ARTIVION, INC. Q3 FY2024 earnings call

• Strong Q3 financial performance with 10% constant currency revenue growth and 28% adjusted EBITDA growth.
• Product portfolio growth: On-X, BioGlue, stent graft all saw double-digit growth; tissue processing growth impacted by donor allograft volumes but YTD 11% growth.
• Regulatory and clinical updates: Filed first module of PMA application for AMDS, BioGlue approved in China, Endospan's NEXUS on track for 2026 approval, AMDS DARTS and PERSEVERE trial results showed positive long-term and 30-day outcomes, NEOS trial results for E-vita OPEN NEO were favorable.

In the third quarter of 2024, Artivion delivered constant currency revenue growth of 10% year-over-year, totaling $95.8 million. On-X revenues increased 15% year-over-year on a constant currency basis. BioGlue grew 14% on a constant currency basis compared to the same period last year. Stent graft revenues grew 13% on a constant currency basis. Tissue processing grew 2% year-over-year on a constant currency basis, driven primarily by SynerGraft pulmonary valves. Geographically, Latin America and Asia Pacific delivered constant currency revenue growth of 32% and 23%, respectively, compared to Q3 of last year.

• Full year 2024 constant currency growth expected to be between 10%-12%, revenue $389M-$396M. Adjusted EBITDA expected $69M-$72M.
• 2025 guidance to be provided in Q4 call; directional comments: same dynamics as 2024 for existing product portfolio, no SynerGraft pulmonary valve boost in tissue business in 2025, expected EBITDA margin expansion.

• Fluctuations in donor allograft volumes impacting tissue processing growth.
• PerClot inventory dynamics causing quarter-to-quarter revenue noise.
• Regulatory and commercialization timelines for new products may affect growth projections.

Q: Daniel Stauder on aortic stent graft business and On-X share gain A: Pat Mackin stated stent graft products are growing double digits globally across regions, and On-X has 55% market share in the US, with share gains globally driven by reduced bleeding data from post-approval trials Q: Suraj Kalia on SynerGraft growth A: Pat Mackin mentioned SynerGraft constrained by donor allograft volumes, working on yield improvements for SynerGraft pulmonary valves Q: Mike Matson on AMDS launch and BioGlue China A: Pat Mackin said AMDS PMA on track for Q4 2025 with soft launch expected, BioGlue China rollout gradual over several years due to Chinese regulatory requirements Q: Jeffrey Cohen on LatAm, APAC, and gross margins A: Pat Mackin declined specific country details, Lance Berry stated gross margins expected to be relatively flat year-to-year with minor fluctuations due to revenue mix