Artivion(AORT) - 2024 Q4 - Annual Results

Revenue Performance - Total revenue for Q4 2024 was $97.3 million, a 4% increase on a GAAP basis compared to Q4 2023[5]. - Full year 2024 revenue reached $388.5 million, representing a 10% increase on a GAAP basis compared to 2023[7]. - Revenue growth in Q4 2024 was driven by On-X (10%), stent grafts (10%), and BioGlue (8%) compared to Q4 2023[3]. - Product revenues for the year ended December 31, 2024, reached $290,230,000, compared to $261,185,000 in 2023, reflecting a year-over-year increase of 11.1%[20]. - Total revenues for the three months ended December 31, 2024, were $97,308 million, representing a 3% increase from $93,670 million in the prior year[30]. - Aortic stent grafts revenue increased by 8% to $30,145 million from $27,437 million year-over-year[30]. - North America revenue for the year ended December 31, 2024, was $197,940 million, a 6% increase from $187,603 million in 2023[30]. - Europe, the Middle East, and Africa revenue increased by 13% to $131,518 million for the year ended December 31, 2024, compared to $114,814 million in 2023[30]. - Latin America revenue for the year ended December 31, 2024, increased by 26% to $21,877 million from $18,010 million in the prior year[30]. Profitability and Loss - Adjusted EBITDA for Q4 2024 increased by 15% to $17.6 million, while full year adjusted EBITDA rose by 32% to $71.3 million[3]. - Net loss for Q4 2024 was $(16.5) million, or $(0.39) per fully diluted share, compared to a net loss of $(4.0) million in Q4 2023[6]. - The net loss for the year ended December 31, 2024, was $13,359,000, compared to a net loss of $30,690,000 in 2023, representing an improvement of 56.4%[20]. - For the three months ended December 31, 2024, the net loss was $16,483 million, compared to a net loss of $3,975 million for the same period in 2023, representing a significant increase in losses[34]. - The diluted loss per common share for the year ended December 31, 2024, was $0.32, compared to $0.75 for the year ended December 31, 2023, indicating a reduction in loss per share[34]. - Adjusted net income for the year ended December 31, 2024, was $10,768 million, up from $8,426 million in 2023, reflecting a year-over-year increase of approximately 27.7%[34]. Expenses and Costs - Operating income for the year ended December 31, 2024, was $38,874,000, a decrease from $5,742,000 in 2023, showing a significant decline[20]. - Research and development expenses for the year ended December 31, 2024, totaled $28,452,000, slightly down from $28,707,000 in 2023[20]. - The company incurred a cybersecurity incident expense of $4,583 million in 2024, which was not present in 2023, highlighting a new challenge faced by the company[34]. - Business development, integration, and severance expenses totaled $29,269 million for the year ended December 31, 2023, compared to a gain of $6,102 million in 2024, indicating a significant shift in expenses[34]. - The company reported a non-cash interest expense of $3,866 million for the year ended December 31, 2024, compared to $1,858 million in 2023, indicating a rise in interest-related costs[34]. - The total income tax expense for the year ended December 31, 2024, was $5,845 million, down from $9,104 million in 2023, reflecting a decrease in tax obligations[34]. Cash and Assets - Cash and cash equivalents at the end of the year on December 31, 2024, were $53,463,000, down from $58,940,000 at the end of 2023, a decrease of 8.4%[26]. - Total current assets increased to $290,080,000 as of December 31, 2024, compared to $280,668,000 in 2023, reflecting a growth of 3.0%[22]. - Total liabilities as of December 31, 2024, were $512,901,000, compared to $510,617,000 in 2023, indicating a slight increase of 0.4%[24]. Future Outlook - The company expects 2025 revenues to be between $420 million and $435 million, indicating a growth of 10% to 14% on a constant currency basis compared to 2024[9]. - Adjusted EBITDA for 2025 is projected to grow between 18% and 28%, resulting in an expected range of $84 million to $91 million[10]. - The company anticipates that the November 2024 cybersecurity incident will not significantly impact its business for the full year 2025[4]. - The company received a Humanitarian Device Exemption from the FDA for the AMDS Hybrid Prosthesis, facilitating its market entry[4].