Artivion Inc. ( (AORT) ) has released its Q3 earnings. Here is a breakdown of the information Artivion Inc. presented to its investors.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Artivion, Inc. is a medical device company based in Atlanta, Georgia, specializing in developing solutions for cardiac and vascular surgery, with a focus on aortic diseases.
Artivion recently announced its financial results for the third quarter of 2024, highlighting a revenue increase to $95.8 million, representing a 9% growth compared to the same period last year. The company also reported a net loss of $2.3 million, or $0.05 per diluted share, while achieving a non-GAAP net income of $5.0 million, or $0.12 per diluted share.
Key financial metrics for the third quarter included a 28% rise in adjusted EBITDA to $17.7 million. Revenue growth was driven by substantial increases in sales of On-X mechanical heart valves, BioGlue surgical sealants, and aortic stent grafts. The company also marked significant progress in its R&D pipeline, such as submitting the first module of the PMA application for the AMDS Hybrid Prosthesis with the FDA and receiving regulatory approval to commercialize BioGlue in China.
Looking forward, Artivion’s management remains optimistic, narrowing its revenue guidance for the full year 2024 to between $389 and $396 million, signifying a continued growth trajectory. The company also anticipates adjusted EBITDA growth of between 28% and 34% for the year, reflecting confidence in their strategic initiatives and market expansion efforts.
