NYSE$AORT
Artivion Inc · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Reported an increase in revenue and a decrease in net loss compared to the same quarter last year.
Artivion reported a 14% increase in revenue to $87.9 million in Q3 2023. Net loss decreased to ($9.8) million, and non-GAAP net income was $749,000. The company is raising its revenue guidance for the full year 2023.
- Revenue increased by 14% on a GAAP basis and 12% on a non-GAAP constant currency basis.
- Net loss was ($9.8) million, or ($0.24) per share; non-GAAP net income was $749,000, or $0.02 per share.
- Aortic stent graft revenues increased 30% on a GAAP basis and 22% on a non-GAAP constant currency basis.
- On-X revenues increased 14% on a GAAP basis and 13% on a non-GAAP constant currency basis.
Headline financials
Revenue & EPS history
Artivion · Revenue · Quarterly
$87.9M
Revenue by segment
Artivion · $13.7M total across 1 segment · Q4 2020
- On-X$13.7M+2.4%100.0%
Forward guidance
Artivion is raising its revenue guidance range and now expects to achieve constant currency revenue growth of between 11% and 12% for the full year 2023 compared to 2022. The Company expects revenues to be in a range of $349.0 million and $351.0 million. Additionally, Artivion continues to expect non-GAAP adjusted EBITDA to increase by more than 25% in 2023 compared to 2022, resulting in non-GAAP adjusted EBITDA in excess of $52.0 million for 2023.
Tailwinds
- Expects to achieve constant currency revenue growth of between 11% and 12% for the full year 2023 compared to 2022.
- Revenues to be in a range of $349.0 million and $351.0 million.
- Non-GAAP adjusted EBITDA to increase by more than 25% in 2023 compared to 2022.
- Non-GAAP adjusted EBITDA in excess of $52.0 million for 2023.
- Remain on track to achieve or exceed revenue and adjusted EBITDA growth targets for this year.
Headwinds
- Financial performance for 2023 and future periods is subject to risks.
- Benefits anticipated from the Ascyrus Medical LLC transaction and Endospan agreements may not be achieved at all or at the levels originally anticipated.
- Benefits anticipated from clinical trials may not be achieved or achieved on anticipated timelines.
- Risk factors detailed in Securities and Exchange Commission filings, including Form 10-K for the year ended December 31, 2022 and Form 10-Q for the quarter ended September 30, 2023.
- The Company's financial performance for 2023 and future periods is subject to risks
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2023
+1.0%
Avg return
Earnings day
+1.1%
Avg return
5 days after
+3.3%
Avg return
30 days after
52%
33 / 64 earnings
Positive
+23.5%
Q1 2021
Best reaction
-15.7%
Q4 2016
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.8% | -36.8% | -43.2% | |
| Q3 2025 | -5.9% | +0.3% | -6.1% | |
| Q1 2025 | +14.9% | +21.6% | +22.5% | |
| Q4 2024 | -8.2% | -8.8% | -12.0% | |
| Q3 2024 | -2.5% | -5.8% | +0.7% | |
| Q2 2024 | -1.2% | -0.3% | -0.2% | |
| Q1 2024 | +13.6% | +12.4% | +12.0% | |
| Q4 2023 | +7.1% | +6.5% | +12.5% | |
| Q3 2023 | +10.5% | +7.1% | +40.6% | |
| Q2 2023 | -3.3% | -1.7% | +1.9% | |
| Q1 2023 | +12.7% | +9.1% | +13.4% | |
| Q4 2022 | +4.3% | -1.5% | -11.7% | |
| Q3 2022 | -1.9% | -3.2% | +18.7% | |
| Q2 2022 | -1.8% | -1.2% | -3.9% | |
| Q1 2022 | -11.4% | -21.6% | -12.4% | |
| Q4 2021 | -0.1% | -1.7% | +22.4% | |
| Q3 2021 | +4.3% | +2.6% | -16.1% | |
| Q2 2021 | +1.3% | +1.2% | -2.6% | |
| Q1 2021 | +23.5% | +21.1% | +22.0% | |
| Q4 2020 | +0.8% | +1.1% | +1.3% | |
| Q3 2020 | -4.9% | +10.5% | +17.1% | |
| Q2 2020 | +1.6% | +4.7% | +7.3% | |
| Q1 2020 | -4.0% | -2.0% | -1.6% | |
| Q4 2019 | -8.1% | -9.3% | -27.2% | |
| Q3 2019 | -7.7% | -3.4% | +1.7% | |
| Q2 2019 | -4.6% | -6.3% | -11.4% | |
| Q1 2019 | +2.1% | +4.0% | -5.5% | |
| Q4 2018 | -15.2% | -4.6% | +0.1% | |
| Q3 2018 | -4.7% | -1.1% | -3.3% | |
| Q2 2018 | +9.4% | +10.1% | +15.9% | |
| Q1 2018 | +6.2% | +12.3% | +22.9% | |
| Q4 2017 | +12.8% | +9.9% | +0.8% | |
| Q3 2017 | -2.7% | -4.8% | +1.8% | |
| Q2 2017 | +3.1% | -1.3% | -1.6% | |
| Q1 2017 | +13.2% | +12.6% | +12.3% | |
| Q4 2016 | -15.7% | -9.7% | -11.5% | |
| Q3 2016 | -1.5% | +0.0% | +18.2% | |
| Q2 2016 | +14.6% | +21.4% | +28.2% | |
| Q1 2016 | -1.8% | — | — | |
| Q4 2015 | +12.6% | — | — | |
| Q3 2015 | +11.1% | — | — | |
| Q2 2015 | -0.4% | — | — | |
| Q1 2015 | +4.0% | — | — | |
| Q4 2014 | -4.2% | — | — | |
| Q3 2014 | -6.1% | — | — | |
| Q2 2014 | +6.4% | — | — | |
| Q1 2014 | -6.0% | — | — | |
| Q4 2013 | -9.1% | — | — | |
| Q3 2013 | +10.6% | — | — | |
| Q2 2013 | -5.4% | — | — | |
| Q1 2013 | -5.4% | — | — | |
| Q4 2012 | +2.0% | — | — | |
| Q3 2012 | +0.5% | — | — | |
| Q2 2012 | -4.3% | — | — | |
| Q1 2011 | +0.2% | — | — | |
| Q1 2012 | +5.1% | — | — | |
| Q4 2009 | -11.5% | — | — | |
| Q4 2011 | -11.5% | — | — | |
| Q3 2010 | +4.6% | — | — | |
| Q3 2011 | +4.6% | — | — | |
| Q2 2011 | +5.4% | — | — | |
| Q2 2010 | +5.4% | — | — | |
| Q4 2010 | +5.4% | — | — | |
| Q1 2010 | +3.7% | — | — |
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