Artivion(AORT) - 2024 Q1 - Quarterly Results

Financial Performance - Total revenue for Q1 2024 was $97.4 million, a 17% increase from $83.2 million in Q1 2023 on a GAAP basis[2] - Net income for Q1 2024 was $7.5 million, or $0.18 per fully diluted share, compared to a net loss of $13.5 million, or ($0.33) per fully diluted share in Q1 2023[5] - Non-GAAP adjusted EBITDA increased 60% to $17.3 million in Q1 2024, up from $10.8 million in Q1 2023[2] - Total revenues for Q1 2024 reached $97,431, a 16% increase from $83,229 in Q1 2023[20] - Net income for Q1 2024 was $7,533, compared to a net loss of $13,532 in Q1 2023[19] - Adjusted EBITDA for the same period increased to $17,312,000 from $10,805,000 year-over-year, reflecting a significant improvement[25] - Diluted income per common share improved to $0.18 from a loss of $0.33 in the same quarter last year[28] - Adjusted net income, non-GAAP, was $2,632,000 for the three months ended March 31, 2024, compared to $769,000 in the same period last year[28] Revenue Growth Drivers - Revenue growth was driven by a 26% increase in tissue processing and a 19% increase in stent grafts compared to Q1 2023[3] - Latin America region revenue grew 22% in Q1 2024 on a constant currency basis compared to the previous year[3] Future Guidance - The company raised its FY24 revenue guidance to a growth range of 9% to 12% on a constant currency basis, up from the previous range of 8% to 12%[6] - Expected revenues for FY24 are now projected to be between $386 million and $396 million, an increase from the previous range of $382 million to $396 million[6] - Non-GAAP adjusted EBITDA for FY24 is expected to increase between 26% and 34%, resulting in a range of $68 million to $72 million[6] Operational Metrics - Total current assets decreased to $276,785 from $280,668 at the end of 2023[16] - Total liabilities decreased to $489,022 from $510,617 at the end of 2023[16] - Cash and cash equivalents at the end of Q1 2024 were $51,118, down from $58,940 at the end of 2023[19] - Long-term debt increased to $313,004 from $305,531 at the end of 2023[16] - Adjusted general and administrative expenses for Q1 2024 were $48,076, compared to $45,219 in Q1 2023[24] - The company reported a decrease in cash flows used in operating activities to $(5,493) from $(6,154) year-over-year[19] - Free cash flows for the three months ended March 31, 2024, were $(9,104,000), slightly worse than $(8,997,000) in the prior year[26] Clinical and Market Developments - The On-X aortic valve clinical study showed a reduction in major bleeding risk by 87%, highlighting the clinical superiority of the aortic portfolio[3] - The company continues to focus on operational improvements and expansion into APAC and LATAM markets[11] Other Financial Details - Aortic stent grafts sales were $32,103, up 19% from $26,150 in the same period last year[22] - Preservation services revenue increased by 26% to $26,317 from $20,938 year-over-year[22] - The company reported an income before income taxes of $12,781,000 for the three months ended March 31, 2024, compared to a loss of $8,919,000 in the prior year[28] - The diluted weighted-average common shares outstanding increased to 47,886,000 from 40,432,000 year-over-year[28] - The company incurred a loss on extinguishment of debt amounting to $3,669,000 in the current quarter[28] - Business development, integration, and severance expenses resulted in an income of $(17,387,000) for the three months ended March 31, 2024[28] - Capital expenditures for the quarter were $(3,611,000), up from $(2,843,000) in the same period last year[26]