The following is a summary of the Artivion, Inc. (AORT) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Artivion reported Q3 2024 constant currency revenue growth of 10% year-over-year, amounting to $95.8 million.

• Adjusted EBITDA grew 28% compared to Q3 2023.

• Adjusted EBITDA margin improved by 270 basis points to 18.5%, benefiting from a reduction in G&A and marketing expenses.

Business Progress:

• Artivion expanded its commercial footprint in Latin America and the Asia Pacific, achieving significant revenue growth in these regions.

• Notable product growth was seen in On-X, BioGlue, and stent grafts, indicating robust demand and market share gains, particularly On-X which is maintaining a market share of around 55% in the U.S.

• The company has made progress in regulatory filings, including filing the first module of the PMA application for AMDS with the FDA, and received approval to commercialize BioGlue in China.

Opportunities:

• Expected strong growth in Latin America and the Asia Pacific due to regulatory approvals and expansion initiatives.

• The U.S. and Japan are identified as significant growth opportunities for introducing proven products from the stent graft portfolio.

• BioGlue's introduction in China is projected to start influencing revenues significantly by the second half of 2025, targeting an approximate $150 million addressable market with no competitive alternatives.

Risks:

• Tissue processing, specifically the SynerGraft pulmonary valves used in the Ross procedure, experienced slightly lower-than-expected growth due to fluctuating donor allograft volumes, with future growth expected to remain dependent on these variable donation volumes.

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