Q4 2024 Artivion Inc Earnings Call Transcript
Key Points
- Artivion Inc (AORT) achieved a total constant currency revenue growth of 10% excluding PerClot, with a significant expansion in EBITDA margins by 310 basis points.
- The company reported a 32% year-over-year growth in adjusted EBITDA, demonstrating strong operational leverage.
- On-X revenue increased by 10% year-over-year on a constant currency basis, driven by market share gains and proven clinical benefits.
- Artivion Inc (AORT) received a humanitarian device exemption (HDE) for AMDS, allowing for commercial distribution in the US prior to PMA approval.
- The company anticipates strong revenue growth in Latin America and Asia Pacific, with constant currency revenue growth of 26% and 11% respectively for the full year.
- A cybersecurity incident in November 2024 negatively impacted Q4 revenue by approximately $4.5 million and adjusted EBITDA by $2 million.
- Tissue processing, heavily impacted by the cyber incident, declined 8% year-over-year on a constant currency basis in Q4.
- The cyber incident resulted in extended lead times for tissue and On-X products, affecting Q1 2025 revenues.
- Artivion Inc (AORT) expects a 1 to 2 percentage point negative impact on 2025 constant currency growth rate due to foreign currency fluctuations.
- The PMA approval for AMDS has been delayed to mid-2026 due to additional non-clinical benchtop testing requirements.
Greetings and welcome to the Artivion fourth-quarter and year-end 2024 financial conference call. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host Laine Morgan from the Gilmartin Group. Thank you. You may begin.
Thanks, operator. Good afternoon and thank you for joining the call today. Joining me today from Artivion management team are Pat Mackin, CEO and Lance Berry, CFO.
Before we begin, I'd like to make the following statements to comply with the safe harbor requirements of the Private Securities Litigation Reform Act of 1,995.
Comments made on this call that look forward in time involve risks and uncertainties in our forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1,995.
The forward-looking statements include statements made as to the companies or managements, intentions, hopes, beliefs, expectations, or predictions of the future. These forward-looking
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