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Dec 31, 2022
Artivion Q4 2022 Earnings Report
Artivion's financial results for Q4 and full year 2022 were announced.
Key Takeaways
Artivion, Inc. reported flat revenue of $79.4 million for the fourth quarter of 2022 compared to the fourth quarter of 2021. Net income for the fourth quarter of 2022 was $2.2 million, or $0.05 per fully diluted common share, compared to net loss of ($20.1) million, or ($0.51) per fully diluted common share for the fourth quarter of 2021.
Revenue of $79.4 million in the fourth quarter of 2022, flat on a GAAP basis and an increase of 5% on a non-GAAP constant currency basis.
Revenue of $313.8 million for the full year of 2022, an increase of 5% on a GAAP basis and 9% on a non-GAAP constant currency basis.
On-X revenues increased 8% on a GAAP basis and 11% on a non-GAAP constant currency basis in the fourth quarter of 2022 compared to the fourth quarter of 2021.
Aortic stent graft revenues increased 2% on a GAAP basis and 16% on a non-GAAP constant currency basis in the fourth quarter of 2022 compared to the fourth quarter of 2021.
Forward Guidance
Artivion expects its constant currency revenue growth to be between 8.0% and 12.0% for the full year 2023 compared to 2022, and expects revenues to be in a range of between $331 million and $343 million. Artivion expects adjusted EBITDA, as reported, to increase greater than 20% in 2023 compared to 2022, resulting in adjusted EBITDA in excess of $50.0 million in 2023.
Positive Outlook
- Constant currency revenue growth to be between 8.0% and 12.0% for the full year 2023 compared to 2022.
- Revenues to be in a range of between $331 million and $343 million.
- Adjusted EBITDA to increase greater than 20% in 2023 compared to 2022.
- Adjusted EBITDA in excess of $50.0 million in 2023.
- Well positioned to continue executing on our strategy to deliver strong top line and bottom line growth in 2023 and beyond
Challenges Ahead
- Benefits anticipated from the Ascyrus Medical LLC transaction and Endospan agreements may not be achieved at all or at the levels we had originally anticipated
- Benefits anticipated from our clinical trials may not be achieved or achieved on our anticipated timeline
Historical Earnings Impact
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Avg. Return Before/After Earnings
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