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Jun 30, 2021
Artivion Q2 2021 Earnings Report
Reported revenue increase of 42% and non-GAAP net income of $4.8 million.
Key Takeaways
CryoLife reported a strong second quarter with a 42% increase in revenue compared to the previous year. The company saw growth driven by new product launches, normalization of procedure volumes, and strength in the U.S. On-X business. They are on track to file PMAs for PerClot and PROACT Mitral in the third quarter.
Total revenues reached $76.1 million, a 42% increase compared to Q2 2020 on a GAAP basis.
Net loss was ($2.2) million, or ($0.06) per share.
Non-GAAP net income was $4.8 million, or $0.12 per share.
The company is progressing with regulatory filings for PerClot and PROACT Mitral.
Forward Guidance
The Company expects revenue in the second half of 2021 to increase 7% – 10% on a pro forma constant currency basis compared to the second half of 2019, which excludes PerClot, resulting in full year 2021 revenues of between $296.0 million and $300.0 million at a EUR/USD exchange rate of 1.20. Revenues for the third quarter of 2021 are expected to be between $71.0 million and $73.0 million.
Positive Outlook
- Revenue in the second half of 2021 is expected to increase 7% – 10% on a pro forma constant currency basis compared to the second half of 2019.
- Full year 2021 revenues are expected to be between $296.0 million and $300.0 million at a EUR/USD exchange rate of 1.20.
- Revenues for the third quarter of 2021 are expected to be between $71.0 million and $73.0 million.
- PROACT Mitral is expected to drive growth in 2022 and 2023.
- The company made solid progress on enrollment in our PROACT Xa clinical trial while advancing R&D programs designed to fuel growth beginning in 2024.
Challenges Ahead
- Forecast contemplates minimal contribution from PerClot in the second half of 2021 due to the sale of our PerClot product line.
Historical Earnings Impact
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