Artivion, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Artivion, Inc. (AORT) has filed its 2023 10-K report detailing its operations in surgical and medical instruments.</b>

AI Summary

ARTIVION, INC. (AORT) filed a Annual Report (10-K) with the SEC on February 23, 2024. Artivion, Inc. (AORT) filed its 2023 Form 10-K on February 23, 2024. The company's principal business is in Surgical & Medical Instruments & Apparatus. The filing covers the fiscal year ending December 31, 2023. Artivion, Inc. was formerly known as Cryolife Inc., with a name change on May 26, 1994. The company's business address is 1655 Roberts Boulevard NW, Kennesaw, GA 30144.

Why It Matters

For investors and stakeholders tracking ARTIVION, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Artivion's financial performance, business operations, and risk factors for the fiscal year 2023, crucial for investors to assess the company's health and future prospects. Understanding the company's historical data, including its former name and business segment, provides context for its current market position and strategic direction within the medical device industry.

Risk Assessment

Risk Level: medium — ARTIVION, INC. shows moderate risk based on this filing. The company operates in the medical device industry, which is subject to stringent regulatory oversight and competitive pressures, as indicated by its SIC code 3841 (Surgical & Medical Instruments & Apparatus).

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand Artivion's performance and potential challenges in the medical device sector.

Key Numbers

• 3841 — SIC Code (Standard Industrial Classification for Surgical & Medical Instruments & Apparatus)
• 592417093 — IRS Number (Company IRS Number)
• DE — State of Incorporation (State where the company is incorporated)
• 1231 — Fiscal Year End (Month and day of the fiscal year end)
• 001-13165 — SEC File Number (SEC file number for the company)
• 24672455 — Film Number (SEC film number)
• 7704193355 — Business Phone (Company business phone number)

Key Players & Entities

• ARTIVION, INC. (company) — Filer name
• AORT (company) — Ticker symbol
• 10-K (filing) — Form type
• 20240223 (date) — Filing date
• 20231231 (date) — Fiscal year end
• CRYOLIFE INC (company) — Former company name
• 19940526 (date) — Date of name change
• 1655 ROBERTS BOULEVARD N W (address) — Business street address

FAQ

Key Dates

• 2024-02-23: 10-K Filing — Submission of the annual report for the fiscal year 2023.
• 2023-12-31: Fiscal Year End — End date of the reporting period for the 10-K.
• 1994-05-26: Name Change — Date when Cryolife Inc. changed its name to Artivion, Inc.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value AORT New York Stock Exchange
• $17.19 — 083 computed using the closing price of $17.19 per share of Common Stock on June 30, 2

Filing Documents

• aort-20231231.htm (10-K) — 2135KB
• aort-20231231xexx103f.htm (EX-10.3(F)) — 45KB
• aort-20231231xexx103g.htm (EX-10.3(G)) — 34KB
• aort-20231231xexx103h.htm (EX-10.3(H)) — 29KB
• aort-20231231xexx103i.htm (EX-10.3(I)) — 41KB
• aort-20231231xexx103j.htm (EX-10.3(J)) — 34KB
• aort-20231231xexx106.htm (EX-10.6) — 19KB
• aort-20231231xexx1021c.htm (EX-10.21(C)) — 19KB
• aort-20231231xexx1023.htm (EX-10.23) — 19KB
• aort-20231231xexx1024.htm (EX-10.24) — 29KB
• aort-20231231xexx1025.htm (EX-10.25) — 20KB
• aort-20231231xexx1026.htm (EX-10.26) — 78KB
• aort-20231231xexx1027.htm (EX-10.27) — 6KB
• aort-20231231xexx211.htm (EX-21.1) — 23KB
• aort-20231231xexx231.htm (EX-23.1) — 8KB
• aort-20231231xexx311.htm (EX-31.1) — 8KB
• aort-20231231xexx312.htm (EX-31.2) — 8KB
• aort-20231231xexx32.htm (EX-32) — 6KB
• aort-20231231xexx971.htm (EX-97.1) — 13KB
• artivion.jpg (GRAPHIC) — 11KB
• artivion1.jpg (GRAPHIC) — 11KB
• artivion2.jpg (GRAPHIC) — 11KB
• endospanlogo.jpg (GRAPHIC) — 10KB
• endospanlogo1.jpg (GRAPHIC) — 22KB
• image_0.jpg (GRAPHIC) — 4KB
• signature.jpg (GRAPHIC) — 7KB
• 0000784199-24-000033.txt (&nbsp;) — 12553KB
• aort-20231231.xsd (EX-101.SCH) — 76KB
• aort-20231231_cal.xml (EX-101.CAL) — 120KB
• aort-20231231_def.xml (EX-101.DEF) — 393KB
• aort-20231231_lab.xml (EX-101.LAB) — 1078KB
• aort-20231231_pre.xml (EX-101.PRE) — 719KB
• aort-20231231_htm.xml (XML) — 1875KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 24 Item 1B. Unresolved Staff Comments 38 Item 1C. Cybersecurity 38 Item 2.

Properties

Properties 40 Item 3.

Legal Proceedings

Legal Proceedings 40 Item 4. Mine Safety Disclosures 40 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 41 Item 6. [Reserved] 41 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 41 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 53 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 55 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 98 Item 9A.

Controls and Procedures

Controls and Procedures 98 Item 9B. Other Information 99 Item 9C. Disclosure Regarding Foreign Jurisdiction that Prevent Inspections 99 PART III Item 10. Directors, Executive Officers, and Corporate Governance 100 Item 11.

Executive Compensation

Executive Compensation 102 Item 12.

Security Ownership of Certain Beneficial Owners and Management, and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management, and Related Stockholder Matters 102 Item 13. Certain Relationships and Related Transactions, and Director Independence 102 Item 14. Principal Accounting Fees and Services 102 PART IV Item 15. Exhibits and Financial Statement Schedules 103

SIGNATURES

SIGNATURES 104 Table of Contents

Forward-Looking Statements

Forward-Looking Statements This Form 10-K includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"). Forward-looking statements give our expectations or forecasts of future events as of the date of this Form 10-K. In some cases, words such as "could," "may," "might," "will," "would," "shall," "should," "pro forma," "potential," "pending," "intend," "believe," "expect," "anticipate," "estimate," "plan," "future," "assume," and variations of these types of words or other similar expressions identify forward-looking statements. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements, which are made as of the date of this Form 10-K. All statements included herein, other than statements of historical facts, that address activities, events, or developments that we expect or anticipate will or may occur in the future, or that reflect our beliefs about the future and/or expectations, are forward-looking statements, including statements about the following: Our belief that new products, new indications, global expansion, and business development are the four growth areas that will drive our business in the future; The potential impact the COVID-19 and similar pandemics and the wars in Ukraine and in the Gaza Strip and around Israel, may have on demand for and sales of our products and services, business operations, manufacturing operations, supply chain, cash flow, workforce, clinical and regulatory timelines, and our research and development projects; The potential impact general global, regional, or national economic downturns and macroeconomic trends, including heightened inflation, interest rate and currency fluctuations, as well as general or localized economic slowdow

Business

Item 1. Business. Overview Artivion, Inc. ("Artivion," the "Company," "we," or "us"), is a leader in the manufacturing, processing, and distribution of medical devices and implantable human tissues used in cardiac and vascular surgical procedures for patients with aortic disease. We have four major product families: aortic stent grafts, surgical sealants, On-X mechanical heart valves and related surgical products ("On-X" products), and implantable cardiac and vascular human tissues. Aortic stent grafts include aortic arch stent grafts, abdominal stent grafts, and synthetic vascular grafts. Aortic arch stent grafts include our E-vita Open NEO, E-vita Open Plus, the Ascyrus Medical Dissection Stent ("AMDS") hybrid prosthesis, the NEXUS endovascular stent graft system ("NEXUS"), the NEXUS DUO TM aortic arch stent graft ("NEXUS DUO"), and E-vita Thoracic 3G products. Abdominal stent grafts include our E-xtra Design Engineering (including Artivex TM ), E-nside TM , E-tegra TM , E-ventus TM BX, and E-liac TM products. Surgical sealants include our BioGlue Surgical Adhesive products ("BioGlue"). In addition to these four major product families, we sell or distribute PhotoFix bovine surgical patches ("PhotoFix") and CardioGenesis cardiac laser therapy (prior to our abandonment of the business as of June 30, 2023). We began to manufacture and supply PerClot hemostatic powder ("PerClot") during the second quarter of 2023 (as part of the Transitional Manufacturing and Supply Agreement ("TMSA") of the Baxter Transaction, described below). On January 1, 2022 we converted our state of incorporation from Florida to Delaware, and on January 18, 2022 we changed our name from CryoLife, Inc. to Artivion, Inc. Our common stock is listed on the New York Stock Exchange under the symbol of "AORT" and traded under the symbol "CRY" prior to January 24, 2022. Corporate Structure Our main operating subsidiaries include JOTEC GmbH ("JOTEC"), a Hechingen, Germany-based endovascular and sur

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View this 10-K filing on SEC EDGAR