0000784199FALSE00007841992024-02-152024-02-15

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________________
FORM 8-K
___________________________________________
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 15, 2024
___________________________________________
ARTIVION, INC.
(Exact name of registrant as specified in its charter)
___________________________________________
Delaware1-1316559-2417093
(State or Other Jurisdiction
of Incorporation)		(Commission File Number)
(IRS Employer
Identification No.)
1655 Roberts Boulevard, N.W., Kennesaw, Georgia
30144
(Address of principal executive office)(Zip Code)
Registrant's telephone number, including area code: (770) 419-3355
___________________________________________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange
on which registered
Common Stock, $0.01 par valueAORTNYSE
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02    Results of Operations and Financial Condition
On February 15, 2024, Artivion, Inc. (“Artivion”) issued a press release announcing its financial results for the fourth quarter ended December 31, 2023. Artivion hereby incorporates by reference herein the information set forth in its press release dated February 15, 2024, a copy of which is attached hereto as Exhibit 99.1. Except as otherwise provided in the press release, the press release speaks only as of the date of such press release and it shall not create any implication that the affairs of Artivion have continued unchanged since such date.
The information provided pursuant to this Item 2.02 is to be considered “furnished” pursuant to Item 2.02 of Form 8-K and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended, nor shall it be deemed incorporated by reference into any of Artivion’s reports or filings with the Securities and Exchange Commission, whether made before or after the date hereof, except as expressly set forth by specific reference in such report or filing.
Except for the historical information contained in this report, the statements made by Artivion are forward-looking statements that involve risks and uncertainties. All such statements are subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. Artivion’s future financial performance could differ significantly from the expectations of management and from results expressed or implied in the press release.  Please refer to the last paragraph of the text portion of the press release for further discussion about forward-looking statements. For further information on risk factors, please refer to “Risk Factors” contained in Artivion’s most recently filed Form 10-K and its subsequent filings with the Securities and Exchange Commission, as well as in the press release attached as Exhibit 99.1 hereto. Artivion disclaims any obligation or duty to update or modify these forward-looking statements.
Item 9.01(d)    Exhibits
(d)Exhibits.
Exhibit NumberDescription
Press Release dated February 15, 2024.
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
*Furnished herewith, not filed.
-2-

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, Artivion, Inc. has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: February 15, 2024
ARTIVION, INC.
By:/s/ Lance A. Berry
Name:Lance A. Berry
Title:
Executive Vice President and
Chief Financial Officer
-3-
Exhibit 99.1
image.jpg

FOR IMMEDIATE RELEASE

Contacts:
ArtivionGilmartin Group LLC
Lance A. Berry
Brian Johnston / Laine Morgan
Executive Vice President &Phone: 332-895-3222
Chief Financial Officerinvestors@artivion.com
Phone: 770-419-3355

Artivion Reports Fourth Quarter and Full Year 2023 Financial Results

Fourth Quarter and Recent Business Highlights:

•Achieved revenue of $93.7 million in the fourth quarter of 2023 versus $79.4 million in the fourth quarter of 2022, an increase of 18% on a GAAP basis and 15% on a non-GAAP constant currency basis
•Achieved revenue of $354.0 million for the full year of 2023 versus $313.8 million for the full year of 2022, an increase of 13% on a GAAP basis and 12% on a non-GAAP constant currency basis
•Net loss was ($4.0) million or ($0.10) per fully diluted share and non-GAAP net income was $4.6 million or $0.11 per fully diluted share in the fourth quarter of 2023
•Non-GAAP adjusted EBITDA increased 40% to $15.3 million in the fourth quarter of 2023 compared to $11.0 million in the fourth quarter of 2022. For the full year adjusted EBITDA increased 29.5% to $53.8 million
•Generated $11.4 million of free cash flow for the full year of 2023
•Closed non-dilutive credit agreement for $350.0 million of senior secured, interest-only, credit facilities with 6-year maturities
•Completed enrollment of the AMDS PERSEVERE clinical trial and presented positive results of the full IDE cohort at the STS Annual Meeting demonstrating a significant reduction of all-cause mortality and primary major adverse events (MAEs) at 30-days following AMDS implantation
•Appointed Lance A. Berry as Executive Vice President and Chief Financial Officer

ATLANTA, GA – (February 15, 2024) – Artivion, Inc. (NYSE: AORT), a leading cardiac and vascular surgery company focused on aortic disease, today announced financial results for the fourth quarter and full year ended December 31, 2023.

“2023 was a standout year for Artivion as we exceeded our revenue and adjusted EBITDA growth targets and continued to deliver on our mission to enhance our world class, aortic focused company with a highly differentiated product portfolio and global footprint. Revenue growth in the fourth quarter was strong across all four of our product lines and all four geographies, driven by particularly strong performance in On-X with 19% constant currency growth and tissue processing with 18% constant currency growth,” said Pat Mackin, Chairman, President, and Chief Executive Officer.
Page 1 of 12


Mr. Mackin added, “In addition to our strong commercial results, we also completed enrollment for our PERSEVERE clinical trial which met every primary endpoint and has set the stage for success with AMDS. Trial data out to 30 days demonstrated a 72% reduction in all-cause mortality and a 52% reduction in the primary composite endpoint of major adverse events, with zero occurrence of distal anastomotic new entry, or DANE, when compared to the current standard of care hemiarch procedure. We continue to work with the FDA toward PMA approval, which we anticipate in the second half of 2025.”

Mr. Mackin concluded, “Given our solid financial performance, improved capital structure, ongoing clinical progress and operational achievements in 2023, we enter 2024 with strong momentum and confidence in our ability to deliver profitable growth.”

Fourth Quarter 2023 Financial Results
Total revenues for the fourth quarter of 2023 were $93.7 million, an increase of 18% on a GAAP basis and 15% on a non-GAAP constant currency basis, both compared to the fourth quarter of 2022.

Net loss for the fourth quarter of 2023 was ($4.0) million, or ($0.10) per fully diluted common share, compared to net income of $2.2 million, or $0.05 per fully diluted common share for the fourth quarter of 2022. Non-GAAP net income for the fourth quarter of 2023 was $4.6 million, or $0.11 per fully diluted common share, compared to non-GAAP net income of $4.2 million, or $0.10 per fully diluted common share for the fourth quarter of 2022. Non-GAAP net income for the fourth quarter of 2023 includes pretax gains related to foreign currency revaluation of $2.2 million.

Full Year 2023 Financial Results
Total revenues for 2023 were $354.0 million, reflecting an increase of 13% on a GAAP basis and 12% on a non-GAAP constant currency basis compared to the full year of 2022.

Net loss for 2023 was ($30.7) million, or ($0.75) per fully diluted common share, compared to net loss of ($19.2) million, or ($0.48) per fully diluted common share for the full year of 2022. Non-GAAP net income for the full year of 2023 was $8.4 million, or $0.20 per fully diluted common share, compared to non-GAAP net income of $2.1 million, or $0.05 per fully diluted common share for the full year of 2022. Non-GAAP net income for the full year of 2023 includes pretax gains related to foreign currency revaluation of $2.1 million.

2024 Financial Outlook
The Company expects revenues for the full year 2024 to be in the range of $382 to $396 million, representing growth of 8% to 12% compared to 2023 on both an as reported and constant currency basis. At current exchange rates, the company expects negligible year-over-year currency impact to revenue.

Artivion expects non-GAAP adjusted EBITDA, to increase between 26% and 34% for the full year 2024 compared to 2023, resulting in non-GAAP adjusted EBITDA to be in the range of $68 to $72 million in 2024.

The Company's financial performance for 2024 and future periods is subject to the risks identified below.

Page 2 of 12

Non-GAAP Financial Measures
This press release contains non-GAAP financial measures, including non-GAAP revenue, non-GAAP net income, non-GAAP adjusted EBITDA, non-GAAP general, administrative, and marketing expenses, and free cash flows. Investors should consider this non-GAAP information in addition to, and not as a substitute for, financial measures prepared in accordance with US GAAP. In addition, this non-GAAP financial information may not be the same as similar measures presented by other companies. The Company's non-GAAP revenues are adjusted for the impact of changes in currency exchange. The Company’s non-GAAP net income; non-GAAP adjusted EBITDA; non-GAAP general, administrative, and marketing, and free cash flows results exclude (as applicable) depreciation and amortization expense; interest income and expense; stock-based compensation expense; loss or gain on foreign currency revaluation; income tax expense or benefit; corporate rebranding expense; business development, integration, and severance income or expense; non-cash interest expense; gain from sale of non-financial assets, and abandonment of CardioGenesis cardiac laser therapy business. The Company generally uses non-GAAP financial measures to facilitate management's review of the operational performance of the company and as a basis for strategic planning. Company management believes that these non-GAAP presentations provide useful information to investors regarding unusual non-operating transactions; the operating expense structure of the Company's existing and recently acquired operations, without regard to its on-going efforts to acquire additional complementary products and businesses, and the transaction and integration expenses incurred in connection with recently acquired and divested product lines; and the operating expense structure excluding fluctuations resulting from foreign currency revaluation and stock-based compensation expense. The Company believes it is useful to exclude certain expenses because such amounts in any specific period may not directly correlate to the underlying performance of its business operations or can vary significantly between periods as a result of factors such as impact of recent acquisitions, non-cash expense related to amortization of previously acquired tangible and intangible assets, and any related adjustments to their carrying values. The Company has adjusted for the impact of changes in currency exchange from certain revenues to evaluate comparable product growth rates on a constant currency basis. The Company does, however, expect to incur similar types of expenses and currency exchange impacts in the future, and this non-GAAP financial information should not be viewed as a statement or indication that these types of expenses will not recur. Company management encourages investors to review the Company's consolidated financial statements and publicly filed reports in their entirety, including the reconciliation of GAAP to non-GAAP financial measures.

Webcast and Conference Call Information
The company will hold a teleconference call and live webcast on February 15, 2024, at 4:30 p.m. ET to discuss the results, followed by a question and answer session. To participate in the conference call dial 201-689-8261 a few minutes prior to 4:30 p.m. ET. The teleconference replay will be available approximately one hour following the completion of the event and can be accessed by calling (toll free) 877-660-6853 or 201-612-7415. The conference number for the replay is 13742847.

The live webcast and replay can be accessed by going to the Investors section of the Artivion website at www.Artivion.com and selecting the heading Webcasts & Presentations.

Page 3 of 12

About Artivion, Inc.
Headquartered in suburban Atlanta, Georgia, Artivion, Inc. is a medical device company focused on developing simple, elegant solutions that address cardiac and vascular surgeons’ most difficult challenges in treating patients with aortic diseases. Artivion’s four major groups of products include: aortic stent grafts, surgical sealants, On-X mechanical heart valves, and implantable cardiac and vascular human tissues. Artivion markets and sells products in more than 100 countries worldwide. For additional information about Artivion, visit our website, www.Artivion.com.

Forward Looking-Statements
Statements made in this press release that look forward in time or that express management's beliefs, expectations, or hopes are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the views of management at the time such statements are made. These statements include, but are not limited to, that we are entering 2024 with strong momentum and confidence in our ability to drive profitable growth, given our financial performance in 2023, our improved capital structure, and our on-going clinical progress; we expect revenues for the full year 2024 to be in the range of $382 to $396 million, representing revenue growth of between 8% to 12% compared to 2023, both as reported and on a constant currency basis; expect, at current exchange rates, negligible impact year-over-year to revenue on a constant currency basis; and expect non-GAAP adjusted EBITDA, to increase between 26% and 34% for the full year 2024 compared to 2023, resulting in non-GAAP adjusted EBITDA in the range of $68 to $72 million in 2024. These forward-looking statements are subject to a number of risks, uncertainties, estimates and assumptions that may cause actual results to differ materially from current expectations, including but not limited to the benefits anticipated from the Ascyrus Medical LLC transaction and Endospan agreements and our operational improvements in our tissue business may not be achieved at all or at the levels we anticipate or had originally anticipated; and the benefits anticipated from our clinical trials and regulatory approvals not be achieved or achieved on our anticipated timelines. These risks and uncertainties include the risk factors detailed in our Securities and Exchange Commission filings, including our Form 10-K for the year ended December 31, 2023 and subsequent Quarterly Reports on Form 10-Q and annual reports on Form 10-K. Artivion does not undertake to update its forward-looking statements, whether as a result of new information, future events, or otherwise.
Page 4 of 12

Artivion, Inc. and Subsidiaries
Consolidated Statements of Operations and Comprehensive Income (Loss)
In Thousands, Except Per Share Data
(Unaudited)
Three Months Ended
December 31,		Twelve Months Ended
December 31,
2023202220232022
Revenues:
Products$69,144 $58,627 $261,185 $230,353 
Preservation services24,526 20,771 92,819 83,436 
Total revenues93,670 79,398 354,004 313,789 
Cost of products and preservation services:
Products22,511 18,785 84,595 72,166 
Preservation services10,064 9,725 40,233 39,100 
Total cost of products and preservation services32,575 28,510 124,828 111,266 
Gross margin61,095 50,888 229,176 202,523 
Operating expenses:
General, administrative, and marketing50,278 38,454 208,977 157,443 
Research and development7,645 8,304 28,707 38,879 
Total operating expenses57,923 46,758 237,684 196,322 
Gain from sale of non-financial assets— — (14,250)— 
Operating income3,172 4,130 5,742 6,201 
Interest expense6,244 5,370 25,299 18,224 
Interest income(398)(61)(1,077)(147)
Other (income) expense, net(2,083)(4,456)3,106 3,108 
(Loss) income before income taxes(591)3,277 (21,586)(14,984)
Income tax expense 3,384 1,108 9,104 4,208 
Net (loss) income$(3,975)$2,169 $(30,690)$(19,192)
(Loss) income per share:
Basic$(0.10)0.05 $(0.75)$(0.48)
Diluted$(0.10)$0.05 $(0.75)$(0.48)
Weighted-average common shares outstanding:
Basic40,898 40,127 40,743 40,032 
Diluted40,898 40,509 40,743 40,032 
Net (loss) income$(3,975)$2,169 $(30,690)$(19,192)
Other comprehensive income (loss):
Foreign currency translation adjustments9,167 23,744 9,599 (11,722)
Comprehensive income (loss)$5,192 $25,913 $(21,091)$(30,914)
Page 5 of 12

Artivion, Inc. and Subsidiaries
Consolidated Balance Sheets
In Thousands, Except Per Share Data
December 31,
20232022
ASSETS
Current assets:
Cash and cash equivalents$58,940 $39,351 
Trade receivables, net71,796 61,820 
Other receivables2,342 7,764 
Inventories, net81,976 74,478 
Deferred preservation costs, net49,804 46,371 
Prepaid expenses and other15,810 17,550 
Total current assets280,668 247,334 
Goodwill247,337 243,631 
Acquired technology, net142,593 151,263 
Operating lease right-of-use assets, net43,822 41,859 
Property and equipment, net38,358 38,674 
Other intangibles, net29,638 31,384 
Deferred income taxes1,087 1,314 
Other long-term assets8,894 7,339 
Total assets$792,397 $762,798 

Page 6 of 12

Artivion, Inc. and Subsidiaries
Consolidated Balance Sheets
In Thousands, Except Per Share Data

December 31,
20232022
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable$13,318 $12,004 
Accrued compensation18,715 13,810 
Accrued expenses12,732 12,374 
Taxes payable3,840 2,635 
Current maturities of operating leases3,395 3,308 
Current portion of long-term debt1,451 1,608 
Accrued procurement fees1,439 2,111 
Current portion of finance lease obligation582 513 
Other 2,390 1,312 
Total current liabilities57,862 49,675 
Long-term debt305,531 306,499 
Contingent consideration 63,890 40,400 
Non-current maturities of operating leases43,977 41,257 
Deferred income taxes21,851 24,499 
Deferred compensation liability6,760 5,468 
Non-current finance lease obligations3,405 3,644 
Other7,341 7,027 
Total liabilities510,617 478,469 
Commitments and contingencies
Shareholders' equity:
Preferred stock $0.01 par value per share, 5,000 shares authorized, no shares issued
— — 
Common stock $0.01 par value per share, 75,000 shares authorized, 42,569 and 41,830 shares issued as of December 31, 2023 and 2022, respectively
426 418 
Additional paid-in capital355,919 337,385 
Retained deficit (47,907)(17,217)
Accumulated other comprehensive loss(12,010)(21,609)
Treasury stock at cost, 1,487 shares as of December 31, 2023 and 2022
(14,648)(14,648)
Total shareholders' equity281,780 284,329 
Total liabilities and shareholders' equity$792,397 $762,798 
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Artivion, Inc. and Subsidiaries
Consolidated Statement of Cash Flows
In Thousands
Year Ended December 31,
20232022
Net cash flows from operating activities:
Net loss$(30,690)$(19,192)
Adjustments to reconcile net loss to net cash from operating activities:
Change in fair value of contingent consideration23,490 (9,000)
Depreciation and amortization23,076 22,442 
Non-cash compensation14,422 12,344 
Non-cash lease expense 7,354 7,432 
Fair value adjustment of long-term loan5,000 — 
Write-down of inventories and deferred preservation costs4,785 4,374 
Non-cash interest expense1,858 1,832 
Deferred income taxes(1,385)(1,717)
Gain on sale of non-financial assets(14,250)— 
Other 1,358 2,268 
Changes in operating assets and liabilities:
Accounts payable, accrued expenses, and other liabilities1,682 (1,958)
Prepaid expenses and other assets535 (2,234)
Receivables(4,050)(13,340)
Inventories and deferred preservation costs(14,360)(8,404)
Net cash flows provided by (used in) operating activities18,825 (5,153)
Net cash flows from investing activities:
Proceeds from sale of non-financial assets, net14,250 — 
Payments for Endospan agreement(5,000)— 
Capital expenditures(7,430)(9,016)
Other(2,322)(1,699)
Net cash flows used in investing activities
(502)(10,715)
Net cash flows from financing activities:
Proceeds from exercise of stock options and issuance of common stock3,955 3,368 
Proceeds from financing insurance premiums3,558 — 
Payment of debt issuance costs(249)— 
Redemption and repurchase of stock to cover tax withholdings(559)(1,795)
Principal payments on short-term notes payable(2,531)— 
Repayment of debt(2,772)(2,753)
Other(537)(459)
Net cash flows provided by (used in) financing activities865 (1,639)
Effect of exchange rate changes on cash and cash equivalents401 1,848 
Increase (decrease) in cash and cash equivalents19,589 (15,659)
Cash and cash equivalents, beginning of year39,351 55,010 
Cash and cash equivalents, end of year$58,940 $39,351 
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Artivion, Inc. and Subsidiaries
Financial Highlights
In Thousands
(Unaudited)
Three Months Ended
December 31,		Twelve Months Ended
December 31,
2023202220232022
Products:
Aortic stent grafts$27,437$23,739$107,469$92,752
On-X20,18216,82274,52863,904
Surgical sealants18,51316,35768,01665,379
Other3,0121,70911,1728,318
Total products69,14458,627261,185 230,353 
Preservation services24,52620,77192,81983,436
Total revenues$93,670$79,398$354,004$313,789
North America50,062 42,709 187,603 167,542 
Europe, the Middle East, and Africa30,206 25,611 114,814 104,119 
Asia Pacific8,922 7,481 33,577 27,973 
Latin America4,480 3,597 18,010 14,155 
Total revenues$93,670$79,398$354,004$313,789
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Artivion, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP
Revenues 
In Thousands
(Unaudited)

Revenues for the
Three Months Ended
December 31,		Percent
Change
From Prior
Year
20232022
US GAAPUS GAAPExchange Rate EffectConstant CurrencyConstant Currency
Products:
Aortic stent grafts$27,437 $23,739 $1,604 $25,343 8 %
Surgical sealants18,513 16,357 273 16,630 11 %
On-X20,182 16,822 189 17,011 19 %
Other3,012 1,709 14 1,723 75 %
Total products69,14458,6272,08060,70714%
Preservation services24,52620,771(7)20,764 18 %
Total$93,670$79,398$2,073$81,47115%
North America50,062 42,709 (15)42,694 17 %
Europe, the Middle East, and Africa30,206 25,611 1,907 27,518 10 %
Asia Pacific8,922 7,481 6 7,487 19 %
Latin America4,480 3,597 175 3,772 19 %
Total$93,670$79,398$2,073$81,47115%

Revenues for the
Twelve Months Ended
December 31,		Percent
Change
From Prior
Year
20232022
US GAAPUS GAAPExchange Rate EffectConstant CurrencyConstant Currency
Products:
Aortic stent grafts$107,469 $92,752 $1,587 $94,339 14 %
Surgical sealants68,016 $65,379 236 65,615 4 %
On-X74,528 $63,904 61 63,965 17 %
Other11,172 $8,318 4 8,322 34 %
Total products261,185230,3531,888232,24112%
Preservation services$92,819 $83,436 (88)83,348 11 %
Total$354,004$313,789$1,800$315,58912%
North America187,603 167,542 (268)167,274 12 %
Europe, the Middle East, and Africa114,814 104,119 1,787 105,906 8 %
Asia Pacific33,577 27,973 (73)27,900 20 %
Latin America18,010 14,155 354 14,509 24 %
Total$354,004$313,789$1,800$315,58912%
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Artivion, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP
General, Administrative, and Marketing Expense, Adjusted EBITDA, and Free Cash Flows
In Thousands
(Unaudited)
Three Months Ended
December 31,		Twelve Months Ended
December 31,
2023202220232022
Reconciliation of G&A expenses, GAAP to adjusted G&A, non-GAAP:
General, administrative, and marketing expense, GAAP$50,278 $38,454 $208,977 $157,443 
Business development, integration, and severance expense (income)2,531 (3,934)24,992 (7,750)
Corporate rebranding expense72 499 355 1,908 
Abandonment of CardioGenesis cardiac laser therapy business— — 160 — 
Adjusted G&A, non-GAAP$47,675 $41,889 $183,470 $163,285 

Three Months Ended
December 31,		Twelve Months Ended
December 31,
2023202220232022
Reconciliation of net (loss) income, GAAP to adjusted EBITDA, non-GAAP:
Net (loss) income, GAAP$(3,975)$2,169 $(30,690)$(19,192)
Adjustments:
Business development, integration, and severance expense (income)2,425 (2,036)29,269 (5,852)
Interest expense6,244 5,370 25,299 18,224 
Depreciation and amortization expense5,816 5,426 23,076 22,442 
Stock-based compensation expense3,956 3,155 14,422 12,344 
Income tax expense3,384 1,108 9,104 4,208 
Abandonment of CardioGenesis cardiac laser therapy business— — 390 — 
Corporate rebranding expense72 499 355 1,908 
Clinical trial termination (income) expense— (197)— 4,544 
Interest income(398)(61)(1,077)(147)
(Gain) loss on foreign currency revaluation(2,192)(4,470)(2,080)3,085 
Gain from sale of non-financial assets— — (14,250)— 
Adjusted EBITDA, non-GAAP$15,332 $10,963 $53,818 $41,564 

Three Months Ended
December 31,		Twelve Months Ended
December 31,
2023202220232022
Reconciliation of cash flows from operating activities, GAAP to free cash flows, non-GAAP:
Net cash flows provided by (used in) operating activities$9,299 $(217)$18,825 $(5,153)
Capital expenditures (1,927)(2,092)(7,430)(9,016)
Free cash flows, non-GAAP$7,372 $(2,309)$11,395 $(14,169)
Page 11 of 12

Artivion Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP
Net Income and Diluted Income Per Common Share
In Thousands, Except Per Share Data
(Unaudited)
Three Months Ended
December 31,		Twelve Months Ended
December 31,
2023202220232022
GAAP:
(Loss) income before income taxes$(591)$3,277 $(21,586)$(14,984)
Income tax expense3,384 1,108 9,104 4,208 
Net (loss) income$(3,975)$2,169 $(30,690)$(19,192)
Diluted (loss) income per common share$(0.10)$0.05 $(0.75)$(0.48)
Diluted weighted-average common shares outstanding40,898 40,509 40,743 40,032 
Reconciliation of (loss) income before income taxes, GAAP to adjusted income, non-GAAP
(Loss) income before income taxes, GAAP:$(591)$3,277 $(21,586)$(14,984)
Adjustments:
Business development, integration, and severance expense (income)2,425 (2,036)29,269 (5,852)
Amortization expense3,745 3,635 15,198 15,310 
Non-cash interest expense467 460 1,858 1,832 
Abandonment of CardioGenesis cardiac laser therapy business— — 390 — 
Corporate rebranding expense72 499 355 1,908 
Clinical trial termination (income) expense— (197)— 4,544 
Gain from sale of non-financial assets— — (14,250)— 
Adjusted income before income taxes, non-GAAP6,118 5,638 11,234 2,758 
Income tax expense calculated at a tax rate of 25%1,529 1,409 2,808 689 
Adjusted net income, non-GAAP$4,589 $4,229 $8,426 $2,069 
Reconciliation of diluted (loss) income per common share, GAAP to adjusted diluted income per common share, non-GAAP:
Diluted (loss) income per common share, GAAP:$(0.10)$0.05 $(0.75)$(0.48)
Adjustments:
Business development, integration, and severance expense (income)0.06 (0.05)0.71 (0.14)
Amortization expense0.09 0.09 0.37 0.38 
Non-cash interest expense0.01 0.01 0.04 0.04 
Abandonment of CardioGenesis cardiac laser therapy business— — 0.01 — 
Corporate rebranding expense— 0.02 0.01 0.05 
Clinical trial termination (income) expense— (0.01)— 0.11 
Tax effect of non-GAAP adjustments(0.03)(0.02)(0.20)(0.11)
Gain from sale of non-financial assets— — (0.34)— 
Effect of 25% tax rate0.08 0.01 0.35 0.20 
Adjusted diluted income per common share, non-GAAP$0.11 $0.10 $0.20 $0.05 
Reconciliation of diluted weighted-average common shares outstanding GAAP to diluted weighted-average common shares outstanding, non-GAAP:
Diluted weighted-average common shares outstanding, GAAP:40,898 40,509 40,743 40,032 
Adjustments:
Effect of dilutive stock options and awards802 — 598 464 
Diluted weighted-average common shares outstanding, non-GAAP41,700 40,509 41,341 40,496 
Page 12 of 12
v3.24.0.1
Cover
Feb. 15, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 15, 2024
Entity Registrant Name ARTIVION, INC.
Entity Incorporation, State or Country Code DE
Entity File Number 1-13165
Entity Tax Identification Number 59-2417093
Entity Address, Address Line One 1655 Roberts Boulevard
Entity Address, Address Line Two N.W.
Entity Address, City or Town Kennesaw
Entity Address, State or Province GA
Entity Address, Postal Zip Code 30144
City Area Code 770
Local Phone Number 419-3355
Title of 12(b) Security Common Stock, $0.01 par value
Trading Symbol AORT
Security Exchange Name NYSE
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0000784199
Amendment Flag false
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