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Jun 30, 2020
Artivion Q2 2020 Earnings Report
CryoLife reported a decrease in revenue due to COVID-19 impacts but advanced on key initiatives.
Key Takeaways
CryoLife reported a decrease in total revenues by 24% to $53.8 million compared to the second quarter of 2019. The company experienced a net loss of $3.7 million, or $0.10 per share, compared to a net income of $2.8 million, or $0.07 per share, in the same period last year. Despite the challenges, CryoLife is optimistic about continued momentum in the second half of 2020 and a strong 2021.
Total revenues reached $53.8 million, a 24% decrease compared to Q2 2019.
Net loss was ($3.7) million, or ($0.10) per fully diluted common share.
Completed $100.0 million convertible debt financing for general corporate purposes.
Initiated enrollment in PROACT Xa clinical trial and limited market release of E-vita Open NEO and E-nside.
Forward Guidance
Due to uncertainties resulting from the COVID-19 pandemic, the Company is not issuing 2020 financial guidance at this time.
Positive Outlook
- Belief that the business is weathering the pandemic well.
- Majority of products are used in procedures that cannot be postponed.
- Continuing to fund R&D programs for products that will deliver revenue in 2021 and 2022.
- Financial strength to be opportunistic on the business development front.
- Anticipate continued momentum in the second half of 2020 and a strong 2021.
Challenges Ahead
- Continued effects of COVID-19 and government mandates.
- Risk factors detailed in Securities and Exchange Commission filings.
- Uncertainties related to business development and acquisition-related expenses.
- Purchase accounting fair value adjustments.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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