Artivion, Inc.
Description
Artivion, Inc. manufactures, processes, and distributes medical devices and implantable human tissues worldwide. The company provides BioGlue, a polymer consisting of bovine blood protein and an agent for cross-linking proteins for cardiac, vascular, neurologic, and pulmonary procedures; cardiac preservation services; PhotoFix, a bovine pericardial patch; and aortic arch stent grafts including E-vita Open Plus and E-vita Open Neo. It offers E-xtra design engineering systems for the treatment of aortic vascular diseases; E-nside, an off-the-shelf stent graft for the treatment of thoraco-abdominal disease; E-vita THORACIC 3G for the endovascular treatment of thoracic aortic aneurysms; E-ventus BX, a balloon-expandable peripheral stent graft for the endovascular treatment of renal and pelvic arteries; E-liac to treat aneurysmal iliac arteries, and aneurysmal iliac side branches; and E-tegra, a stent graft system for the treatment of infrarenal abdominal aortic aneurysms. In addition, the company offers synthetic vascular grafts for use in open aortic and peripheral vascular surgical procedures; PerClot, an absorbable powdered hemostat for use in surgical procedures; cardiac laser therapy products for angina treatment; CryoVein femoral vein and CryoArtery femoral artery vascular preservation services; On-X prosthetic aortic and mitral heart valves and the On-X ascending aortic prosthesis; CarbonAid CO2 diffusion catheters and Chord-X ePTFE sutures for mitral chordal replacement; and ascyrus medical dissection stents, as well as pyrolytic carbon coating services to medical device manufacturers. It serves physicians, hospitals, and other healthcare facilities, as well as cardiac, vascular, thoracic, and general surgeons. The company was formerly known as CryoLife, Inc. and changed its name to Artivion, Inc. in January 2022. Artivion, Inc. was incorporated in 1984 and is headquartered in Kennesaw, Georgia.
About
Earnings
| Date | Estimate EPS | Actual EPS | Difference | % Surprise |
|---|---|---|---|---|
| Nov 5, 2025 | — | — | — | — |
| Aug 7, 2025 | — | — | — | — |
| May 5, 2025 | — | — | — | — |
| Feb 13, 2025 | -0.01 | — | — | — |
| Nov 8, 2024 | -0.06 | -0.05 | 0.01 | -16.67% |
Earnings estimate
|
Next Quarter
(Mar 2025)
|
Next Year
(Dec 2025)
|
|||
|---|---|---|---|---|
| Number of analysts | — | 3 | — | 4 |
| Average estimate | — | 0.08 | — | 0.48 |
| Low estimate | — | 0.04 | — | 0.42 |
| High estimate | — | 0.11 | — | 0.55 |
| Last year EPS | — | 0.06 | — | 0.29 |
Growth estimates
Analyst Ratings
| Date | Firm | Action | Rating | Price Target |
|---|---|---|---|---|
| Jan 28, 2025 |
Needham
Mike Matson
|
Reiterates | Buy | Maintains $34 |
| Dec 10, 2024 |
JMP Securities
Daniel Stauder
|
Reiterates | Market Outperform | Maintains $33 |
| Dec 9, 2024 |
Needham
Mike Matson
|
Reiterates | Buy | Maintains $34 |
| Nov 8, 2024 |
Oppenheimer
Suraj Kalia
|
Maintains | Outperform | ▲ Raises $30 → $32 |
| Oct 23, 2024 |
JMP Securities
Daniel Stauder
|
Initiates | Market Outperform | Announces $33 |
| Sep 27, 2024 |
Needham
Mike Matson
|
Reiterates | Buy | Maintains $30 |
| Sep 13, 2024 |
Stifel
Rick Wise
|
Maintains | Buy | ▲ Raises $28 → $30 |
| Aug 9, 2024 |
Needham
Mike Matson
|
Reiterates | Buy | Maintains $30 |
| Aug 9, 2024 |
Oppenheimer
Suraj Kalia
|
Maintains | Outperform | ▲ Raises $25 → $30 |
| Aug 9, 2024 |
Stifel
Rick Wise
|
Maintains | Buy | ▲ Raises $25 → $28 |
| Jul 2, 2024 |
Lake Street
Frank Takkinen
|
Maintains | Buy | ▲ Raises $28 → $30 |
| May 7, 2024 |
Stifel
Rick Wise
|
Maintains | Buy | ▲ Raises $22 → $25 |
| May 7, 2024 |
Needham
Mike Matson
|
Maintains | Buy | ▲ Raises $25 → $30 |
| Apr 8, 2024 |
Needham
Mike Matson
|
Maintains | Buy | Maintains $25 |
| Feb 16, 2024 |
Needham
Mike Matson
|
Maintains | Buy | ▲ Raises $22 → $25 |
| Feb 16, 2024 |
Stifel
Rick Wise
|
Maintains | Buy | ▲ Raises $20 → $22 |
| Dec 7, 2023 |
Needham
Mike Matson
|
Reiterates | Buy | Maintains $22 |
| Nov 3, 2023 |
Needham
Mike Matson
|
Maintains | Buy | ▼ Lowers $26 → $22 |
| Aug 4, 2023 |
Needham
Mike Matson
|
Reiterates | Buy | Maintains $26 |
| May 8, 2023 |
Morgan Stanley
Cecilia Furlong
|
Maintains | Equal-Weight | ▲ Raises $14 → $15 |
| May 5, 2023 |
Needham
Mike Matson
|
Maintains | Buy | ▲ Raises $23 → $26 |
| Feb 17, 2023 |
Needham
Mike Matson
|
Maintains | Buy | Maintains $23 |
| Nov 4, 2022 |
Needham
Mike Matson
|
Maintains | Buy | ▼ Lowers $28 → $23 |
| Oct 11, 2022 |
Morgan Stanley
Cecilia Furlong
|
Maintains | Equal-Weight | ▼ Lowers $16 → $14 |
| Sep 26, 2022 |
Oppenheimer
Suraj Kalia
|
Maintains | Outperform | ▼ Lowers $35 → $25 |
| Sep 26, 2022 |
Morgan Stanley
Cecilia Furlong
|
Maintains | Equal-Weight | ▼ Lowers $23 → $16 |
| Aug 8, 2022 |
Lake Street
Frank Takkinen
|
Initiates | Buy | Announces $32 |
| Jul 15, 2022 |
Morgan Stanley
Cecilia Furlong
|
Maintains | Equal-Weight | ▼ Lowers $23 → $21 |
| May 6, 2022 |
Needham
Mike Matson
|
Maintains | Buy | ▼ Lowers $30 → $29 |
| Mar 3, 2022 |
Stifel
|
Initiates | Buy | — |
Income statement
| 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|
| Fiscal date | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Total reported revenue | 354.00M | 313.79M | 298.84M | 253.23M | 276.22M |
| Cost of revenue | 124.83M | 111.27M | 101.32M | 85.44M | 93.21M |
| Gross profit | 229.18M | 202.52M | 197.51M | 167.78M | 183.01M |
| Operating expense | |||||
| Research & development | 28.71M | 38.88M | 35.55M | 24.21M | 22.96M |
| Selling general and admin | 208.98M | 157.44M | 169.77M | 141.14M | 143.01M |
| Other operating expenses | — | — | — | — | — |
| Operating income | -8.51M | 6.20M | -7.81M | 2.44M | 17.04M |
| Non operating interest income | |||||
| Income | 1.08M | 147,000 | 79,000 | 217,000 | 738,000 |
| Expense | 25.30M | 18.22M | 16.89M | 16.70M | 14.89M |
| Other income expense | 11.14M | -3.11M | 9.79M | -3.13M | -1.25M |
| Pretax income | -21.59M | -14.98M | -14.83M | -17.17M | 1.64M |
| Tax provision | 9.10M | 4.21M | 7,000 | -492,000 | -76,000 |
| Net income | -30.69M | -19.19M | -14.83M | -16.68M | 1.72M |
| Basic EPS | -0.75 | -0.48 | -0.38 | -0.44 | 0.05 |
| Diluted EPS | -0.75 | -0.48 | -0.38 | -0.44 | 0.05 |
| Basic average shares | 40.74M | 40.03M | 38.98M | 37.86M | 37.12M |
| Diluted average shares | 40.74M | 40.03M | 38.98M | 37.86M | 37.12M |
| EBITDA | 12.54M | 25.68M | 10.11M | 20.24M | 34.85M |
| Net income from continuing op. | -30.69M | -19.19M | -14.83M | -16.68M | 1.72M |
| Minority interests | — | — | — | — | — |
| Preferred stock dividends | -123,000 | -98,000 | -94,000 | -111,000 | 12,000 |
Balance sheet
| 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|
| Fiscal date | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Total assets | 792.40M | 762.80M | 793.05M | 789.40M | 605.65M |
| Current assets | |||||
| Cash | — | — | — | — | — |
| Cash equivalents | — | — | — | — | — |
| Cash and cash equivalents | 58.94M | 39.35M | 55.01M | 61.41M | 33.77M |
| Other short term investments | — | — | — | — | — |
| Accounts receivable | 71.80M | 61.82M | 53.02M | 45.96M | 52.94M |
| Other receivables | 2.34M | 7.76M | 5.09M | 2.79M | 2.92M |
| Inventory | 81.98M | 74.48M | 76.97M | 73.04M | 53.07M |
| Prepaid assets | — | — | 14.75M | 14.30M | 11.61M |
| Restricted cash | — | — | — | 546,000 | 528,000 |
| Assets held for sale | — | — | — | — | — |
| Hedging assets | — | — | — | — | — |
| Other current assets | 15.81M | 17.55M | 14.75M | — | — |
| Non current assets | |||||
| Properties | 43.82M | 41.86M | 58.10M | 28.24M | 27.01M |
| Land and improvements | — | — | — | — | — |
| Machinery furniture equipment | 74.17M | 79.63M | 80.49M | 72.33M | 66.92M |
| Construction in progress | — | — | — | — | — |
| Leases | 49.11M | 47.38M | 39.18M | 38.26M | 36.17M |
| Accumulated depreciation | -84.92M | -88.34M | -94.53M | -87.18M | -75.96M |
| Goodwill | 666.91M | 669.91M | 701.50M | 747.18M | 531.13M |
| Investment properties | — | — | — | — | — |
| Financial assets | — | — | — | — | — |
| Intangible assets | 172.23M | 182.65M | 201.50M | 227.06M | 157.73M |
| Investments and advances | — | — | — | — | — |
| Other non current assets | 9.98M | 8.65M | 10.62M | 16.05M | 19.69M |
| Total liabilities | 510.62M | 478.47M | 492.32M | 460.69M | 319.96M |
| Current liabilities | |||||
| Accounts payable | 13.32M | 12.00M | 10.40M | 9.62M | 9.80M |
| Accrued expenses | 14.17M | 14.49M | 11.38M | 11.09M | 11.10M |
| Short term debt | 5.43M | 5.43M | 5.31M | 7.57M | 7.25M |
| Deferred revenue | — | — | — | — | — |
| Tax payable | 3.84M | 2.64M | 3.63M | 2.81M | 2.98M |
| Pensions | 18.72M | 13.81M | 13.16M | 10.19M | 12.26M |
| Other current liabilities | 2.39M | 1.31M | 1.08M | 19.18M | 1.81M |
| Non current liabilities | |||||
| Long term debt | 352.91M | 351.40M | 356.74M | 309.80M | 237.90M |
| Provision for risks and charges | — | — | — | — | — |
| Deferred liabilities | 21.85M | 24.50M | 28.80M | 34.71M | 25.84M |
| Derivative product liabilities | — | — | — | — | — |
| Other non current liabilities | 71.23M | 47.43M | 55.88M | 50.19M | 6.58M |
| Shareholders equity | |||||
| Common stock | 426,000 | 418,000 | 414,000 | 404,000 | 390,000 |
| Retained earnings | -47.91M | -17.22M | 1.98M | 20.02M | 36.70M |
| Other shareholders equity | -12.01M | -21.61M | -9.89M | 6.74M | -8.59M |
| Total shareholders equity | 281.78M | 284.33M | 300.73M | 328.71M | 285.70M |
| Additional paid in capital | 355.92M | 337.39M | 322.87M | 316.19M | 271.78M |
| Treasury stock | 14.65M | 14.65M | 14.65M | 14.65M | 14.59M |
| Minority interest | — | — | — | — | — |
Cash flow statement
| 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 | 1996 | 1995 | 1994 | 1993 | 1992 | 1991 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Activities | |||||||||||||||||||||||||||||||||
| Net Income | -30.69M | -19.19M | -14.83M | -16.68M | 1.72M | -2.84M | 3.70M | 10.78M | 4.01M | 7.32M | 16.17M | 7.95M | 7.37M | 3.94M | 8.68M | 31.95M | 7.20M | 365,000 | -19.54M | -18.75M | -32.29M | -27.76M | 9.17M | 7.82M | 4.45M | 6.50M | 4.70M | 3.90M | 2.20M | 1.30M | 600,000 | 700,000 | -700,000 |
| Depreciation | 23.08M | 22.44M | 23.98M | 20.71M | 18.32M | 18.10M | 9.75M | 8.38M | 5.86M | 6.03M | 5.84M | 5.63M | 4.96M | 3.94M | 4.26M | 4.35M | 4.46M | 4.84M | 5.04M | 5.48M | 5.51M | 5.42M | 4.61M | 3.22M | 3.15M | 3.50M | 2.70M | 1.40M | 1.00M | 1.00M | 700,000 | 700,000 | 600,000 |
| Deferred Taxes | -1.39M | -1.72M | -4.47M | 4.28M | -2.31M | -4.49M | -1.48M | 595,000 | 3.68M | 178,000 | 617,000 | 1.23M | 1.77M | -1.51M | 5.25M | -7,000 | -961,000 | 226,000 | — | — | 5.73M | -5.57M | 624,000 | 1.66M | -970,000 | -1.90M | 400,000 | 200,000 | -100,000 | -200,000 | — | — | — |
| Stock-Based Compensation | 14.42M | 12.34M | 10.71M | 6.91M | 8.80M | 6.33M | 6.92M | 6.33M | 5.09M | 3.44M | 3.24M | 3.16M | 2.79M | 2.62M | 2.43M | 2.10M | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other Non-Cash Items | 39.06M | 2.53M | 20.87M | 20.40M | 7.19M | 2.15M | 676,000 | 268,000 | 268,000 | -474,000 | 298,000 | 683,000 | 767,000 | 3.70M | 676,000 | -17.34M | 3.71M | 3.35M | 3.81M | -3.39M | -2.44M | 1.42M | 348,000 | — | — | -100,000 | 100,000 | — | -200,000 | 100,000 | -200,000 | — | — |
| Accounts Receivable | -4.05M | -13.34M | -11.56M | 9.94M | -5.33M | -1.12M | -7.26M | 4.14M | -3.81M | -4.56M | -1.64M | 1.36M | -2.23M | 179,000 | -745,000 | -785,000 | -23,000 | -2.22M | -830,000 | -2.16M | 954,000 | 7.08M | -2.71M | 469,000 | -1.71M | -1.80M | -500,000 | -2.60M | -1.80M | -200,000 | -800,000 | -300,000 | -1.50M |
| Accounts Payable | 1.68M | -1.96M | -1.89M | -9.16M | 251,000 | -8.87M | 8.73M | 4.72M | -656,000 | -64,000 | 572,000 | 529,000 | -772,000 | 2.38M | — | 267,000 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other Assets & Liabilities | -14.36M | -8.40M | -18.38M | -24.76M | -16.25M | 4.77M | -18.74M | -18.92M | -4.52M | -2.26M | 386,000 | -3.20M | 4.89M | 11.10M | -1.14M | -19.49M | -6.75M | -18.42M | -12.33M | -10.02M | 6.46M | -22.54M | -3.34M | -4.60M | -4.44M | -5.10M | -6.80M | -1.10M | 400,000 | 800,000 | -2.80M | -900,000 | -1.20M |
| Operating Cash Flow | 27.76M | -7.29M | 4.42M | 11.65M | 12.39M | 14.02M | 2.29M | 16.30M | 9.92M | 9.61M | 25.49M | 17.35M | 19.54M | 26.34M | 19.42M | 1.05M | 7.64M | -11.85M | -23.85M | -28.83M | -16.09M | -41.95M | 8.70M | 8.57M | 485,000 | 1.10M | 600,000 | 1.80M | 1.50M | 2.80M | -2.50M | 200,000 | -2.80M |
| Investing Activities | |||||||||||||||||||||||||||||||||
| Capital Expenditures | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | -1.19M | -1.63M | -977,000 | -924,000 | 138,000 | -4.10M | -14.33M | -9.49M | -3.85M | 8.30M | -5.10M | -8.50M | -1.60M | -1.30M | -800,000 | -700,000 | -600,000 |
| Net Intangibles | — | -1.70M | -972,000 | — | — | — | -409,000 | -1.23M | -613,000 | -1.01M | -196,000 | -819,000 | — | -5.41M | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Net Acquisitions | -5.00M | — | — | -64.12M | -15.00M | — | -163.92M | -71.36M | -1.35M | — | — | -17.04M | -21.06M | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Purchase of Investments | — | — | — | — | — | — | — | — | — | — | — | — | -3.57M | -2.41M | -3.04M | -6.12M | -12.33M | -17.39M | -21.69M | -563,000 | -15.43M | -23.17M | -29.34M | -5.73M | -5.12M | -34.30M | — | — | -2.20M | -100,000 | -3.70M | — | — |
| Sale of Investments | — | — | 19.00M | — | — | — | 1.01M | 1.07M | 2.05M | 1.17M | 15.42M | — | — | — | 1.13M | 3.57M | 14.16M | 18.56M | 20.84M | 2.00M | 30.89M | 28.31M | 24.24M | 8.54M | 6.15M | 7.80M | — | 5.90M | — | — | — | — | — |
| Investing Cash Flow | 6.93M | -1.70M | 19.72M | -65.80M | -15.87M | -929,000 | -163.00M | -70.42M | -996,000 | -1.04M | 15.41M | -19.03M | -28.75M | -5.61M | -2.69M | -2.60M | 446,000 | -557,000 | -2.03M | 457,000 | 15.75M | -394,000 | -18.10M | -6.64M | -3.28M | -18.90M | -9.60M | -4.20M | -4.80M | -1.40M | -4.50M | -700,000 | -600,000 |
| Financing Activities | |||||||||||||||||||||||||||||||||
| Long-Term Debt Issuance | — | — | — | 100.00M | — | — | 225.00M | 75.00M | — | — | — | — | — | — | 1.27M | 1.73M | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Long-Term Debt Payments | -5.30M | -2.75M | -3.09M | -35.35M | -2.78M | -2.79M | -72.21M | -1.41M | — | — | — | — | -31,000 | -1.54M | -1.33M | -5.93M | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other Financing Charges | 2.77M | -459,000 | -10.98M | -1.48M | -728,000 | -1.53M | -11.05M | -1.67M | 458,000 | 738,000 | -87,000 | -143,000 | -476,000 | 2.45M | 1.27M | 1.30M | — | 2.35M | — | — | — | — | — | 360,000 | — | 100,000 | — | — | — | — | -100,000 | -100,000 | 100,000 |
| Financing Cash Flow | -5.62M | -5.01M | -15.98M | 61.18M | -6.25M | -6.42M | 140.12M | 71.23M | -4.34M | -9.63M | -5.26M | -5.05M | -3.60M | -6.18M | -442,000 | -4.86M | 784,000 | 1.79M | 18.94M | 19.65M | 660,000 | 809,000 | 1.50M | 1.41M | -3.73M | 43.00M | 600,000 | 600,000 | 300,000 | 100,000 | 8.80M | — | 4.00M |
| Other Cash Details | |||||||||||||||||||||||||||||||||
| End Cash Position | 58.94M | 39.35M | 55.01M | 61.96M | 34.29M | 42.24M | 40.75M | 57.34M | 37.59M | 33.38M | 37.64M | 13.01M | 21.71M | 35.50M | 30.12M | 17.20M | 14.46M | 4.13M | 6.63M | 4.71M | 4.90M | 3.10M | 7.20M | 17.48M | 6.13M | 12.90M | — | — | — | — | — | — | — |
| Income Tax Paid | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Interest Paid | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Free Cash Flow | 11.40M | -14.17M | -16.65M | 5.04M | 7.76M | 4.10M | 3.76M | 12.30M | 7.95M | 3.81M | 12.24M | 15.10M | 14.21M | 13.31M | 14.88M | 7.80M | 8.09M | -2.71M | -19.51M | -20.56M | -9.33M | -6.21M | -7.85M | 788,000 | -2.87M | -5.50M | -7.30M | -5.30M | 800,000 | 1.20M | -2.80M | -700,000 | -2.90M |
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