Artivion, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Artivion, Inc. (AORT) filed its Q1 2024 10-Q report detailing financial performance and position.</b>

AI Summary

ARTIVION, INC. (AORT) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Artivion, Inc. reported financial results for the first quarter of 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's headquarters are located at 1655 Roberts Boulevard NW, Kennesaw, GA 30144. Artivion, Inc. was formerly known as Cryolife Inc., with a name change on May 26, 1994. The filing includes detailed financial data for various balance sheet and income statement items.

Why It Matters

For investors and stakeholders tracking ARTIVION, INC., this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial performance and operational updates for Artivion, Inc. Understanding the details within this report is crucial for assessing the company's current financial health, growth trajectory, and potential risks.

Risk Assessment

Risk Level: medium — ARTIVION, INC. shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) which provides a snapshot of financial health but lacks forward-looking guidance or significant event disclosures that would indicate immediate high risk or reward.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to identify trends in revenue, profitability, and debt levels for Artivion, Inc.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-05-07 — Filing Date (Filed as of date)
• 3841 — SIC Code (Standard Industrial Classification)
• 592417093 — IRS Number (Filer's IRS number)
• DE — State of Incorporation (Filer's state of incorporation)
• 1231 — Fiscal Year End (Filer's fiscal year end)

Key Players & Entities

• ARTIVION, INC. (company) — Filer name
• AORT (company) — Ticker symbol
• 10-Q (regulator) — Form type
• 2024-03-31 (date) — Conformed period of report
• 2024-05-07 (date) — Filed as of date
• 1655 ROBERTS BOULEVARD N W (address) — Business address street 1
• KENNESAW (address) — Business address city
• GA (address) — Business address state

FAQ

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q.
• 2024-05-07: Filing Date — Date the 10-Q was officially filed with the SEC.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value AORT New York Stock Exchange

Filing Documents

• aort-20240331.htm (10-Q) — 1092KB
• aort-20240331xex311.htm (EX-31.1) — 9KB
• aort-20240331xex312.htm (EX-31.2) — 9KB
• aort-20240331xex32.htm (EX-32) — 6KB
• 0000784199-24-000172.txt (&nbsp;) — 6109KB
• aort-20240331.xsd (EX-101.SCH) — 41KB
• aort-20240331_cal.xml (EX-101.CAL) — 81KB
• aort-20240331_def.xml (EX-101.DEF) — 167KB
• aort-20240331_lab.xml (EX-101.LAB) — 565KB
• aort-20240331_pre.xml (EX-101.PRE) — 383KB
• aort-20240331_htm.xml (XML) — 806KB

– FINANCIAL INFORMATION

Part I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. 3 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) 3 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Cash Flows 5 Condensed Consolidated Statements of Shareholders' Equity 6 Notes to Condensed Consolidated Financial Statements 7

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. 22

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk. 32

Controls and Procedures

Item 4. Controls and Procedures. 33

– OTHER INFORMATION

Part II – OTHER INFORMATION 34

Legal Proceedings

Item 1. Legal Proceedings. 34

Risk Factors

Item 1A. Risk Factors. 34

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 49

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities. 49

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. 49

Other Information

Item 5. Other Information. 49

Exhibits

Item 6. Exhibits. 50

Signatures

Signatures 51 2 Table of Contents

– FINANCIAL INFORMATION

Part I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. Artivion, Inc. and Subsidiaries Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) In Thousands, Except Per Share Data (Unaudited) Three Months Ended March 31, 2024 2023 Revenues: Products $ 71,114 $ 62,291 Preservation services 26,317 20,938 Total revenues 97,431 83,229 Cost of products and preservation services: Products 23,750 19,533 Preservation services 10,735 9,969 Total cost of products and preservation services 34,485 29,502 Gross margin 62,946 53,727 Operating expenses: General, administrative, and marketing 30,689 50,365 Research and development 6,946 7,223 Total operating expenses 37,635 57,588 Operating income (loss) 25,311 ( 3,861 ) Interest expense 7,826 6,096 Interest income ( 374 ) ( 75 ) Loss on extinguishment of debt 3,669 — Other expense (income), net 1,409 ( 963 ) Income (loss) before income taxes 12,781 ( 8,919 ) Income tax expense 5,248 4,613 Net income (loss) $ 7,533 $ ( 13,532 ) Income (loss) per share: Basic $ 0.18 $ ( 0.33 ) Diluted $ 0.18 $ ( 0.33 ) Weighted-average common shares outstanding: Basic 41,290 40,432 Diluted 47,886 40,432 Net income (loss) $ 7,533 $ ( 13,532 ) Other comprehensive (loss) income: Foreign currency translation adjustments ( 3,137 ) 4,621 Unrealized gain (loss) from foreign currency intra-entity loans, net of tax 1,609 ( 1,005 ) Comprehensive income (loss) $ 6,005 $ ( 9,916 ) See accompanying Notes to Condensed Consolidated Financial Statements 3 Table of Contents Artivion, Inc. and Subsidiaries Condensed Consolidated Balance Sheets In Thousands March 31, 2024 December 31, 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 51,118 $ 58,940 Trade receivables, net 74,301 71,796 Other receivables 2,272 2,342 Inventories, net 81,716 81,976 Deferred preservation costs, net 50,151 49,804 Prepaid expenses and other 17,227 15,810 Total current assets 276,785 280,668 Goodwill 245,0

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View this 10-Q filing on SEC EDGAR