Artivion Reports Third Quarter 2024 Financial Results

Financial Performance - Total revenues for Q3 2024 were $95.8 million, a 9% increase on a GAAP basis and a 10% increase on a non-GAAP constant currency basis compared to Q3 2023 [2][3] - Net loss for Q3 2024 was ($2.3) million or ($0.05) per fully diluted share, an improvement from a net loss of ($9.8) million or ($0.24) per fully diluted share in Q3 2023 [2][20] - Non-GAAP net income for Q3 2024 was $5.0 million or $0.12 per fully diluted share, compared to $749,000 or $0.02 per fully diluted share in Q3 2023 [2][20] - Adjusted EBITDA increased by 28% to $17.7 million in Q3 2024 compared to $13.9 million in Q3 2023 [2][20] Revenue Growth Drivers - Revenue growth in Q3 2024 was driven by On-X growth of 15%, BioGlue growth of 14%, and stent grafts growth of 12% compared to Q3 2023 [2][3] - Revenue in Asia Pacific and Latin America grew by 23% and 21% respectively, with constant currency growth of 23% and 32% [2][3] Regulatory and R&D Developments - The company submitted the first module of the pre-market approval application for AMDS Hybrid Prosthesis to the FDA [2][3] - Enrollment was completed in the NEXUS TRIOMPHE clinical trial [2][3] - BioGlue Surgical Adhesive received regulatory approval from the NMPA for commercialization in China, expected in the second half of 2025 [2][3] Financial Outlook - The company narrowed its revenue guidance for 2024, expecting constant currency revenue growth of 10% to 12%, with a revised range of $389 to $396 million [3] - Adjusted EBITDA growth is expected to be between 28% and 34% for the full year 2024, resulting in an expected range of $69 to $72 million [3]