Artivion Celebrates Strong Financial Results for 2024 with Significant Revenue Growth
Artivion, Inc., a prominent player in cardiac and vascular surgery, has announced its financial results for the fourth quarter and full year ending December 31, 2024. With a focus on innovation in treating aortic diseases, the company reports remarkable growth in both revenue and adjusted EBITDA, showcasing its resilience despite market challenges.
In the fourth quarter of 2024, Artivion achieved revenues of $97.3 million, marking a 4% increase compared to $93.7 million in the fourth quarter of 2023. On a non-GAAP constant currency basis, the revenue growth stands at 3%. Over the full year 2024, Artivion posted total revenues of $388.5 million, which signifies a significant 10% increase from the previous year’s $354.0 million.
Despite the strong revenue performance, the company reported a net loss of $16.5 million, or $0.39 per diluted share, for the fourth quarter. This contrasts with a net loss of $4.0 million, or $0.10 per diluted share, in the same quarter in 2023. Alternatively, in a notable shift, the non-GAAP net income for the fourth quarter amounted to $0.2 million, illustrating variability driven by foreign currency revaluation impacts on financial results.
Throughout the year, Artivion managed to achieve a 32% increase in adjusted EBITDA, reaching $71.3 million compared to $53.8 million in 2023. This growth is attributed to robust performances across its product lines, particularly in the On-X mechanical heart valves, stent grafts, and BioGlue categories, each reporting year-over-year growth rates of 10%, 10%, and 8% respectively. Latin America was a highlight, with revenue growth soaring to 26% on a constant currency basis.
Artivion's accomplishments in 2024 were bolstered by important regulatory advancements as well. The company received a Humanitarian Device Exemption (HDE) from the U.S. Food and Drug Administration (FDA) for its AMDS Hybrid Prosthesis, paving the way for introducing this groundbreaking technology to patients. Furthermore, the submission of the second module of the pre-market approval application (PMA) for AMDS reflects Artivion's commitment to advancing its product offerings.
Pat Mackin, Chairman, President, and CEO, articulated his enthusiasm about the company's trajectory, emphasizing the strong revenue and adjusted EBITDA growth. "2024 was an exceptional year for Artivion, marked by our ability to deliver positive free cash flow while significantly advancing our clinical and regulatory initiatives," Mackin stated. He also mentioned that Q4 revenues were slightly impacted by a cybersecurity incident experienced in late November 2024, but he is optimistic that the situation will not substantially affect the company’s operations moving forward.
Looking ahead, Artivion projects revenues for 2025 to be between $420 million to $435 million, reflecting a projected growth of 10% to 14% based on constant currency. Adjusted EBITDA is expected to grow by 18% to 28%, which underscores the company’s confidence in executing its strategic plan and stimulating continued growth.
Artivion operates a diverse portfolio of products that includes not only the aortic stent grafts and surgical sealants but also advanced technologies that target the most pressing challenges faced by cardiac and vascular surgeons today. With marketing and selling products in over 100 countries, Artivion is positioned to make significant impacts on patient outcomes globally.
The company emphasizes transparency in its financial reporting and has adopted non-GAAP measures to provide stakeholders with a clearer picture of its performance, accounting for variances in currency exchange impacts. Management encourages investors to look at comprehensive financial statements to ensure an informed understanding of Artivion’s operations.
Moreover, the impending teleconference call limited to financial analysts reveals Artivion’s commitment to maintaining open channels with its investors. For those interested in attending, further details and access can be found on Artivion's official website.
Artivion continues to innovate and grow in a competitive market, reaffirming its status as a leader in the cardiovascular space, while striving to provide solutions that not only support healthcare practitioners but also significantly enhance patient care and outcomes.
In the fourth quarter of 2024, Artivion achieved revenues of $97.3 million, marking a 4% increase compared to $93.7 million in the fourth quarter of 2023. On a non-GAAP constant currency basis, the revenue growth stands at 3%. Over the full year 2024, Artivion posted total revenues of $388.5 million, which signifies a significant 10% increase from the previous year’s $354.0 million.
Despite the strong revenue performance, the company reported a net loss of $16.5 million, or $0.39 per diluted share, for the fourth quarter. This contrasts with a net loss of $4.0 million, or $0.10 per diluted share, in the same quarter in 2023. Alternatively, in a notable shift, the non-GAAP net income for the fourth quarter amounted to $0.2 million, illustrating variability driven by foreign currency revaluation impacts on financial results.
Throughout the year, Artivion managed to achieve a 32% increase in adjusted EBITDA, reaching $71.3 million compared to $53.8 million in 2023. This growth is attributed to robust performances across its product lines, particularly in the On-X mechanical heart valves, stent grafts, and BioGlue categories, each reporting year-over-year growth rates of 10%, 10%, and 8% respectively. Latin America was a highlight, with revenue growth soaring to 26% on a constant currency basis.
Artivion's accomplishments in 2024 were bolstered by important regulatory advancements as well. The company received a Humanitarian Device Exemption (HDE) from the U.S. Food and Drug Administration (FDA) for its AMDS Hybrid Prosthesis, paving the way for introducing this groundbreaking technology to patients. Furthermore, the submission of the second module of the pre-market approval application (PMA) for AMDS reflects Artivion's commitment to advancing its product offerings.
Pat Mackin, Chairman, President, and CEO, articulated his enthusiasm about the company's trajectory, emphasizing the strong revenue and adjusted EBITDA growth. "2024 was an exceptional year for Artivion, marked by our ability to deliver positive free cash flow while significantly advancing our clinical and regulatory initiatives," Mackin stated. He also mentioned that Q4 revenues were slightly impacted by a cybersecurity incident experienced in late November 2024, but he is optimistic that the situation will not substantially affect the company’s operations moving forward.
Looking ahead, Artivion projects revenues for 2025 to be between $420 million to $435 million, reflecting a projected growth of 10% to 14% based on constant currency. Adjusted EBITDA is expected to grow by 18% to 28%, which underscores the company’s confidence in executing its strategic plan and stimulating continued growth.
Artivion operates a diverse portfolio of products that includes not only the aortic stent grafts and surgical sealants but also advanced technologies that target the most pressing challenges faced by cardiac and vascular surgeons today. With marketing and selling products in over 100 countries, Artivion is positioned to make significant impacts on patient outcomes globally.
The company emphasizes transparency in its financial reporting and has adopted non-GAAP measures to provide stakeholders with a clearer picture of its performance, accounting for variances in currency exchange impacts. Management encourages investors to look at comprehensive financial statements to ensure an informed understanding of Artivion’s operations.
Moreover, the impending teleconference call limited to financial analysts reveals Artivion’s commitment to maintaining open channels with its investors. For those interested in attending, further details and access can be found on Artivion's official website.
Artivion continues to innovate and grow in a competitive market, reaffirming its status as a leader in the cardiovascular space, while striving to provide solutions that not only support healthcare practitioners but also significantly enhance patient care and outcomes.
Topics Health）
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