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Jun 30, 2022
Artivion Q2 2022 Earnings Report
Reported a revenue increase of 6% on a GAAP basis and 9% on a non-GAAP constant currency basis.
Key Takeaways
Artivion reported a revenue of $80.3 million, a 6% increase compared to the second quarter of 2021. The company's net loss was ($4.3) million, or ($0.11) per fully diluted common share.
Achieved revenue of $80.3 million in the second quarter 2022, a 6% increase on a GAAP basis and 9% on a non-GAAP constant currency basis.
Aortic stent graft revenue grew by 23% and On-X revenue grew by 12% on a constant currency basis.
Revenue growth internationally with 38% in Asia Pacific and 59% in Latin America on a constant currency basis.
Enrolled first patients in U.S. AMDS clinical trial, PERSEVERE.
Forward Guidance
Artivion continues to expect constant currency revenue growth of between 9% and 11% for the full year 2022 as compared to the full year 2021.
Positive Outlook
- Expect strong momentum to continue through the remainder of the year
- Remain focused on executing on key objectives
- Product pipeline is expected to drive growth in both the near and long term
- Continue to anticipate FDA PMA approval for PROACT Mitral and for PerClot this year
- Made significant progress toward completion of enrollment in PROACT Xa trial
Challenges Ahead
- Benefits anticipated from the Ascyrus Medical LLC transaction and Endospan agreements may not be achieved
- Benefits anticipated from clinical trials may not be achieved or achieved on anticipated timeline
- Products may not be able to consistently retain their existing regulatory approvals or special regulatory approvals in order to be commercialized
Historical Earnings Impact
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Avg. Return Before/After Earnings
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