Artivion Reports Second Quarter 2025 Financial Results
Artivion (NYSE:AORT) reported strong Q2 2025 financial results with revenue reaching $113.0 million, marking a 15% increase from Q2 2024. The company achieved net income of $1.3 million ($0.03 per share) and non-GAAP net income of $10.7 million ($0.24 per share).
Key highlights include 33% growth in Adjusted EBITDA to $24.8 million, significant revenue growth across product lines with On-X and stent grafts both up 24%, and the exchange of $99.5 million in convertible senior notes for common stock. The company received FDA IDE approval for the ARTIZEN pivotal trial for Arcevo LSA.
Given strong performance, Artivion raised its 2025 guidance, now expecting constant currency growth of 12-14% with revenues between $435-443 million and adjusted EBITDA growth of 21-28% ($86-91 million).
Artivion (NYSE:AORT) ha annunciato solidi risultati finanziari per il secondo trimestre 2025, con ricavi pari a 113,0 milioni di dollari, segnando un aumento del 15% rispetto al secondo trimestre 2024. L'azienda ha registrato un utile netto di 1,3 milioni di dollari (0,03 dollari per azione) e un utile netto non-GAAP di 10,7 milioni di dollari (0,24 dollari per azione).
I punti salienti includono una crescita del 33% dell'EBITDA rettificato a 24,8 milioni di dollari, una significativa crescita dei ricavi in tutte le linee di prodotto con On-X e stent graft in aumento del 24%, e la conversione di 99,5 milioni di dollari in obbligazioni senior convertibili in azioni ordinarie. L'azienda ha ottenuto l'approvazione FDA IDE per lo studio pivotale ARTIZEN relativo ad Arcevo LSA.
Grazie a queste solide performance, Artivion ha rivisto al rialzo le previsioni per il 2025, prevedendo ora una crescita a valuta costante del 12-14%, con ricavi compresi tra 435 e 443 milioni di dollari e una crescita dell'EBITDA rettificato del 21-28% (86-91 milioni di dollari).
Artivion (NYSE:AORT) reportó sólidos resultados financieros en el segundo trimestre de 2025, con ingresos que alcanzaron los 113,0 millones de dólares, lo que representa un aumento del 15% respecto al segundo trimestre de 2024. La compañía logró un ingreso neto de 1,3 millones de dólares (0,03 dólares por acción) y un ingreso neto no GAAP de 10,7 millones de dólares (0,24 dólares por acción).
Los aspectos destacados incluyen un crecimiento del 33% en el EBITDA ajustado hasta 24,8 millones de dólares, un crecimiento significativo de ingresos en todas las líneas de productos con On-X y stent grafts aumentando ambos un 24%, y el intercambio de 99,5 millones de dólares en notas senior convertibles por acciones comunes. La compañía recibió la aprobación IDE de la FDA para el ensayo pivotal ARTIZEN para Arcevo LSA.
Debido al buen desempeño, Artivion elevó su guía para 2025, esperando ahora un crecimiento en moneda constante del 12-14% con ingresos entre 435 y 443 millones de dólares y un crecimiento del EBITDA ajustado del 21-28% (86-91 millones de dólares).
Artivion (NYSE:AORT)은 2025년 2분기 강력한 재무 실적을 보고했으며, 매출은 1억 1,300만 달러로 2024년 2분기 대비 15% 증가했습니다. 회사는 순이익 130만 달러(주당 0.03달러)과 비-GAAP 순이익 1,070만 달러(주당 0.24달러)를 기록했습니다.
주요 성과로는 조정 EBITDA가 33% 증가하여 2,480만 달러에 달했으며, On-X 및 스텐트 그라프트 제품군 매출이 각각 24% 증가하는 등 제품군 전반에 걸친 매출 성장이 두드러졌습니다. 또한 9,950만 달러 규모의 전환사채를 보통주로 교환했습니다. 회사는 Arcevo LSA에 대한 ARTIZEN 중추 임상시험에 대해 FDA IDE 승인을 받았습니다.
강력한 실적을 바탕으로 Artivion은 2025년 가이던스를 상향 조정했으며, 현재 환율 변동을 고려한 12-14% 성장과 매출 4억 3,500만~4억 4,300만 달러, 조정 EBITDA 성장률 21-28%(8,600만~9,100만 달러)를 예상하고 있습니다.
Artivion (NYSE:AORT) a annoncé de solides résultats financiers pour le deuxième trimestre 2025, avec un chiffre d'affaires atteignant 113,0 millions de dollars, soit une augmentation de 15 % par rapport au deuxième trimestre 2024. La société a réalisé un bénéfice net de 1,3 million de dollars (0,03 dollar par action) et un bénéfice net non-GAAP de 10,7 millions de dollars (0,24 dollar par action).
Les points forts comprennent une croissance de 33 % de l'EBITDA ajusté à 24,8 millions de dollars, une croissance significative des revenus sur toutes les gammes de produits avec une hausse de 24 % pour On-X et les greffes de stents, ainsi que l'échange de 99,5 millions de dollars de billets seniors convertibles contre des actions ordinaires. La société a reçu l'approbation IDE de la FDA pour l'essai pivot ARTIZEN concernant Arcevo LSA.
Compte tenu de cette performance solide, Artivion a relevé ses prévisions pour 2025, anticipant désormais une croissance à taux de change constant de 12 à 14 %, avec des revenus compris entre 435 et 443 millions de dollars et une croissance de l'EBITDA ajusté de 21 à 28 % (86-91 millions de dollars).
Artivion (NYSE:AORT) meldete starke Finanzergebnisse für das zweite Quartal 2025 mit einem Umsatz von 113,0 Millionen US-Dollar, was einem Anstieg von 15 % gegenüber dem zweiten Quartal 2024 entspricht. Das Unternehmen erzielte einen Nettoertrag von 1,3 Millionen US-Dollar (0,03 US-Dollar pro Aktie) und einen Non-GAAP-Nettoertrag von 10,7 Millionen US-Dollar (0,24 US-Dollar pro Aktie).
Zu den wichtigsten Highlights gehören ein 33%iges Wachstum des bereinigten EBITDA auf 24,8 Millionen US-Dollar, ein signifikanter Umsatzanstieg über alle Produktlinien hinweg, wobei On-X und Stent-Grafts jeweils um 24 % zulegten, sowie der Umtausch von 99,5 Millionen US-Dollar an wandelbaren Senior Notes in Stammaktien. Das Unternehmen erhielt die FDA IDE-Zulassung für die ARTIZEN-Pivotal-Studie für Arcevo LSA.
Aufgrund der starken Leistung hat Artivion seine Prognose für 2025 angehoben und erwartet nun ein Wachstum bei konstanten Wechselkursen von 12-14% mit Umsätzen zwischen 435 und 443 Millionen US-Dollar sowie ein bereinigtes EBITDA-Wachstum von 21-28 % (86-91 Millionen US-Dollar).
- Revenue grew 15% to $113.0 million in Q2 2025
- Adjusted EBITDA increased 33% to $24.8 million
- Strong product performance with On-X and stent grafts both growing 24%
- Successfully exchanged $99.5M in convertible notes due 2025 for common stock
- Received FDA IDE approval for ARTIZEN pivotal trial
- Raised full-year 2025 guidance for both revenue and EBITDA
- Achieved profitability with $1.3M net income vs. previous year loss
- Foreign currency fluctuations continue to impact financial results
- Non-GAAP net income includes $4.5M in foreign currency revaluation gains, indicating underlying earnings volatility
Insights
Artivion delivered outstanding Q2 results with 15% revenue growth and 33% EBITDA growth, reflecting solid business momentum across product lines.
Artivion has delivered an exceptionally strong quarter with
The growth was broad-based across their portfolio, with particularly impressive performance in their On-X mechanical heart valves (
What's most striking is the
The company has also strengthened its balance sheet by exchanging
Management's decision to raise guidance indicates continued confidence in their business momentum. The new constant currency revenue growth guidance of
The FDA IDE approval for the ARTIZEN pivotal trial for their Arcevo LSA device represents a significant pipeline milestone that could drive future growth if successful, as it would address the entire aortic arch for both acute and chronic pathologies.
Second Quarter Highlights:
- Achieved revenue of
$113.0 million $98.0 million 15% on a GAAP basis and14% on a non-GAAP constant currency basis - Net income was
$1.3 million $0.03 $10.7 million $0.24 - Adjusted EBITDA increased
33% to$24.8 million $18.6 million - Exchanged
$99.5 million - Received Investigational Device Exemption (IDE) approval from the
U.S. Food and Drug Administration (FDA) to initiate the ARTIZEN pivotal trial evaluating the efficacy and safety of Arcevo LSA to replace the entire aortic arch for the treatment of acute and chronic arch pathologies
"The second quarter was exceptionally strong as we made progress across each of our strategic initiatives while delivering
Mr. Mackin added, "In addition to our strong commercial results in which both On-X and stent grafts grew over
Mr. Mackin concluded, "Given our strong second quarter performance and continued business momentum, we are raising the midpoints of our full year 2025 constant currency revenue and EBITDA guidance and remain confident in our ability to grow adjusted EBITDA at twice the rate of constant currency revenue growth."
Second Quarter 2025 Financial Results
Total revenues for the second quarter of 2025 were
Net income for the second quarter of 2025 was
2025 Financial Outlook
Artivion is raising the midpoint of its full year 2025 revenue guidance and now expects constant currency growth of
Additionally, Artivion is raising the midpoint of its adjusted EBITDA guidance and now expects growth of between
The Company's financial performance for 2025 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, EBITDA, 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, EBITDA, adjusted EBITDA, general, administrative, and marketing, and free cash flows results primarily exclude (as applicable) depreciation and amortization expense, interest income and expense, non-cash compensation expense, loss or gain on foreign currency revaluation, income tax expense or benefit, business development, integration, and severance income or expense, losses on inducement/extinguishment of debt, non-cash interest expense, capital expenditures, and other non-recurring items.
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 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 non-cash compensation expense. The Company believes it is useful to exclude certain expenses and revenues 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.
The Company's adjusted EBITDA expectations for fiscal 2025 exclude potential charges or gains that may be recorded during the fiscal year, relating to, among other things, non-cash compensation; business development, integration, and severance income or expense; losses on inducement/extinguishment of debt; and foreign currency revaluations. The Company does not attempt to provide reconciliations of forward-looking adjusted EBITDA to the comparable GAAP measure because the impact and timing of these potential charges or gains are inherently uncertain and difficult to predict and are unavailable without unreasonable efforts. In addition, the Company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a material impact on GAAP measures of the Company's financial performance.
Webcast and Conference Call Information
The Company will hold a teleconference call and live webcast on August 7, 2025, at 4:30 p.m. ET to discuss the results, followed by a question-and-answer session. To participate in the conference call dial 862-298-0702 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 13754541.
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, our beliefs and expectations about our revenue, year-over-year growth and growth drivers, earnings, currency impacts, and other financial measures and related information; our anticipated capital needs and capital structure; our beliefs about our competitive advantages and market opportunities; the expected impact on our business of the dynamic trade policy and tariff environment; our expected product mix and business strategy; anticipated quarterly fluctuations in our business; the benefits of receiving IDE approval to initiate our Arcevo LSA pivotal trial; the expected benefits from retiring our Convertible Senior Notes due July 1, 2025; our ability to scale our business and expand adjusted EBITDA margins; that our revenues for the full year 2025 will be in the range of
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 |
Artivion, Inc. and Subsidiaries Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) In Thousands, Except Per Share Data (Unaudited) | |||||||
| |||||||
Three Months Ended | Six Months Ended | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Revenues: | |||||||
Products | $ 87,444 | $ 73,210 | $ 166,242 | $ 144,324 | |||
Preservation services | 25,528 | 24,809 | 45,708 | 51,126 | |||
Total revenues | 112,972 | 98,019 | 211,950 | 195,450 | |||
| |||||||
Cost of products and preservation services: | |||||||
Products | 28,315 | 24,545 | 53,578 | 48,295 | |||
Preservation services | 11,545 | 10,150 | 21,683 | 20,885 | |||
Total cost of products and preservation services | 39,860 | 34,695 | 75,261 | 69,180 | |||
| |||||||
Gross margin | 73,112 | 63,324 | 136,689 | 126,270 | |||
| |||||||
Operating expenses: | |||||||
General, administrative, and marketing | 57,665 | 49,320 | 112,369 | 80,009 | |||
Research and development | 7,063 | 7,497 | 13,791 | 14,443 | |||
Total operating expenses | 64,728 | 56,817 | 126,160 | 94,452 | |||
| |||||||
Operating income | 8,384 | 6,507 | 10,529 | 31,818 | |||
| |||||||
Interest expense | 7,270 | 8,304 | 14,933 | 16,130 | |||
Interest income | (68) | (353) | (212) | (727) | |||
Losses on inducement/extinguishment of debt | 2,664 | — | 2,664 | 3,669 | |||
Other (income) expense, net | (4,964) | 983 | (8,043) | 2,392 | |||
| |||||||
Income (loss) before income taxes | 3,482 | (2,427) | 1,187 | 10,354 | |||
Income tax expense (benefit) | 2,137 | (306) | 347 | 4,942 | |||
| |||||||
Net income (loss) | $ 1,345 | $ (2,121) | $ 840 | $ 5,412 | |||
| |||||||
Income (loss) per share: | |||||||
Basic | $ 0.03 | $ (0.05) | $ 0.02 | $ 0.13 | |||
Diluted | $ 0.03 | $ (0.05) | $ 0.02 | $ 0.13 | |||
| |||||||
Weighted-average common shares outstanding: | |||||||
Basic | 44,296 | 41,683 | 43,270 | 41,487 | |||
Diluted | 45,378 | 41,683 | 44,503 | 42,405 | |||
| |||||||
Net income (loss) | $ 1,345 | $ (2,121) | $ 840 | $ 5,412 | |||
Other comprehensive income (loss): | |||||||
Foreign currency translation adjustments, net of tax | 15,768 | (2,323) | 22,099 | (3,851) | |||
Comprehensive income (loss) | $ 17,113 | $ (4,444) | $ 22,939 | $ 1,561 | |||
Artivion, Inc. and Subsidiaries Condensed Consolidated Balance Sheets In Thousands | |||
| |||
June 30, | December 31, | ||
(Unaudited) | |||
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | $ 53,476 | $ 53,463 | |
Trade receivables, net | 91,440 | 79,462 | |
Other receivables | 9,810 | 6,431 | |
Inventories | 86,723 | 79,766 | |
Deferred preservation costs | 52,817 | 51,701 | |
Prepaid expenses and other | 24,554 | 19,257 | |
Total current assets | 318,820 | 290,080 | |
| |||
Goodwill | 253,802 | 240,958 | |
Acquired technology, net | 129,257 | 128,051 | |
Operating lease right-of-use assets, net | 39,690 | 39,726 | |
Property and equipment, net | 40,086 | 36,403 | |
Other intangibles, net | 29,183 | 28,332 | |
Deferred tax assets, net | 693 | 1,068 | |
Other long-term assets | 26,856 | 24,483 | |
Total assets | $ 838,387 | $ 789,101 | |
| |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Current liabilities: | |||
Accounts payable | $ 19,426 | $ 17,971 | |
Accrued compensation | 15,896 | 18,342 | |
Accrued expenses | 11,381 | 11,834 | |
Accrued interest | 5,706 | 8,170 | |
Taxes payable | 2,849 | 2,934 | |
Accrued procurement fees | 2,569 | 1,704 | |
Current maturities of operating leases | 4,956 | 4,489 | |
Current portion of finance lease obligations | 710 | 601 | |
Current portion of long-term debt | 73 | 195 | |
Other current liabilities | 3,104 | 583 | |
Total current liabilities | 66,670 | 66,823 | |
| |||
Long-term debt, net | 215,538 | 314,152 | |
Contingent consideration | 52,670 | 52,880 | |
Non-current maturities of operating leases | 39,409 | 39,988 | |
Deferred tax liabilities, net | 23,455 | 20,183 | |
Deferred compensation liability | 8,730 | 7,977 | |
Non-current finance lease obligations | 3,055 | 2,833 | |
Other long-term liabilities | 8,958 | 8,065 | |
Total liabilities | $ 418,485 | $ 512,901 | |
| |||
Commitments and contingencies | |||
| |||
Stockholders' equity: | |||
Preferred stock | — | — | |
Common stock issued as of June 30, 2025 and December 31, 2024, respectively | 486 | 434 | |
Additional paid-in capital | 497,318 | 376,607 | |
Retained deficit | (60,426) | (61,266) | |
Accumulated other comprehensive loss | (2,828) | (24,927) | |
Treasury stock, at cost, 1,487 shares as of June 30, 2025 and December 31, 2024 | (14,648) | (14,648) | |
Total stockholders' equity | 419,902 | 276,200 | |
| |||
Total liabilities and stockholders' equity | $ 838,387 | $ 789,101 | |
Artivion, Inc. and Subsidiaries Condensed Consolidated Statement of Cash Flows In Thousands (Unaudited) | |||
| |||
Six Months Ended | |||
2025 | 2024 | ||
Net cash flows from operating activities: | |||
Net income | $ 840 | $ 5,412 | |
| |||
Adjustments to reconcile net income to net cash from operating activities: | |||
Depreciation and amortization | 10,984 | 11,800 | |
Non-cash compensation | 14,167 | 7,730 | |
Non-cash lease expense | 2,510 | 3,897 | |
Write-down of inventories and deferred preservation costs | 2,379 | 1,508 | |
Deferred income taxes | (231) | 994 | |
Change in fair value of contingent consideration | (210) | (15,680) | |
Losses on inducement/extinguishment of debt | 2,664 | 3,669 | |
Other | (7,423) | 1,178 | |
Changes in operating assets and liabilities: | |||
Receivables | (9,660) | (6,446) | |
Inventories and deferred preservation costs | (5,521) | (2,165) | |
Prepaid expenses and other assets | (6,215) | (5,224) | |
Accounts payable, accrued expenses, and other liabilities | (6,226) | (6,031) | |
Net cash flows (used in) provided by operating activities | (1,942) | 642 | |
| |||
Net cash flows from investing activities: | |||
Capital expenditures | (6,925) | (6,124) | |
Net cash flows used in investing activities | (6,925) | (6,124) | |
| |||
Net cash flows from financing activities: | |||
Proceeds from issuance of long-term debt | — | 190,000 | |
Proceeds from revolving credit facility | — | 30,000 | |
Repayment of debt | (134) | (211,688) | |
Proceeds from exercise of stock options and issuance of common stock | 4,459 | 3,587 | |
Payment of debt issuance costs | — | (10,044) | |
Proceeds from financing insurance premiums | 3,117 | — | |
Principal payments on short-term notes payable | (554) | (1,027) | |
Other | (353) | (272) | |
Net cash flows provided by financing activities | 6,535 | 556 | |
| |||
Effect of exchange rate changes on cash and cash equivalents | 2,345 | 1,005 | |
Increase (decrease) in cash and cash equivalents | 13 | (3,921) | |
| |||
Cash and cash equivalents beginning of period | 53,463 | 58,940 | |
Cash and cash equivalents end of period | $ 53,476 | $ 55,019 | |
Artivion, Inc. and Subsidiaries Financial Highlights In Thousands (Unaudited) | |||||||
| |||||||
Three Months Ended | Six Months Ended | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Products: | |||||||
Aortic stent grafts | $ 39,841 | $ 32,190 | $ 76,443 | $ 64,293 | |||
On-X | 25,572 | 20,645 | 47,146 | 40,326 | |||
Surgical sealants | 19,288 | 18,545 | 37,394 | 35,526 | |||
Other | 2,743 | 1,830 | 5,259 | 4,179 | |||
Total products | 87,444 | 73,210 | 166,242 | 144,324 | |||
| |||||||
Preservation services | 25,528 | 24,809 | 45,708 | 51,126 | |||
Total revenues | $ 112,972 | $ 98,019 | $ 211,950 | $ 195,450 | |||
| |||||||
57,569 | 48,662 | 105,362 | 99,590 | ||||
38,713 | 34,145 | 75,758 | 67,733 | ||||
11,131 | 9,653 | 19,345 | 17,262 | ||||
5,559 | 5,559 | 11,485 | 10,865 | ||||
Total revenues | $ 112,972 | $ 98,019 | $ 211,950 | $ 195,450 | |||
Artivion, Inc. and Subsidiaries Reconciliation of GAAP to Non-GAAP Revenues $ In Thousands (Unaudited) | |||||||||
| |||||||||
Revenues for the Three Months Ended June 30, | Percent Change From Prior Year | ||||||||
2025 | 2024 | ||||||||
US GAAP | US GAAP | Exchange Rate Effect | Constant Currency | Constant Currency | |||||
Products: | |||||||||
Aortic stent grafts | $ 39,841 | $ 32,190 | $ 584 | $ 32,774 | 22 % | ||||
On-X | 25,572 | 20,645 | 41 | 20,686 | 24 % | ||||
Surgical sealants | 19,288 | 18,545 | 61 | 18,606 | 4 % | ||||
Other | 2,743 | 1,830 | 4 | 1,834 | 50 % | ||||
Total products | 87,444 | 73,210 | 690 | 73,900 | 18 % | ||||
| |||||||||
Preservation services | 25,528 | 24,809 | (17) | 24,792 | 3 % | ||||
Total | $ 112,972 | $ 98,019 | $ 673 | $ 98,692 | 14 % | ||||
| |||||||||
57,569 | 48,662 | (46) | 48,616 | 18 % | |||||
38,713 | 34,145 | 1,091 | 35,236 | 10 % | |||||
11,131 | 9,653 | — | 9,653 | 15 % | |||||
5,559 | 5,559 | (372) | 5,187 | 7 % | |||||
Total | $ 112,972 | $ 98,019 | $ 673 | $ 98,692 | 14 % | ||||
| |||||||||
Revenues for the Six Months Ended June 30, | Percent Change From Prior Year | ||||||||
2025 | 2024 | ||||||||
US GAAP | US GAAP | Exchange Rate Effect | Constant Currency | Constant Currency | |||||
Products: | |||||||||
Aortic stent grafts | $ 76,443 | $ 64,293 | $ (724) | $ 63,569 | 20 % | ||||
On-X | 47,146 | 40,326 | (231) | 40,095 | 18 % | ||||
Surgical sealants | 37,394 | 35,526 | (256) | 35,270 | 6 % | ||||
Other | 5,259 | 4,179 | — | 4,179 | 26 % | ||||
Total products | 166,242 | 144,324 | (1,211) | 143,113 | 16 % | ||||
| |||||||||
Preservation services | 45,708 | 51,126 | (84) | 51,042 | -10 % | ||||
Total | $ 211,950 | $ 195,450 | $ (1,295) | $ 194,155 | 9 % | ||||
| |||||||||
105,362 | 99,590 | (198) | 99,392 | 6 % | |||||
75,758 | 67,733 | (119) | 67,614 | 12 % | |||||
19,345 | 17,262 | — | 17,262 | 12 % | |||||
11,485 | 10,865 | (978) | 9,887 | 16 % | |||||
Total | $ 211,950 | $ 195,450 | $ (1,295) | $ 194,155 | 9 % | ||||
Artivion, Inc. and Subsidiaries Reconciliation of GAAP to Non-GAAP General, Administrative, and Marketing Expense, EBITDA, Adjusted EBITDA, and Free Cash Flows In Thousands (Unaudited) | |||||||
| |||||||
Three Months Ended | Six Months Ended | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Reconciliation of G&A expenses, GAAP to adjusted G&A, non-GAAP: | |||||||
General, administrative, and marketing expense, GAAP | $ 57,665 | $ 49,320 | $ 112,369 | $ 80,009 | |||
Business development, integration, and severance expense (income) | 3,050 | 2,033 | 266 | (15,354) | |||
Cybersecurity incident | 1,243 | — | 5,693 | — | |||
Adjusted G&A, non-GAAP | $ 53,372 | $ 47,287 | $ 106,410 | $ 95,363 | |||
| |||||||
Three Months Ended | Six Months Ended | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Reconciliation of net income (loss), GAAP and EBITDA, non-GAAP to adjusted EBITDA, non-GAAP: | |||||||
Net income (loss), GAAP | $ 1,345 | $ (2,121) | $ 840 | $ 5,412 | |||
Adjustments: | |||||||
Interest expense | 7,270 | 8,304 | 14,933 | 16,130 | |||
Interest income | (68) | (353) | (212) | (727) | |||
Income tax expense (benefit) | 2,137 | (306) | 347 | 4,942 | |||
Depreciation and amortization expense | 5,538 | 5,891 | 10,984 | 11,800 | |||
EBITDA, non-GAAP | 16,222 | 11,415 | 26,892 | 37,557 | |||
| |||||||
Non-cash compensation | 6,122 | 4,252 | 14,167 | 7,730 | |||
Business development, integration, and severance expense (income) | 2,568 | 2,033 | (489) | (15,354) | |||
Cybersecurity incident | 1,683 | — | 6,429 | — | |||
Losses on inducement/extinguishment of debt | 2,664 | — | 2,664 | 3,669 | |||
(Gain) loss on foreign currency revaluation | (4,495) | 943 | (7,351) | 2,353 | |||
Adjusted EBITDA, non-GAAP | $ 24,764 | $ 18,643 | $ 42,312 | $ 35,955 | |||
Three Months Ended | Six Months Ended | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Reconciliation of cash flows from operating activities, GAAP to free cash flows, non-GAAP: | |||||||
Net cash flows provided by (used in) operating activities | 15,011 | 6,135 | $ (1,942) | $ 642 | |||
Capital expenditures | (3,287) | (2,513) | (6,925) | (6,124) | |||
Free cash flows, non-GAAP | $ 11,724 | $ 3,622 | $ (8,867) | $ (5,482) | |||
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 | Six Months Ended | ||||||
2025 | 2024 | 2025 | 2024 | ||||
GAAP: | |||||||
Income (loss) before income taxes | $ 3,482 | $ (2,427) | $ 1,187 | $ 10,354 | |||
Income tax expense (benefit) | 2,137 | (306) | 347 | 4,942 | |||
Net income (loss) | $ 1,345 | $ (2,121) | $ 840 | $ 5,412 | |||
| |||||||
Diluted income (loss) per common share | $ 0.03 | $ (0.05) | $ 0.02 | $ 0.13 | |||
Diluted weighted-average common shares outstanding | 45,378 | 41,683 | 44,503 | 42,405 | |||
| |||||||
Reconciliation of income (loss) before income taxes, GAAP to adjusted income, non-GAAP: | |||||||
Income (loss) before income taxes, GAAP: | $ 3,482 | $ (2,427) | $ 1,187 | $ 10,354 | |||
Adjustments: | |||||||
Amortization expense | 3,427 | 3,793 | 6,815 | 7,660 | |||
Business development, integration, and severance expense (income) | 2,568 | 2,033 | (489) | (15,354) | |||
Non-cash interest expense | 485 | 484 | 1,028 | 1,064 | |||
Cybersecurity incident | 1,683 | — | 6,429 | — | |||
Losses on inducement/extinguishment of debt | 2,664 | — | 2,664 | 3,669 | |||
Adjusted income before income taxes, non-GAAP | 14,309 | 3,883 | 17,634 | 7,393 | |||
| |||||||
Income tax expense calculated at a tax rate of | 3,577 | 970 | 4,408 | 1,848 | |||
Adjusted net income, non-GAAP | $ 10,732 | $ 2,913 | $ 13,226 | $ 5,545 | |||
| |||||||
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: | $ 0.03 | $ (0.05) | $ 0.02 | $ 0.13 | |||
Adjustments: | |||||||
Amortization expense | 0.07 | 0.09 | 0.15 | 0.18 | |||
Business development, integration, and severance expense (income) | 0.06 | 0.05 | (0.01) | (0.36) | |||
Non-cash interest expense | 0.01 | 0.01 | 0.02 | 0.02 | |||
Cybersecurity incident | 0.03 | — | 0.14 | — | |||
Losses on inducement/extinguishment of debt | 0.06 | — | 0.06 | 0.09 | |||
Tax effect of non-GAAP adjustments | (0.06) | (0.04) | (0.09) | 0.01 | |||
Effect of | 0.04 | 0.01 | 0.01 | 0.06 | |||
Adjusted diluted income per common share, non-GAAP | $ 0.24 | $ 0.07 | $ 0.30 | $ 0.13 | |||
| |||||||
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: | 45,378 | 41,683 | 44,503 | 42,405 | |||
Adjustments: | |||||||
Effect of dilutive stock options and awards | — | 941 | — | — | |||
Diluted weighted-average common shares outstanding, non-GAAP | 45,378 | 42,624 | 44,503 | 42,405 | |||
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SOURCE Artivion, Inc.
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