CRY - Earnings call transcript Q2 2020

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Operator

Greetings, and welcome to CryoLife’s Second Quarter 2020 Financial Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Lynn Lewis from the Gilmartin Group. Thank you.

begin. may You

Lynn Lewis

thank and joining call the Good you today. afternoon, for

from Joining are CryoLife’s Pat today Mackin, CFO. team Lee, management me Ashley CEO; and

of Litigation to the that Litigation and forward-looking within management’s to as Reform hopes, I’d the of and forward-looking XXXX. those of harbor begin, uncertainties to The Act on number Act Private to in of uncertainties, and comply the this statements beliefs, the predictions of statements. time made Reform include statements made statements risks a estimates forward-looking call assumptions requirement Securities we XXXX. statements safe forward with statements or subject meaning are materially Private These company’s Before intentions, the the results Securities that differ forward-looking Comments of from to risks, the actual are may look like or following future. make expectations involve cause

statements impact Pat certain Additional filings risks concerning that, forward-looking CEO, that company’s the the time and call information from was that in SEC today. the to press over and may time I’ll earlier With in release CryoLife’s to these is Mackin. issued uncertainties turn contained

Pat Mackin

Thanks for Hey, thanks, and good afternoon, Lynn, joining. everyone.

these have thank with want performance, outstanding a challenges second lives. I many to of. organization challenges facets our with we The I’m report resolve. a of incredible entire be and to very was of unprecedented lot quarter proud as for XXXX responded and filled team our of dedication number COVID-XX disrupted our pleased to their to

versus our deliver achieved million, basis. second decrease results. revenues quarter on a XXXX to a of detail, more initiatives In QX, XX% XX% a and explain of $XX.X constant the number also As we solid later in a and I of of reflects of on currency – objectives able decrease and deliver key which total we were will

in – the that serve. – procedures by we largely May some in the of result early decline April markets delay this driven was quarter various revenue and cases, Our of cancellation the in

these revenue increase. hospitals compared April, down resuming of began starting procedures to was our began XX% May, revenue our As XXXX. In in to regions in April likewise

was revenue XXXX, down compared May XX% of May compared was to revenue of June XXXX. our to and XX% down June Our

While it certainty is compared optimistic how will year, we half with cautiously to the in impossible our the revenue prior COVID-XX to period. and that continued business see forecast we performance QX year of impact the QX in for will our are improvement second comparable

and open year for our next-generation that detail. provided launched liquidity the also benefit expectations I’ve Ashley our to front on XXXX closing for to we performance benefit regulatory well very up approval should knew the review we recently quarter the and expect will see some know what or will today, We today, as make CryoLife. as we I as anticipate as comments Lee, of we from some now line in our Based then questions. XXXX. our Once CFO, a news color strong on well results will for greater remainder that financial what in begin soon-to-be-launched JOTEC for be XXXX, the second positive us products, on QX,

general senior a cash further available $XXX-million as status run which or the update, growth convertible disruptions. and fund last note update starting projects, to capacity First to little continued We’ve $XX-million at our initiatives, operations more credit R&D our been purposes. execute of corporate able of facility, to repay fortunately, allowed on I any, us will for our offering if revolving key you have with our business, Since with on near few, changed operations. aspects our have key has

well storm in cannot be All to the that very or are that COVID-XX on large procedures the delayed the in performance vast long. cannot for postponed part, for QX. all products of in Moving used majority revenue CryoLife our due at all, to, weathered fact that has be

sharply as geographies previously, resumed but Europe, products As then April revenue certain in which including U.S. thereafter are and improved dipped Asia XXXX more in those used. I indicated our procedures,

resurgence As for solid learned we and ability enter providers back of nature COVID-XX products XXXX and half have the and we their some of deliver more very healthcare cases, pandemic, in of, given in that the the optimistic can are revenue deliver hospitals performance in even to face footing. the XXXX solid on our a of

and to that ensure has support devices can procedures service continued they to and person commercial employ supply care. in virtually, and customer Our both shown and continue team solutions creative patient

their excellent strengthen our expect will and position knowhow with our further in solidify reputation aortic customers and We repair. leadership expertise

also our when strategically will diligently expenses continue and pandemic We for investing to subsides. now while manage the growth,

improve to us remain we’ve at or protocols second to manufacturing manufacturing of position, this in we has front, avoid any disruption, supplier are sites by sewing the source our sites, we’ve have procedure functioning earlier continued slowdown these end in of At capacity. have On near chain our year that and remain the each of place. we our three the inventory to implemented JOTEC also and significant year. The safety that allowed on track supply each

debt proceeds we June, further $XXX-million revolver. completed remain of strength. financial in $XX-million Ashley some repay using we As to In remarks, detail a of our in will offering, convertible a his position the

revenue made management encouraging we our and quarter, financial several the enhanced in to other good position, performance progress expense on initiatives. meaningful addition In

we continued JOTEC with product First, made our progress launches.

limited and E-vita a E-nya in quarter, release As for market we for limited and anticipate October. the of release market E-nside, of end OPEN NEO second the the initiated

release NEXUS. for We limited resumed also the market

all – three new and into releases XXXX expect JOTEC full for we market we and in XXXX. anticipate later products We move as

last up As gear physicians. continuing train our call, are teams on we our mentioned to to

of the support and year. remainder to the supply we of launches the currently JOTEC inventory building market NEXUS three sufficient full for We’re have the products,

approximately our to to determine trial The the which maintained be trial on enroll effectively clinical can with America. continued prospective patients aortic announced the quarter trial. trials not enrollments valve if institutions North in XX May the notwithstanding is initial did to of enroll occurred implant some Second, important procedures Enrollments across and we On-X expected Eliquis the XXA X,XXX warfarin. patients second and have patients in randomized versus participate clinical the need sites to the pandemic, PROACT safely in trial, is in as in to patients

file and believe in mechanical as As the we over valve as front, its the share valve I the approval the a our call still bioprosthetic lastly, market. with share for With a use turn before for And the response now financial achieve result, PMA the Chinese review will On-X to XXXX, endpoints, regulatory track take for become that, the the will U.S., market the remain On-X on the FDA leader of in trial detailed well BioGlue. we if aortic in PerClot a valve aortic to the market and can year-end on for aortic that the to quarter. valve Ashley we from FDA of Apixaban meets existing

Ashley?

Ashley Lee

and of the Pat, XX% absence second quarter million company XXXX, were primarily second COVID-XX impact $XX.X to our to on good down TMR from compared revenues Thanks, afternoon, revenues. the of business Total the quarter, for due the and everyone.

by, past revenues decreased we second the of quarter. XX%, processing decreased the JOTEC revenues XXXX product In On-X revenues was adversely in Performance and affected lines mentioned, improvement second primarily, monthly of for XX%, versus XXXX, Pat each XX% the revenues As revenues procedure pandemic. BioGlue sequential saw decreased tissue quarter quarter of volumes this decreased these and XX%. COVID-XX

second gross second second shipped of second quarter as quarter in margins of XX% the the reflects to gross XXXX. of cost a quarter, tissues and products the XXXX for reduction of compared improvement The Our were to XX% margins XXXX. in primarily during the quarter unit for compared

diluted million, including release reported On results. per was GAAP loss press the per our XXXX. share, refer of for about share. $X.XX or $X.X of results, loss approximately of our quarter additional results bottom in to information Non-GAAP our reconciliation line, these second Please net net we non-GAAP or $X.XX to a $XXX,XXX, the fully a

in million reductions and facility. balance management, for call; business we $XX had less spending, XXXX, credit our though as recovery the a for to on net revenue and reduction regarding regarding for and the uncertainty will board of equivalents. during and reductions are of to seeing we drawn be cash directly of period, thereafter. temporary are most repayment on To our of generation those we not are million initiatives of under the deferment top We carefully and very the year have six-month XX, Even our as you of programs financing prudent, well received, July COVID-XX in clinical travel, remains million QX. revolving $XX.X continue business expenses previous to that $XXX XXXX. slowdown connected what before may on of restrictions increases very reflects Cash approximately full merit convertible for our expenses, anticipated compensation QX our As debt the completed R&D hiring a shared we of include our freezes, this quarter, cost the over a that monitor the with nonessential we discretionary encouraged members $XXX-million members cash cash business, by impact during our

U.S. revenue to products and BioGlue PMA, PerClot in clinical programs China to PROACT continuing regulatory we our related invest However, expect to mitral in are approvals. and including R&D deliver we XXXX and XXXX, that

to from and With have cost closing XXXX growth and adequate not I the to that liquidity uncertainties financial capital confident the comfortably implemented, issuing potential we that back at business, over COVID-XX, turn to not but comments. sufficient only call run the debt. initiatives time. for guidance of to experiencing also have the our this continued the are we support recovery the impact be we service our Pat will we his will remain for initiatives Due business in the have we

Pat Mackin

Thanks, Ashley.

today, from customers are as patients somewhat summary, at has been this heard So products far derailed. our important our but how alike. growth is in There question point to and little delayed you’ve

procedures only of business be time. We a for postponed, that limited are continue estimate that or to amount our products mostly cannot postponed, is they of if comprised and

like offerings it about questions. back that, I’d to operator next-generation exciting open and for very the optimistic products, are over Our JOTEC to we’re prospects. their now turn very to line the With

Operator

of line proceed question Please Thank the Cecilia Instructions] your Furlong from comes first you. with Genuity. Canaccord Our question. with [Operator

Cecilia Furlong

with broadly you’ve and ahead our from Hi, Pat what levels you’ve implanted the guess to the I’d a really of potential patients and to I terms interest of and starting. any in guess just interest that taking seen just into trial seen for like pull I Thanks being questions. indication. Ashley. just trial start PROACT potentially

Pat Mackin

Yes.

that to need that there’s valve U.S. who go have things these mentioned enroll in in enrolling the are in one patients so kind already in that trial great very as available period in about comments, XX,XXX in is and time actually this I about On-X I of trial of think So, the valves, This we’re aortic to is trial. unique trial, don’t the heart my in. a are or the the you them have put you don’t, of

enrolled over go didn’t to the So, appointment. directly a during the that drug all their patient to appointment and They did telehealth first was go didn’t consent video the on their the was See, hospital, to informed house. then actually their they paperwork enrolled to a to shipped during they have had the very telehealth doctor. all pandemic and have

a was trial in designed this is So to one pandemic, be of there if that implemented trial, them. any was

trial. think we tremendous trial, there’s couple I this patient obvious in with this reasons. to One, points So, think about interest have a for

future. who are anybody presents patients or and Eliquis able be to talked you’ve use If been the ever night be day, very has on warfarin, to opportunity in this to the Eliquis study like to potentially and it’s excited on – about – who’s

there So centers Two, was natural hit very some in in were May. April one, and there’s a slowdown lot a of the that pandemic hard by excitement.

for big were new being in City not that trials. they with any So example, centers overwhelmed bringing COVID of patients, York clinical in were kind New

or interest on. going was excitement they had other it priorities the more trial; nothing it obviously had to about do the So with just

on the Ashley we the in made picture one his belt about to PROACT is, second going think what in I our it’s in really million, decision, was second made XXA our a the remarks, revenue to we spending quarter thing that $X because conscious knew we spend company; cut the as tightened expenses in obviously like. from back we so $X of so about it is largest kind The ratcheted million look half. the no $X million,

that governor we had trial. natural the So put a we on actually

loosen to to the to around in as look we’re accelerate start with now, centers, performance, enrollment the exploring confidence We’re things up our as clinical the trial. as going well revenue

and on, think lot that we’re things for ever there the was as trial. about as but going a excited So of again, opportunity interest overall I

Cecilia Furlong

if timing, think updated seeing the the early in Great, could your days. thank just just priority well, provide Thank about as trial the you. everything pipeline, And just trial, just commentary and on your I about you. of ask, you within some U.S. rest you’re thoughts I opportunity, really guess NEXUS, if pipeline, as COVID around Europe in this then, could just And what in as the period. then you reevaluate you longer-term

Pat Mackin

Yes.

idea a that’s a presentations. with and with Endospan, sophisticated for an bringing that one pipeline in is treated arch got give proctor We great and the – endovascular And and particularly back produced so recall, who case and when places, a of patients cases a allows to when patient to just an flying. Madrid elective who were and trained, the surgeons very you to training. we aortic So wasn’t device trainer the device in February, all reason, vessel, is the hardest new that a hitting company happen. of entered transaction cancelled. physician called getting from company in into a that refresher, on and catheter a is we were kind so in good have hit back product, to first NEXUS is March, nobody a January flying a It’s startup proctor all or the sophisticated, pandemic, months Because our releases building in were the sophisticated surgeons. you the patients support started technology. as probably pandemic several from it’s of fly the in a were products, be In of this I’ll hard, you a during as just to just the who was ago, But Israeli fly so and that’s press it’s fix it that required, physician Italy by in we the going No Spain, example. of rolled branch ever Milan out some very

the to requirement traveling. setback where and the physicians because So, of has of a taken lack NEXUS clearly our because physician proctors the travel aren’t and pandemic travel, of of just

So short-term that’s thing. a

you certain to see U.S. extremely for parts the as pick have cases to IDE million for trial, bullish five relationship with But we starting up technology. of Europe. we European on we’re $XX in We’re back the And Endospan; remind paid that the far of rights years. as just so

is, the should in will the of probably, the for we been sure company million. about to IDE but $XX U.S. responsible of protocol. fund trial excitement FDA funded the – XXXX. again, one start, also milestones some regard. and down exactly them I’m Endospan for is And that timing ever, device the the slowed of up we somewhat in their discussions they’re not type We And with with think at feel to first so the trial a what enrollment the like of has But IDE that its current they’ve it’s U.S. trial, in trial the obviously in well. be as COVID beginning lot so there FDA

Cecilia Furlong

Great, thank you.

Operator

with Our Suraj line question. next of question Please comes Kalia your Oppenheimer. from proceed with the

Suraj Kalia

Can Good right? afternoon, all Pat. you Good afternoon, Ashley. hear

Pat Mackin

Hey, you’re fine. Suraj. Yes,

Ashley Lee

Good Good morning. afternoon.

Suraj Kalia

everyone healthy. and is Perfect. Hope safe

provide numbers. On-X hopping on missed So – mitral? some me forgive update Pat, in-between if Did you calls an just I

Pat Mackin

not. did I

enrollment end completed last its of trial enrollment the of as as a we So On-X basically, one-year XXXX year. period. update, all that XXX-patient are using a the you quick mitral, On-X at just And its follow-up completed to mitral give

submitting December probably So patient approval. then complete data hit quarter take we probably, a be frame. should should crunch basically I that year the for – the the one we’ll last then in PMA, And the QX, to we think, and in will time

Suraj Kalia

this provide – the curiously did of the XXA? Got far be Pat, PROACT patients also, might in weeds, in but enrolled it. you And And so number

Pat Mackin

update. previous know, we One, the trial know on as they mean, well – the you a opening not City, of the Yes, – of my even things was kind big for lot centers, New this but question, and previous were a trial. not. – haven’t in given second literally comments these the are in of you if heard example don’t that many York is of couple slowing quarter. of was in York in what centers did going new there in New I trials think because I the I it, too, part We big that And were down on

– done going for a a weren’t I right? expenses. pandemic. was that said in up via perfect we’re was also like, tightened our patient be look was telehealth, fact, sure But trying to prudent, belt the that we Second is so enrolled the to really we this QX what trial on so first financially So

So for back slowdown it financials that we we lack we spending, just we in pulled half well number and of actually discipline the so kind actually to of more better centers a performed the conserved and as second natural we sure funding half. on, not performance our into it’s extremely the due a was And and on will on had quarter the around go look our trial, believe about cash. our even probably based interest; were of we the turning making

trial for forward. look to So open I we think will funding the going up that

Suraj Kalia

us JOTEC – and this you on dicey U.S. and are taking Arizona? in supply color for of any U.S. U.S.-OUS about telling my in questions, a is resurgence to can Our are of forgive lot OUS. in And disruption. you’ve the if it. as congrats the love field have mentioned hospitals. – Florida, checks some Thank Texas provide would you what get are in And all terms you you love specifically the provide to much your curious I’m and nice specifically, perspective, some the the things in in Pat, and very dynamics, seeing a pretty maybe whole on for Got color status pockets I’d also? a what quarter.

Pat Mackin

you’ve was – right? because kind – – same last versus I can and I’m thanks, the best-performing and – example, say probably through one most geography, So yes, mean, a thing our in one I China in a Suraj. if – say, I year don’t you’ve It’s Asia we saw normal would business of seen thing geography, Yes, for think first. second probably quarter sure Asia it’s companies have one to the return huge went the we also actually but Asia, and seen

performer The the and Brazil – to seen We’ve hit of America, worst recovered, a to U.S. fairly the hit return operation kind we was late, Brazil. got U.S. Our and a normal really, – strong. hard and strong getting board, very would very seen say, Latin we’ve I have big actually back good-sized in in because across

actually July, at the I I on. at with right, looked at of the month Florida, looked July. looked fact, looked I Arizona. In at this looked I at I resurgence of Texas, month going

can’t it. go better Texas doing We’re so is figure. than Florida, last in I worse year. actually than explain mean, actually doing last year I

a hub. Houston for depends it’s example, So as about so you of huge think it – part cardiac – again,

hub, does they’re Houston makes stronger lot numbers as it that that be of year. outbreaks. of fact where the that big off Florida a big not – your last Parts hit hard a having sense that’s got cardiac be would could So of and

I to can’t – can’t the that’s think think all out seeing portfolio going I I stuff. resurgence, is are this delay I that and early think commented, elective the half other delay this return things of just and very have of how CryoLife not things we to the not on long. you type as idea And April, I for I half of can the say the we you – May one procedures a away, where, are cardiac they’re – So of not don’t manage mean, kind I something shutting to, to think hospitals one everything products, of our your return down particularly side, go letting figured

again, not slower job actually later very a say, impact we’re kind on Germany resurgence. side, managing they’re return. to very European negative of good big So hit I and seeing would and returning the quickly. a U.K. the been got the did the hard; obviously from pandemic they’ve

we’ve I kind So it’s and June down – was were down you of April XX%, if really down numbers seeing mean, went – XX%, numbers region-dependent. seen was we May I better the But overall, mean, we’re April on saw XX%, – now.

the be seem doing as we to So time goes quite certainly by. well

Suraj Kalia

Pat, JOTEC issue supply resolved? the And

Pat Mackin

been for one this say would I terrible Yes, – the people world. of I unfortunately, obviously the of mean, around lots – pandemic has

silver you. linings been read numbers of the with the just I One to has

kept running So our hot, having up by we factories quarter the XX% off XX%, the and inventory now. is JOTEC

of our in And for was So In talking this very with our taken job. people a we a to pandemic chain, COVID-positive our has unheard with have disciplined head XXX of supply one safety the of in been about fantastic operations we didn’t and days. for we’ve keep case employees. industry, have our done opportunity of. our protocols other And the almost kind that factories

we we and the the supply to one. factories hot, two, source Number supply – think and the three, seeing build by be of JOTEC past. a aren’t is the So fourth thing issues, our our be JOTEC we’re will quarter, the number should so supplier number supply second online run continuing

Suraj Kalia

on Got the taking well. managing congrats Thank it. you questions. quarter the for Gentlemen,

Operator

Matson from comes proceed your line next of Our Please the Needham Mike with question. with & Company. question

David Saxon

for taking questions. Thanks This Saxon for you. the David Thank on Yes. is Mike.

Pat Mackin

Hey, David.

David Saxon

you in regions? and what also, in you’re those seeing you revenue regions sharing of the I detail you the then the on on what Yes. And that Northeast pace growth the Hey, you’re like July? during monthly on trends what recovery Would appreciate in earlier saw seeing hit quarter. the gave guys. mind were

Pat Mackin

went and on give can July we’re love general pin QX know guys to numbers. in commented a how We of of I better doing you from to with XX% and July. I June, Again, XX% XX% negative specific comment, we kind that – negative April, I’ll kind stuff. mean, from that Yes. you than But May, this go going negative make there. not us down we’re

as go far with going as I’m to that’s that. So

David Saxon

great. Okay, then of in of the in that’s just And recovery terms pace Northeast? like the regions

Pat Mackin

Yes.

– Ashley, do to you looked want We a of different anything July ran you fingertips don’t at – bunch know, have in if versus at your numbers. last I Ashley, I the with the Northeast year?

Ashley Lee

that last No, top at Northeast. would but to I the my don’t the I well. head, don’t par really has but have off is, whether extremely the say, my is level recovery strong been fingertips, Northeast right with recall, the doing back year, in it of I

David Saxon

on days, the And balance I during but Misonix what’s of color. then the think contribution the the how that it’s agreement, then on about early year? we appreciate the the distribution Okay, feedback and know NeoPatch, should

Pat Mackin

I are the so got launch. Misonix – hit segment, else, – we’ve it – quarter, when in them. our down we a actually in like great we I channel doing got there’s the sales which slowed were second the an care which mean, had relationship been products force very we’re was feedback. right with wound all these excited about good everybody Obviously, mean, served, We’ve in has Yes. really customer in excellent

get to we’ll to on on roll to do progress. their chance up ramping as color kind And So and we I a we But think of as for can do kind specific that things relaunch had that, with but kind of expect more out give they’ve things normal. for a launch – our XXXX. for that given that things they’re we see XXXX numbers of they’re back haven’t out them, – when discussions in recent

David Saxon

so Thanks Okay. much.

Operator

Our Thalmann. next with of proceed with the question. Ladenburg question your Please comes line from Cohen Jeffrey

Jeffrey Cohen

Ashley. How and are Pat Hi, you?

Pat Mackin

Jeff. Hey,

Ashley Lee

Jeff. Hey,

Jeffrey Cohen

one data in? as goes. as that areas, the neuro? Wound, been that So, as can hand, implanting far what NeoPatch far they’ve of areas, therapeutic of Any we ortho, – to company further follow-up garner as ankle, from kind

Pat Mackin

I Yes, used. going on have so surgical is that be ankle a they usage the team, there’s which regard sales was as a wound major well. focus so is good I and – the care, surgical believe force, their foot to some in where publication hospital-based Also, do

an market give again, we’re of looking So we through their go what release update they’re to can let we what about for limited – them and in going waiting – then kind more were XXXX. to of talk

Jeffrey Cohen

got Okay, it.

earlier On manufacturer you’re as related I to QX? through hot, inventory a any And on guess so question inventory going said far the you ramifications as commentary that read the QX? G&A, Ashley, that’s or continue as And the QX from running any to – that side? any into

Ashley Lee

I think mentioned first in all, very business. in general, in of throughout just are we’re spending projects. expenses giving to guidance, the clearly, recovery I in OpEx to mentioned the Pat on seeing business the we XXXX G&A, our to and No, regards not earlier second thing any optimistic the – on we’re one continued the about financial call, as managing in response but see think we’re half out Pat of how And year recover. the to

on, trial. spending PROACT accelerate to the XXA things, starting among at looking We’re other

what G&A certainly of – in a going the year. second we’ve the lot top again, quarters to spending in the to G&A side, On we delayed It tied fourth are spending throughout the will quarter. on line. the third the be in see and level recovery the And really of

to that been it’s recovery. improved running regards hot of So starting to manifest in mentioned tied inventory more Pat inventory, throughout manufacturing it’s in itself we’ve no but levels specific all In going quarter, the be JOTEC. but to areas general, to and with all guidance, the second

our But going to of other some manage we throughout balance some the in of increases We’re it’s seeing something we’re lines well. the year. that as go product as

well if business If be our continue But we’ll the year, will and to factories going to be. manufacturing need business likely quarter. do and how that. the hopefully going fourth third tied if again, our capacity, or We’re not, some during the recovers continue to the everything’s we of throughout to likely near recovers to curtail run does at it then

Jeffrey Cohen

it. Okay, readout. me. for got That you. Thank does Nice Appreciate it.

Pat Mackin

Thanks, Jeff.

Ashley Lee

you. Thank

Operator

There to questions closing I’d call the the remarks. are hand queue. back no further Mr. in Mackin like for to

Pat Mackin

Yes.

call June, thanks in to you from as today. May could again, the got the numbers, joining So for even and July. seeing continually better And things better hear progressed, from to we’re April

you market we’ve Our R&D performance got around are PROACT projects we’ve on XXA, got got much which limited the we’ve half. when projects was we’ve not to brought on spending, and our anticipating got the mitral. in JOTEC products, all NEXUS online, coming we financial for frankly, at our at And up, the track, clinical are back had are second look NeoPatch track, needing burn we’ve got we’ve the the three cash discipline really our releases PROACT

So, business be going position, that in accelerate and can – see but we very need returning. of strong our disciplined portfolio predict to opportunities is we’ll and will be, when what’s we know financially continue the virus, we’re that us with to none just a we we and liquidity we’ll is resilient happen the to when

So call. on the look appreciate your catching to forward Thanks. interest we and up next company in the you with

Operator

Thank teleconference. gentlemen, conclude and your for does today’s participation. Ladies you this

and have your You lines at may day. time, a disconnect this wonderful

Artivion (AORT) 31 Jul 202020 Q2 Earnings call transcript