LOGIN  |  REGISTER
Astria Therapeutics
C4 Therapeutics

Artivion Reports Fourth Quarter and Full Year 2023 Financial Results

February 15, 2024 | Last Trade: US$20.35 0.11 -0.54

Fourth Quarter and Recent Business Highlights:

  • Achieved revenue of $93.7 million in the fourth quarter of 2023 versus $79.4 million in the fourth quarter of 2022, an increase of 18% on a GAAP basis and 15% on a non-GAAP constant currency basis
  • Achieved revenue of $354.0 million for the full year of 2023 versus $313.8 million for the full year of 2022, an increase of 13% on a GAAP basis and 12% on a non-GAAP constant currency basis
  • Net loss was ($4.0) million or ($0.10) per fully diluted share and non-GAAP net income was $4.6 million or $0.11 per fully diluted share in the fourth quarter of 2023
  • Non-GAAP adjusted EBITDA increased 40% to $15.3 million in the fourth quarter of 2023 compared to $11.0 million in the fourth quarter of 2022. For the full year adjusted EBITDA increased 29.5% to $53.8 million
  • Generated $11.4 million of free cash flow for the full year of 2023
  • Closed non-dilutive credit agreement for $350.0 million of senior secured, interest-only, credit facilities with 6-year maturities
  • Completed enrollment of the AMDS PERSEVERE clinical trial and presented positive results of the full IDE cohort at the STS Annual Meeting demonstrating a significant reduction of all-cause mortality and primary major adverse events (MAEs) at 30-days following AMDS implantation
  • Appointed Lance A. Berry as Executive Vice President and Chief Financial Officer

ATLANTA, Feb. 15, 2024 /PRNewswire/ -- Artivion, Inc. (NYSE: AORT), a leading cardiac and vascular surgery company focused on aortic disease, today announced financial results for the fourth quarter and full year ended December 31, 2023.

"2023 was a standout year for Artivion as we exceeded our revenue and adjusted EBITDA growth targets and continued to deliver on our mission to enhance our world class, aortic focused company with a highly differentiated product portfolio and global footprint. Revenue growth in the fourth quarter was strong across all four of our product lines and all four geographies, driven by particularly strong performance in On-X with 19% constant currency growth and tissue processing with 18% constant currency growth," said Pat Mackin, Chairman, President, and Chief Executive Officer.

Mr. Mackin added, "In addition to our strong commercial results, we also completed enrollment for our PERSEVERE clinical trial which met every primary endpoint and has set the stage for success with AMDS. Trial data out to 30 days demonstrated a 72% reduction in all-cause mortality and a 52% reduction in the primary composite endpoint of major adverse events, with zero occurrence of distal anastomotic new entry, or DANE, when compared to the current standard of care hemiarch procedure. We continue to work with the FDA toward PMA approval, which we anticipate in the second half of 2025."

Mr. Mackin concluded, "Given our solid financial performance, improved capital structure, ongoing clinical progress and operational achievements in 2023, we enter 2024 with strong momentum and confidence in our ability to deliver profitable growth."

Fourth Quarter 2023 Financial Results

Total revenues for the fourth quarter of 2023 were $93.7 million, an increase of 18% on a GAAP basis and 15% on a non-GAAP constant currency basis, both compared to the fourth quarter of 2022.

Net loss for the fourth quarter of 2023 was ($4.0) million, or ($0.10) per fully diluted common share, compared to net income of $2.2 million, or $0.05 per fully diluted common share for the fourth quarter of 2022. Non-GAAP net income for the fourth quarter of 2023 was $4.6 million, or $0.11 per fully diluted common share, compared to non-GAAP net income of $4.2 million, or $0.10 per fully diluted common share for the fourth quarter of 2022. Non-GAAP net income for the fourth quarter of 2023 includes pretax gains related to foreign currency revaluation of $2.2 million.

Full Year 2023 Financial Results

Total revenues for 2023 were $354.0 million, reflecting an increase of 13% on a GAAP basis and 12% on a non-GAAP constant currency basis compared to the full year of 2022.

Net loss for 2023 was ($30.7) million, or ($0.75) per fully diluted common share, compared to net loss of ($19.2) million, or ($0.48) per fully diluted common share for the full year of 2022. Non-GAAP net income for the full year of 2023 was $8.4 million, or $0.20 per fully diluted common share, compared to non-GAAP net income of $2.1 million, or $0.05 per fully diluted common share for the full year of 2022. Non-GAAP net income for the full year of 2023 includes pretax gains related to foreign currency revaluation of $2.1 million.

2024 Financial Outlook

The Company expects revenues for the full year 2024 to be in the range of $382 to $396 million, representing growth of 8% to 12% compared to 2023 on both an as reported and constant currency basis. At current exchange rates, the company expects negligible year-over-year currency impact to revenue.

Artivion expects non-GAAP adjusted EBITDA, to increase between 26% and 34% for the full year 2024 compared to 2023, resulting in non-GAAP adjusted EBITDA to be in the range of $68 to $72 million in 2024.

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; non-cash interest expense; gain from sale of non-financial assets, and abandonment of CardioGenesis cardiac laser therapy business. 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 February 15, 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 13742847.

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 Atlanta, Georgia, Artivion, Inc. is a medical device company focused on developing simple, elegant solutions that address cardiac and vascular surgeons' most difficult challenges in treating patients with aortic diseases. Artivion's four major groups of products include: aortic stent grafts, surgical sealants, On-X mechanical heart valves, and implantable cardiac and vascular human tissues. Artivion markets and sells products in more than 100 countries worldwide. For additional information about Artivion, visit our website, www.Artivion.com.

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, that we are entering 2024 with strong momentum and confidence in our ability to drive profitable growth, given our financial performance in 2023, our improved capital structure, and our on-going clinical progress; we expect revenues for the full year 2024 to be in the range of $382 to $396 million, representing revenue growth of between 8% to 12% compared to 2023, both as reported and on a constant currency basis; expect, at current exchange rates, negligible impact year-over-year to revenue on a constant currency basis; and expect non-GAAP adjusted EBITDA, to increase between 26% and 34% for the full year 2024 compared to 2023, resulting in non-GAAP adjusted EBITDA in the range of $68 to $72 million in 2024. These forward-looking statements are subject to a number of risks, uncertainties, estimates and assumptions that may cause actual results to differ materially from current expectations, including but not limited to the benefits anticipated from the Ascyrus Medical LLC transaction and Endospan agreements and our operational improvements in our tissue business may not be achieved at all or at the levels we anticipate or had originally anticipated; and the benefits anticipated from our clinical trials and regulatory approvals not be achieved or achieved on our anticipated timelines. These risks and uncertainties include the risk factors detailed in our Securities and Exchange Commission filings, including our Form 10-K for the year ended December 31, 2023 and subsequent Quarterly Reports on Form 10-Q and annual reports on Form 10-K. Artivion does not undertake to update its forward-looking statements, whether as a result of new information, future events, or otherwise.

Artivion, Inc. and Subsidiaries

Consolidated Statements of Operations and Comprehensive Income (Loss)

In Thousands, Except Per Share Data

 
 

(Unaudited)

    
 

Three Months Ended
December 31,

 

Twelve Months Ended
December 31,

 

2023

 

2022

 

2023

 

2022

Revenues:

       

Products

$          69,144

 

$          58,627

 

$        261,185

 

$        230,353

Preservation services

24,526

 

20,771

 

92,819

 

83,436

Total revenues

93,670

 

79,398

 

354,004

 

313,789

        

Cost of products and preservation services:

       

Products

22,511

 

18,785

 

84,595

 

72,166

Preservation services

10,064

 

9,725

 

40,233

 

39,100

Total cost of products and preservation services

32,575

 

28,510

 

124,828

 

111,266

        

Gross margin

61,095

 

50,888

 

229,176

 

202,523

        

Operating expenses:

       

General, administrative, and marketing

50,278

 

38,454

 

208,977

 

157,443

Research and development

7,645

 

8,304

 

28,707

 

38,879

Total operating expenses

57,923

 

46,758

 

237,684

 

196,322

Gain from sale of non-financial assets

 

 

(14,250)

 

Operating income

3,172

 

4,130

 

5,742

 

6,201

        

Interest expense

6,244

 

5,370

 

25,299

 

18,224

Interest income

(398)

 

(61)

 

(1,077)

 

(147)

Other (income) expense, net

(2,083)

 

(4,456)

 

3,106

 

3,108

        

(Loss) income before income taxes

(591)

 

3,277

 

(21,586)

 

(14,984)

Income tax expense

3,384

 

1,108

 

9,104

 

4,208

        

Net (loss) income

$          (3,975)

 

$            2,169

 

$        (30,690)

 

$        (19,192)

        

(Loss) income per share:

       

Basic

$             (0.10)

 

0.05

 

$             (0.75)

 

$             (0.48)

Diluted

$             (0.10)

 

$               0.05

 

$             (0.75)

 

$             (0.48)

        

Weighted-average common shares outstanding:

       

Basic

40,898

 

40,127

 

40,743

 

40,032

Diluted

40,898

 

40,509

 

40,743

 

40,032

        

Net (loss) income

$          (3,975)

 

$            2,169

 

$        (30,690)

 

$        (19,192)

Other comprehensive income (loss):

       

Foreign currency translation adjustments

9,167

 

23,744

 

9,599

 

(11,722)

Comprehensive income (loss)

$            5,192

 

$          25,913

 

$        (21,091)

 

$        (30,914)

Artivion, Inc. and Subsidiaries

Consolidated Balance Sheets

In Thousands, Except Per Share Data 

 
 

December 31,

 

2023

 

2022

ASSETS

   
    

Current assets:

   

Cash and cash equivalents

$           58,940

 

$           39,351

Trade receivables, net

71,796

 

61,820

Other receivables

2,342

 

7,764

Inventories, net

81,976

 

74,478

Deferred preservation costs, net

49,804

 

46,371

Prepaid expenses and other

15,810

 

17,550

    

Total current assets

280,668

 

247,334

    

Goodwill

247,337

 

243,631

Acquired technology, net

142,593

 

151,263

Operating lease right-of-use assets, net

43,822

 

41,859

Property and equipment, net

38,358

 

38,674

Other intangibles, net

29,638

 

31,384

Deferred income taxes

1,087

 

1,314

Other long-term assets

8,894

 

7,339

    

Total assets

$         792,397

 

$         762,798

Artivion, Inc. and Subsidiaries

Consolidated Balance Sheets

In Thousands, Except Per Share Data

 
 

December 31,

 

2023

 

2022

LIABILITIES AND SHAREHOLDERS' EQUITY

   
    

Current liabilities:

   

Accounts payable

$           13,318

 

$           12,004

Accrued compensation

18,715

 

13,810

Accrued expenses

12,732

 

12,374

Taxes payable

3,840

 

2,635

Current maturities of operating leases

3,395

 

3,308

Current portion of long-term debt

1,451

 

1,608

Accrued procurement fees

1,439

 

2,111

Current portion of finance lease obligation

582

 

513

Other

2,390

 

1,312

    

Total current liabilities

57,862

 

49,675

    

Long-term debt

305,531

 

306,499

Contingent consideration

63,890

 

40,400

Non-current maturities of operating leases

43,977

 

41,257

Deferred income taxes

21,851

 

24,499

Deferred compensation liability

6,760

 

5,468

Non-current finance lease obligations

3,405

 

3,644

Other

7,341

 

7,027

    

Total liabilities

510,617

 

478,469

    

Commitments and contingencies

   
    

Shareholders' equity:

   
    

Preferred stock $0.01 par value per share, 5,000 shares authorized, no shares issued

 

Common stock $0.01 par value per share, 75,000 shares authorized, 42,569 and 41,830
shares issued as of December 31, 2023 and 2022, respectively

426

 

418

Additional paid-in capital

355,919

 

337,385

Retained deficit

(47,907)

 

(17,217)

Accumulated other comprehensive loss

(12,010)

 

(21,609)

Treasury stock at cost, 1,487 shares as of December 31, 2023 and 2022

(14,648)

 

(14,648)

    

Total shareholders' equity

281,780

 

284,329

    

Total liabilities and shareholders' equity

$         792,397

 

$         762,798

Artivion, Inc. and Subsidiaries

Consolidated Statement of Cash Flows

In Thousands

 
 

Year Ended December 31,

 

2023

 

2022

    

Net cash flows from operating activities:

   

Net loss

$           (30,690)

 

$           (19,192)

    

Adjustments to reconcile net loss to net cash from operating activities:

   

Change in fair value of contingent consideration

23,490

 

(9,000)

Depreciation and amortization

23,076

 

22,442

Non-cash compensation

14,422

 

12,344

Non-cash lease expense

7,354

 

7,432

Fair value adjustment of long-term loan

5,000

 

Write-down of inventories and deferred preservation costs

4,785

 

4,374

Non-cash interest expense

1,858

 

1,832

Deferred income taxes

(1,385)

 

(1,717)

Gain on sale of non-financial assets

(14,250)

 

Other

1,358

 

2,268

    

Changes in operating assets and liabilities:

   

Accounts payable, accrued expenses, and other liabilities

1,682

 

(1,958)

Prepaid expenses and other assets

535

 

(2,234)

Receivables

(4,050)

 

(13,340)

Inventories and deferred preservation costs

(14,360)

 

(8,404)

Net cash flows provided by (used in) operating activities

18,825

 

(5,153)

    

Net cash flows from investing activities:

   

Proceeds from sale of non-financial assets, net

14,250

 

Payments for Endospan agreement

(5,000)

 

Capital expenditures

(7,430)

 

(9,016)

Other

(2,322)

 

(1,699)

Net cash flows used in investing activities

(502)

 

(10,715)

    

Net cash flows from financing activities:

   

Proceeds from exercise of stock options and issuance of common stock

3,955

 

3,368

Proceeds from financing insurance premiums

3,558

 

Payment of debt issuance costs

(249)

 

Redemption and repurchase of stock to cover tax withholdings

(559)

 

(1,795)

Principal payments on short-term notes payable

(2,531)

 

Repayment of debt

(2,772)

 

(2,753)

Other

(537)

 

(459)

Net cash flows provided by (used in) financing activities

865

 

(1,639)

    

Effect of exchange rate changes on cash and cash equivalents

401

 

1,848

Increase (decrease) in cash and cash equivalents

19,589

 

(15,659)

    

Cash and cash equivalents, beginning of year

39,351

 

55,010

Cash and cash equivalents, end of year

$             58,940

 

$             39,351

Artivion, Inc. and Subsidiaries

Financial Highlights

In Thousands

(Unaudited)

 
 

Three Months Ended
December 31,

 

Twelve Months Ended
December 31,

 

2023

 

2022

 

2023

 

2022

Products:

       

Aortic stent grafts

$             27,437

 

$             23,739

 

$          107,469

 

$             92,752

On-X

20,182

 

16,822

 

74,528

 

63,904

Surgical sealants

18,513

 

16,357

 

68,016

 

65,379

Other

3,012

 

1,709

 

11,172

 

8,318

Total products

69,144

 

58,627

 

261,185

 

230,353

        

Preservation services

24,526

 

20,771

 

92,819

 

83,436

Total revenues

$             93,670

 

$             79,398

 

$           354,004

 

$           313,789

        

North America

50,062

 

42,709

 

187,603

 

167,542

Europe, the Middle East, and Africa

30,206

 

25,611

 

114,814

 

104,119

Asia Pacific

8,922

 

7,481

 

33,577

 

27,973

Latin America

4,480

 

3,597

 

18,010

 

14,155

Total revenues

$             93,670

 

$             79,398

 

$          354,004

 

$          313,789

Artivion, Inc. and Subsidiaries

Reconciliation of GAAP to Non-GAAP

Revenues 

In Thousands

(Unaudited)

 
 

Revenues for the
Three Months Ended
December 31,

 

Percent

Change

From Prior

Year

 

2023

 

2022

 
 

US GAAP

 

US GAAP

 

Exchange
Rate Effect

 

Constant
Currency

 

Constant
Currency

Products:

         

Aortic stent grafts

$           27,437

 

$           23,739

 

$              1,604

 

$           25,343

 

8 %

Surgical sealants

18,513

 

16,357

 

273

 

16,630

 

11 %

On-X

20,182

 

16,822

 

189

 

17,011

 

19 %

Other

3,012

 

1,709

 

14

 

1,723

 

75 %

Total products

69,144

 

58,627

 

2,080

 

60,707

 

14 %

          

Preservation services

24,526

 

20,771

 

(7)

 

20,764

 

18 %

Total

$             93,670

 

$             79,398

 

$               2,073

 

$             81,471

 

15 %

          

North America

50,062

 

42,709

 

(15)

 

42,694

 

17 %

Europe, the Middle East, and Africa

30,206

 

25,611

 

1,907

 

27,518

 

10 %

Asia Pacific

8,922

 

7,481

 

6

 

7,487

 

19 %

Latin America

4,480

 

3,597

 

175

 

3,772

 

19 %

Total

$             93,670

 

$             79,398

 

$               2,073

 

$             81,471

 

15 %

 

Revenues for the
Twelve Months Ended
December 31,

 

Percent

Change

From Prior

Year

 

2023

 

2022

 
 

US GAAP

 

US GAAP

 

Exchange
Rate Effect

 

Constant
Currency

 

Constant
Currency

Products:

         

Aortic stent grafts

$         107,469

 

$           92,752

 

$              1,587

 

$           94,339

 

14 %

Surgical sealants

68,016

 

$           65,379

 

236

 

65,615

 

4 %

On-X

74,528

 

$           63,904

 

61

 

63,965

 

17 %

Other

11,172

 

$              8,318

 

4

 

8,322

 

34 %

Total products

261,185

 

230,353

 

1,888

 

232,241

 

12 %

          

Preservation services

$           92,819

 

$           83,436

 

(88)

 

83,348

 

11 %

Total

$           354,004

 

$           313,789

 

$               1,800

 

$           315,589

 

12 %

          

North America

187,603

 

167,542

 

(268)

 

167,274

 

12 %

Europe, the Middle East, and Africa

114,814

 

104,119

 

1,787

 

105,906

 

8 %

Asia Pacific

33,577

 

27,973

 

(73)

 

27,900

 

20 %

Latin America

18,010

 

14,155

 

354

 

14,509

 

24 %

Total

$           354,004

 

$           313,789

 

$               1,800

 

$           315,589

 

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
December 31,

 

Twelve Months Ended
December 31,

 

2023

 

2022

 

2023

 

2022

Reconciliation of G&A expenses, GAAP to adjusted G&A, non-GAAP:

       

General, administrative, and marketing expense, GAAP

$     50,278

 

$     38,454

 

$   208,977

 

$   157,443

Business development, integration, and severance expense (income)

2,531

 

(3,934)

 

24,992

 

(7,750)

Corporate rebranding expense

72

 

499

 

355

 

1,908

Abandonment of CardioGenesis cardiac laser therapy business

 

 

160

 

Adjusted G&A, non-GAAP

$     47,675

 

$     41,889

 

$   183,470

 

$   163,285

 

Three Months Ended
December 31,

 

Twelve Months Ended
December 31,

 

2023

 

2022

 

2023

 

2022

Reconciliation of net (loss) income, GAAP to adjusted EBITDA, non-GAAP:

       

Net (loss) income, GAAP

$     (3,975)

 

$       2,169

 

$   (30,690)

 

$   (19,192)

Adjustments:

       

Business development, integration, and severance expense (income)

2,425

 

(2,036)

 

29,269

 

(5,852)

Interest expense

6,244

 

5,370

 

25,299

 

18,224

Depreciation and amortization expense

5,816

 

5,426

 

23,076

 

22,442

Stock-based compensation expense

3,956

 

3,155

 

14,422

 

12,344

Income tax expense

3,384

 

1,108

 

9,104

 

4,208

Abandonment of CardioGenesis cardiac laser therapy business

 

 

390

 

Corporate rebranding expense

72

 

499

 

355

 

1,908

Clinical trial termination (income) expense

 

(197)

 

 

4,544

Interest income

(398)

 

(61)

 

(1,077)

 

(147)

(Gain) loss on foreign currency revaluation

(2,192)

 

(4,470)

 

(2,080)

 

3,085

Gain from sale of non-financial assets

 

 

(14,250)

 

Adjusted EBITDA, non-GAAP

$     15,332

 

$     10,963

 

$     53,818

 

$     41,564

 

Three Months Ended
December 31,

 

Twelve Months Ended
December 31,

 

2023

 

2022

 

2023

 

2022

Reconciliation of cash flows from operating activities, GAAP to free
     cash flows, non-GAAP:

       

Net cash flows provided by (used in) operating activities

$       9,299

 

$         (217)

 

$     18,825

 

$     (5,153)

Capital expenditures

(1,927)

 

(2,092)

 

(7,430)

 

(9,016)

Free cash flows, non-GAAP

$       7,372

 

$     (2,309)

 

$     11,395

 

$   (14,169)

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
December 31,

 

Twelve Months Ended
December 31,

 

2023

 

2022

 

2023

 

2022

GAAP:

       

(Loss) income before income taxes

$       (591)

 

$      3,277

 

$  (21,586)

 

$  (14,984)

Income tax expense

3,384

 

1,108

 

9,104

 

4,208

Net (loss) income

$    (3,975)

 

$      2,169

 

$  (30,690)

 

$  (19,192)

        

Diluted (loss) income per common share

$      (0.10)

 

$        0.05

 

$      (0.75)

 

$      (0.48)

        

Diluted weighted-average common shares outstanding

40,898

 

40,509

 

40,743

 

40,032

        

Reconciliation of (loss) income  before income taxes, GAAP to
     adjusted income, non-GAAP

       

(Loss) income before income taxes, GAAP:

$       (591)

 

$      3,277

 

$  (21,586)

 

$  (14,984)

Adjustments:

       

Business development, integration, and severance expense (income)

2,425

 

(2,036)

 

29,269

 

(5,852)

Amortization expense

3,745

 

3,635

 

15,198

 

15,310

Non-cash interest expense

467

 

460

 

1,858

 

1,832

Abandonment of CardioGenesis cardiac laser therapy business

 

 

390

 

Corporate rebranding expense

72

 

499

 

355

 

1,908

Clinical trial termination (income) expense

 

(197)

 

 

4,544

Gain from sale of non-financial assets

 

 

(14,250)

 

Adjusted income before income taxes, non-GAAP

6,118

 

5,638

 

11,234

 

2,758

        

Income tax expense calculated at a tax rate of 25%

1,529

 

1,409

 

2,808

 

689

Adjusted net income, non-GAAP

$      4,589

 

$      4,229

 

$      8,426

 

$      2,069

        

Reconciliation of diluted (loss) income per common share, GAAP to
     adjusted diluted income per common share, non-GAAP:

       

Diluted (loss) income per common share, GAAP:

$      (0.10)

 

$        0.05

 

$      (0.75)

 

$      (0.48)

Adjustments:

       

Business development, integration, and severance expense (income)

0.06

 

(0.05)

 

0.71

 

(0.14)

Amortization expense

0.09

 

0.09

 

0.37

 

0.38

Non-cash interest expense

0.01

 

0.01

 

0.04

 

0.04

Abandonment of CardioGenesis cardiac laser therapy business

 

 

0.01

 

Corporate rebranding expense

 

0.02

 

0.01

 

0.05

Clinical trial termination (income) expense

 

(0.01)

 

 

0.11

Tax effect of non-GAAP adjustments

(0.03)

 

(0.02)

 

(0.20)

 

(0.11)

Gain from sale of non-financial assets

 

 

(0.34)

 

Effect of 25% tax rate

0.08

 

0.01

 

0.35

 

0.20

Adjusted diluted income per common share, non-GAAP

$        0.11

 

$        0.10

 

$        0.20

 

$        0.05

        

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:

40,898

 

40,509

 

40,743

 

40,032

Adjustments:

       

Effect of dilutive stock options and awards

802

 

 

598

 

464

Diluted weighted-average common shares outstanding, non-GAAP

41,700

 

40,509

 

41,341

 

40,496

Contacts:

Artivion

Gilmartin Group LLC

Lance A. Berry

Brian Johnston / Laine Morgan

Executive Vice President &

Phone: 332-895-3222

Chief Financial Officer

This email address is being protected from spambots. You need JavaScript enabled to view it. 

Phone: 770-419-3355

 
Assertio

Stock Quote

Featured Stock

C4 Therapeutics

C4 Therapeutics is pioneering a new class of small-molecule drugs that selectively destroy disease-causing proteins via degradation using the innate machinery of the cell. This targeted protein degradation approach offers advantages over traditional drugs, including the potential to treat a wider range of diseases...

CLICK TO LEARN MORE

Featured Stock

Surmodics

Surmodics is the global leader in surface modification technologies for intravascular medical devices and a leading provider of chemical components for in vitro diagnostic immunoassay tests and microarrays. Surmodics is pursuing highly differentiated whole-product solutions that are designed to address...

CLICK TO LEARN MORE

End of content

No more pages to load

Next page

COPYRIGHT ©2023 HEALTH STOCKS HUB