Artivion, Inc. · NYSE:AORT
Artivion — Q1 2024 Earnings Presentation
17 slides from Artivion's earnings presentation, May 6, 2024
Slide 1: 1Q 2024 Earnings Presentation
ARTIVION 1Q 2024 Earnings Presentation May 6, 2024 1 © 2024 Artivion, Inc.
Slide 2: Forward-Looking Statement
FORWARD-LOOKING STATEMENT Statements made in this presentation that look forward in time or that express management’s beliefs, expectations, or forecasts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect
Slide 3: Table of Contents
TABLE OF CONTENTS Q1 2024 Key Messages 4 Q1 2024 Financial Highlights 5 Product Revenue Growth 6 Geographic Revenue Growth 7 On-X Aortic Heart Valve Low INR Post-Market Study 8 AMDS PERSEVERE US IDE Study 9 Full Year 2024 Financial Guidance 10-11 Appendix 12-16 3 © 2024 Artivion, Inc.
Slide 4: Q1 2024 Key Messages
Q1 2024 Key Messages Strong performance across segments $97.4M Presented 5-year, real-world safety and efficacy data at AATS 2024 for On-X Aortic Heart Valve Low INR post-market study $17.3M REVENUE 16% Y/Y CC demonstrating even better patient outcomes than predicted ADJ. EBITDA REVENUE by the PROAC
Slide 5: Q1 2024 Financial Highlights
Q1 2024 FINANCIAL HIGHLIGHTS (in millions except EPS) GAAP Non-GAAP Q1 2024 Q1 2023 % Y/Y Δ Q1 2024 Q1 2023 % Y/Y Δ Revenue $97.4M $83.2M 17.1% Revenue $97.4M $84.2M 15.7% Gross Gross 64.6% 64.6% 0.0% 64.6% 64.6% 0.0% Margin Margin Diluted EPS $0.18 ($0.33) -- Diluted EPS $0.06 $0.02 -- Adjusted EBI
Slide 6: Year-Over-Year Revenue Growth: Product Portfolio
Q1 2024 Year-Over-Year Revenue Growth Product Portfolio Preservation Surgical Aortic Stent On-X Services Sealant Grafts GAAP Growth 26% 2% 11% 23% Constant Currency Growth 26% 1% 11% 19% 6 © 2024 Artivion, Inc.
Slide 7: Year-Over-Year Revenue Growth: Geographies
Q1 2024 Year-Over-Year Revenue Growth Double-Digit Growth Across Geographies North Latin America America EMEA APAC Constant Currency 18% 22% 17% (3%) Growth GAAP Growth 18% 27% 20% (3%) 7 © 2024 Artivion, Inc.
Slide 8: On-X Aortic Heart Valve Post Approval Study (PAS) vs. PROACT IDE
On-X® Aortic Heart Valve Post Approval Study (PAS) vs. PROACT IDE 5-year real-world results demonstrate even better patient outcomes than predicted by the On-X aortic heart valve PROACT IDE study Post Approval PROACT IDE COMPOSITE PRIMARY ENDPOINT Study (5 Years)1 Study2 5.39% vs 1.83%, p<0.0001; N=
Slide 9: AMDS PERSEVERE US IDE Study
AMDS PERSEVERE US IDE Study Full IDE data demonstrates AMDS use significantly lowers 30-day Major STS & AATS 2024 Late-Breaking Session Adverse Events (MAEs) compared to hemiarch control Full 30-Day ACUTE DEBAKEY TYPE I (ADTI) Data Through Hospital WITH MALPERFUSION Discharge Data Hemiarch Reference
Slide 10: Full Year 2024 Revenue Guidance
Full Year 2024 Revenue Guidance GROWTH DRIVERS Continued strength in existing products: On-X & aortic stents Positive data from the recent late-breaking presentations supporting the benefits of AMDS and On-X aortic valves Continued APAC & LATAM growth as a result of our investments and new regulator
Slide 11: Full Year 2024 Adjusted EBITDA Expectations
Full Year 2024 Adjusted EBITDA Expectations Revenue growth and operating leverage to drive adjusted EBITDA expansion DRIVERS Expect continued leverage to be driven by global sales force and G&A infrastructure Revenue growth and adjusted EBITDA margin expansion drives incremental cash flow Expect to
Slide 12: Appendix
Appendix 12 © 2024 Artivion, Inc.
Slide 13: GAAP to Non-GAAP Financial Reconciliation: Revenue
Q1 2024 GAAP to Non-GAAP Financial Reconciliation Revenue ($s in millions) Q1 2024 Q1 2023 US US Exchange Constant CC GAAP GAAP Rate Effect Currency Growth Products: Aortic stent grafts 32.1 26.1 0.8 26.9 19% On-X 19.7 17.7 0.1 17.8 11% Surgical sealants 17.0 16.7 0.1 16.8 1% Other 2.3 1.8 - 1.8 31%
Slide 14: GAAP to Non-GAAP Financial Reconciliation: EPS
Q1 2024 GAAP to Non-GAAP Financial Reconciliation EPS ($s in millions except EPS) Q1 2024 Q1 2023 Reconciliation of income (loss) before income taxes, GAAP to adjusted income (loss), non-GAAP: 12.8 (8.9) Adjustments: Amortization expense 3.8 3.9 Loss on extinguishment of debt 3.7 - Non-cash interest
Slide 15: GAAP to Non-GAAP Financial Reconciliation: EBITDA
Q1 2024 GAAP to Non-GAAP Financial Reconciliation EBITDA ($s in millions) Q1 2024 Q1 2023 Reconciliation of net income (loss), GAAP to adjusted EBITDA, non-GAAP: Net income (loss) 7.5 (13.5) Adjustments: Interest expense 7.8 6.1 Depreciation and amortization expense 5.9 5.7 Loss on extinguishment of
Slide 16: GAAP to Non-GAAP Financial Reconciliation: Free Cash Flow
Q1 2024 GAAP to Non-GAAP Financial Reconciliation Free Cash Flow ($s in millions) Q1 2024 Q1 2023 Reconciliation of cash flows from operating activities, GAAP to free cash flows, non-GAAP: Net cash flows used in operating activities (5.5) (6.2) Capital expenditures (3.6) (2.8) Free cash flows, non-G
Slide 17: Thank You
Thank You