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Dec 31, 2023
Artivion Q4 2023 Earnings Report
Artivion reported an increase in revenue and non-GAAP net income for the fourth quarter of 2023, driven by strong performance across all product lines and geographies.
Key Takeaways
Artivion's fourth-quarter revenue increased by 18% on a GAAP basis and 15% on a non-GAAP constant currency basis, reaching $93.7 million. The company's non-GAAP net income was $4.6 million, or $0.11 per fully diluted share. The revenue growth was strong across all four product lines and geographies, with On-X and tissue processing showing particularly strong performance.
Revenue increased by 18% on a GAAP basis and 15% on a non-GAAP constant currency basis.
Non-GAAP net income was $4.6 million, or $0.11 per fully diluted share.
Non-GAAP adjusted EBITDA increased 40% to $15.3 million.
Full enrollment of the AMDS PERSEVERE clinical trial was completed, demonstrating a significant reduction of all-cause mortality and primary major adverse events.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The Company expects revenues for the full year 2024 to be in the range of $382 to $396 million, representing growth of 8% to 12% compared to 2023 on both an as reported and constant currency basis. Artivion expects non-GAAP adjusted EBITDA, to increase between 26% and 34% for the full year 2024 compared to 2023, resulting in non-GAAP adjusted EBITDA to be in the range of $68 to $72 million in 2024.
Positive Outlook
- Revenue for the full year 2024 is expected to be in the range of $382 to $396 million, representing growth of 8% to 12% compared to 2023 on both an as reported and constant currency basis.
- Non-GAAP adjusted EBITDA is expected to increase between 26% and 34% for the full year 2024 compared to 2023.
- Non-GAAP adjusted EBITDA is expected to be in the range of $68 to $72 million in 2024.
- Company enters 2024 with strong momentum and confidence in ability to deliver profitable growth.
- Capital structure improved.
Challenges Ahead
- Financial performance for 2024 and future periods is subject to risks.
- Benefits anticipated from the Ascyrus Medical LLC transaction and Endospan agreements may not be achieved.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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