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Jun 30, 2023
Artivion Q2 2023 Earnings Report
Reported an 11% increase in revenue and non-GAAP net income of $2.3 million
Key Takeaways
Artivion reported an 11% increase in revenue to $89.3 million for the second quarter of 2023. The company's non-GAAP net income was $2.3 million, or $0.06 per share, compared to a non-GAAP net loss of ($1.3) million, or ($0.03) per share for the second quarter of 2022. The company is raising its revenue guidance range and now expects to achieve constant currency revenue growth of between 10% and 12% for the full year 2023 compared to 2022.
Revenue increased by 11% to $89.3 million compared to Q2 2022.
Net loss was ($3.4) million or ($0.08) per share; non-GAAP net income was $2.3 million or $0.06 per share
Aortic stent graft revenues increased 19% on a constant currency basis.
Received PerClot PMA approval and commenced shipping product to Baxter
Forward Guidance
Artivion expects to achieve constant currency revenue growth of between 10% and 12% for the full year 2023 compared to 2022. The Company expects revenues to be in a range of $342.0 million and $350.0 million. Additionally, Artivion continues to expect adjusted EBITDA to increase greater than 25% in 2023 compared to 2022, resulting in adjusted EBITDA in excess of $52.0 million for 2023.
Positive Outlook
- Constant currency revenue growth between 10% and 12% for the full year 2023.
- Revenues to be in a range of $342.0 million and $350.0 million.
- Adjusted EBITDA to increase greater than 25% in 2023 compared to 2022.
- Adjusted EBITDA in excess of $52.0 million for 2023.
- On track to achieve or exceed the revenue and EBITDA growth targets for this year
Challenges Ahead
- Benefits anticipated from clinical trials may not be achieved or achieved on our anticipated timeline.
- Products may not be able to consistently retain their existing regulatory approvals
Historical Earnings Impact
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Avg. Return Before/After Earnings
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