0000784199FALSE00007841992025-02-242025-02-24

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 24, 2025
___________________________________________
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 24, 2025, Artivion, Inc. (“Artivion”) issued a press release announcing its financial results for the fourth quarter ended December 31, 2024. Artivion hereby incorporates by reference herein the information set forth in its press release dated February 24, 2025, 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 24, 2025.
104
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

-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 24, 2025
ARTIVION, INC.
By:/s/ Lance A. Berry
Name:Lance A. Berry
Title:
Chief Financial Officer and
Executive Vice President, Finance
-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 2024 Financial Results

Fourth Quarter Highlights:

•Achieved revenue of $97.3 million in the fourth quarter of 2024 versus $93.7 million in the fourth quarter of 2023, an increase of 4% on a GAAP basis and 3% on a non-GAAP constant currency basis
•Achieved revenue of $388.5 million for the full year of 2024 versus $354.0 million for the full year of 2023, an increase of 10% on a GAAP basis and 9% on a non-GAAP constant currency basis
•Net loss was $(16.5) million, or $(0.39) per fully diluted share and non-GAAP net income was $0.2 million, or $0.00 per fully diluted share in the fourth quarter of 2024. For the full year, net loss was $(13.4) million, compared to a net loss of $(30.7) million in the 2023 fiscal year
•Adjusted EBITDA increased 15% to $17.6 million in the fourth quarter of 2024 compared to $15.3 million in the fourth quarter of 2023. For the full year adjusted EBITDA increased 32% to $71.3 million
•Generated $22.2 million of operating cash flow and $11.0 million of non-GAAP free cash flow for the full year of 2024
•Granted Humanitarian Device Exemption (HDE) by the U.S. Food and Drug Administration (FDA) for the AMDS Hybrid Prosthesis
•Submitted second module of the pre-market approval application (PMA) to the FDA for AMDS Hybrid Prosthesis

ATLANTA, GA – (February 24, 2025) – Artivion, Inc. (NYSE: AORT), a leading cardiac and vascular surgery company focused on aortic disease, today announced financial results for the fourth quarter and year ended December 31, 2024.

“2024 was an excellent year for Artivion, marked by robust revenue and adjusted EBITDA growth, which enabled us to deliver positive free cash flow while making significant strides in key clinical and regulatory initiatives. Revenue growth in the fourth quarter was driven by year-over-year growth in On-X of 10%, stent grafts of 10%, and BioGlue of 8% all compared to the fourth quarter of 2023. On a constant currency basis, year-over-year, On-X, stent grafts, and BioGlue grew 10%, 8%, and 7%, respectively. We also saw continued revenue strength in Latin America which grew 26% both in the fourth quarter and for the full year 2024 on a constant currency basis compared to last year.” said Pat Mackin, Chairman, President, and Chief Executive Officer.
Page 1 of 12

Mr. Mackin continued, “In addition to our commercial results, we were also thrilled to receive a Humanitarian Device Exemption from the FDA for AMDS. This enables us to deliver our groundbreaking, life-saving technology to patients while we continue to work with the FDA toward PMA approval.”  
 
Mr. Mackin added, “Q4 was a continuation of the outstanding progress we saw this year on multiple clinical and regulatory fronts. First, new clinical data from our AMDS PERSEVERE trial was presented in a Late-Breaking Science session at the Society of Thoracic Surgeons. It demonstrated sustained benefit of AMDS out to one-year, including a 50% reduction in mortality at one-year as compared to the reference cohort. Second, we submitted our second module of the PMA application to the FDA for AMDS.”

Mr. Mackin concluded, “Finally, I’d like to thank our team members for their dedication to mitigating the late November 2024 cybersecurity incident and maintaining our ability to continue serving our customers and their patients. Thanks to their hard work, we are operating at normal levels across the business, with any remaining inefficiencies expected to be resolved in the near-term. While our Q4 revenues were negatively impacted, we do not expect this incident to meaningfully impact our business for the full year 2025. Looking ahead for 2025, we remain confident in our ability to execute on our best-in-class pipeline and drive sustained double-digit revenue growth and adjusted EBITDA growth at twice the pace of constant currency revenue growth."

Fourth Quarter 2024 Financial Results
Total revenues for the fourth quarter of 2024 were $97.3 million, an increase of 4% on a GAAP basis and 3% on a non-GAAP constant currency basis, both compared to the fourth quarter of 2023.

Net loss for the fourth quarter of 2024 was $(16.5) million, or $(0.39) per fully diluted common share, compared to net loss of $(4.0) million, or $(0.10) per fully diluted common share for the fourth quarter of 2023. Non-GAAP net income for the fourth quarter of 2024 was $0.2 million, or $0.00 per fully diluted common share, compared to non-GAAP net income of $4.6 million, or $0.11 per fully diluted common share for the fourth quarter of 2023. Non-GAAP net income for the fourth quarter of 2024 includes pretax losses related to foreign currency revaluation of $5.4 million.

Full Year 2024 Financial Results
Total revenues for 2024 were $388.5 million, an increase of 10% on a GAAP basis and 9% on a non-GAAP constant currency basis, both compared to the full year of 2023.

Net loss for 2024 was $(13.4) million, or $(0.32) per fully diluted common share, compared to net loss of $(30.7) million, or $(0.75) per fully diluted common share for the full year of 2023. Non-GAAP net income for the full year of 2024 was $10.8 million, or $0.25 per fully diluted common share, compared to non-GAAP net income of $8.4 million, or $0.20 per fully diluted common share for the full year of 2023. Non-GAAP net income for the full year of 2024 includes pretax losses related to foreign currency revaluation of $5.4 million.

2025 Financial Outlook
Artivion expects revenues for the full year 2025 to be in the range of $420 to $435 million, representing growth of 10% to 14% on a constant currency basis compared to 2024. At current exchange rates, the Company expects currency to negatively impact year-over-year as reported revenue growth rates by approximately 2%.

Additionally, Artivion expects adjusted EBITDA growth of between 18% and 28% for the full year 2025 compared to 2024, resulting in an expected range of $84 to $91 million for 2025.
Page 2 of 12

The Company's financial performance for 2025 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, EBITDA, 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, EBITDA, adjusted EBITDA, general, administrative, and marketing, and free cash flows results primarily exclude (as applicable) depreciation and amortization expense, interest income and expense, non-cash compensation expense, loss or gain on foreign currency revaluation, income tax expense or benefit, business development, integration, and severance income or expense, loss on extinguishment of debt, non-cash interest expense, capital expenditures, and other non-recurring items.

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 non-cash compensation expense. The Company believes it is useful to exclude certain expenses and revenues 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.

The Company’s adjusted EBITDA expectations for fiscal 2025 exclude potential charges or gains that may be recorded during the fiscal year, relating to, among other things, non-cash compensation; business development, integration, and severance income or expense; loss on extinguishment of debt; and foreign currency revaluations. The Company does not attempt to provide reconciliations of forward-looking adjusted EBITDA to the comparable GAAP measure because the impact and timing of these potential charges or gains are inherently uncertain and difficult to predict and are unavailable without unreasonable efforts. In addition, the Company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a material impact on GAAP measures of the Company’s financial performance.

Page 3 of 12

Webcast and Conference Call Information
The Company will hold a teleconference call and live webcast on February 24, 2025, 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 13749878.

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, our beliefs and expectations about our revenue, year-over-year growth and growth drivers, earnings, currency impacts, and other financial measures and related information; our anticipated capital needs and capital structure; our beliefs about our competitive advantages and market opportunities; our expected product mix; anticipated quarterly fluctuations in our business; the timeline for regulatory approval for AMDS and other products; the benefits of receiving the Humanitarian Device Exemption and Breakthrough Designation for AMDS; our expected geographies and timeframes for commercializing our products; that our revenues for the full year 2025 will be in the range of $420 to $435 million, representing revenue growth of between 10% to 14% compared to 2024 on a constant currency basis; that we expect, at current exchange rates, a negative 2% currency impact on the 2025 full year revenues; our beliefs and expectations about the impact of the November 2024 cybersecurity incident; and that we expect non-GAAP adjusted EBITDA to increase between 18% and 28% for the full year 2025 compared to 2024, resulting in non-GAAP adjusted EBITDA in the range of $84 to $91 million in 2025. 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 and other regulatory developments; risks relating to our international operations; the benefits anticipated from our new credit facility, 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; the uncertainty regarding potential unknown or future impacts of the November 2024 cybersecurity incident; 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, 2024. 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 Loss
In Thousands, Except Per Share Data

Three Months Ended
December 31,		Year Ended
December 31,
2024202320242023
(Unaudited)(Unaudited)
Revenues:
Products$74,662 $69,144 $290,230 $261,185 
Preservation services22,646 24,526 98,307 92,819 
Total revenues97,308 93,670 388,537 354,004 
Cost of products and preservation services:
Products26,678 22,511 99,385 84,595 
Preservation services9,128 10,064 40,371 40,233 
Total cost of products and preservation services35,806 32,575 139,756 124,828 
Gross margin61,502 61,095 248,781 229,176 
Operating expenses:
General, administrative, and marketing51,429 50,278 181,455 208,977 
Research and development7,404 7,645 28,452 28,707 
Total operating expenses58,833 57,923 209,907 237,684 
Gain from sale of non-financial assets— — — (14,250)
Operating income2,669 3,172 38,874 5,742 
Interest expense9,742 6,244 34,277 25,299 
Interest income(374)(398)(1,467)(1,077)
Loss on extinguishment of debt— — 3,669 — 
Other expense (income), net9,903 (2,083)9,909 3,106 
Loss before income taxes(16,602)(591)(7,514)(21,586)
Income tax (benefit) expense (119)3,384 5,845 9,104 
Net loss$(16,483)$(3,975)$(13,359)$(30,690)
Loss per share:
Basic$(0.39)(0.10)$(0.32)$(0.75)
Diluted$(0.39)$(0.10)$(0.32)$(0.75)
Weighted-average common shares outstanding:
Basic41,882 40,898 41,676 40,743 
Diluted41,882 40,898 41,676 40,743 
Net loss$(16,483)$(3,975)$(13,359)$(30,690)
Other comprehensive (loss) income:
Foreign currency translation adjustments(15,399)9,167 (12,917)9,599 
Comprehensive (loss) income$(31,882)$5,192 $(26,276)$(21,091)
Page 5 of 12

Artivion, Inc. and Subsidiaries
Consolidated Balance Sheets
In Thousands
December 31,
20242023
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents$53,463 $58,940 
Trade receivables, net79,462 71,796 
Other receivables6,431 2,342 
Inventories79,766 81,976 
Deferred preservation costs51,701 49,804 
Prepaid expenses and other19,257 15,810 
Total current assets290,080 280,668 
Goodwill240,958 247,337 
Acquired technology, net128,051 142,593 
Operating lease right-of-use assets, net39,726 43,822 
Property and equipment, net36,403 38,358 
Other intangibles, net28,332 29,638 
Deferred tax assets, net1,068 1,087 
Other long-term assets24,483 8,894 
Total assets$789,101 $792,397 

Page 6 of 12

Artivion, Inc. and Subsidiaries
Consolidated Balance Sheets
In Thousands, Except Par Value

December 31,
20242023
(Unaudited)
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable$17,971 $13,318 
Accrued compensation18,342 18,715 
Accrued expenses11,834 10,449 
Accrued interest8,170 2,283 
Taxes payable2,934 3,840 
Accrued procurement fees1,704 1,439 
Current maturities of operating leases4,489 3,395 
Current portion of finance lease obligations601 582 
Current portion of long-term debt, net195 1,451 
Other current liabilities583 2,390 
Total current liabilities66,823 57,862 
Long-term debt, net314,152 305,531 
Contingent consideration 52,880 63,890 
Non-current maturities of operating leases39,988 43,977 
Deferred tax liabilities, net20,183 21,851 
Deferred compensation liability7,977 6,760 
Non-current finance lease obligations2,833 3,405 
Other long-term liabilities8,065 7,341 
Total liabilities512,901 510,617 
Commitments and contingencies
Stockholders' 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, 43,432 and 42,569 shares issued as of December 31, 2024 and 2023, respectively
434 426 
Additional paid-in capital376,607 355,919 
Retained deficit (61,266)(47,907)
Accumulated other comprehensive loss(24,927)(12,010)
Treasury stock at cost, 1,487 shares as of December 31, 2024 and 2023
(14,648)(14,648)
Total stockholders' equity276,200 281,780 
Total liabilities and stockholders' equity$789,101 $792,397 
Page 7 of 12

Artivion, Inc. and Subsidiaries
Consolidated Statement of Cash Flows
In Thousands
Year Ended December 31,
20242023
(Unaudited)
Net cash flows from operating activities:
Net loss$(13,359)$(30,690)
Adjustments to reconcile net loss to net cash from operating activities:
Depreciation and amortization24,205 23,076 
Non-cash compensation14,242 14,422 
Non-cash lease expense 4,915 4,541 
Write-down of inventories and deferred preservation costs4,434 4,785 
Non-cash interest expense3,866 1,858 
Deferred income taxes(1,511)(1,385)
Change in fair value of contingent consideration(11,010)23,490 
Endospan fair value adjustments4,329 5,000 
Loss on extinguishment of debt3,669 — 
Gain on sale of non-financial assets— (14,250)
Other 5,699 1,358 
Changes in operating assets and liabilities:
Receivables(15,395)(4,050)
Inventories and deferred preservation costs(6,137)(14,360)
Prepaid expenses and other assets(5,209)535 
Accounts payable, accrued expenses, and other liabilities9,498 4,495 
Net cash flows provided by operating activities22,236 18,825 
Net cash flows from investing activities:
Capital expenditures(11,188)(9,752)
Payments under Endospan agreements(17,000)(5,000)
Proceeds from sale of non-financial assets, net— 14,250 
Net cash flows used in investing activities
(28,188)(502)
Net cash flows from financing activities:
Proceeds from issuance of long-term debt184,000 — 
Proceeds from revolving credit facility28,500 — 
Repayment of debt(211,831)(2,772)
Proceeds from exercise of stock options and issuance of common stock5,728 3,955 
Payment of debt issuance costs(2,544)(249)
Proceeds from financing insurance premiums— 3,558 
Principal payments on short-term notes payable(1,027)(2,531)
Redemption and repurchase of stock to cover tax withholdings— (559)
Other(623)(537)
Net cash flows provided by financing activities2,203 865 
Effect of exchange rate changes on cash and cash equivalents(1,728)401 
(Decrease) increase in cash and cash equivalents(5,477)19,589 
Cash and cash equivalents, beginning of year58,940 39,351 
Cash and cash equivalents, end of year$53,463 $58,940 
Page 8 of 12

Artivion, Inc. and Subsidiaries
Financial Highlights
In Thousands
(Unaudited)
Three Months Ended
December 31,		Year Ended
December 31,
2024202320242023
Products:
Aortic stent grafts$30,145 $27,437 $123,081 $107,469 
On-X22,178 20,182 83,982 74,528 
Surgical sealants19,935 18,513 73,898 68,016 
Other2,404 3,012 9,269 11,172 
Total products74,662 69,144 290,230 261,185 
Preservation services22,646 24,526 98,307 92,819 
Total revenues$97,308 $93,670 $388,537 $354,004 
North America49,261 50,062 197,940 187,603 
Europe, the Middle East, and Africa33,362 30,206 131,518 114,814 
Asia Pacific9,574 8,922 37,202 33,577 
Latin America5,111 4,480 21,877 18,010 
Total revenues$97,308 $93,670 $388,537 $354,004 

Page 9 of 12

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
20242023
US GAAPUS GAAPExchange Rate EffectConstant CurrencyConstant Currency
Products:
Aortic stent grafts$30,145 $27,437 $364 $27,801 8%
On-X22,178 20,182 (6)20,176 10%
Surgical sealants19,935 18,513 49 18,562 7%
Other2,404 3,012 3 3,015 (20)%
Total products74,662 69,144 410 69,554 7%
Preservation services22,646 24,526 (7)24,519 (8)%
Total$97,308 $93,670 $403 $94,073 3%
North America49,261 50,062 (18)50,044 (2)%
Europe, the Middle East, and Africa33,362 30,206 844 31,050 7%
Asia Pacific9,574 8,922 — 8,922 7%
Latin America5,111 4,480 (423)4,057 26%
Total$97,308 $93,670 $403 $94,073 3%

Revenues for the
Year Ended
December 31,		Percent
Change
From Prior
Year
20242023
US GAAPUS GAAPExchange Rate EffectConstant CurrencyConstant Currency
Products:
Aortic stent grafts$123,081 107,469 $1,052 $108,521 13%
On-X83,982 74,528 (8)74,520 13%
Surgical sealants73,898 68,016 39 68,055 9%
Other9,269 11,172 8 11,180 (17)%
Total products290,230 261,185 1,091 262,276 11%
Preservation services98,307 92,819 (34)92,785 6%
Total$388,537 $354,004 $1,057 $355,061 9%
North America197,940 187,603 (75)187,528 6%
Europe, the Middle East, and Africa131,518 114,814 1,838 116,652 13%
Asia Pacific37,202 33,577 — 33,577 11%
Latin America21,877 18,010 (706)17,304 26%
Total$388,537 $354,004 $1,057 $355,061 9%
Page 10 of 12

Artivion, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP
General, Administrative, and Marketing Expense, EBITDA, Adjusted EBITDA, and Free Cash Flows
In Thousands
(Unaudited)
Three Months Ended
December 31,		Year Ended
December 31,
2024202320242023
Reconciliation of G&A expenses, GAAP to adjusted G&A, non-GAAP:
General, administrative, and marketing expense, GAAP$51,429 $50,278 $181,455 $208,977 
Business development, integration, and severance expense (income)1,297 2,531 (10,626)24,992 
Cybersecurity incident2,602 — 2,602 — 
Corporate rebranding expense— 72 — 355 
Abandonment of CardioGenesis cardiac laser therapy business— — — 160 
Adjusted G&A, non-GAAP$47,530 $47,675 $189,479 $183,470 
Three Months Ended
December 31,		Year Ended
December 31,
2024202320242023
Reconciliation of net loss, GAAP and EBITDA, non-GAAP to adjusted EBITDA, non-GAAP:
Net loss, GAAP$(16,483)$(3,975)$(13,359)$(30,690)
Adjustments:
Interest expense9,742 6,244 34,277 25,299 
Interest income(374)(398)(1,467)(1,077)
Income tax (benefit) expense(119)3,384 5,845 9,104 
Depreciation and amortization6,295 5,816 24,205 23,076 
EBITDA, non-GAAP(939)11,071 49,501 25,712 
Non-cash compensation2,743 3,956 14,242 14,422 
Business development, integration, and severance expense (income)5,821 2,425 (6,102)29,269 
Cybersecurity incident4,583 — 4,583 — 
Loss on extinguishment of debt— — 3,669 — 
Loss (gain) on foreign currency revaluation5,398 (2,192)5,369 (2,080)
Abandonment of CardioGenesis cardiac laser therapy business— — — 390 
Corporate rebranding expense— 72 — 355 
Gain from sale of non-financial assets— — — (14,250)
Adjusted EBITDA, non-GAAP$17,606 $15,332 $71,262 $53,818 
Three Months Ended
December 31,		Year Ended
December 31,
2024202320242023
Reconciliation of cash flows from operating activities, GAAP to free cash flows, non-GAAP:
Net cash flows provided by operating activities$10,139 $9,299 $22,236 $18,825 
Capital expenditures (1,425)(2,669)(11,188)(9,752)
Free cash flows, non-GAAP$8,714 $6,630 $11,048 $9,073 
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,		Year Ended
December 31,
2024202320242023
GAAP:
Loss before income taxes$(16,602)$(591)$(7,514)$(21,586)
Income tax expense(119)3,384 5,845 9,104 
Net loss$(16,483)$(3,975)$(13,359)$(30,690)
Diluted loss per common share$(0.39)$(0.10)$(0.32)$(0.75)
Diluted weighted-average common shares outstanding41,882 40,898 41,676 40,743 
Reconciliation of loss before income taxes, GAAP to adjusted income, non-GAAP
Loss before income taxes, GAAP:$(16,602)$(591)$(7,514)$(21,586)
Adjustments:
Amortization expense4,205 3,745 15,855 15,198 
Business development, integration, and severance expense (income)5,821 2,425 (6,102)29,269 
Non-cash interest expense2,256 467 3,866 1,858 
Cybersecurity incident4,583 — 4,583 — 
Loss on extinguishment of debt— — 3,669 — 
Abandonment of CardioGenesis cardiac laser therapy business— — — 390 
Corporate rebranding expense— 72 — 355 
Gain from sale of non-financial assets— — — (14,250)
Adjusted income before income taxes, non-GAAP263 6,118 14,357 11,234 
Income tax expense calculated at a tax rate of 25%66 1,529 3,589 2,808 
Adjusted net income, non-GAAP$197 $4,589 $10,768 $8,426 
Reconciliation of diluted loss per common share, GAAP to adjusted diluted income per common share, non-GAAP:
Diluted loss per common share, GAAP:$(0.39)$(0.10)$(0.32)$(0.75)
Adjustments:
Amortization expense0.10 0.09 0.37 0.37 
Business development, integration, and severance expense (income)0.14 0.06 (0.14)0.71 
Non-cash interest expense0.05 0.01 0.09 0.04 
Cybersecurity incident0.11 — 0.11 — 
Loss on extinguishment of debt— — 0.09 — 
Abandonment of CardioGenesis cardiac laser therapy business— — — 0.01 
Corporate rebranding expense— — — 0.01 
Gain from sale of non-financial assets— — — (0.34)
Tax effect of non-GAAP adjustments(0.10)(0.03)(0.13)(0.20)
Effect of 25% tax rate0.09 0.08 0.18 0.35 
Adjusted diluted income per common share, non-GAAP$— $0.11 $0.25 $0.20 
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:41,882 40,898 41,676 40,743 
Adjustments:
Effect of dilutive stock options and awards1,319 802 1,077 598 
Diluted weighted-average common shares outstanding, non-GAAP43,201 41,700 42,753 41,341 
Page 12 of 12
v3.25.0.1
Cover
Feb. 24, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 24, 2025
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, 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
Grafico Azioni Artivion (NYSE:AORT)
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