Artivion Inc (AORT, Financial), a leading cardiac and vascular surgery company, announced its financial results for the third quarter ended September 30, 2023, on November 2, 2023. The company reported a 14% increase in revenue on a GAAP basis and a 12% increase on a non-GAAP constant currency basis, compared to the same period in the previous year.
Financial Highlights
The company's net loss for the quarter was $9.8 million, or $0.24 per share, compared to a net loss of $13.7 million, or $0.34 per share, in the third quarter of 2022. However, on a non-GAAP basis, the company reported a net income of $749,000 or $0.02 per share.
Artivion's non-GAAP adjusted EBITDA increased by 34% to $13.9 million in the third quarter of 2023 compared to the same period in 2022. The company's aortic stent graft revenues increased by 30% on a GAAP basis and 22% on a non-GAAP constant currency basis. On-X revenues also saw an increase of 14% on a GAAP basis and 13% on a non-GAAP constant currency basis.
Company's Performance Analysis
Pat Mackin, Chairman, President, and Chief Executive Officer of Artivion, stated,
Our team delivered across the board in the third quarter, making substantial progress on our commercial, operational, and financial goals and initiatives. We delivered double-digit constant currency revenue growth year-over-year for the third consecutive quarter and remain on track to achieve or exceed our revenue and adjusted EBITDA growth targets for this year."
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.
Important Financial Tables
Artivion's total revenues for the third quarter of 2023 were $87.9 million, an increase of 14% on a GAAP basis and 12% on a non-GAAP constant currency basis, both compared to the third quarter of 2022. The company's net loss for the third quarter of 2023 was $9.8 million, or $0.24 per fully diluted common share, compared to a net loss of $13.7 million, or $0.34 per fully diluted common share for the third quarter of 2022.
Artivion's total assets as of September 30, 2023, were $774.787 million, compared to $762.798 million as of December 31, 2022. The company's total liabilities as of September 30, 2023, were $502.812 million, compared to $478.469 million as of December 31, 2022.
Explore the complete 8-K earnings release (here) from Artivion Inc for further details.
