Artivion(US:AORT)2025-11-06 21:09Financial Performance - Artivion reported third quarter 2025 revenue of $113.4 million, an increase of 18% on a GAAP basis and 16% on a non-GAAP constant currency basis compared to Q3 2024[6] - Net income for Q3 2025 was $6.5 million, or $0.13 per fully diluted share, compared to a net loss of $(2.3) million, or $(0.05) per fully diluted share in Q3 2024[8] - Adjusted EBITDA increased by 39% to $24.6 million in Q3 2025, up from $17.7 million in Q3 2024[6] - Total revenues for the three months ended September 30, 2025, increased to $113,388,000, up 18.4% from $95,779,000 in the same period of 2024[26] - Gross margin for the three months ended September 30, 2025, was $74,395,000, representing a 65.6% margin compared to $61,009,000 in 2024[26] - Operating income for the three months ended September 30, 2025, rose to $12,536,000, compared to $4,387,000 in 2024, marking a 185.5% increase[26] - Total product revenues for the nine months ended September 30, 2025, were $253.907 million, reflecting a 17% increase from $215.568 million in the same period of 2024[30] - Free cash flows for Q3 2025 amounted to $17.653 million, significantly higher than $7.816 million in Q3 2024[30] Revenue Breakdown - Stent grafts revenue grew by 38%, On-X by 25%, preservation services by 5%, and BioGlue by 2% year-over-year in Q3 2025[4] - Aortic stent grafts generated $39.585 million in Q3 2025, up 31% from $28.643 million in Q3 2024[28] - On-X product revenues increased by 23% to $26.797 million in Q3 2025, compared to $21.478 million in Q3 2024[28] - Preservation services revenues decreased by 5% to $71.431 million for the nine months ended September 30, 2025, compared to $75.661 million in the same period of 2024[30] Guidance and Projections - Artivion raised its full year 2025 revenue guidance to a range of $439 to $445 million, reflecting constant currency growth of 13% to 14%[9] - The company also raised its adjusted EBITDA guidance for 2025, now expecting growth of 24% to 28%, with adjusted EBITDA projected to be between $88 to $91 million[10] - Artivion aims to grow adjusted EBITDA at twice the rate of constant currency revenue growth, indicating strong operational momentum[7] Clinical and Operational Developments - Artivion enrolled the first patient in the ARTIZEN trial for Arcevo, marking a significant milestone in its clinical programs[6] - Positive clinical data from AMDS PERSEVERE and PROTECT trials were presented, validating the benefits of AMDS technology[5] Balance Sheet and Cash Flow - Cash and cash equivalents increased to $73,426,000 as of September 30, 2025, up from $53,463,000 at the end of 2024[22] - Total current assets reached $337,498,000 as of September 30, 2025, compared to $290,080,000 at the end of 2024, reflecting a 16.3% increase[22] - Total liabilities decreased to $418,968,000 as of September 30, 2025, down from $512,901,000 at the end of 2024[22] - Total assets increased to $857,662,000 as of September 30, 2025, from $789,101,000 at the end of 2024, representing an 8.7% growth[22] Expenses - Research and development expenses for the three months ended September 30, 2025, were $8,078,000, up from $6,605,000 in 2024, indicating a 22.3% increase[26] - General, administrative, and marketing expenses increased to $57.281 million in Q3 2025 from $50.017 million in Q3 2024[30] - The company reported a comprehensive income of $7,043,000 for the three months ended September 30, 2025, compared to $4,045,000 in 2024[26]