50) | 47,978 | 2 % | |||||
30,423 | 26,536 | 12 | 26,548 | 15 % | |||||
10,366 | 8,402 | 1 | 8,403 | 23 % | |||||
5,901 | 4,888 | (423) | 4,465 | 32 % | |||||
Total | $ 95,779 | $ 87,854 | $ (460) | $ 87,394 | 10 % | ||||
Revenues for the Nine Months Ended September 30, | Percent Change From Prior Year | ||||||||
2024 | 2023 | ||||||||
US GAAP | US GAAP | Exchange | Constant | Constant | |||||
Products: | |||||||||
Aortic stent grafts | $ 92,936 | $ 80,032 | 688 | $ 80,720 | 15 % | ||||
On-X | 61,804 | 54,346 | (2) | 54,344 | 14 % | ||||
Surgical sealants | 53,963 | 49,503 | (10) | 49,493 | 9 % | ||||
Other | 6,865 | 8,160 | 4 | 8,164 | -16 % | ||||
Total products | 215,568 | 192,041 | 680 | 192,721 | 12 % | ||||
Preservation services | 75,661 | 68,293 | (26) | 68,267 | 11 % | ||||
Total | $ 291,229 | $ 260,334 | $ 654 | $ 260,988 | 12 % | ||||
148,679 | 137,541 | (57) | 137,484 | 8 % | |||||
98,156 | 84,608 | 994 | 85,602 | 15 % | |||||
27,628 | 24,655 | — | 24,655 | 12 % | |||||
16,766 | 13,530 | (283) | 13,247 | 27 % | |||||
Total | $ 291,229 | $ 260,334 | $ 654 | $ 260,988 | 12 % | ||||
Artivion, Inc. and Subsidiaries Reconciliation of GAAP to Non-GAAP General, Administrative, and Marketing Expense, Adjusted EBITDA, and Free Cash Flows In Thousands (Unaudited)
| |||||||
Three Months Ended | Nine Months Ended | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Reconciliation of G&A expense, GAAP to adjusted G&A, non-GAAP: | |||||||
General, administrative, and marketing expense, GAAP | $ 50,017 | $ 51,093 | $ 130,026 | $ 158,699 | |||
Business development, integration, and severance expense (income) | 3,431 | 6,363 | (11,923) | 22,461 | |||
Corporate rebranding expense | — | 65 | — | 283 | |||
Adjusted G&A, non-GAAP | $ 46,586 | $ 44,665 | $ 141,949 | $ 135,955 | |||
Three Months Ended | Nine Months Ended | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Reconciliation of net loss, GAAP to adjusted EBITDA, non-GAAP: | |||||||
Net (loss) income, GAAP | $ (2,288) | $ (9,801) | $ 3,124 | $ (26,715) | |||
Adjustments: | |||||||
Interest expense | 8,405 | 6,603 | 24,535 | 19,055 | |||
Depreciation and amortization expense | 6,110 | 5,759 | 17,910 | 17,260 | |||
Business development, integration, and severance expense (income) | 3,431 | 6,122 | (11,923) | 26,844 | |||
Stock-based compensation expense | 3,769 | 3,187 | 11,499 | 10,466 | |||
Income tax expense | 1,022 | 382 | 5,964 | 5,720 | |||
Loss on extinguishment of debt | — | — | 3,669 | — | |||
Interest income | (366) | (339) | (1,093) | (679) | |||
(Gain) loss on foreign currency revaluation | (2,382) | 1,882 | (29) | 112 | |||
Abandonment of CardioGenesis Cardiac laser therapy business | — | — | — | 390 | |||
Corporate rebranding expense | — | 65 | — | 283 | |||
Gain from sale of non-financial assets | — | — | — | (14,250) | |||
Adjusted EBITDA, non-GAAP | $ 17,701 | $ 13,860 | $ 53,656 | $ 38,486 | |||
Three Months Ended | Nine 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 | $ 11,455 | $ 7,232 | $ 12,097 | $ 7,987 | |||
Capital expenditures | (3,639) | (2,068) | (9,763) | (7,083) | |||
Free cash flows, non-GAAP | $ 7,816 | $ 5,164 | $ 2,334 | $ 904 | |||
Artivion Inc. and Subsidiaries Reconciliation of GAAP to Non-GAAP Net Income and Diluted Income Per Common Share In Thousands, Except Per Share Data (Unaudited)
| |||||||
Three Months Ended | Nine Months Ended | ||||||
2024 | 2023 | 2024 | 2023 | ||||
GAAP: | |||||||
(Loss) income before income taxes | $ (1,266) | $ (9,419) | $ 9,088 | $ (20,995) | |||
Income tax expense | 1,022 | 382 | 5,964 | 5,720 | |||
Net (loss) income | $ (2,288) | $ (9,801) | $ 3,124 | $ (26,715) | |||
Diluted (loss) income per common share | $ (0.05) | $ (0.24) | $ 0.07 | $ (0.65) | |||
Diluted weighted-average common shares outstanding | 41,844 | 40,881 | 42,621 | 40,691 | |||
Reconciliation of (loss) income before income taxes, GAAP to adjusted income, non-GAAP: | |||||||
(Loss) income before income taxes, GAAP: | $ (1,266) | $ (9,419) | $ 9,088 | $ (20,995) | |||
Adjustments: | |||||||
Business development, integration, and severance expense (income) | 3,431 | 6,122 | (11,923) | 26,844 | |||
Amortization expense | 3,990 | 3,766 | 11,650 | 11,453 | |||
Loss on extinguishment of debt | — | — | 3,669 | — | |||
Non-cash interest expense | 546 | 465 | 1,610 | 1,391 | |||
Abandonment of CardioGenesis Cardiac laser therapy business | — | — | — | 390 | |||
Corporate rebranding expense | — | 65 | — | 283 | |||
Gain from sale of non-financial assets | — | — | — | (14,250) | |||
Adjusted income before income taxes, non-GAAP | 6,701 | 999 | 14,094 | 5,116 | |||
Income tax expense calculated at a tax rate of | 1,675 | 250 | 3,523 | 1,279 | |||
Adjusted net income, non-GAAP | $ 5,026 | $ 749 | $ 10,571 | $ 3,837 | |||
Reconciliation of diluted income (loss) per common share, GAAP to adjusted diluted income per common share, non-GAAP: | |||||||
Diluted (loss) income per common share, GAAP: | $ (0.05) | $ (0.24) | $ 0.07 | $ (0.65) | |||
Adjustments: | |||||||
Business development, integration, and severance expense (income) | 0.08 | 0.15 | (0.28) | 0.65 | |||
Amortization expense | 0.09 | 0.09 | 0.27 | 0.28 | |||
Loss on extinguishment of debt | — | — | 0.09 | — | |||
Non-cash interest expense | 0.02 | 0.01 | 0.04 | 0.03 | |||
Abandonment of CardioGenesis Cardiac laser therapy business | — | — | — | 0.01 | |||
Corporate rebranding expense | — | — | — | 0.01 | |||
Gain from sale of non-financial assets | — | — | — | (0.34) | |||
Tax effect of non-GAAP adjustments | (0.05) | (0.06) | (0.03) | (0.17) | |||
Effect of | 0.03 | 0.07 | 0.09 | 0.27 | |||
Adjusted diluted income per common share, non-GAAP | $ 0.12 | $ 0.02 | $ 0.25 | $ 0.09 | |||
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: | 41,844 | 40,881 | 42,621 | 40,691 | |||
Adjustments: | |||||||
Effect of dilutive stock options and awards | 1,160 | 662 | — | 512 | |||
Diluted weighted-average common shares outstanding, non-GAAP | 43,004 | 41,543 | 42,621 | 41,203 | |||
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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