CRY - Earnings call transcript Q1 2021

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Operator

Greetings. Welcome to the CryoLife First Quarter 2021 Financial Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded. the Gilmartin to Group. turn Johnston host now the from will conference your over Brian I Thank you.

begin. may You

Brian Johnston

Thanks operator. Good the afternoon and thank you call all today. for joining

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

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

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

Pat Mackin

Okay. afternoon. for Thanks and Thanks this Brian good joining us afternoon everyone.

time. our this can you at ahead is business of in working see would where recovery be As from thought the our is results, strategy and we it our

the demand have COVID-XX in COVID-XX, substantial business and significant to innovative our continue first the rebound repair recently which As face to in we continues our you presence. for quarter will for hear bodes we in well continue products. the and remained build aortic impacted business launched our future. a made We've of resilient has progress believe see especially be does Europe where to by But

accelerate for quarter constant growth initiatives from invest to basis When on factors coupled of the We the forma with we last achieved in also anticipated programs quarter Unfortunately, starting to pro to revenue headwinds first first issue continued Tris first were we growth outlook spoke while of X% the cautious XXXX. for infections COVID-XX, clinical in year. arose to beginning and quarter in the versus that were trials. the was mid-February in growth X% revenue quarter renewed these we a including which Despite just this R&D many to in expressed a our currency the vaccine tissue countries in re-imposing continue decrease resolved the US. in the rollout fourth of XXXX Europe GAAP day. COVID-XX in due experience lockdowns continue to and We spikes supply saline last you

the new than as anticipated impact our as Fortunately, XXXX as QX the and quarter positive stronger revenues improved the product anticipated. our we conditions in JOTEC experienced from increased and tissue revenues impact inventory well from launches our were US unfolded less than processing

a For increased revenues of pro by XX% the first forma by of XX% full by example first last XXXX increased on the currency and year. AMDS to JOTEC revenues all XX%. in compared increased constant XXXX basis quarter quarter Nexus

on in of North On-X compared XX% In grew revenues first increased saw currency the revenues to we valve in constant first a the aortic quarter addition year. basis, quarter X% America. On-X last

competitive rather only X.X to has can the INR run X.X that valve significant a valves. patients it's FDA advantage valve reminder, X.X a As the over a from approved than that mechanically aortic In X.X. clinical to lower for On-X aortic

improved the the growth in a countries it for earnings Brazil, hospital as of has a have good the been in we've as back As Unfortunately, and us, since impact Many been in are and resurgence. there these seen US European result lockdown -- call. been And COVID you've the have market its significant a in and of COVID-XX. not all there conditions rollout US is Europe the seen US. on management COVID-XX COVID-XX has experiencing made some from improved last vaccine worst currently as progress vaccine our rollout

However, vaccine and this accelerate progress improve if forma vaccine to expect these and adoption as continue we conditions revenue the hope should in pro we regions; later rollouts that year.

the provide outlook more our QX in commentary for on later call. Ashley in -- QX will

accelerate I explained As near-term last initiatives. revenue with our key to our plan three in call, is

NEO, JOTEC of OPEN new commercialization aortic in stent the Europe. E-nside, E-nya. our stent our These products products five graft Nexus, and next-generation First, and E-vita AMDS are

into Second, America. Asia-Pacific expansion the Latin and continued

approvals PMA, an initiatives update grafts. PerClot of five these through will Third, and on in I you aortic PMA, mitral in starting includes near-term stents regulatory of review PROACT our a stent walk with major BioGlue each new markets. and China. This

used modeling First, remain device dissections the type hybrid AMDS aortic is treatment first for and we world's artery of optimistic. A very acute

XX% we of despite increase a of forma posted quarter. of in currency portion million quarter quarter, growth occurred This over first first the or revenue, during continued regional the Europe lockdowns earlier, in constant good noted $X.X a I on the basis XXXX. the pro As an through

markets. secure continue secure the for further AMDS, additional positions in particularly us pandemic dissipates we regulatory to markets in the approvals also which key expect these marketing We around authorizations increases very in world select with when to well

Europe. on Second, restrictions constant for results increase better of of well resident would if have basis these other quarter as We a $XXXXXX XXXX. the Nexus believe XX% Nexus as renewed and products posted the an been compared not first for revenues for travel of in currency to lockdowns

cases spike remain still scheduled months latest example see to continue technology. will of had result as infection in first a that for Nexus prospects For the for Nexus the several weeks upcoming the cases reschedule scheduled optimistic quarter and rates. regarding this We the we during and

our newest portfolio endovascular in Third, treat to aneurysms with stent is our thoracoabdominal E-nside device grafts.

include OPEN on is a portfolio newest our dissections currency constant when XXXX. QX our in is trunk XX% product for line This category. compared the line XXXX. grew OPEN later basis frozen Fourth, E-vita on Revenues release to which Our and this extra NEO, product we revenues to the regarding our treat this resume include to and compared QX to E-nside currency from which and Fifth, XX% of E-vita aneurysms basis E-nya, elephant of XXXX. in constant a grew market aortic NEO Plus E-vita product expect design arch. of OPEN

these for well these expect as to and demand continues. adoption vaccinations products vaccine accelerates, We five the build as products as for market adoption

expect resulting we our addition JOTEC selling supplier. improved to and a source internal second efforts from from In of own the onboarding benefit inventory,

regulatory as well as America, existing in of to products initiative, Moving these approvals for dividends to, our expansion and International our new efforts next Latin footprint These despite expansions in pandemic. Asia beginning commercial the pay are Pacific through regions.

our region Asia that, and is subsides XX% America. in anticipate growth Pacific on the of and COVID-XX Brazil. XXXX. Unfortunately, accelerate in constant Asia America, pro these quarter Pacific in a business as in authorizations basis we that regions, to pandemic the severely to revenues currency in and continues gain will impacted disproportionately both first Brazil forma in of in both by XXXX, weighted Latin marketing Latin Our first quarter increased We be additional the compared

be PMAs approval well for should as regulatory XXXX China PerClot. revenue approved, near-term initiative, this is approvals to mitral, is in the to for That FDA and PROACT expect second help half XXXX. PerClot the major continuing pursue specifically, for as first PMA Our BioGlue. third gaining in initiative submitting markets. On if we accelerate More three of program in the

manufacturing for multiple We large-scale as indications will laparoscopic capabilities. be across submitting for well specialties both, open as surgery and

are We PMA submit the on QX track in to FDA, our to XXXX.

implemented mid-XXXX, On-X in the regulatory submit Second, approval On-X valve. valves. PMA for is If will to mitral similar lower label to Coumadin, On-X we our approved label expect compared the our for of be lower valve with to maintained valve, new to patients label INR other with doses for mitral valves. INR be aortic This mechanical a able for our is on mitral patients this the for

enable to X.X after current This to rate valve for heart to patients. from an the gains Coumadin market be benefits the On-X And clinical lead Coumadin mechanical X.X. of for label the with share INR our will we'll market in INR this for us example, valve take For believe to that with our will aortic valve. mitral care similar mitral experienced to of share X.X. from market, levels, we've standard We X.X is significant approval a significant going

testing. Third, that we Chinese receive China the XXXX. This relates testing in for additional to BioGlue for equivalent request to approval approval our unlikely recently can requested is as for has in it during NMPA BioGlue in additional regulatory it that view, makes China, require may which FDA additional data the the

does near-term delay our on And we opportunity, described continue This accelerating growth view, as provide when to potential discussions clarity. the our meaningfully update We NMPA. have our we'll have approval timeline, earlier. impact in further with an I revenue not

continue we clinical are addition In good AMDS. start key U.S. in this in are to also currently ones These progress PROACT on U.S. to trials XXA, Nexus that the with are three clinical initiatives, our which mid-term later progress for products year. pipeline expect trials to make our on we and these very trials

our We trial. continue the progress enrollment in to XXA PROACT on significant make

age its the over to have Despite sites trial enrolling share approval, and in the Feedback we from early study. achieve market under be such become on enrollment, the currently FDA participating in On-X maintained XX. Eliquis XX we surgeons randomized the obtain and aortic XX can patients aortic can late warfarin. valve the of participating if qualified pandemic approval We prospective and patients believe meets assuming valve sites endpoints, the XXX trial the, by actively market headwinds Our in trial we in XXXX the still very aortic safely an currently determine will with valve XXXX. remains successfully patients If believe, patients versus and effectively clinical leader positive. we and beginning On-X the are

In addition Nexus our great progress known IDE the on partner, as trial XXA making U.S. device. its to Endospan that Triomphe. is PROACT And is trial for trial the

track recently With call FDA approvals IDE, our billion on clinical $X trial as for, to on give device year-end. we for anticipate these company we total the Nexus mid-XXXX, put market time. over acquired submitted I'll we AMDS AMDS which which our and begin that at trials now If early in Ashley. expect, Finally, our if will AMDS turn additional by would are then XXXX by the an proceed late, us in to PROACT track addressable that, submit XXA, to XXXX,

Ashley Lee

revenues for year-over-year basis, constant Performance Pat adversely and of North on regional Thanks acceleration our revenues were of company forma increased discussed everyone. X% the On-X compared and basis, reflecting quarterly XXXX. revenues XXXX basis, adoption currency ahead basis, BioGlue Nexus a impact basis, increased good improving XXXX, revenues due QX improving the the in affected forma increased million up XX%. graft X% volumes AMDS issue EU. X% position first an Europe procedure pro September increased due revenues COVID-XX to revenues of of flat. in despite the XX%, revenues call graft QX stent quarter COVID-XX. first up Revenues revenues was pro aortic Total currency the guidance quarter, pandemic. by X%. addition these of U.S. lines a the a quarter the was revenues the product quarter's on in stent to X%, revenues the of XX%, the America to XXXX Tissue On-X better-than-anticipated stent and in On XXXX of first On X% increased decreased increased and procedure saline and constant afternoon inventory increased volumes On stent and GAAP of XX%. the each the Europe, compared on JOTEC processing in $XX.X the aortic and came pandemic. a reflecting last and a in of to BioGlue Tris improved in in in U.S. and

XX%, America increased XXXX. in quarter Latin to XX%, XXXX. increased America Pacific and Asia the currency compared first revenues Asia all XX%, Europe XX%, North flat, XX%, was and quarter of On decreased constant the all America first to increased basis, compared Pacific Latin a of decreased forma pro

million, the XX% of $XX XX% $XX.X were first of in of quarter for to XXXX. first the the the compared expenses first and quarter margins were in for first quarter XXXX. million gross G&A Our XXXX quarter

charges nonrecurring $X.X value XXXX Ascyrus acquisition. charges and primarily The to related million, other includes the fair of first quarter related of related to acquisition

$X.X foreign related in expense quarter Loan approximately expense First origination $X to to convertible of of includes million interest debt million million cost. unrealized B, our includes currency million related and realized Term amortization and expense of QX our in $X.X translation Other approximately debt in $X.X $XXX,XXX losses.

million net or quarter On the share line, per the per XXXX. was we $X.X in of first diluted net $X.XX million fully bottom loss income reported Non-GAAP quarter. of first the GAAP in $X.X $X.XX share or

includes operating $X.X translation Additionally foreign Adjusted included losses. of pre-tax of $X.XX GAAP to million $X.X million Adjusted that to was to of of in Reconciliations and this XXXX. loss currency add-backs quarter related first $X.X we operating operating the afternoon. approximately income to the EPS non-GAAP XXXX are first the release income. the GAAP share compared press and of earnings and million for related per income acquisitions and non-GAAP or other quarter issued charges for amortization expense reflects income

quarter facility times press additional stood these refer to including net Please XXXX at for release $X.X our Adjusted and approximately defined and $XX.X $XX X.X XXXX, to $XX.X in for the GAAP our for our we available of at XXXX. first about was first our full leverage Gross X.X quarter credit credit XX EBITDA reconciliation of results under to of by non-GAAP facility. results. the March in million stood debt leverage of compared had results million As million a million $XXX the million, cash, times. information as revolving our

Regarding call, implanted establishes quarantine that $X our the tissue safe be we in the last tissue to patients. situation further in discussed on million our is that testing

of have now be release We FDA tissue And results able the year. we notified our this hope later outlook. to this for to these and

where rollout introducing to and long-term it which new of Europe, remainder of our North specifically are in Europe results. our that revenues COVID-XX variants predict products. in make us Recall Continued the uncertainties America for XX% regarding difficult are generated we overseas, approximately and vaccine in the adoption generated are is majority in

launches for XXXX to this QX the believe new not year in performance QX internationally volumes we believe to Given will between QX expect impact we improve be said, -- $XX potential to top continue revenues we full in QX impact guidance will If QX. will adversely and product that our COVID-XX in overall COVID-XX we later that continue metrics Europe, improvement meaningful that and normalizes, to specifically factors, is time. in relative vaccine line environment Due issuing and With to our quarters. the to potentially these at procedure be million and expectation million. $XX growth

our continue particularly future believe America ongoing in channels Latin to Regarding well in to Asia growth, We investments will intend designed our fuel as as and we our to that these closing in able ongoing these debt pipeline. and fund be invest comfortably commercial R&D that to service and turn back can to investments having to I'll our for additional comments. call capital. make the investments operations Pat his raise through our we we without

Pat Mackin

efforts without business Ashley. the In outstanding our of very Thanks world you've as and the despite around this closing, team. our our perform afternoon, pandemic That employees global continues well. is heard leadership due to the to question

the to that the that to world vaccine Even deliver better more and year around commercial improve when do and believe improves. positioned we be to be the When of providing pandemic the formal revenue volumes and previous not realize accepted, a potential provided will continue vaccines we're to financial continues of subsides position market optimistic procedure the guidance, though, available are we are and in believe forward, XXXX our conditions levels, rollout year-over-year full we'll better that return growth. vaccines products. acceptance widely the Going various we we'll double-digit

in XXXX. do have catalysts that several we XXXX not We in have

period initiatives As the XXXX that drive three growth XXXX. we explained will earlier, have over to in

NEO, Nexus, should five and stents continued stent see First, aortic AMDS, new E-nya. E-nside, growth grafts; in we and over XXXX,

new Pacific Second, investments further upside we in in approvals and our our Latin from XXXX, anticipate in regulatory channels Asia and America.

mitral Third, filing valve. PMAs for we On-X our in PerClot both are XXXX, and the

All optimistic position growth the makes strong our outlined is deliver financial of previously, on continue us ability catalysts these drive revenue goals expectation as pandemic to -- our to are operational our the accelerated to by supported subsides. regarding I've

our to mitigate we will and growth, continue operational expenses. manage summary, work in So risk for strategically to diligently invest

again and our with performed how that before. prospects portfolio our focus I'll in and last the over more And resilience the the of once aortic our quarter to first questions. Based our The confident than I'm organizations repair. year, to the and of on on strategy demonstrated call products product for effectiveness operator turn the business over ever our back

Operator

At question Please your first Matson be this Mike from time, will a Needham. of session. Our [Operator Instructions] question-and-answer we question. state conducting is

David Saxon

implies? for and the I first on question of And Yes. said you XX% all question and color. quarter pro I a forma. guidance. appreciate us North talk just guess, this improve Can was kind for you does Hi I just Thanks Pat think on was second actually geographic America David I on Ashley, guess through, Does is said the perspective, what congrats that Europe is -- from Saxon the you up quarter. taking that Europe flat. my here? I Mike. think from

just North do couple you And increasing think Thanks. improved there? the then So, a given follow-ups. have of I vaccines America, in volumes

Pat Mackin

clearly I One would -- tissues we things clearly issue first -- we highlighted mean the impacted that quarter were folks. the product, in that that a impacted US. that's kind North quarter and say had Yes. there that American I the Tris mostly in was of to first so two that the

tissue other vaccine a first and was the the our the business the on some products improved in weighed quarter. for rollout saw good while heavily US in return the we So US, of in

in -- remarks, a done on testing tissue. the comment made Ashley the as we've So, all we his

back heard haven't FDA to yet. -- haven't We we we've that submitted the and

in the quarter. than think first was the I in So, shape better it US is

you've QX, news guidance, what's growth shows Europe. in sequential it from seen -- going you've been think the I on our but part the of

Europe extremely performed in resurgences business So, face lockdowns. these double of and the a grew digits well. actually all continued as We

quarter. is, proven I So, to as predict have to a kind been The we're anticipating think, number I of COVID is second what's growth in the times it going business. to trying dangerous relates question a of happen

in sequential as growth. heavily estimate all Hopefully, going it we're our from fair of from a are. So, as showing but it's on, improve standpoint both we're a well there, about weighted where what's still particularly will that's think revenue I products new Europe,

slows slows business. So whammy. it's If overall down a it double the like down, Europe

David Saxon

then And helpful. did That's Okay. E-nya. yes, on a have question I

later happens, are go resume I need you'll major full that any that this that are there market or done launch you much guess, before mentioned, be You that, a you pretty before to or of year. you finalizing release just kind projects launch? tasks do before

Pat Mackin

Yes. if -- full do start this with we release this we'll And that roll limited a through we then, of market ramp a in then XX with goes that -- Typically, how and And release. into we're to phase. is products happy doing it market go is the up when years what typically, start we'll out. a

or So, move then that. we're just really -- limited It's release. anything not through full waiting we're and release into market any going the the like market approvals on

David Saxon

Okay. And then, if last I could just in. squeeze one a

taking Just said are with such if balancing that? and the given doing the question. me then rest a think mean, sales AMDS, that with push I Thanks -- just guess in are of -- question how you that's product the million or to is high correct with they is the for in there wrong. margin my portfolio? is, I place also, the that, But -- how it's I incentives quarter, $X.X force

Pat Mackin

Yes.

forma last was the did and million over of currency $X.X in pro QX we that So, year. constant XX% growth quarter

a this. I So of things add on couple would

every in approval have country Europe. we in So

and selective recognize approvals We the Canada. that markets mark. in in have in America Asia approval getting Latin CE We're

to severe about this something mean, a hard majority Given in that regions opportunity is lockdowns a are lockdowns grew in across the are it's products not XX% like. time moving we under product. lockdown of the that Because fact and launch the new I was thing, one having quarter, the -- when people but where just trying the the say

in even And the of also some as think the So, acceleration in America. in it's these out going a markets product. to roll and see Canada, Europe, great throughout will continue Latin year vaccines we getting approved Asia We're AMDS. be and I more

I So great think a it's product.

fits really other in perfectly The product the it the about that's thing nice portfolio. is,

about, valve. Those use is surgeons this frozen So device if our heart put They reps a On-X when surgeons. use in surgeon, They you aortic On-X think mitral use NEO on use by They trunk. our call AMDS. valve. heart use elephant our BioGlue. They our heart

and more about. aortic procedures it's and to really opportunity the So see across more that significant to just a cross-sell we've people talked

that is think going I getting and we subsiding extremely well going the I mean So cross-selling AMDS do think and pandemic markets, to more forward.

David Saxon

you. Great. Thank

Operator

Our your next Co. question. is question Oppenheimer of state Kalia from Suraj & Please

Suraj Kalia

everyone. you hear alright? afternoon Good Can me

Pat Mackin

Hey Suraj.

Suraj Kalia

congrats Pat on great and quarter. a Ashley,

bunch a calls. and if between two had around Pat, been So questions of me forgive just some mentioned of these jumping

XXA PROACT than the equal you end Pat, E-nya is So greater on for current and XXXX? to track enrollment all are of XXX numbers still by

Pat Mackin

Yes.

we've So got now unenrolled. of And XXX we right up and signed XX kind did centers and XX activated. XXX

kind So up our within reach XXX that, through to bringing centers being this of we're of Yes, I able to for well year. all is enroll. still think going

recently. better. big In of fact, hoping very we couple centers come a online had do really I'm We've

think do XXX reach. I is within well So

Suraj Kalia

fruit Mitral the the dynamics that? going the with see walk to the us for low X PROACT Then would what taking? remind consider Pat, it. as to are Got data the again we through INR low-hanging us when X.X you structural on

Pat Mackin

Yes.

the have -- for have thing We this, a it's So aortic. we is right? great proxy PROACT

amount mitral position. I a run which at valve, to where you have know more higher with -- a patient's X.X we the to it's carries show we story, can trial you so right? the level significant Since a INR mean you X.X So lower dramatic low-pressure use a that's actually a INR. guys in bleeding. run And a it you of So

we mean mechanically get label and summer. again but submitting from PMA in we're approval till So the X But a that we of best fact mitral -- have all, what valve down X.X, to it's It's what we this market great a that the the surgeons wait drop I -- we can the I've see you me had first tell the FDA, to of Number lower it like you X.X, surgeons of that? of change. run a X.X if risk I patient, what for label gives it's a X kind mean can between just no-brainer. Like get instead tell peace mind. why can of wouldn't is the me before you you and patient if X.X two, me I do bleeding a to mean valve.

the that label think we the and combination a I only significant the seen same do X.X great a this an So the of you've with be fact the valve. to a we'll out. we aortic we get for continue valve valve market have think approval ones assuming X FDA X.X to with share X.X, taken we'll versus We've and movie mitral played to our with already the

approval get The we going your be to to this try we obviously, when always -- is actually COVID will with to first time be. want part question this presented, the of it about when to

I PMA think half approved it's of is next the nine-month frame. a We in lining we the it's XXXX. a if because year up typically should like in time supplement, January which get six that -- first to submit STS

end an it's rate soon of January could ideally hand and try and line and the STS have in And so approval the go out to in you come you'd with then have thereafter. so into to up, late like an your breaker at close we to it STS approval --

on are label. is the this this our is change today. is thing the about we other shelves. bag same have already It's -- in The their do carrying the to that's beautiful same consignment reps the product All

are changed selling brochures, of the well So we marketing and with these types label new products. at up our came versed reps we

again, company So great the product. real opportunity for this I is a think with a

Suraj Kalia

my Pat, out and into So back all I'll throw queue. hop questions just

are PerClot in thing. one expectations and a That's panel? So mitral, Pat, first, what your

How are BioGlue's numbers. The gross margins. was very an for I at there for sustainable look Pat and in third, XX% look XX% at you. composite healthy for was XXXX margins these also right second moving you, uptick. 'XX. forward? at The the then maybe contribution consensus the quarter FY thing, FY for Ashley Pat, gross I And

and with over easily are lack questions obviously guys in just hampered Gentlemen, proctoring You and these again. you been conservative of across you blow almost consensus given congrats comes past It thank travel -- guys mentioned. you have everything taking you Europe numbers. should my

Pat Mackin

Yes.

I'll list come let two, and back three. one. I'll one, and So then first the then go Ashley me to down last

package. through So the PMAS. going product, I that first one PMA It's It's that the PMA. mitral to supplement a we'll to just of a a I We is on that submission. the of hit risk on so handicap panel. the is a the will PROACT PMA -- It's PerClot clean a not clean effective. the to we're on because full see it's endpoint. original not It's the a based I'm trial. panel. submission, safe. but Again, move don't very to quickly mitral I FDA, And level FDA, highly is be would going -- a hopeful it that go

cycle not be a as That's So of that supplement. to kind going review normal go will to a panel.

that's on Ashley, the Maybe can take first margin. you gross question. second question the So

Ashley Lee

Yes.

opportunity XX% it's noted So is obviously America Suraj mean a and in On-X strong grew and as growth E-nside the was also them of of I business launches result corporate North thing products the to improve in gross BioGlue. that I year. new you was guidance the the you on And gross spoke in with But year. The believe go the higher-margin I QX and incremental we that improve especially we last benefit of them, US. than give about from the of lot and versus are drivers key margin we is, them -- where a go strong margin the of here the performance gross And to as on of that those that, product product being and AMDS as and that of line seeing five then the NEO. year. had throughout one do a know, couple Pat think incremental opportunity margins some we the formal we that like A four higher margins have QX third driven margin. gross the throughout by don't we being you're of said gross we QX average. as But had in a to said,

Pat Mackin

the your Europe opportunity both we how kind US Yes. saying quarter question a then US. and with and Yes, basically, I'm first the mean on in the COVID. the have job The actually beat I done very raging out I saw -- consensus mean coming into has third we mean the of the current a resurgence there. big performed with look, were And vaccine quarter. to with great pleased in US we Europe I really

Now tissue little said in tissue with as this -- raging the still we the call kind in grown had issue the we we of even to pandemic would bit our with issue. Europe. had mean that we QX, last have were in range X% hadn't handicapped a I in if X% probably

the came waiting FDA. the to news positive from from gotten Tris on flawless, has The back the out kind get of testing. have also We testing green we're light but

number. growing in our are trunk Look know stent major XX%. another business the growth -- paying in to Europe did a don't I they growth Europe how that's growing pandemic. every just year country constant And in thoracoabdominal people potential are forma that's ago. grafts like in lockdown, at I of country currency. easy attention, but XX% stents every stent percent. in comparing in frozen and So our for These We're some elephant again, country our and This graft a business XX% mean in We're like Europe upside performance Nexus, isn't new us. aortic AMDS. pro much

calls significant on COVID in all to It's kind of you. what is last Europe in the in we Europe and growth return which what there? exactly over our Operator, see place. Difficulty]. corridor the [Technical a comments. hopefully we're start with is as the there half, it's said to have of said we any second So, we think kind vaccine, is gets with we the This quarter. well positioned. back mean And track this agree is we very I

Operator

Sorry there. out Pat, you cut a for moment

Pat Mackin

happened know you sorry. heard. what much don't line I'm there. don't I the know I with Yes. how

Operator

Okay.

think I last missed couple we sentences. of the

Pat Mackin

I back significantly. out and a double-digits what Imagine We're get actually the there. in of happens to we're Europe growing with Yes. normal kind agree we vaccines growing Okay. Suraj pandemic. get that rolled in when

Operator

of [Operator next is Jeffrey Cohen question Instructions] from your state Our Please Ladenburg Thalmann. question.

Unidentified Analyst

be This Hi. my that at Jeff. commentary when And how expect pieces. question. super XXXX? or just color taking helpful. more you should noticed actually And be for I normalized wondering revenue around the levels? is situation would hand I'm is some Destiny on going? Any to XXXX could we TMR for Thank

Pat Mackin

the I is Yes. mean good news TMR gotten the FDA. from we've on clearance

now with that up, obviously we which supplier ramping We're our to supplies those biggest that that So pieces and had. somewhat a holdup is them during proving back working was challenging hand us pandemic. the be

gotten have meaningful we So, -- announced the I even think kind like we'll look second half what year. will of of expecting the when we that probably that the anything weren't visibility But this we back said until on have later year. approval we better

next better at So, the we give probably call. can update a

Unidentified Analyst

then, Thank between vascular? perhaps it. preservation got this. missed Ashley, and I Did services break you. And out Okay, you cardiac

Ashley Lee

We were indicated that did we last item into combining We our single call in those not. one going line forward. going conference be to had

Unidentified Analyst

reminder. Okay. Thank you for that

For you further any at BioGlue for? Are able that looking additional to testing in they detail? discuss what China, are

Pat Mackin

to Yes. We're level of not give detail. going that

into but the it's redoing which with we're approval government. for a you to a not take is saying what in take trial, get not normal more inside quarters, back we're of potentially asked submit questions. this of of details Just be to testing is I not could requirements at normal mean back come going couple think and but what an top point this able This we're why It's come going bench questions, Chinese both approval we that's exactly clinical information, and don't back are they've than we're a more is of submit, animal the in us. process. with testing that get for ask and they going -- to to is a What testing the XXXX, they've an you forth that process kind they

Unidentified Analyst

regulatory be to can know I it. little predict. hard a Got the process, there Yes,

So I is guess any helpful. feedback

have other you. I Thank All questions think that it my for already me. does answered. been

Pat Mackin

Thanks, Destiny.

Operator

over the Mackin I call We have turn back reached will remarks. session. question-and-answer the end Mr. now of closing to the for And

Pat Mackin

thanks I the And as call. And Yes. mean. for joining I said,

up mean hopefully the to growth quarter, of Europe. kind kind sequential We're is the our get QX, question Suraj's in I in of of we for the it normal kind last second and and bullish, this think in well. -- of I sums year. but half we're actually kind can we very COVID resurgence showing COVID of back of

we've bunch E-nside, right AMDS, didn't coming as and PerClot in and Pacific got of a as corner investments we for Mitral. PMAs the have Asia as, America said, our Latin that in NEO, catalysts I As around well our E-nya, XXXX. PROACT our Nexus,

bullish Brazil, very And get overhang here the company. we're on you'll as this kind I see Europe think of soon of the So, improve COVID can at accelerating growth growth and significantly. we out as the in

to the appreciate forward call I next our on So and look update. attention your

Operator

concludes This today's conference.

disconnect have may you Thank your and this You lines time. great day. participation your a for at

Artivion (AORT) 1 May 212021 Q1 Earnings call transcript