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Mar 31, 2023
Artivion Q1 2023 Earnings Report
Reported an 8% increase in revenue on a GAAP basis and a 10% increase on a non-GAAP constant currency basis, driven by On-X and aortic stent graft revenue growth.
Key Takeaways
Artivion reported strong first quarter results with a constant currency revenue growth of 10% year-over-year. The company is on track to achieve or exceed the revenue and EBITDA growth targets for 2023 and beyond. They also received an Approvable Letter from the FDA for the PerClot PMA and expects approval after the report for their recent pre-approval inspection is finalized.
Achieved revenue of $83.2 million, an 8% increase on a GAAP basis and a 10% increase on a non-GAAP constant currency basis.
On-X revenues increased 23% on a GAAP basis and 24% on a non-GAAP constant currency basis.
Aortic stent graft revenues increased 3% on a GAAP basis and 8% on a non-GAAP constant currency basis.
Received notice from the FDA that the PerClot PMA is approvable subject to finalization of the Establishment Inspection Report (EIR) for our recent pre-approval inspection
Forward Guidance
Artivion is raising its revenue guidance range and now expects constant currency revenue growth of between 9% and 12% for the full year 2023 compared to 2022. The Company expects revenues to be in a range of between $337.0 million and $348.0 million. Additionally, Artivion expects adjusted EBITDA to increase greater than 25% in 2023 compared to 2022, resulting in adjusted EBITDA in excess of $52.0 million in 2023.
Positive Outlook
- Expects constant currency revenue growth of between 9% and 12% for the full year 2023 compared to 2022.
- Revenues to be in a range of between $337.0 million and $348.0 million.
- Adjusted EBITDA to increase greater than 25% in 2023 compared to 2022.
- Adjusted EBITDA in excess of $52.0 million in 2023.
- Company is raising its revenue guidance range.
Challenges Ahead
- The benefits anticipated from the Ascyrus Medical LLC transaction and Endospan agreements may not be achieved at all or at the levels we had originally anticipated.
- The benefits anticipated from our clinical trials may not be achieved or achieved on our anticipated timeline.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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