Artivion, Inc. · NYSE:AORT
Artivion — Q3 2024 Earnings Presentation
16 slides from Artivion's earnings presentation, Nov 7, 2024
Slide 1: 3Q 2024 Earnings Presentation
3Q 2024 Earnings Presentation November 7, 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 Q3 2024 Key Messages 4 Q3 2024 Financial Highlights 5 Product Revenue Growth 6 Geographic Revenue Growth 7 AMDS PERSEVERE US IDE Study 8 Full Year 2024 Financial Guidance 9-10 Appendix 11-15 3 © 2024 Artivion, Inc.
Slide 4: Q3 2024 Key Messages
Q3 2024 Key Messages Strong performance across segments Received regulatory approval from National Medical Products Administration to commercialize BioGlue in China $95.8M Commercialization expected in the second half of 2025. An estimated 12,000 patients in China with acute Type A aortic dissection
Slide 5: Q3 2024 Financial Highlights
Q3 2024 FINANCIAL HIGHLIGHTS (in millions except EPS) GAAP Non-GAAP Q3 2024 Q3 2023 % Y/Y Δ Q3 2024 Q3 2023 % Y/Y Δ Revenue $95.8M $87.9M 9.0% Revenue $95.8M $87.4M 9.6% Gross Gross 63.7% 64.0% (0.5%) 63.7% 64.0% (0.5%) Margin Margin Diluted EPS ($0.05) ($0.24) -- Diluted EPS $0.12 $0.02 -- Adjusted
Slide 6: Year-Over-Year Revenue Growth: Product Portfolio
Q3 2024 Year-Over-Year Revenue Growth Product Portfolio Preservation Surgical Aortic Stent On-X Services Sealant Grafts GAAP Growth 2% 14% 15% 12% Constant Currency Growth 2% 14% 15% 13% 6 © 2024 Artivion, Inc.
Slide 7: Year-Over-Year Revenue Growth Across Geographies
Q3 2024 Year-Over-Year Revenue Growth Across Geographies North Latin America America EMEA APAC GAAP Growth 2% 21% 15% 23% Constant Currency 2% 32% 15% 23% Growth 7 © 2024 Artivion, Inc.
Slide 8: AMDS PERSEVERE US IDE Study
AMDSTM PERSEVERE US IDE Study Full IDE data demonstrates AMDS use significantly lowers 30-day Major Adverse Events (MAEs) compared to hemiarch control ACUTE DEBAKEY TYPE I (ADTI) Through Hospital WITH MALPERFUSION Full 30-Day Discharge Data Data Hemiarch Reference Cohort Avg.¹ (n=790) PERSEVERE² (n=
Slide 9: Full Year 2024 Revenue Guidance
FULL YEAR 2024 REVENUE GUIDANCE GROWTH DRIVERS + Continued strength in existing products On-X & aortic stents + Positive new data supporting the benefits of AMDS and On-X aortic valves + Continued APAC & LATAM growth following investments and new $354M $382M- $386M- $388M- $389M- Revenue ($) $396M $
Slide 10: Revenue Growth and Operating Leverage to Drive Adjusted EBITDA Expansion
REVENUE GROWTH AND OPERATING LEVERAGE TO DRIVE ADJUSTED EBITDA EXPANSION FULL YEAR 2024 ADJUSTED EBITDA EXPECTATIONS 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 11: Appendix
Appendix 11 © 2024 Artivion, Inc.
Slide 12: GAAP to Non-GAAP Financial Reconciliation: Revenue
Q3 2024 GAAP to Non-GAAP Financial Reconciliation Revenue ($ in millions) Q3 2024 Q3 2023 US US Exchange Constant CC GAAP GAAP Rate Effect Currency Growth Products: Aortic stent grafts $ 28.6 $ 25.5 $ (0.2) $ 25.3 13% On-X 21.5 18.7 (0.1) 18.6 15% Surgical sealants 18.4 16.2 (0.1) 16.1 14% Other 2.7
Slide 13: GAAP to Non-GAAP Financial Reconciliation: EPS
Q3 2024 GAAP to Non-GAAP Financial Reconciliation EPS ($ in millions except EPS) Q3 2024 Q3 2023 Reconciliation of loss before income taxes, GAAP to adjusted income, non-GAAP: $ (1.3) $ (9.4) Adjustments: Amortization expense 4.0 3.8 Business development, integration, and severance expense 3.4 6.1 N
Slide 14: GAAP to Non-GAAP Financial Reconciliation: EBITDA
Q3 2024 GAAP to Non-GAAP Financial Reconciliation EBITDA ($ in millions) Q3 2024 Q3 2023 Reconciliation of net loss, GAAP to adjusted EBITDA, non-GAAP: Net loss, GAAP $ (2.3) $ (9.8) Adjustments: Interest expense 8.4 6.6 Depreciation and amortization expense 6.1 5.8 Stock-based compensation expense
Slide 15: GAAP to Non-GAAP Financial Reconciliation: Free Cash Flow
Q3 2024 GAAP to Non-GAAP Financial Reconciliation Free Cash Flow ($ in millions) Q3 2024 Q3 2023 Reconciliation of cash flows from operating activities, GAAP to free cash flows, non-GAAP: Net cash flows provided by operating activities $ 11.5 $ 7.2 Capital expenditures (3.6) (2.1) Free cash flows, n
Slide 16: Thank You
Thank You