Earnings call transcript Q1 2023

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Operator

Good day, ladies and gentlemen. And welcome to the Artivion First Quarter 2023 Financial Conference Call. All lines have been placed listen-only mode and the floor will be open for questions and comments following the presentation. [Operator Instructions]

At this time, it is my pleasure to turn the floor over to your host, Brian Johnston, VP of Gilmartin Group. ahead. go Sir,

Brian Johnston

afternoon today. Good Pat you joining for CEO; Thank me and from call CFO. With Ashley are Artivion’s the and you. Lee, thank management Mackin, team

you meaning and we that in that the the Before statements look the Harbor the of forward Reform of uncertainties time Securities forward-looking Litigation Securities requirements like within on XXXX. I’d to Comments Safe the statements made and comply Private begin, are following of Act with Litigation Act risks XXXX. of Private involve remind this call Reform

The may company’s number or a forward-looking hopes, actual materially differ cause statements statements forward-looking predictions include management’s expectations to that statements subject of as results to risks, forward-looking to beliefs, these These are or from the uncertainties, of estimates statements. future. the assumptions intentions, and

concerning forward-looking these company’s press Additional today. issued may and in statements filings earlier is risks release and information that the from in the time-to-time was SEC uncertainties impact certain that contained

With over that, to I Mackin. Pat will Artivion CEO, turn it

Pat Mackin

Brian, Thanks, currency that I our am XXXX of enabling afternoon, and XX% performed everyone. report well, quarter first of year-over-year. growth to business deliver the revenue us pleased constant to good Hey.

by constant by currency led at basis. grafts a was platform, performance XX%, compared On-X to followed all X%, strong Our X% and grew of quarter BioGlue on XXXX which stent X%, processing at our at tissue the first

markets are additional strategy, our as expanding quarter pipeline. strategy increased through addressable success in this of through working. we within driving geographies clinical and commercial expansion first existing Our demonstrates our by our as new that revenue our Under footprint markets, well is

PerClot for inspection our approval inspection for once recent and approval To recent order that an expect recently end, from PMA finalized. our the is PMA FDA is we the received

on have more ability in even deliver financial to confidence for our commitments XXXX. our We

first in in growth ability our beyond. deliver XXXX and likewise confident are more our performance, even strong quarter we Given to bottomline

XXXX, further on from deliver of currency we March recall our through focused annual to across Investor $XX-plus have committed leverage Day growth our delivering of in driving double-digit constant operating in EBITDA to million are XXXX. revenue you As adjusted business will and XXXX

Our off. paying clearly focus is

currency On-X As across X.X. grew in first globally to in quarter maintained I take constant We growth to saw confident the with a continue valve compared quarter we only of constant mentioned heart geographies. On-X currency first in year-over-year the all last X.X of XX% mechanical basis We remain market on INR will share the that to revenues year. earlier, can that be double-digit revenue an

revenues for constant to the graft graft stent grew it a to of X% Additionally, on currency stent XXXX. quarter compared first higher. and high Demand we expect remains in first grow even portfolio basis the quarter

Germany additional in last we to As we you who meet increased to demand, production now improve this may hired year. staff contributing the to year, whose our productivity expect throughout graft are stent recall, and

As our we a the the revenues being to anticipate of meet in and strong demand growth able of these in accelerate and beyond stent XXXX better grafts result, products.

on new XX% our year first delivered prior America, product APAC constant America sales and compared Latin and period. well revenue regulatory quarter initiative extremely executing to currency Latin we through the XX%, expansion. also footprint are We growth and APAC commercial of to respectively, grow In approvals in and

important expect drivers growth years. We the continue to be over these coming regions to

soon. we for FDA earlier, PerClot approval expect As I mentioned

products will begin million approval, partner shipping and payment, we received -- of our Following amounts product net this a to to Baxter. generating we revenue milestone owed the former $XX.X

potential As half in approval look of for the PROACT and we year. second Mitral, this are dialogue FDA with to in the forward

XXXX. from our for and upside would our factored not outlook is current into Mitral in mentioned PROACT represent call, for approval XXXX further we As forecast last revenue in growth

progress these our make three to progress trial. of AMDS in addition continue initiatives, on In we the to each

now patients is PMA have approval IDE trial the U.S. U.S. experienced dissection. our and type for XX up patients approximately clinical A in We trial, enrolled centers acute which PERSEVERE who and in XXX have to XX

of efficacy The disabling infarction, mortality, and trial are failure renal primary new new and the of combined safety reduction all-cause the lumen requiring the endpoints of a myocardial aorta. in dialysis re-expansion the onset stroke, true

in this of second We anticipate PERSEVERE half completing full enrollment the year. in

Following approval assuming its anticipate are in the XXXX. meets endpoints, follow-up trial FDA we should period, for a we we one-year AMDS receive

approximately completion and of In XX later partner are treatment. Endospan making our progress TRIOMPHE met. and a enrollment on again, this and patients addition, for trial, estimates are patients XXXX, graft U.S. Endospan PMA its approval called in that and is enrolled enrolled assuming approve year treated IDE the stent the system. In XX there aortic number NEXUS endpoints total of

for adjustable FDA To reiterate, these and proceed exercise option anticipated, AMDS trials for approval $XXX if as Endospan, million. would our we products we by market an these XXXX. PMA estimated At increase our that expect time, assuming in opportunity NEXUS

on clear ahead, aortic pricing we in continue build power. stent differentiation drive On-X to Looking in intend growth we to strong grafts, but XXXX, growth in the our have a

expect approvals also from new our investments and further to in channels regulatory in Asia-Pacific benefit Latin America. and We commercial

the turn Ashley. With that, to I over will call now

Ashley Lee

$XX.X Total QX and currency XXXX, basis, constant GAAP XX% for Thanks, up revenues first compared Pat, XXXX. everyone. up of of basis million a the on and a X% good both on afternoon, quarter were to

of increased X% On-X increased increased On X%, a the grafts processing tissue XXXX, in XX%, first grew revenues X%. revenues aortic quarter stent BioGlue and year-over-year basis

and tissue revenues On-X revenues grew On a BioGlue increased X% processing X%. to the basis constant compared and of currency graft both grew quarter first stent XXXX, XX%,

America of XXXX decreased first North Europe Asia-Pacific the increased XX%, XX% revenues increased quarter first and On basis, America increased all a to XXXX. XX%, in compared regional X%, Latin quarter

Asia-Pacific Europe first America On North compared and X%, Latin XX%, XX% increased XXXX. a constant quarter in all increased to America currency revenues increased basis, increased XX%, the of

QX, to of decrease was XXXX in quarter XX.X% inflationary compared by improved as well materials driven margins and and labor, product to line for of impacts geographic The sequentially quarter mix. Gross first to XX.X% QX compared fourth as on the from XXXX. the

$XX quarter the $XX.X million, the were first XXXX. in quarter G&A of million first compared to expenses in

benefits, first were million Excluding non-recurring $XX.X expenses acquisition-related first of development to $XX.X quarter the the quarter in expenses and of XXXX. million for nonrecurring and other compared charges, business XXXX, G&A

R&D trial. expenses first cessation savings for PROACT the the R&D first quarter in of from decrease The the million, quarter in results were $X.X to the from million of XXA $XX.X XXXX. spending primarily compared

Other $X net currency income expenses expense and approximately gains include of million interest in translation $X million. foreign and

of of for of the the net million and $X.X for related allowances XXXX million a $XX.X loss impact pretax On first Net approximately AMDS the charge $X.XX deferred diluted to first per XXXX. includes GAAP loss quarter of on the quarter our tax the we or fully of bottomline, consideration share reported valuation of assets. contingent acquisition in

quarter. currency net or share includes in Non-GAAP business first and the Non-GAAP was foreign non-recurring income per $X.XX development excludes and other gains $XXX,XXX income charges.

As of March in credit available in approximately full $XX to the XX, million facility. $XXX us and XXXX, had million $XX.X cash, debt under we million our revolving

adjusted XXXX. results. our these million first of press information reconciliation to quarter for Non-GAAP our $XX GAAP refer non-GAAP our of was of about Please compared $XX.X million, XXXX additional release the to results to quarter for including the first results, EBITDA a for

And the now for outlook for remainder our of XXXX.

X% raising and of price PerClot, compared momentum improvement revenue are initiatives, anticipated in of FDA the and anticipated previous between year grafts increase of XX% Given stent approval to for XXXX, currency our and range constant we our expect guidance supply our for to the revenue QX, in full growth X% now XX%. of

to We previous expect of million our to compared $XXX to range range million, of $XXX revenues $XXX in million. to be $XXX a million

differentiation We hires expect continue as in the the compared we Germany of the PerClot. growth recent to we with approval and clear the price to have for meaningfully of first year products as become fully accelerate second will continue revenue pursue to in where increases more half productive clinical

track strong $XX topline from Day. our performance, revenue meet million adjusted will guidance XXXX to R&D last March a also first raising With EBITDA in decrease of our XXXX. expense us in we our and growth, minimum This EBITDA management our adjusted a general quarter we commitments on are of million a spending, year at to for of Investor continued made minimum put $XX

not do our to or debt need our additional channels raise future. to in foreseeable the fund investments capital we our the obligations, anticipate our Further, pipeline in

to be debt service comfortably to and growth. our We able in will expect continue invest we

drawn finally, facility on we were And our any our unless contains million credit would financial more calendar covenants that Term no Loan which default place revolving B end $X.X not. to quarter, do than of the at have in us we

on our As we the $XX credit foresee have available do not full need million facility of under draw the it. now, to and

notes As not a our convertible financial do any contain covenants. reminder,

value. consider continuing to afford strong on greater growth even and future our laser-focused efforts obligations to as flexibility are Overall, we meaningful bottomline and we top shareholder to deliver deliver

back the for I Pat call will over comments. turn his to closing

Pat Mackin

Yeah. Ashley. Thanks,

So as to excellent just and that to XXXX you off momentum start heard, continue. is expect we an

strategy year. to this what meaningful growth working Our is generate we EBITDA and be expect

quarter our reasons. financial the took we on also following this commitments guidance up deliver We that believe and for will

First, PROACT continued for year. strong On-X performance, potential Mitral later this together with

stent improvements improvements. chain our recent Two, German at stronger facility business staffing due to supply performance and graft other in our

America. performance Latin continued strong Three, in and Asia-Pacific

do Four, growth PerClot to in BioGlue recent approvals. regulatory and

market should option. year. are two currently Combined, expect NEXUS clinical Endospan the this these U.S. total TRIOMPHE trials $XXX exercise addressable with we PERSEVERE XXXX, in increase will by million assuming finally, then AMDS our And and and Endospan enrolling enroll we

inflation and and to continue headwinds EBITDA impact to gross which on leverage face a our from in than basis margins. its growth grow of than times, in double up net and the to will compounded million end XXXX, adjusted the through year the $XX X on annual generate greater Through reducing despite digits we we to remainder less expect XXXX,

to thank standout being for continued and I leader mission. company. we results our conclusion, goal employees exceptional our of to a for of around advance our on repair our globe the to the In XXXX all first the dedication want expect to in be and the delivering quarter market continue we aortic year

open that, please line. With the Operator, up

Operator

from Thank from first Stifel. you. ahead, question [Operator Go our Instructions] comes Wise And Rick. Rick

Rick Wise

Pat. afternoon. Ashley. Hi, Good Hi,

Pat Mackin

Hi, Rick.

Rick Wise

quarter and the see great PerClot to hear to the news. Nice

us Just first flesh understand parts occur. to final, the in And some and a us of of help -- comments -- the to Once could press if just what’s question that to out is you just PerClot. actually inspection when of it’s was maybe do involved use, there? that couple sort Thank on my in maybe beyond when put it in you release. the when you of the you to that, it and number in door, when I think, on expect was come to the start going to so does -- parts would just going much. basic shipping, you when million, -- then sort two how are Talk $XX.X

Pat Mackin

Yes. Yeah.

this process the to PMA a is, in way pre-approval the first they for month a their is the works part to branch. and it So they report come about up one, that Rick, inspection ago is have over and that sent of completed was write the and

So that’s are basically we on. waiting what

happen the green And that could and again, as soon light kind approval. and any happens, get that day as should the of we now, get

hesitant we letter have received to So of But to think inspection I clear. just kind this kind regulators commit are of to at are the the are paperwork approvable do. we going line, what we and end waiting am for of I the

able to -- -- given got that, some side, once letter. are we starting be Baxter then do work ship And approvable within to probably their and done, already the to to but they product on should on paperwork have they that’s

in would can we be comment we Ashley, And on this the you we get then, maybe when think product. cash. shipping So quarter,

Ashley Lee

Yeah. think, couple it’s Baxter. I transfer within after all we to weeks I the a of documentation PMA of mean,

the that expect, FDA, approval get assuming funds the we later get quarter. final should from again, we So, in we which second those the

the help in don’t we to growth down drive uses, balance consider we event flow. we in find move do the continue will and certainly paying it, alternative that point to to with then, it forward regards at and sheet And what good we and cash debt future. And strengthen will some revenue plan will drive the to in

Rick Wise

just you to you them is blah, do giving you of I about improving chain, and less have curious confidence the perspective heard how recovering, of I does we of year? put clear, rest point larger been affecting turning companies am blah, from blah, Yeah. smaller, that we supply all that am or think and how this you in some lot are macro blah. quarter headwind, macro are good. That the sure Pat, environment sounds a picture, this if et for Artivion’s portfolio, vantage just have MedTech is the improving, heard us. that volumes about your and about Just the that a quarter, a it have context benefit larger dynamic, kind those dynamics Maybe the getting cetera, you, from listened that sort factors other of how of from could

Pat Mackin

Yeah. never of of because about We talked we the and experienced really procedures. experienced we a one. our the I for lot for never We quarter of have nature -- us, mean, except staffing COVID impact clearly, a this lot really grew and every previously. of

the or staffing two. case stuff is a annoying So may day move it a

impact that this really of It team. that was of it causes with But I mean really quarter a us inefficiencies. again, in that. things, some commercial stress really on felt there past we lot a and didn’t our It impacts causes striking, noise much definitely Europe much. never how lot

really So, were the subject. think again, we because think have. portfolio we don’t really we of don’t -- I I

At a get as they cardiac of because the done, day, procedure. if -- there’s the stuff in issue, patients, the cases, urgent somehow to the staffing of most the partly way the of a the as end well profitability need the of find

So subject does it to not but we to staffing, have seem getting better. like the pretty lucky it’s get been

Rick Wise

sort Good. sure and you Good. went referring of what understood and make And I are what sure by to. Ashley, I understand want were you I to saying make it quick

-- am lot higher. that talked You a hearing in your price about moving pricing as I well. MedTech of

it item kind price the what are and how in guidance again you factoring first If of or -- was the of you could your impact What say positive your into quarter? expectations? just like and

Ashley Lee

Yeah.

Let Rick. me take that one,

going are to not we So get…

Rick Wise

Yeah.

Ashley Lee

We are things get not specific competition because going to and of that. like

some we are our portfolio So in has. proprietary just nobody that suffice had that say that, it to technologies else very

a We demand technologies. very high those on also have

significantly seen So cases prices yet. in and raising our even them we are haven’t in you numbers those

QX. be going going that are see you QX, and those to things in are So to QX

at am going that to So more it to leave going just specific. I and get not

Rick Wise

totally much. but you. I it. Thank so it, get Thank Okay. to good you hear. appreciate I

Ashley Lee

Rick. Thanks,

Pat Mackin

Rick. Thanks,

Operator

[Operator Go comes Instructions] from Our question Kalia next Oppenheimer. from ahead. Suraj

Unidentified Analyst

and Pat on [ph] James for Ashley. Hi, This Suraj. is

Pat Mackin

Hey. Hi.

Ashley Lee

you? How are

Unidentified Analyst

taking Congrats. for Thank the quarter and I I thanks good. the on you. good. Congrats am questions. am

of do So what you marketing of commission I post-Mitral Approval? kind guess to start kind are and key rep territory the in changes will off our sales that assignments

Pat Mackin

Yeah.

get It’s a the mean product the in have changing on unique We changing, is you were I is about already are few change, the involved shelf. for haven’t The -- the even to one product thing of It’s the label right? it’s of the just -- with. It’s just we been launches Mitral label I a great approval, if kind INR. this situation.

already standpoint, plans So, our commission and we from launching have a built all got out. everything of

in Mitral. see without the PROACT can XX% On-X You what first grew quarter

So, changes plans again, and the I any things. surgeon don’t really education -- marketing having and to launch plans we anticipate and kind make of things, other those those than

well are teams set. commercial Our

the is market And set. change in label shelf, on well the to have are get product, then already and the all we do from plans there. comp Their many cases,

launch So versus assembly different out think it’s as of it’s shelf already. than on off a rolling the new normally you a the literally product line what

Unidentified Analyst

it. Thank said to Got I this published, more just kind And one product believe of I weekend... you. be you believe, as supposed

Pat Mackin

on Angeles at Svensson, be in and Lars -- Cardiac yeah. Chief Yeah. be could the is to meeting Los by Saturday Vascular at Clinic. ATS presented AATS the at there out of Productivity going Cleveland It afternoon who’s

will Saturday So be presented afternoon. on that

Unidentified Analyst

I on And far know or journal on on Any that it. out? idea you a about are that a publication talked timing follow-up still I Okay. too we on previously details, for guess

Pat Mackin

have the I the the this -- that. not of Obviously, do on for don’t is I that is the an trigger timing presentation update that. -- know

So that’s this there to is -- out going data that’s it. be the first public on

the there as soon let we publication know. an on but So from we that, update as follow, will will people have

Unidentified Analyst

you. right. All end. Thank our That’s Appreciate all from it.

Pat Mackin

Sure.

Ashley Lee

James. Thanks,

Operator

Jeffrey Cohen from next Ladenburg ahead. question Go our Thalmann. And comes from

Jeffrey Cohen

Oh! Hey, Pat.

are Ashley, how you?

Ashley Lee

Good Jeff.

Pat Mackin

Jeff. Hi,

Jeffrey Cohen

of our those Could about million perspective, And trajectory? of the that you Does some quarter, about organization. commercial to the questions as topline up little topline G&A ahead catching like a Nice a increased to are bit that leverage? a on as So $X bit the Does as there’s from then coming little it on for more it as a in the from front the there’s maybe relates with as G&A noncash you end. prep congratulations. line? year the and gains like far or or larger or two seem your few your growth be line talk far feel talk going for the

Pat Mackin

Yeah.

take will take question. will the I then Ashley one think G&A I second the I and let

as far Europe if well at pretty the set world, not you our is we look U.S. are point. I channel our adding this As pretty mean, channels, the are channels the goes, in around well set.

adding may couple a not where are -- We direct people. in have a handful we have of added of gone countries we

with real and The basically primarily we titrating are that been the investment in Asia growth. has expansion

when approval that’s multiple rep So, will out or starting a now. to there, for example, a we approvals, we then kind of get ask potentially add but product product method

number last bringing people less are there this we year on than the And year. is of

actually leverage of to we of regions. are So out those both starting get

growing investment the regions. those we in faster are than much are making they So actually

shape as talking That’s we channels. about through triggers the and actually of and for our existing So see more through move pushing XXXX I push we been that actually pretty one we that into to product channels as think to That’s we seeing those EBITDA infrastructure. product are more start are is what in good going have jump. leverage our

take could G&A you Ashley, question. So maybe -- the and then,

Ashley Lee

Yeah.

Jeff, the related $X million Ascyrus included in $XX as So a little G&A contingent that acquisition. consideration I over there reported to approximately for changes stated, And was million. was

there’s every be so multiple and this that go determining discount quarter, what to it close into of kind a basis, changes to going difficult a their probabilities the million. And be adjustment rates, that’s but what balance on it’s and to that there quarter, happened to success, factors is their is, quarterly are of that predict precisely $X time

the We look first there this year. we was in you not large it we have of person. over higher were sales to prior conferences really If that couple things went meetings. of of some last than at years. some But $XX about medical the year major in did G&A, quarter that the had the remainder the doing been million, We

expenses had compared G&A in they quarters first our are the well higher a be because not to So sales quarters, elevated of they going in were probably to previous we to medical be the as to where as we as first going than meetings we year they are quarter the conferences, to for this are some year and remaining the to were little not likely, having first the cadence what continuing and be, will heavy magnitude in throughout go although quarter. again, that as probably,

Jeffrey Cohen

I the year? it cetera? does as balance it. et QX previous is but the pricing, I the on far margin as feel far transportation, you know logistics, comfortable Okay. that curious there cost, pretty I am the How front. feel as with of question for more out on got margin labor, then And your as And

Ashley Lee

are to I going think be… margins

Pat Mackin

Yeah.

Ashley Lee

You want this, take to Pat?

Pat Mackin

ahead. Go No.

Ashley Lee

we to earlier. bit and So, price it’s increases securing depend on anticipate a that lot successful margins, flattish little the of year, these are about Pat how going being relatively a talked throughout we

flowing inventory dynamically into to layers play inflation that of high in half be those really of year Another second last comes of was through the some going XXXX. is, are and thing

flattish So as of offsetting are be compared margins going year. this taking dynamic. to whole, got prior we think to the But year, have especially that all that relatively you a

Jeffrey Cohen

any seen then may. if any see or going one And robotic or testing Okay. of any on? one, quick Do I heard of equipment of or going robotic placements placements just you on

Pat Mackin

don’t in to honest you, our really field. to that, attention it’s We really pay with be much not

Jeffrey Cohen

for it. Got Appreciate questions. my taking it. Thanks Okay.

Ashley Lee

Thanks, Jeff.

Operator

Lake Thank from you. question Capital. Frank [Operator Our Takkinen from Frank. ahead, Instructions] next comes Go Street

Frank Takkinen

start to Could drivers to does little you it to just the and better completely choppy congrats looks us progress. something a or be last there? Hey. the out little market really I the one feel the there. growth wanted related continues are taking from competitive wins, market for Is on Thanks different? you solid just with the deeper a questions On-X, what a and more on it into like rebound primary take over few getting is are there years growth

Pat Mackin

growing last double mean, has the the I think XX%, On-X XX%. digits it’s CAGR grown -- years last, for the is five over I

a digits So in -- double of grew mean, I this this lot every is big a jump, single we market.

it of part coming the that is just think self the I is strong. extremely keeps data on out

valve the become trained well and just it’s are the in choice, it’s reps I it’s market-leading -- I of think Our U.S. mean, valve the mechanical

are a We only INR. the has low valve that

it’s performance So hold just really world around continue the think I kind it. on you strong of just to taking and see

Frank Takkinen

one Maybe directly follow-up Okay. to that.

of occurred. I It on in growing, to think, obviously, demand PROACT at all when now? how you think the when has agree pure reflected some be that, that maybe a that the you the manifested stock to is I the and and XX%-plus do there continue XXA this would grower product not me came profile assumptions data device panic out think price around was the maybe occurs

Pat Mackin

XX%, we in guided of period to On-X obviously, in there. over we a On-X year, quarter. XXXX last last in in it I up XX% we We Like been back said, March first lot for and the international grew was XX%. our and Yeah. between XX% the guided CAGR that through year, XX% right higher has There’s the have stuff -- grown growth planning to

jump the So, on I On-X. like going are change mean, we not to immediately guidance to

XX%. XX% growing with I to think we are comfortable

mean, presented changing valve. to basically to But multiple people drug. INR, the can’t will We the extremely failed, think Saturday. were the trial. the drug was XXA with have didn’t that end and valve it shown On-X the had in was and protect do But the on low have The had drug be in studies PROACT the It me, a Eliquis with confidence. will problem, nothing data So valve But drug the I right? well problem. give completely we the the performs that I which Valve that

Frank Takkinen

color. looks Good for rest what to through growth good. you regulatory of the continue the for investments approvals made maintain APAC geography Can America are profile? growth need one you as last me. of just at XXXX the in key Right. run be looking One catalysts that Latin to and outpace organization maybe that or that to or

Pat Mackin

simple It’s markets. get Yes. pretty approvals kind algorithm. product of We a of our new portfolio in

I have So in Frozen first Australia there, the approved was in NEO. Trunk our We Elephant quarter. now the

got our We system abdominal have there never a been in have approved thoracal market we in.

for AMDS in Taiwan, are right? We approval waiting of our

existing as these our approvals put we getting street. critical get paperwork enough some the when to in products are So are regulatory we through, approvals, come just mass, cases, feet that get on just the and these

And that mentioned growth now are the the I rate as earlier, backing but we growth down. previously, overinvested or have we around rate

going start not now the are start only leverage going regions. around to good to are but getting you getting So growth, you those

right? have doing grow done those are simple it said think year, XXXX But product to and works, that it’s a it’s through we We we it approvals we XXXX get reps last and -- add into that and XX% XX% regions equation, now. can

think the working. I So is playbook

Frank Takkinen

I stop taking for will there. the questions. Thanks Thanks.

Pat Mackin

Frank. Thanks,

Operator

the be I question to for turn closing appears that remarks. And to management now it would at back like this time. any to last

Pat Mackin

and of quarter we coming the have with got feel pleased like are QX. we said, we I momentum Like out Yeah.

now you comments, big are my my the quarter of hired people just few that mentioned just They chunk the Germany in and online. were quarter. things manufacturing heard comments, a they in we a fourth trained in our coming first in in I facility heard You have

to grow improve to expect we significantly. that the supply So and

about now. which meaningful pricing our kind power our our can increases price starting talked with proprietary devices, -- of from some think of I we proprietary we get

As the in seen margin. gross haven’t even we that

got approvable the we PerClot, FDA. have an from letter

just to on of waiting out. kind the the are closed first final We beat quarter. We get inspection

bottomline very half execute, of for and need and second like the good this our have to the PMA same, and trials up in and the guidance set keep just two to expect top we more XXXX on year. we doing We are of we enroll we raised a year, the feel

So in are very forward and us. what’s of moving front are things bullish on we

for everybody joining call. the thanks on So in

Operator

does This your conference. participation. conclude you. Thank today’s thank We for you

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

Artivion (AORT) 4 May 232023 Q1 Earnings call transcript