Artivion, Inc. has recently released its 10-Q report, revealing a 10% increase in quarterly revenues to $98.0 million for the three months ended June 30, 2024. The company, formerly known as CryoLife, Inc., is a leader in the manufacturing, processing, and distribution of medical devices and implantable human tissues used in cardiac and vascular surgical procedures for patients with aortic disease.
The report outlines the company's four major product families: aortic stent grafts, On-X mechanical heart valves and related surgical products, surgical sealants, and implantable cardiac and vascular human tissues. Aortic stent grafts include E-vita Open NEO, E-vita Open Plus, and E-vita Thoracic 3G products, while On-X products include aortic and mitral heart valves and the On-X ascending aortic prosthesis. Surgical sealants encompass BioGlue products, and preservation services include external service revenues from processing cardiac and vascular tissues.
The 10-Q report reveals that revenues from products increased by 11% for the three months ended June 30, 2024, driven by an increase in revenues from aortic stent grafts, On-X products, and surgical sealants, partially offset by a decrease in revenues from other products. Constant currency revenues, a non-GAAP financial measure, also increased by 10% for the same period.
The breakdown of revenues for the three months ended June 30, 2024, shows that aortic stent grafts generated $32.19 million, On-X products contributed $20.65 million, and surgical sealants accounted for $18.55 million. Preservation services added $24.81 million to the total revenues.
The report also provides a detailed discussion of the changes in product revenues, highlighting the performance of aortic stent grafts, On-X products, and surgical sealants. It further discusses the impact of exchange rate fluctuations on revenues from sales denominated in various currencies and the company's sales to distributors around the world.
The market has reacted to these announcements by moving the company's shares -3.9% to a price of $24.33. For the full picture, make sure to review Artivion's 10-Q report.
