First Quarter Highlights:
- Achieved revenue of $97.4 million
in the first quarter of 2024 versus $83.2
million in the first quarter of 2023, an increase of 17% on
a GAAP basis and 16% on a non-GAAP constant currency basis
- Net income was $7.5 million or
$0.18 per fully diluted share and
non-GAAP net income was $2.6 million
or $0.06 per fully diluted share in
the first quarter of 2024
- Non-GAAP adjusted EBITDA increased 60% to $17.3 million in the first quarter of 2024
compared to $10.8 million in the
first quarter of 2023
- Revised FY24 revenue guidance to 9% to 12% year-over-year
growth on a constant currency basis, an increase of 0.5% at the
midpoint
ATLANTA, May 6, 2024
/PRNewswire/ -- Artivion, Inc. (NYSE: AORT), a leading
cardiac and vascular surgery company focused on aortic disease,
today announced financial results for the first quarter ended
March 31, 2024.
"We are very pleased with our first quarter results as we
maintained growth momentum and executed on key operational
priorities. Revenue growth in the first quarter was driven by
year-over-year constant currency growth in tissue processing of 26%
and stent grafts of 19% compared to the first quarter of 2023. We
also saw revenue strength across the Latin America region which grew 22% in the
first quarter on a constant currency basis compared to last year,"
said Pat Mackin, Chairman,
President, and Chief Executive Officer.
Mr. Mackin added, "In addition to our strong commercial results,
we were pleased to see positive long-term results from the On-X
aortic valve post-market clinical study, the results of which were
presented at AATS in April. This study showed that the use of
the On-X aortic valve lowers the risk of major bleeding by 87% as
compared to historic control further demonstrating the clinical
superiority of our aortic portfolio."
Mr. Mackin concluded, "In light of our strong first quarter
performance, we are raising the midpoint of our full year revenue
expectations and remain confident in our ability to meet or exceed
our adjusted EBITDA target for 2024."
First Quarter 2024 Financial Results
Total revenues
for the first quarter of 2024 were $97.4
million, an increase of 17% on a GAAP basis and 16% on a
non-GAAP constant currency basis, both compared to the first
quarter of 2023.
Net income for the first quarter of 2024 was $7.5 million, or $0.18 per fully diluted common share, compared to
net loss of ($13.5) million, or
($0.33) per fully diluted common
share for the first quarter of 2023. Non-GAAP net income for the
first quarter of 2024 was $2.6
million, or $0.06 per fully
diluted common share, compared to non-GAAP net income of
$769,000, or $0.02 per fully diluted common share for the
first quarter of 2023. Non-GAAP net income for the first quarter of
2024 includes pretax losses related to foreign currency revaluation
of $1.4 million.
2024 Financial Outlook
Artivion is raising the lower
end of its revenue guidance and now expects constant currency
revenue growth of between 9% to 12% for the full year 2024,
compared to the 8% to 12% previously provided. Growth rates
are compared to 2023. The Company expects revenues to be in the
range of $386 to $396 million compared to the previously
articulated range of $382 to
$396 million. At current rates, the
Company expects negligible year-over-year currency impact on the
full year 2024 revenues.
Additionally, Artivion continues to expect non-GAAP adjusted
EBITDA to increase between 26% and 34% for the full year 2024
compared to 2023, resulting in 2024 non-GAAP adjusted EBITDA in the
range of $68 to $72 million.
The Company's financial performance for 2024 and future periods
is subject to the risks identified below.
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; loss on extinguishment of debt;
and non-cash interest expense. 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 May 6, 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 13744600.
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.
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, those regarding our
full year revenue expectations and our confidence in our
ability to meet or exceed our adjusted EBITDA target for 2024; the
timeline for regulatory approval for AMDS and other products; that
our revenues for the full year 2024 will be in the range of
$386 to $396
million, representing revenue growth of between 9% to 12%
compared to 2023 on a constant currency basis; expect, at current
exchange rates, negligible currency impact on the 2024 full year
revenues; 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 unpredictability of the timing
and outcome of regulatory decisions, the benefits anticipated from
the Ascyrus Medical LLC transaction and Endospan agreements and our
operational improvements in our tissue and stent graft business may
not be achieved at all or at the levels we anticipate or had
originally anticipated; the benefits anticipated from our clinical
trials and regulatory approvals may not be achieved or achieved on
our anticipated timelines; and the benefits anticipated from our
expansion into APAC and LATAM may 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 our Form 10-Q for the
quarter ended March 31, 2024.
Artivion does not undertake to update its forward-looking
statements, whether as a result of new information, future events,
or otherwise.
|
Artivion, Inc. and
Subsidiaries
Condensed
Consolidated Statements of Operations and Comprehensive Income
(Loss)
In Thousands, Except
Per Share Data
(Unaudited)
|
|
|
Three Months
Ended
March 31,
|
|
2024
|
|
2023
|
|
Revenues:
|
|
|
|
|
Products
|
$
71,114
|
|
$
62,291
|
|
Preservation
services
|
26,317
|
|
20,938
|
|
Total
revenues
|
97,431
|
|
83,229
|
|
|
|
|
|
Cost of products and
preservation services:
|
|
|
|
|
Products
|
23,750
|
|
19,533
|
|
Preservation
services
|
10,735
|
|
9,969
|
|
Total cost of
products and preservation services
|
34,485
|
|
29,502
|
|
|
|
|
|
Gross
margin
|
62,946
|
|
53,727
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
General,
administrative, and marketing
|
30,689
|
|
50,365
|
|
Research and
development
|
6,946
|
|
7,223
|
|
Total operating
expenses
|
37,635
|
|
57,588
|
|
|
|
|
|
Operating income
(loss)
|
25,311
|
|
(3,861)
|
|
|
|
|
|
Interest
expense
|
7,826
|
|
6,096
|
|
Interest
income
|
(374)
|
|
(75)
|
|
Loss on extinguishment
of debt
|
3,669
|
|
—
|
|
Other expense (income),
net
|
1,409
|
|
(963)
|
|
|
|
|
|
Income (loss) before
income taxes
|
12,781
|
|
(8,919)
|
|
Income tax
expense
|
5,248
|
|
4,613
|
|
|
|
|
|
Net income
(loss)
|
$
7,533
|
|
$
(13,532)
|
|
|
|
|
|
Income (loss) per
share:
|
|
|
|
|
Basic
|
$
0.18
|
|
$
(0.33)
|
|
Diluted
|
$
0.18
|
|
$
(0.33)
|
|
|
|
|
|
Weighted-average
common shares outstanding:
|
|
|
|
|
Basic
|
41,290
|
|
40,432
|
|
Diluted
|
47,886
|
|
40,432
|
|
|
|
|
|
Net income
(loss)
|
$
7,533
|
|
$
(13,532)
|
|
Other comprehensive
(loss) income:
|
|
|
|
|
Foreign currency
translation adjustments
|
(3,137)
|
|
4,621
|
|
Unrealized gain (loss)
from foreign currency intra-entity loans, net of tax
|
1,609
|
|
(1,005)
|
|
Comprehensive
income (loss)
|
$
6,005
|
|
$
(9,916)
|
|
Artivion, Inc. and
Subsidiaries
Condensed
Consolidated Balance Sheets
In
Thousands
|
|
|
March 31,
2024
|
|
December 31,
2023
|
|
(Unaudited)
|
|
|
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
51,118
|
|
$
58,940
|
|
Trade receivables,
net
|
74,301
|
|
71,796
|
|
Other
receivables
|
2,272
|
|
2,342
|
|
Inventories,
net
|
81,716
|
|
81,976
|
|
Deferred preservation
costs, net
|
50,151
|
|
49,804
|
|
Prepaid expenses and
other
|
17,227
|
|
15,810
|
|
Total current
assets
|
276,785
|
|
280,668
|
|
|
|
|
|
Goodwill
|
245,030
|
|
247,337
|
|
Acquired technology,
net
|
138,474
|
|
142,593
|
|
Operating lease
right-of-use assets, net
|
42,492
|
|
43,822
|
|
Property and equipment,
net
|
37,788
|
|
38,358
|
|
Other intangibles,
net
|
29,506
|
|
29,638
|
|
Deferred income
taxes
|
668
|
|
1,087
|
|
Other long-term
assets
|
13,264
|
|
8,894
|
|
Total
assets
|
$
784,007
|
|
$
792,397
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
$
10,378
|
|
$
13,318
|
|
Accrued
compensation
|
10,843
|
|
18,715
|
|
Accrued
expenses
|
15,926
|
|
12,732
|
|
Taxes
payable
|
2,090
|
|
3,840
|
|
Current maturities of
operating leases
|
3,214
|
|
3,395
|
|
Accrued procurement
fees
|
1,418
|
|
1,439
|
|
Current portion of
long-term debt
|
270
|
|
1,451
|
|
Other current
liabilities
|
1,691
|
|
2,972
|
|
Total current
liabilities
|
45,830
|
|
57,862
|
|
|
|
|
|
Long-term
debt
|
313,004
|
|
305,531
|
|
Contingent
consideration
|
46,420
|
|
63,890
|
|
Non-current maturities
of operating leases
|
42,861
|
|
43,977
|
|
Deferred income
taxes
|
22,343
|
|
21,851
|
|
Deferred compensation
liability
|
7,445
|
|
6,760
|
|
Non-current finance
lease obligation
|
3,268
|
|
3,405
|
|
Other long-term
liabilities
|
7,851
|
|
7,341
|
|
Total
liabilities
|
$
489,022
|
|
$
510,617
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
Preferred
stock
|
—
|
|
—
|
|
Common stock (75,000
shares authorized, 43,224 and 42,569 shares issued in 2024 and
2023, respectively)
|
432
|
|
426
|
|
Additional paid-in
capital
|
363,113
|
|
355,919
|
|
Retained
deficit
|
(40,374)
|
|
(47,907)
|
|
Accumulated other
comprehensive loss
|
(13,538)
|
|
(12,010)
|
|
Treasury stock, at
cost, 1,487 shares as of March 31, 2024 and December 31,
2023
|
(14,648)
|
|
(14,648)
|
|
Total shareholders'
equity
|
294,985
|
|
281,780
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
$
784,007
|
|
$
792,397
|
|
Artivion, Inc. and
Subsidiaries
Condensed
Consolidated Statement of Cash Flows
In Thousands
(Unaudited)
|
|
|
Three Months
Ended
March 31,
|
|
2024
|
|
2023
|
|
Net cash flows from
operating activities:
|
|
|
|
|
Net income
(loss)
|
$
7,533
|
|
$
(13,532)
|
|
|
|
|
|
Adjustments to
reconcile net income (loss) to net cash from operating
activities:
|
|
|
|
|
Depreciation and
amortization
|
5,909
|
|
5,734
|
|
Deferred income
taxes
|
4,299
|
|
(2,167)
|
|
Loss on extinguishment
of debt
|
3,669
|
|
—
|
|
Non-cash
compensation
|
3,478
|
|
3,341
|
|
Non-cash lease
expense
|
1,920
|
|
1,802
|
|
Write-down of
inventories and deferred preservation costs
|
723
|
|
1,123
|
|
Change in fair value
of contingent consideration
|
(17,470)
|
|
4,800
|
|
Other
|
644
|
|
754
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
Inventories and
deferred preservation costs
|
(1,380)
|
|
(3,222)
|
|
Prepaid expenses and
other assets
|
(2,268)
|
|
(2,014)
|
|
Receivables
|
(3,334)
|
|
3,540
|
|
Accounts payable,
accrued expenses, and other liabilities
|
(9,216)
|
|
(6,313)
|
|
Net cash flows used
in operating activities
|
(5,493)
|
|
(6,154)
|
|
|
|
|
|
Net cash flows from
investing activities:
|
|
|
|
|
Capital
expenditures
|
(3,611)
|
|
(2,843)
|
|
Net cash flows used
in investing activities
|
(3,611)
|
|
(2,843)
|
|
|
|
|
|
Net cash flows from
financing activities:
|
|
|
|
|
Proceeds from issuance
of debt
|
190,000
|
|
—
|
|
Proceeds from
revolving credit facility
|
30,000
|
|
—
|
|
Proceeds from exercise
of stock options and issuance of common stock
|
3,528
|
|
2,581
|
|
Principal payments on
short-term notes payable
|
(1,027)
|
|
—
|
|
Payment of debt
issuance costs
|
(9,998)
|
|
—
|
|
Repayment of
debt
|
(211,627)
|
|
(690)
|
|
Other
|
(139)
|
|
(720)
|
|
Net cash flows
provided by financing activities
|
737
|
|
1,171
|
|
|
|
|
|
Effect of exchange rate
changes on cash and cash equivalents
|
545
|
|
(752)
|
|
Decrease in cash and
cash equivalents
|
(7,822)
|
|
(8,578)
|
|
|
|
|
|
Cash and cash
equivalents beginning of period
|
58,940
|
|
39,351
|
|
Cash and cash
equivalents end of period
|
$
51,118
|
|
$
30,773
|
|
Artivion, Inc. and
Subsidiaries
Financial
Highlights
In Thousands
(Unaudited)
|
|
|
Three Months
Ended
March 31,
|
|
2024
|
|
2023
|
|
Products:
|
|
|
|
|
Aortic stent
grafts
|
$
32,103
|
|
$
26,150
|
|
On-X
|
19,681
|
|
17,656
|
|
Surgical
sealants
|
16,981
|
|
16,703
|
|
Other
|
2,349
|
|
1,782
|
|
Total
products
|
71,114
|
|
62,291
|
|
|
|
|
|
Preservation
services
|
26,317
|
|
20,938
|
|
Total
revenues
|
$
97,431
|
|
$
83,229
|
|
|
|
|
|
North
America
|
50,928
|
|
43,244
|
|
Europe, the Middle
East, and Africa
|
33,588
|
|
27,929
|
|
Asia Pacific
|
7,609
|
|
7,878
|
|
Latin
America
|
5,306
|
|
4,178
|
|
Total
revenues
|
$
97,431
|
|
$
83,229
|
|
Artivion, Inc. and
Subsidiaries
Reconciliation of
GAAP to Non-GAAP
Revenues
In Thousands
(Unaudited)
|
|
|
Revenues for
the
Three Months
Ended
March
31,
|
|
Percent
Change
From
Prior
Year
|
|
2024
|
|
2023
|
|
|
US
GAAP
|
|
US
GAAP
|
|
Exchange
Rate Effect
|
|
Constant
Currency
|
|
Constant
Currency
|
|
Products:
|
|
|
|
|
|
|
|
|
|
|
Aortic stent
grafts
|
$
32,103
|
|
$
26,150
|
|
$
748
|
|
$
26,898
|
|
19 %
|
|
On-X
|
19,681
|
|
17,656
|
|
104
|
|
17,760
|
|
11 %
|
|
Surgical
sealants
|
16,981
|
|
16,703
|
|
118
|
|
16,821
|
|
1 %
|
|
Other
|
2,349
|
|
1,782
|
|
5
|
|
1,787
|
|
31 %
|
|
Total
products
|
71,114
|
|
62,291
|
|
975
|
|
63,266
|
|
12 %
|
|
|
|
|
|
|
|
|
|
|
|
Preservation
services
|
26,317
|
|
20,938
|
|
2
|
|
20,940
|
|
26 %
|
|
Total
|
$
97,431
|
|
$
83,229
|
|
$
977
|
|
$
84,206
|
|
16 %
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
50,928
|
|
43,244
|
|
6
|
|
43,250
|
|
18 %
|
|
Europe, the Middle
East, and Africa
|
33,588
|
|
27,929
|
|
805
|
|
28,734
|
|
17 %
|
|
Asia Pacific
|
7,609
|
|
7,878
|
|
—
|
|
7,878
|
|
-3 %
|
|
Latin
America
|
5,306
|
|
4,178
|
|
166
|
|
4,344
|
|
22 %
|
|
Total
|
$
97,431
|
|
$
83,229
|
|
$
977
|
|
$
84,206
|
|
16 %
|
|
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
March 31,
|
|
2024
|
|
2023
|
|
Reconciliation of
G&A expense, GAAP to adjusted G&A,
non-GAAP:
|
|
|
|
|
General,
administrative, and marketing expense, GAAP
|
$
30,689
|
|
$
50,365
|
|
Business
development, integration, and severance (income) expense
|
(17,387)
|
|
4,997
|
|
Corporate
rebranding expense
|
—
|
|
149
|
|
Adjusted G&A,
non-GAAP
|
$
48,076
|
|
$
45,219
|
|
|
Three Months
Ended
March 31,
|
|
2024
|
|
2023
|
|
Reconciliation of
net income (loss), GAAP to adjusted EBITDA,
non-GAAP:
|
|
|
|
|
Net income (loss),
GAAP
|
$
7,533
|
|
$
(13,532)
|
|
Adjustments:
|
|
|
|
|
Interest
expense
|
7,826
|
|
6,096
|
|
Depreciation and
amortization expense
|
5,909
|
|
5,734
|
|
Income tax
expense
|
5,248
|
|
4,613
|
|
Loss on extinguishment
of debt
|
3,669
|
|
—
|
|
Stock-based
compensation expense
|
3,478
|
|
3,341
|
|
Loss (gain) on foreign
currency revaluation
|
1,410
|
|
(973)
|
|
Corporate rebranding
expense
|
—
|
|
149
|
|
Interest
income
|
(374)
|
|
(75)
|
|
Business
development, integration, and severance (income) expense
|
(17,387)
|
|
5,452
|
|
Adjusted EBITDA,
non-GAAP
|
$
17,312
|
|
$
10,805
|
|
|
Three Months
Ended
March 31,
|
|
2024
|
|
2023
|
|
Reconciliation of
cash flows from operating activities, GAAP to free cash flows,
non-GAAP:
|
|
|
|
|
Net cash flows used in
operating activities
|
$ (5,493)
|
|
$ (6,154)
|
|
Capital
expenditures
|
(3,611)
|
|
(2,843)
|
|
Free cash flows,
non-GAAP
|
$ (9,104)
|
|
$ (8,997)
|
| 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
March 31,
|
|
2024
|
|
2023
|
|
GAAP:
|
|
|
|
|
Income (loss) before
income taxes
|
$
12,781
|
|
$
(8,919)
|
|
Income tax
expense
|
5,248
|
|
4,613
|
|
Net income
(loss)
|
$
7,533
|
|
$
(13,532)
|
|
|
|
|
|
Diluted income
(loss) per common share
|
$
0.18
|
|
$
(0.33)
|
|
|
|
|
|
Diluted
weighted-average common shares outstanding
|
47,886
|
|
40,432
|
|
|
|
|
|
Reconciliation of
income (loss) before income taxes, GAAP to adjusted income,
non-GAAP:
|
|
|
|
|
Income (loss) before
income taxes, GAAP:
|
$
12,781
|
|
$
(8,919)
|
|
Adjustments:
|
|
|
|
|
Amortization
expense
|
3,867
|
|
3,881
|
|
Loss on extinguishment
of debt
|
3,669
|
|
—
|
|
Non-cash interest
expense
|
580
|
|
462
|
|
Corporate rebranding
expense
|
—
|
|
149
|
|
Business development,
integration, and severance (income) expense
|
(17,387)
|
|
5,452
|
|
Adjusted income
before income taxes, non-GAAP
|
3,510
|
|
1,025
|
|
|
|
|
|
Income tax expense
calculated at a tax rate of 25%
|
878
|
|
256
|
|
Adjusted net
income, non-GAAP
|
$
2,632
|
|
$
769
|
|
|
|
|
|
Reconciliation of
diluted income (loss) per common share, GAAP to adjusted diluted
income per common share, non-GAAP:
|
|
|
|
|
Diluted income
(loss) per common share, GAAP:
|
$
0.18
|
|
$
(0.33)
|
|
Adjustments:
|
|
|
|
|
Amortization
expense
|
0.09
|
|
0.10
|
|
Loss on extinguishment
of debt
|
0.09
|
|
—
|
|
Non-cash interest
expense
|
0.01
|
|
0.01
|
|
Business development,
integration, and severance (income) expense
|
(0.41)
|
|
0.13
|
|
Tax effect of non-GAAP
adjustments
|
0.05
|
|
(0.06)
|
|
Effect of 25% tax
rate
|
0.05
|
|
0.17
|
|
Adjusted diluted
income per common share, non-GAAP
|
$
0.06
|
|
$
0.02
|
|
|
|
|
|
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:
|
47,886
|
|
40,432
|
|
Adjustments:
|
|
|
|
|
Effect of dilutive
stock options and awards
|
—
|
|
418
|
|
Effect of convertible
senior notes
|
(5,707)
|
|
—
|
|
Diluted
weighted-average common shares outstanding, non-GAAP
|
42,179
|
|
40,850
|
|
Contacts:
|
|
|
Artivion
|
Gilmartin Group
LLC
|
|
Lance A.
Berry
|
Brian Johnston / Laine
Morgan
|
|
Executive Vice
President &
|
Phone:
332-895-3222
|
|
Chief Financial
Officer
|
investors@artivion.com
|
|
Phone:
770-419-3355
|
|
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SOURCE Artivion, Inc.
