Q2 2024 Artivion Inc Earnings Call Transcript
Key Points
- Artivion Inc (AORT) reported a 10% year-over-year constant currency revenue growth in Q2 2024, reaching $98 million.
- Adjusted EBITDA grew by 35% year-over-year, showcasing strong financial performance.
- The On-X product line saw a 15% revenue increase, indicating strong market share gains.
- Significant revenue growth was observed in Latin America and Asia-Pacific, with increases of 25% and 15% respectively.
- The company successfully amended its credit facility and option purchase agreements with Endospan, improving acquisition terms and financial flexibility.
- Gross margins slightly decreased from 65.1% to 64.6% due to fluctuations in geographic and product mix.
- Other revenue declined by approximately $1.3 million, a 42% decrease, primarily due to timing of PerClot orders from Baxter.
- Interest expenses increased to $8 million from $6.1 million in the prior year.
- The company anticipates continued inventory dynamics affecting PerClot orders through the balance of 2024.
- Despite strong growth, North America only saw a 5% revenue increase, which is lower compared to other regions.
Greetings. And welcome to Artivionâs second-quarter 2024 financial conference call. (Operator Instructions)
As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Eileen Martin. Thank you. You may begin
Good afternoon and thank you for joining the call today. Joining me today from Artivionâs management team are Pat Mackin, CEO; and Lance Berry, CFO. Before we begin, Iâd like to make the following statements to comply with the Safe Harbor requirements of the Private Securities Litigation Reform Act of 1995. Comments made on this call that look forward in time involve risks and uncertainties and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
The forward-looking statements include statements made as to the companyâs or managementâs intentions, hopes, beliefs, expectations or predictions of the future. These forward-looking statements are subject to a number of risks, uncertainties,
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