Artivion, Inc. (CRY)

Artivion, Inc. (NYSE:AORT ) Q2 2024 Earnings Conference Call August 8, 2024 4:30 PM ET Company Participants Eileen Martin - Investor Relations Pat Mackin - Chief Executive Officer Lance Berry - Chief Financial Officer Conference Call Participants Frank Takkinen - Lake Street Capital Suraj Kalia - Oppenheimer John McAulay - Stifel Jeffrey Cohen - Ladenburg Thalmann Operator Greetings. And welcome to Artivion's Second Quarter 2024 Financial Conference Call.

Artivion (AORT) came out with quarterly earnings of $0.07 per share, beating the Zacks Consensus Estimate of $0.03 per share. This compares to earnings of $0.06 per share a year ago.

Second Quarter Highlights:  Achieved revenue of $98.0 million in the second quarter of 2024 versus $89.3 million in the second quarter of 2023, an increase of 10% on both a GAAP and constant currency basis Net loss was ($2.1) million or ($0.05) per fully diluted share and non-GAAP net income was $2.9 million or $0.07 per fully diluted share in the second quarter of 2024 Adjusted EBITDA increased 35% to $18.6 million in the second quarter of 2024 compared to $13.8 million in the second quarter of 2023 Raised FY24 revenue guidance to 10% to 12% year-over-year growth on a constant currency basis, an increase of 0.5% at the midpoint Raised FY24 adjusted EBITDA guidance to 28% to 34% year-over-year growth, an increase of 1% at the midpoint ATLANTA , Aug. 8, 2024 /PRNewswire/ -- Artivion, Inc. (NYSE: AORT), a leading cardiac and vascular surgery company focused on aortic disease, today announced financial results for the second quarter ended June 30, 2024. "In the second quarter, we continued to make substantial progress on our strategic growth initiatives to drive sustained and profitable growth, and we further solidified our position as the leader in the aortic disease space.

ATLANTA , Aug. 5, 2024 /PRNewswire/ -- Artivion, Inc. (NYSE: AORT), a leading cardiac and vascular surgery company focused on aortic disease, today announced that it will participate in two upcoming investor conferences. Artivion's management team will present at the upcoming Canaccord Genuity 44th Annual Growth Conference on Wednesday, August 14, 2024 at the InterContinental Boston Hotel.

ATLANTA , July 25, 2024 /PRNewswire/ -- Artivion, Inc. (NYSE: AORT), a leading cardiac and vascular surgery company focused on aortic disease, announced today that second quarter 2024 financial results will be released on Thursday, August 8, 2024 after the market closes. On that day, the Company will hold a teleconference call and live webcast at 4:30 p.m.

Provides Endospan with $25 million of Additional Debt Funding to Obtain FDA Approval for NEXUS Upfront Payment Associated with Purchase Option Reduced to $135 million, inclusive of loan off-set, and $100 million earnout minimum eliminated  ATLANTA , July 1, 2024 /PRNewswire/ -- Artivion, Inc. (NYSE: AORT), a leading cardiac and vascular surgery company focused on aortic disease, today announced it has amended its credit facility and option purchase agreements with Endospan Ltd. ("Endospan"), an Israeli-based, privately-held developer of the NEXUS® Stent Graft System ("NEXUS").

Artivion, Inc. has continued to log double-digit revenue growth with contributions from diverse assets including its stent grafts, heart valves, and cryopreserved tissue grafts. Positive post-approval trial data for the On-X aortic valve and a successful PERSEVERE IDE study for AMDS hybrid prosthesis can drive additional revenue growth. A strong pipeline, including NEXUS and ARCEVO stent graft systems, can support a longer runway of continued revenue growth.

Non-Dilutive Financing Provides Comprehensive Solution to Address Debt Maturities  and Provide Flexibility to Further Optimize Capital Structure ATLANTA , Jan. 18, 2024 /PRNewswire/ -- Artivion, Inc. (NYSE: AORT), a leading cardiac and vascular surgery company focused on aortic disease, today announced the closing of a comprehensive, non- dilutive definitive credit agreement with Ares Management Credit funds for $350 million of senior secured, interest-only, credit facilities with 6-year maturities. The credit facilities include an initial $190 million term loan, a $60 million revolving credit facility, and an additional $100 million in unfunded delayed draw term loan commitments that may be drawn to refinance the Company's convertible bonds at any time on or prior to the maturity of the convertible bonds, subject to customary conditions.

Artivion to Receive $18.75 Million Milestone Payment Under Previously Announced Agreement Artivion to Begin Supplying Product to Baxter Under Transitional Manufacturing and Supply Agreement ATLANTA , May 23, 2023 /PRNewswire/ -- Artivion, Inc. (NYSE: AORT), a leading cardiac and vascular surgery company focused on aortic disease, today announced that the U.S. Food and Drug Administration (FDA) granted premarket application (PMA) approval of PERCLOT Absorbable Hemostatic System ("PerClot") for use to control bleeding in certain open and laparoscopic surgical procedures. Artivion sold the PerClot product line to Baxter International Inc. ("Baxter"), (NYSE: BAX), in July 2021.

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The mean of analysts' price targets for CryoLife (CRY) points to a 50.8% upside in the stock. While this highly sought-after metric has not proven reasonably effective, strong agreement among analysts in raising earnings estimates does indicate an upside in the stock.

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ATLANTA, Sept. 22, 2021 /PRNewswire/ -- CryoLife, Inc. (NYSE: CRY), a leading cardiac and vascular surgery company focused on aortic disease, announced today the appointment of Anthony "Tony" Semedo to its Board of Directors effective October 1, 2021.

ATLANTA, Aug. 31, 2021 /PRNewswire/ -- CryoLife, Inc. (NYSE: CRY), a leading cardiac and vascular surgery company focused on aortic disease, announced today that it will participate in the upcoming Morgan Stanley 19th Annual Global Healthcare Conference on Tuesday, September 14, 2021. The Company's virtual fireside chat is scheduled to begin at 12:30 p.m.

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