Artivion(US:AORT)2025-05-05 20:08Financial Performance - Total revenues for Q1 2025 were $99.0 million, a 2% increase on a GAAP basis and a 4% increase on a non-GAAP constant currency basis compared to Q1 2024[7]. - Net loss for Q1 2025 was $(0.5) million, or $(0.01) per fully diluted share, compared to net income of $7.5 million, or $0.18 per fully diluted share in Q1 2024[8]. - Adjusted EBITDA for Q1 2025 increased by 1% to $17.5 million compared to $17.3 million in Q1 2024[5]. - Total revenues for the three months ended March 31, 2025, were $98,978, a 4% increase from $97,431 in the same period of 2024[25]. - Adjusted EBITDA for the three months ended March 31, 2025, was $17,548, compared to $17,312 in the same period of 2024[29]. - For the three months ended March 31, 2025, the company reported a net loss of $505 million compared to a net income of $7,533 million in the same period of 2024[31]. - The diluted loss per common share for the current quarter was $(0.01), a decrease from $0.18 in the prior year[31]. - Adjusted net income, non-GAAP, was $2,494 million, slightly down from $2,632 million in the previous year[31]. - The adjusted diluted income per common share, non-GAAP, remained stable at $0.06 for both periods[31]. Revenue Growth - Stent grafts revenue grew by 14%, On-X by 10%, and BioGlue by 7% year-over-year, with constant currency growth rates of 19%, 11%, and 9% respectively[4]. - Aortic stent grafts revenue increased by 14% to $36,602 from $32,103 year-over-year[27]. - The company raised its full-year 2025 revenue guidance to a range of $423 to $435 million, representing growth of 11% to 14% on a constant currency basis compared to 2024[9]. Expenses and Liabilities - General, administrative, and marketing expenses increased to $54.7 million in Q1 2025 from $30.7 million in Q1 2024[19]. - Cash and cash equivalents decreased to $37,693 as of March 31, 2025, from $53,463 at the end of 2024[23]. - Total current liabilities decreased to $51,940 from $66,823 year-over-year[23]. - Long-term debt remained stable at $314,611 compared to $314,152 year-over-year[21]. Cybersecurity Incident - The company experienced a significant cybersecurity incident, which contributed $4,746 million to the adjustments in the income statement[31]. Clinical and Regulatory Updates - 30-day data from Endospan's NEXUS TRIOMPHE IDE trial showed a 63% reduction in the major adverse event (MAE) rate compared to reference performance goals[5]. - The clinical module of the pre-market approval application (PMA) for the AMDS Hybrid Prosthesis has been submitted to the FDA[5]. - The company anticipates NEXUS to be on track for FDA approval in the second half of 2026[6]. Cash Flow and Other Financial Metrics - Free cash flows for the three months ended March 31, 2025, were $(20,591), compared to $(9,104) in the same period of 2024[29]. - Total assets increased to $791,163 as of March 31, 2025, from $789,101 at the end of 2024[21]. - Business development, integration, and severance income showed a notable improvement, with a reduction in losses from $(17,387) million to $(3,057) million[31]. - The company incurred a non-cash interest expense of $543 million, slightly down from $580 million in the previous year[31]. - The income tax benefit for the current quarter was $(1,790) million, compared to an expense of $5,248 million in the same quarter last year[31].