Q3 2024 Artivion Inc Earnings Call Transcript
Key Points
- Artivion Inc (AORT) reported a robust revenue growth of 10% year-over-year on a constant currency basis, reaching $95.8 million in Q3 2024.
- Adjusted EBITDA grew by 28% year-over-year, showcasing strong operational leverage and financial performance.
- The On-X aortic valve product line saw a 15% increase in revenues, driven by market share gains and proven clinical benefits.
- BioGlue revenues grew 14% year-over-year, with recent regulatory approval in China expected to open a significant market opportunity.
- The company achieved significant progress in regulatory and clinical initiatives, including the filing of the first PMA module for AMDS with the FDA, and positive trial results for the NEXUS Aortic Arch Stent Graft System.
- Tissue processing revenues grew only 2% year-over-year, impacted by lower-than-anticipated donor allograft volumes.
- The company faces challenges in meeting demand for SynerGraft pulmonary valves due to fluctuating donor allograft volumes.
- Gross margins remained flat at 64% compared to the previous year, indicating limited improvement in cost efficiency.
- Interest expenses increased to $8 million from $6.3 million in the prior year, impacting net income.
- The PerClot manufacturing agreement with Baxter resulted in a 17% decline in other revenue, driven by inventory management issues.
Greetings, and welcome to the Artivion Third 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, Laine Morgan from Gilmartin Group.
Thanks, operator. Good afternoon, and thank you for joining the call today. Joining me today from our Artivion's management team are Pat Mackin, CEO; and Lance Berry, CFO.
Before we begin, I'd 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 company's or management's intentions, hopes, beliefs, expectations or predictions of the future.
These forward-looking statements are subject to a number of
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