Artivion Reports Third Quarter 2024 Financial Results
Third Quarter Highlights:
- Achieved revenue of
$95.8 million in the third quarter of 2024 versus$87.9 million in the third quarter of 2023, an increase of 9% on a GAAP basis and 10% on a non-GAAP constant currency basis - Net loss was
($2.3) million or ($0.05 ) per fully diluted share and non-GAAP net income was$5.0 million or$0.12 per fully diluted share in the third quarter of 2024 - Adjusted EBITDA increased 28% to
$17.7 million in the third quarter of 2024 compared to$13.9 million in the third quarter of 2023 - Submitted first module of the pre-market approval application (PMA) for AMDS Hybrid Prosthesis with the
U.S. Food and Drug Administration - Enrollment completed in NEXUS TRIOMPHE clinical trial
- Received regulatory approval from the
National Medical Products Administration (NMPA) to commercialize BioGlue Surgical Adhesive inChina . Commercialization expected in the second half of 2025.
"We continued our strong financial performance through the third quarter as our team delivered revenue growth consistent with our expectations while executing on several initiatives designed to drive long-term profitable growth with our expanding, clinically differentiated product portfolio. Revenue growth in the third quarter was driven by year-over-year growth in On-X of 15%, BioGlue of 14% and stent grafts of 12%, all compared to the third quarter of 2023. On a constant currency basis, year-over-year On-X, BioGlue, and stent grafts grew 15%, 14% and 13%, respectively. We also saw continued revenue strength across
Third Quarter 2024 Financial Results
Total revenues for the third quarter of 2024 were
Net loss for the third quarter of 2024 was
2024 Financial Outlook
Additionally,
The Company's financial performance for 2024 and future periods is subject to the risks identified below.
Non-GAAP Financial Measures
This press release contains non-GAAP financial measures, including non-GAAP revenue, non-GAAP net income, non-GAAP adjusted EBITDA, non-GAAP general, administrative, and marketing expenses, and free cash flows. Investors should consider this non-GAAP information in addition to, and not as a substitute for, financial measures prepared in accordance with US GAAP. In addition, this non-GAAP financial information may not be the same as similar measures presented by other companies. The Company's non-GAAP revenues are adjusted for the impact of changes in currency exchange. The Company's non-GAAP net income, non-GAAP adjusted EBITDA, non-GAAP general, administrative, and marketing, and free cash flows results exclude (as applicable) depreciation and amortization expense, interest income and expense, stock-based compensation expense, loss or gain on foreign currency revaluation, income tax expense or benefit, corporate rebranding expense, business development, integration, and severance income or expense, loss on extinguishment of debt, and non-cash interest expense. The Company generally uses non-GAAP financial measures to facilitate management's review of the operational performance of the company and as a basis for strategic planning. Company management believes that these non-GAAP presentations provide useful information to investors regarding unusual non-operating transactions, the operating expense structure of the Company's existing and recently acquired operations, without regard to its on-going efforts to acquire additional complementary products and businesses, and the transaction and integration expenses incurred in connection with recently acquired and divested product lines, and the operating expense structure excluding fluctuations resulting from foreign currency revaluation and stock-based compensation expense. The Company believes it is useful to exclude certain expenses because such amounts in any specific period may not directly correlate to the underlying performance of its business operations or can vary significantly between periods as a result of factors such as impact of recent acquisitions, non-cash expense related to amortization of previously acquired tangible and intangible assets, and any related adjustments to their carrying values. The Company has adjusted for the impact of changes in currency exchange from certain revenues to evaluate comparable product growth rates on a constant currency basis. The Company does, however, expect to incur similar types of expenses and currency exchange impacts in the future, and this non-GAAP financial information should not be viewed as a statement or indication that these types of expenses will not recur. Company management encourages investors to review the Company's consolidated financial statements and publicly filed reports in their entirety, including the reconciliation of GAAP to non-GAAP financial measures.
Webcast and Conference Call Information
The company will hold a teleconference call and live webcast on
The live webcast and replay can be accessed by going to the Investors section of the
About
Headquartered in suburban
Forward Looking-Statements
Statements made in this press release that look forward in time or that express management's beliefs, expectations, or hopes are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the views of management at the time such statements are made. These statements include, but are not limited to, those regarding our full year revenue expectations and our confidence in our ability to meet or exceed our adjusted EBITDA target for 2024; the timeline for regulatory approval for AMDS and other products; that our revenues for the full year 2024 will be in the range of
|
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) In Thousands, Except Per Share Data (Unaudited) |
|||||||
|
|
|||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Revenues: |
|
|
|
|
|
|
|
|
Products |
$ 71,244 |
|
$ 63,747 |
|
$ 215,568 |
|
$ 192,041 |
|
Preservation services |
24,535 |
|
24,107 |
|
75,661 |
|
68,293 |
|
Total revenues |
95,779 |
|
87,854 |
|
291,229 |
|
260,334 |
|
|
|
|
|
|
|
|
|
|
Cost of products and preservation services: |
|
|
|
|
|
|
|
|
Products |
24,412 |
|
21,574 |
|
72,707 |
|
62,084 |
|
Preservation services |
10,358 |
|
10,010 |
|
31,243 |
|
30,169 |
|
Total cost of products and preservation services |
34,770 |
|
31,584 |
|
103,950 |
|
92,253 |
|
|
|
|
|
|
|
|
|
|
Gross margin |
61,009 |
|
56,270 |
|
187,279 |
|
168,081 |
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
General, administrative, and marketing |
50,017 |
|
51,093 |
|
130,026 |
|
158,699 |
|
Research and development |
6,605 |
|
6,421 |
|
21,048 |
|
21,062 |
|
Total operating expenses |
56,622 |
|
57,514 |
|
151,074 |
|
179,761 |
|
Gain from sale of non-financial assets |
— |
|
— |
|
— |
|
(14,250) |
|
Operating income (loss) |
4,387 |
|
(1,244) |
|
36,205 |
|
2,570 |
|
|
|
|
|
|
|
|
|
|
Interest expense |
8,405 |
|
6,603 |
|
24,535 |
|
19,055 |
|
Interest income |
(366) |
|
(339) |
|
(1,093) |
|
(679) |
|
Loss on extinguishment of debt |
— |
|
— |
|
3,669 |
|
— |
|
Other (income) expense, net |
(2,386) |
|
1,911 |
|
6 |
|
5,189 |
|
|
|
|
|
|
|
|
|
|
(Loss) income before income taxes |
(1,266) |
|
(9,419) |
|
9,088 |
|
(20,995) |
|
Income tax expense |
1,022 |
|
382 |
|
5,964 |
|
5,720 |
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
$ (2,288) |
|
$ (9,801) |
|
$ 3,124 |
|
$ (26,715) |
|
|
|
|
|
|
|
|
|
|
(Loss) income per share: |
|
|
|
|
|
|
|
|
Basic |
$ (0.05) |
|
$ (0.24) |
|
$ 0.07 |
|
$ (0.65) |
|
Diluted |
$ (0.05) |
|
$ (0.24) |
|
$ 0.07 |
|
$ (0.65) |
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
41,844 |
|
40,881 |
|
41,607 |
|
40,691 |
|
Diluted |
41,844 |
|
40,881 |
|
42,621 |
|
40,691 |
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
$ (2,288) |
|
$ (9,801) |
|
$ 3,124 |
|
$ (26,715) |
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
8,393 |
|
(7,070) |
|
2,529 |
|
$ (1,423) |
|
Unrealized (loss) gain from foreign currency intra-entity loans, net of tax |
(2,060) |
|
2,060 |
|
(47) |
|
1,855 |
|
Comprehensive income (loss) |
$ 4,045 |
|
$ (14,811) |
|
$ 5,606 |
|
$ (26,283) |
|
Condensed Consolidated Balance Sheets In Thousands
|
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|
|
|
|
|
|
|
(Unaudited) |
|
|
|
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
$ 56,173 |
|
$ 58,940 |
|
Trade receivables, net |
75,686 |
|
71,796 |
|
Other receivables |
2,288 |
|
2,342 |
|
Inventories, net |
84,123 |
|
81,976 |
|
Deferred preservation costs, net |
50,421 |
|
49,804 |
|
Prepaid expenses and other |
19,267 |
|
15,810 |
|
Total current assets |
287,958 |
|
280,668 |
|
|
|
|
|
|
|
248,745 |
|
247,337 |
|
Acquired technology, net |
135,052 |
|
142,593 |
|
Operating lease right-of-use assets, net |
41,206 |
|
43,822 |
|
Property and equipment, net |
38,262 |
|
38,358 |
|
Other intangibles, net |
29,527 |
|
29,638 |
|
Deferred income taxes |
1,458 |
|
1,087 |
|
Other long-term assets |
20,936 |
|
8,894 |
|
Total assets |
$ 803,144 |
|
$ 792,397 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
$ 11,146 |
|
$ 13,318 |
|
Current portion of long-term debt |
99,698 |
|
1,451 |
|
Accrued expenses |
15,888 |
|
12,732 |
|
Accrued compensation |
15,236 |
|
18,715 |
|
Current maturities of operating leases |
4,513 |
|
3,395 |
|
Taxes payable |
3,521 |
|
3,840 |
|
Accrued procurement fees |
1,456 |
|
1,439 |
|
Other current liabilities |
1,380 |
|
2,972 |
|
Total current liabilities |
152,838 |
|
57,862 |
|
|
|
|
|
|
Long-term debt |
214,270 |
|
305,531 |
|
Contingent consideration |
51,720 |
|
63,890 |
|
Non-current maturities of operating leases |
41,440 |
|
43,977 |
|
Deferred income taxes |
18,538 |
|
21,851 |
|
Deferred compensation liability |
7,930 |
|
6,760 |
|
Non-current finance lease obligation |
3,194 |
|
3,405 |
|
Other long-term liabilities |
8,475 |
|
7,341 |
|
Total liabilities |
$ 498,405 |
|
$ 510,617 |
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
Preferred stock |
— |
|
— |
|
Common stock (75,000 shares authorized, 43,392 and 42,569 shares issued in 2024 and 2023, respectively) |
434 |
|
426 |
|
Additional paid-in capital |
373,264 |
|
355,919 |
|
Retained deficit |
(44,783) |
|
(47,907) |
|
Accumulated other comprehensive loss |
(9,528) |
|
(12,010) |
|
|
(14,648) |
|
(14,648) |
|
Total stockholders' equity |
304,739 |
|
281,780 |
|
|
|
|
|
|
Total liabilities and stockholders' equity |
$ 803,144 |
|
$ 792,397 |
|
Condensed Consolidated Statement of Cash Flows In Thousands (Unaudited)
|
|||
|
|
Nine Months Ended
|
||
|
|
2024 |
|
2023 |
|
Net cash flows from operating activities: |
|
|
|
|
Net income (loss) |
$ 3,124 |
|
$ (26,715) |
|
|
|
|
|
|
Adjustments to reconcile net income (loss) to net cash from operating activities: |
|
|
|
|
Depreciation and amortization |
17,910 |
|
17,260 |
|
Change in fair value of contingent consideration |
(12,170) |
|
21,900 |
|
Non-cash compensation |
11,499 |
|
10,466 |
|
Non-cash lease expense |
5,860 |
|
5,467 |
|
Deferred income taxes |
(4,187) |
|
(7,250) |
|
Non-cash debt extinguishment expense |
3,669 |
|
— |
|
Write-down of inventories and deferred preservation costs |
2,911 |
|
3,726 |
|
Fair value adjustment of Endospan agreements |
(195) |
|
5,000 |
|
Gain from sale of non-financial assets |
— |
|
(14,250) |
|
Other |
1,818 |
|
2,325 |
|
Changes in operating assets and liabilities: |
|
|
|
|
Accounts payable, accrued expenses, and other liabilities |
(5,237) |
|
412 |
|
Inventories and deferred preservation costs |
(4,791) |
|
(10,592) |
|
Prepaid expenses and other assets |
(4,758) |
|
(527) |
|
Receivables |
(3,356) |
|
765 |
|
Net cash flows provided by operating activities |
12,097 |
|
7,987 |
|
|
|
|
|
|
Net cash flows from investing activities: |
|
|
|
|
Capital expenditures |
(9,763) |
|
(7,083) |
|
Payments for Endospan agreements |
(7,000) |
|
(5,000) |
|
Proceeds from sale of non-financial assets, net |
— |
|
14,250 |
|
Net cash flows (used in) provided by investing activities |
(16,763) |
|
2,167 |
|
|
|
|
|
|
Net cash flows from financing activities: |
|
|
|
|
Proceeds from issuance of debt |
190,000 |
|
— |
|
Proceeds from revolving credit facility |
30,000 |
|
— |
|
Proceeds from exercise of stock options and issuance of common stock |
5,285 |
|
3,467 |
|
Proceeds from financing insurance premiums |
— |
|
3,558 |
|
Repayment of debt |
(211,765) |
|
(2,063) |
|
Payment of debt issuance costs |
(10,044) |
|
— |
|
Principal payments on short-term notes payable |
(1,027) |
|
(1,522) |
|
Other |
(420) |
|
(945) |
|
Net cash flows provided by financing activities |
2,029 |
|
2,495 |
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
(130) |
|
1,481 |
|
(Decrease) increase in cash and cash equivalents |
(2,767) |
|
14,130 |
|
|
|
|
|
|
Cash and cash equivalents beginning of period |
58,940 |
|
39,351 |
|
Cash and cash equivalents end of period |
$ 56,173 |
|
$ 53,481 |
|
Financial Highlights In Thousands (Unaudited)
|
|||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Products: |
|
|
|
|
|
|
|
|
Aortic stent grafts |
$ 28,643 |
|
$ 25,523 |
|
$ 92,936 |
|
$ 80,032 |
|
On-X |
21,478 |
|
18,744 |
|
61,804 |
|
54,346 |
|
Surgical sealants |
18,437 |
|
16,234 |
|
53,963 |
|
49,503 |
|
Other |
2,686 |
|
3,246 |
|
6,865 |
|
8,160 |
|
Total products |
71,244 |
|
63,747 |
|
215,568 |
|
192,041 |
|
|
|
|
|
|
|
|
|
|
Preservation services |
24,535 |
|
24,107 |
|
75,661 |
|
68,293 |
|
Total revenues |
$ 95,779 |
|
$ 87,854 |
|
$ 291,229 |
|
$ 260,334 |
|
|
|
|
|
|
|
|
|
|
|
49,089 |
|
48,028 |
|
148,679 |
|
137,541 |
|
|
30,423 |
|
26,536 |
|
98,156 |
|
84,608 |
|
|
10,366 |
|
8,402 |
|
27,628 |
|
24,655 |
|
|
5,901 |
|
4,888 |
|
16,766 |
|
13,530 |
|
Total revenues |
$ 95,779 |
|
$ 87,854 |
|
$ 291,229 |
|
$ 260,334 |
|
Reconciliation of GAAP to Non-GAAP Revenues In Thousands (Unaudited)
|
|||||||||
|
|
Revenues for the Three Months Ended
|
|
Percent Change From Prior Year |
||||||
|
|
2024 |
|
2023 |
|
|||||
|
|
US GAAP |
|
US GAAP |
|
Exchange |
|
Constant |
|
Constant |
|
Products: |
|
|
|
|
|
|
|
|
|
|
Aortic stent grafts |
$ 28,643 |
|
$ 25,523 |
|
$ (208) |
|
$ 25,315 |
|
13 % |
|
On-X |
21,478 |
|
18,744 |
|
(103) |
|
18,641 |
|
15 % |
|
Surgical sealants |
18,437 |
|
16,234 |
|
(128) |
|
16,106 |
|
14 % |
|
Other |
2,686 |
|
3,246 |
|
1 |
|
3,247 |
|
-17 % |
|
Total products |
71,244 |
|
63,747 |
|
(438) |
|
63,309 |
|
13 % |
|
|
|
|
|
|
|
|
|
|
|
|
Preservation services |
24,535 |
|
24,107 |
|
(22) |
|
24,085 |
|
2 % |
|
Total |
$ 95,779 |
|
$ 87,854 |
|
$ (460) |
|
$ 87,394 |
|
10 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
49,089 |
|
48,028 |
|
(50) |
|
47,978 |
|
2 % |
|
|
30,423 |
|
26,536 |
|
12 |
|
26,548 |
|
15 % |
|
|
10,366 |
|
8,402 |
|
1 |
|
8,403 |
|
23 % |
|
|
5,901 |
|
4,888 |
|
(423) |
|
4,465 |
|
32 % |
|
Total |
$ 95,779 |
|
$ 87,854 |
|
$ (460) |
|
$ 87,394 |
|
10 % |
|
|
Revenues for the Nine Months Ended
|
|
Percent Change From Prior Year |
||||||
|
|
2024 |
|
2023 |
|
|||||
|
|
US GAAP |
|
US GAAP |
|
Exchange |
|
Constant |
|
Constant |
|
Products: |
|
|
|
|
|
|
|
|
|
|
Aortic stent grafts |
$ 92,936 |
|
$ 80,032 |
|
688 |
|
$ 80,720 |
|
15 % |
|
On-X |
61,804 |
|
54,346 |
|
(2) |
|
54,344 |
|
14 % |
|
Surgical sealants |
53,963 |
|
49,503 |
|
(10) |
|
49,493 |
|
9 % |
|
Other |
6,865 |
|
8,160 |
|
4 |
|
8,164 |
|
-16 % |
|
Total products |
215,568 |
|
192,041 |
|
680 |
|
192,721 |
|
12 % |
|
|
|
|
|
|
|
|
|
|
|
|
Preservation services |
75,661 |
|
68,293 |
|
(26) |
|
68,267 |
|
11 % |
|
Total |
$ 291,229 |
|
$ 260,334 |
|
$ 654 |
|
$ 260,988 |
|
12 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
148,679 |
|
137,541 |
|
(57) |
|
137,484 |
|
8 % |
|
|
98,156 |
|
84,608 |
|
994 |
|
85,602 |
|
15 % |
|
|
27,628 |
|
24,655 |
|
— |
|
24,655 |
|
12 % |
|
|
16,766 |
|
13,530 |
|
(283) |
|
13,247 |
|
27 % |
|
Total |
$ 291,229 |
|
$ 260,334 |
|
$ 654 |
|
$ 260,988 |
|
12 % |
|
Reconciliation of GAAP to Non-GAAP General, Administrative, and Marketing Expense, Adjusted EBITDA, and Free Cash Flows In Thousands (Unaudited)
|
|||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Reconciliation of G&A expense, GAAP to adjusted G&A, non-GAAP: |
|
|
|
|
|
|
|
|
General, administrative, and marketing expense, GAAP |
$ 50,017 |
|
$ 51,093 |
|
$ 130,026 |
|
$ 158,699 |
|
Business development, integration, and severance expense (income) |
3,431 |
|
6,363 |
|
(11,923) |
|
22,461 |
|
Corporate rebranding expense |
— |
|
65 |
|
— |
|
283 |
|
Adjusted G&A, non-GAAP |
$ 46,586 |
|
$ 44,665 |
|
$ 141,949 |
|
$ 135,955 |
|
|
|||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Reconciliation of net loss, GAAP to adjusted EBITDA, non-GAAP: |
|
|
|
|
|
|
|
|
Net (loss) income, GAAP |
$ (2,288) |
|
$ (9,801) |
|
$ 3,124 |
|
$ (26,715) |
|
Adjustments: |
|
|
|
|
|
|
|
|
Interest expense |
8,405 |
|
6,603 |
|
24,535 |
|
19,055 |
|
Depreciation and amortization expense |
6,110 |
|
5,759 |
|
17,910 |
|
17,260 |
|
Business development, integration, and severance expense (income) |
3,431 |
|
6,122 |
|
(11,923) |
|
26,844 |
|
Stock-based compensation expense |
3,769 |
|
3,187 |
|
11,499 |
|
10,466 |
|
Income tax expense |
1,022 |
|
382 |
|
5,964 |
|
5,720 |
|
Loss on extinguishment of debt |
— |
|
— |
|
3,669 |
|
— |
|
Interest income |
(366) |
|
(339) |
|
(1,093) |
|
(679) |
|
(Gain) loss on foreign currency revaluation |
(2,382) |
|
1,882 |
|
(29) |
|
112 |
|
Abandonment of CardioGenesis Cardiac laser therapy business |
— |
|
— |
|
— |
|
390 |
|
Corporate rebranding expense |
— |
|
65 |
|
— |
|
283 |
|
Gain from sale of non-financial assets |
— |
|
— |
|
— |
|
(14,250) |
|
Adjusted EBITDA, non-GAAP |
$ 17,701 |
|
$ 13,860 |
|
$ 53,656 |
|
$ 38,486 |
|
|
|||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Reconciliation of cash flows from operating activities, GAAP to free cash flows, non-GAAP: |
|
|
|
|
|
|
|
|
Net cash flows provided by operating activities |
$ 11,455 |
|
$ 7,232 |
|
$ 12,097 |
|
$ 7,987 |
|
Capital expenditures |
(3,639) |
|
(2,068) |
|
(9,763) |
|
(7,083) |
|
Free cash flows, non-GAAP |
$ 7,816 |
|
$ 5,164 |
|
$ 2,334 |
|
$ 904 |
|
Artivion Inc. and Subsidiaries Reconciliation of GAAP to Non-GAAP Net Income and Diluted Income Per Common Share In Thousands, Except Per Share Data (Unaudited)
|
|||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
GAAP: |
|
|
|
|
|
|
|
|
(Loss) income before income taxes |
$ (1,266) |
|
$ (9,419) |
|
$ 9,088 |
|
$ (20,995) |
|
Income tax expense |
1,022 |
|
382 |
|
5,964 |
|
5,720 |
|
Net (loss) income |
$ (2,288) |
|
$ (9,801) |
|
$ 3,124 |
|
$ (26,715) |
|
|
|
|
|
|
|
|
|
|
Diluted (loss) income per common share |
$ (0.05) |
|
$ (0.24) |
|
$ 0.07 |
|
$ (0.65) |
|
|
|
|
|
|
|
|
|
|
Diluted weighted-average common shares outstanding |
41,844 |
|
40,881 |
|
42,621 |
|
40,691 |
|
|
|
|
|
|
|
|
|
|
Reconciliation of (loss) income before income taxes, GAAP to adjusted income, non-GAAP: |
|
|
|
|
|
|
|
|
(Loss) income before income taxes, GAAP: |
$ (1,266) |
|
$ (9,419) |
|
$ 9,088 |
|
$ (20,995) |
|
Adjustments: |
|
|
|
|
|
|
|
|
Business development, integration, and severance expense (income) |
3,431 |
|
6,122 |
|
(11,923) |
|
26,844 |
|
Amortization expense |
3,990 |
|
3,766 |
|
11,650 |
|
11,453 |
|
Loss on extinguishment of debt |
— |
|
— |
|
3,669 |
|
— |
|
Non-cash interest expense |
546 |
|
465 |
|
1,610 |
|
1,391 |
|
Abandonment of CardioGenesis Cardiac laser therapy business |
— |
|
— |
|
— |
|
390 |
|
Corporate rebranding expense |
— |
|
65 |
|
— |
|
283 |
|
Gain from sale of non-financial assets |
— |
|
— |
|
— |
|
(14,250) |
|
Adjusted income before income taxes, non-GAAP |
6,701 |
|
999 |
|
14,094 |
|
5,116 |
|
|
|
|
|
|
|
|
|
|
Income tax expense calculated at a tax rate of 25% |
1,675 |
|
250 |
|
3,523 |
|
1,279 |
|
Adjusted net income, non-GAAP |
$ 5,026 |
|
$ 749 |
|
$ 10,571 |
|
$ 3,837 |
|
|
|
|
|
|
|
|
|
|
Reconciliation of diluted income (loss) per common share, GAAP to adjusted diluted income per common share, non-GAAP: |
|
|
|
|
|
|
|
|
Diluted (loss) income per common share, GAAP: |
$ (0.05) |
|
$ (0.24) |
|
$ 0.07 |
|
$ (0.65) |
|
Adjustments: |
|
|
|
|
|
|
|
|
Business development, integration, and severance expense (income) |
0.08 |
|
0.15 |
|
(0.28) |
|
0.65 |
|
Amortization expense |
0.09 |
|
0.09 |
|
0.27 |
|
0.28 |
|
Loss on extinguishment of debt |
— |
|
— |
|
0.09 |
|
— |
|
Non-cash interest expense |
0.02 |
|
0.01 |
|
0.04 |
|
0.03 |
|
Abandonment of CardioGenesis Cardiac laser therapy business |
— |
|
— |
|
— |
|
0.01 |
|
Corporate rebranding expense |
— |
|
— |
|
— |
|
0.01 |
|
Gain from sale of non-financial assets |
— |
|
— |
|
— |
|
(0.34) |
|
Tax effect of non-GAAP adjustments |
(0.05) |
|
(0.06) |
|
(0.03) |
|
(0.17) |
|
Effect of 25% tax rate |
0.03 |
|
0.07 |
|
0.09 |
|
0.27 |
|
Adjusted diluted income per common share, non-GAAP |
$ 0.12 |
|
$ 0.02 |
|
$ 0.25 |
|
$ 0.09 |
|
|
|
|
|
|
|
|
|
|
Reconciliation of diluted weighted-average common shares outstanding GAAP to diluted weighted-average common shares outstanding, non-GAAP: |
|
|
|
|
|
|
|
|
Diluted weighted-average common shares outstanding, GAAP: |
41,844 |
|
40,881 |
|
42,621 |
|
40,691 |
|
Adjustments: |
|
|
|
|
|
|
|
|
Effect of dilutive stock options and awards |
1,160 |
|
662 |
|
— |
|
512 |
|
Diluted weighted-average common shares outstanding, non-GAAP |
43,004 |
|
41,543 |
|
42,621 |
|
41,203 |
|
Contacts: |
|
|
|
|
|
|
|
|
Executive Vice President & |
Phone: 332-895-3222 |
|
Chief Financial Officer |
|
|
Phone: 770-419-3355 |
|
View original content to download multimedia:https://www.prnewswire.com/news-releases/artivion-reports-third-quarter-2024-financial-results-302299294.html
SOURCE
