Artivion, Inc. Files Q2 2024 10-Q Report

TL;DR

ARTIVION Q2 10-Q FILED - CHECK FINANCIALS

AI Summary

Artivion, Inc. filed its 10-Q for the period ending June 30, 2024, reporting on its financial performance. The company, formerly known as Cryolife Inc., is based in Kennesaw, GA, and operates in the Surgical & Medical Instruments & Apparatus sector. Key financial details and operational segments are presented within this quarterly report.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for Artivion, Inc., crucial for understanding the company's current health and future prospects in the medical device market.

Risk Assessment

Risk Level: medium — Quarterly reports can reveal significant financial shifts, operational challenges, or new risks that impact a company's valuation.

Key Players & Entities

• ARTIVION, INC. (company) — Filer
• CRYOLIFE INC. (company) — Former company name
• KENNESAW, GA (location) — Business and Mail Address City/State
• 30144 (location) — Business and Mail Address ZIP code
• 7704193355 (phone_number) — Business Phone
• 19940526 (date) — Date of name change
• 20240630 (date) — Conformed period of report
• 20240809 (date) — Filed as of date

FAQ

Key Financial Figures

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

Filing Documents

• aort-20240630.htm (10-Q) — 1424KB
• ex101-ares_artivionxfirsta.htm (EX-10.1) — 183KB
• ex102-amendedandrestatedlo.htm (EX-10.2) — 256KB
• aort-20240630xex311.htm (EX-31.1) — 9KB
• aort-20240630xex312.htm (EX-31.2) — 9KB
• aort-20240630xex32.htm (EX-32) — 6KB
• 0000784199-24-000215.txt ( ) — 7863KB
• aort-20240630.xsd (EX-101.SCH) — 50KB
• aort-20240630_cal.xml (EX-101.CAL) — 84KB
• aort-20240630_def.xml (EX-101.DEF) — 214KB
• aort-20240630_lab.xml (EX-101.LAB) — 655KB
• aort-20240630_pre.xml (EX-101.PRE) — 443KB
• aort-20240630_htm.xml (XML) — 1011KB

– FINANCIAL INFORMATION

Part I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. 3 Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income 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 8

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. 26

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk. 39

Controls and Procedures

Item 4. Controls and Procedures. 39

– OTHER INFORMATION

Part II – OTHER INFORMATION 41

Legal Proceedings

Item 1. Legal Proceedings. 41

Risk Factors

Item 1A. Risk Factors. 41

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 56

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities. 56

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. 56

Other Information

Item 5. Other Information. 56

Exhibits

Item 6. Exhibits. 57

Signatures

Signatures 58 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 (Loss) Income In Thousands, Except Per Share Data (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenues: Products $ 73,210 $ 66,003 $ 144,324 $ 128,294 Preservation services 24,809 23,248 51,126 44,186 Total revenues 98,019 89,251 195,450 172,480 Cost of products and preservation services: Products 24,545 20,977 48,295 40,510 Preservation services 10,150 10,190 20,885 20,159 Total cost of products and preservation services 34,695 31,167 69,180 60,669 Gross margin 63,324 58,084 126,270 111,811 Operating expenses: General, administrative, and marketing 49,320 57,241 80,009 107,606 Research and development 7,497 7,418 14,443 14,641 Total operating expenses 56,817 64,659 94,452 122,247 Gain from sale of non-financial assets — ( 14,250 ) — ( 14,250 ) Operating income 6,507 7,675 31,818 3,814 Interest expense 8,304 6,356 16,130 12,452 Interest income ( 353 ) ( 265 ) ( 727 ) ( 340 ) Loss on extinguishment of debt — — 3,669 — Other expense, net 983 4,241 2,392 3,278 (Loss) income before income taxes ( 2,427 ) ( 2,657 ) 10,354 ( 11,576 ) Income tax (benefit) expense ( 306 ) 725 4,942 5,338 Net (loss) income $ ( 2,121 ) $ ( 3,382 ) $ 5,412 $ ( 16,914 ) (Loss) income per share: Basic $ ( 0.05 ) $ ( 0.08 ) $ 0.13 $ ( 0.41 ) Diluted $ ( 0.05 ) $ ( 0.08 ) $ 0.13 $ ( 0.41 ) Weighted-average common shares outstanding: Basic 41,683 40,755 41,487 40,595 Diluted 41,683 40,755 42,405 40,595 Net (loss) income $ ( 2,121 ) $ ( 3,382 ) $ 5,412 $ ( 16,914 ) Other comprehensive (loss) income: Foreign currency translation adjustments ( 2,727 ) 1,026 ( 5,864 ) $ 5,647 Unrealized gain (loss) from foreign currency intra-entity loans, net of tax 404 800 2,013 ( 205 ) Comprehensive (loss) income $ ( 4,444 ) $ ( 1,556 ) $ 1,561 $ ( 11,472 ) See accompanying Notes to Condensed Consol

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