Artivion reported a 14% increase in revenue to $87.9 million in Q3 2023. Net loss decreased to ($9.8) million, and non-GAAP net income was $749,000. The company is raising its revenue guidance for the full year 2023.
Revenue increased by 14% on a GAAP basis and 12% on a non-GAAP constant currency basis.
Net loss was ($9.8) million, or ($0.24) per share; non-GAAP net income was $749,000, or $0.02 per share.
Aortic stent graft revenues increased 30% on a GAAP basis and 22% on a non-GAAP constant currency basis.
On-X revenues increased 14% on a GAAP basis and 13% on a non-GAAP constant currency basis.
Artivion is raising its revenue guidance range and now expects to achieve constant currency revenue growth of between 11% and 12% for the full year 2023 compared to 2022. The Company expects revenues to be in a range of $349.0 million and $351.0 million. Additionally, Artivion continues to expect non-GAAP adjusted EBITDA to increase by more than 25% in 2023 compared to 2022, resulting in non-GAAP adjusted EBITDA in excess of $52.0 million for 2023.
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