AORT - Earnings call transcript Q1 2024

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Operator

Greetings. Welcome to Artivion First Quarter 2024 Financial Conference Call.

[Operator Instructions]

As a reminder, this conference is being recorded. I will now turn the call over to Lee Martin of the Gil Martin Group. you. Thank

begin. may You

Lynn Lewis

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

from team Artivion's CEO; me our Joining today management Berry, and CFO. are Lance Mackin, Pat

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

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

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

can Artivion also the of a section details the Relations Investor call with the on presentation today's highlighted on You website. brief find

Now I'll CEO, our to Mackin. turn over Pat it Artivion

James Mackin

AMDS compared Toronto. were of low AATS recently, revenue year-over-year and ] priorities. from of in growth we in $XX.X study everyone. [ Lynn, in for data on EBITDA as trial clinical presented Thanks, Annual to a first growth representing growth quarter of post-market million maintained new first our executed quarter INR severe the achieved I'm operational momentum the in and currency revenue strong XX% top we afternoon, XXXX. Meeting and April, was key XX% pleased constant Artivion to the line that at quarter and QX of More adjusted good per report and XXXX year-over-year, On-X

in valve warfarin predicted for heart and results our by receiving aortic low-dose of the the market-leading more an the late-breaking X of show study XX-day in our data after patients that from trial. as milestones remodeling low from of than with portfolio. Meanwhile, On-X as our These continued clinical patients results programs safety persevere treatment efficacy X-year positive The expansion continued the profile post-approval original aortic the success demonstrate over has XX% PMA or INR aortic and even valve regulatory well demonstrates On-X AMDS. durable the

Our investment to that we and remaining reinforce health. clinical leader aortic these in in X products are trials committed the related

On-X performance of processing, From a to followed In quarter financial in by QX key perspective, at first from on grew XX% a growth, the we to compared each X% international constant XXXX benefit also at quarter, first continued through expansion regulatory when tissue and BioGlue which basis. footprint anticipated, as and was by stent our XX%, all approvals markets. the strong our and XX% at led grafts currency

our As XX% recent basis a first as clinical growth and perspective, grew our on currency a quarter processing results I strategy. From in regulatory product mentioned, tissue whole, and just constant validate QX. achievements a year-over-year further category

QX second we as will quarter volumes. XXXX, from tissue valve of the Benefits last pulmonary tissue proprietary the leverage increased our positively our to in further SynerGraft continue to continue digits double year's from balance business to throughout initiatives expect grow We procedure Ross year. will benefit our of pricing higher of supply begin annualize impacted and but this

a earlier, first of basis last the grew XX% on our quarter currency first Graft indicated constant also I year. compared quarter to the in Stent As revenues

strong which stable, is is the Our portfolio. stent and now graft producing healthy stent-graft across growth supply

that outcomes continue market these only share Based Lastly, X.X basis at maintained post-market valve a to proven of I the presented globally were of in reinforced to results on share market ATS. by feedback from On-X previously currency field, INR the gains X.X. also the study on with be clinical an that the and recently we revenues increased constant aortic mentioned, XX% mechanical year-over-year can as take

We the share conviction will is and maintain our to strong in market mechanical that market worldwide. take continue will aortic the the On-X best valve

be the Latin full driven impacted distributor coming We APAC first and APAC the as the was and primarily in revenue primarily expansion. first of growth. continued progress and percentage product regions. quarter approvals in adversely new which driven year. anticipate APAC quarter regions to expect have decline X% by are growth Revenues were last in initiatives a decline still of those year revenue and industry-leading in commercial constant stocking of The we those the rates to expected also regions both years delivered by the as APAC this through sales. strong of to America, in XX%, growth America highest leverage orders, BioGlue for quarter growth over footprint America portfolio revenue Latin compared in regulatory growth timing Latin while for currency saw Fluctuations our in distributor

the Let turn to that in me I clinical presented at data previously. ATS mentioned April now

predefined On-X valcrombosis a [ for last participants INR year, study compared results in at The XXXX. low are combined as X.X long-term first study an published years. clinical reported INR and was see with in and historic in the significantly no the Notably, out XXX from target aortic thromboembolism, very well driven aortic by bleeding lower results that a ID of to endpoint heart abstract to thromboembolism. The of pleased composite INR of valve aortic X.XX%. at low XX% ] compares results major the real-world study favorably show Toronto. valve, And We AATS post-market heart the On-X was low the This data bleeding positive major X X.XX%. to results post-market X study the the outcomes to On-X as trial, primary reduction in presented presented X-year increase control of

compelling share aortic in best aortic the fact XXXX, of all-cause under original clinical mortality patients, valve was IDE did a or procedure. On-X it trial, well as patients STS real XX% thus significant valve well a valve a The statistically lower market validation increasing tears. reduction other of age obtain that when the which Also [indiscernible] of additional the over major performed same as over of the our heart We our from strong ATS, XX. at persevere combined our heart of valve as XX% option no remodeling the AMDS XX occurrence [indiscernible] presented the risk data for for of results XX-day On-X hemiarch positive market bleeding significantly patients from aortic [indiscernible] the globally. follow market believe events late-breaking demonstrated XX% of ability positive valves, These a trial than greater in a longevity to word data with trial that mechanical is current make demonstrated care On-X valve in the On-X device in and compared mechanical standard primary the confidence January in reduction to provide the that in the better of adverse the setting even at

further to excited benefit We're life-saving the see of an AMDS. study, results of positive nature in the reinforcing the clinical unrivaled continued persevere

opportunity PMA which of would We approval and for market the XXXX in addressable alternatives. U.S. open continue competitive with AMDS no about anticipate $XXX million to

its to is make system. called our Nexus on arch trial partner, U.S. stent its addition, ] progress aortic [ IDE Endospan In for continuing Triump

XX been the of XX primary today, patients of endpoint there As have enrolled.

track remains met, the in are XXXX. endpoints trial half NEXUS the approval of Assuming on for back

portfolio, look we're graft Latin of and driving Lance. about expanding in SynerGraft summary, growth In sustaining and XXXX continued progress I'll and to call footprint stent APAC great in With by early On-X momentum our turn excited our XXXX valve forward throughout further pulmonary that, now and the America. to over beyond our

Lance Berry

Thanks, Pat, and everyone. good afternoon,

press published our like refer non-GAAP reconciliation earlier today to Before to to our including of our GAAP to these I results, release regarding for you begin, I'd results. results a please remind information

rates in on changes constant $XX.X for EBITDA compared a quarter Additionally, were be in basis, year-over-year noted. XXXX. otherwise will first growth Total XXXX. up all QX of XX% quarter $XX.X percentage million Non-GAAP first and $XX.X approximately to from XX% revenues to the revenue million be increased unless million of currency discussed the adjusted will

combination a processing margin leverage quarter grew adjusted G&A prior XX%, The grew line strong improvement On-X the product over line and BioGlue top an expense revenues marketing Stent XX%. revenues XX.X%, point first in XX% revenues a EBITDA currency increased perspective, tissue the revenues of basis growth From significant and XXX grew year. of of and constant in XXXX. resulted Graft X%

from improved supply was the both last we from in anticipated, benefited As QX substantial this initiative. very quarter as our our increase price implemented strong yield of and growth improvement year, we in tissue in business

still for price anticipate in to expect future quarters the as year. full growth but rate We we increase, down growth double-digit we the annualize the come

compared decreased Asia region impacted XXXX. America Latin increased XX% in orders, a quarter to which the increased basis, of first sales. by EMEA Pacific Asia expected North On BioGlue primarily all increased in and decrease XX%, distributor also revenues regional timing driven of XX%. and America X%, was The

in As for Pat regions, and in full Asia to more in see the rates growth you the strong discussed, some still growth year. should quarterly distributor-based fluctuation we expect anticipate Pacific

of of million compared expenses As anticipated, administrative gross were and QX, in first quarter to Non-GAAP XXXX. $XX.X XXXX. of $XX.X flat XX.X% quarter in the representing the million in in marketing basis General, expenses $XX.X first points the to million to administrative first were in marketing leverage. of quarter compared margins and general quarter first first the XXX were XXXX, quarter and the $XX.X million

income million first as the relatively still remainder Interest for and $X.X was totaled the million year. spend We and of loss year compared percentage of of million. million underspent quarter flat $X.X expense of in million sales over to quarter translation approximately income R&D $X.X in $X.X for currency interest up debt prior in compared the million R&D be catch net and were to expense, $X to of QX, XXXX. first $X.X year. anticipate we prior gains full extinguishment in Other to million expect to and expenses R&D interest the a foreign net of the expenses as on We year. a $X.X

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

expected, the was in quarter $X.X million free XXXX. cash negative flow first As of

and sales due of bonuses such the normal due As a cash-intensive first and to in activities the QX are which as heavier reminder, our meetings industry quarter. payment is conferences, quarter most annual to

expect flow for to we be cash the full year free Importantly, positive XXXX. continue to

we unamortized and origination in million XX, $X.X in loan March of of As of approximately cash costs. debt, $XX.X net had million $XXX.X million

January. impact Importantly, this in is of inclusive comprehensive of closed our credit recently the agreement

retire to term along were credit drawn some expenses $XXX use quarter. balance facility credit the million the in on related a and and senior our close, the As existing of reminder, pay the at transaction million the revolving sheet loan from initial $XX with cash first facilities

Overall, this our continue us strong channels not address near-term in to credit overhang to our gives with capital anticipate the foreseeable best we or agreement, maturity performance obligations, to additional debt evaluate our fund flexibility pipeline we financial options coupled do future. raise need convertible with Further, in our the debt. debt to our as no investments the

prior and of Our the midpoint end to was down of in in decrease net EBITDA to end the year. At our XXXX. net the X.X% of the at X.X%, by be year closer QX we expect leverage to to leverage continue from guidance, X.X%

outlook now remainder the our of XXXX. And for for

X% On-X, the the robust our data long-term Given supporting compared are of XX% and for and XXXX, we SynerGraft stent midpoint now the to revenue the our first graft improved constant XX%. fiscal from raising quarter valves, momentum supply of between of to and growth guidance previous our demand revenue year currency 'XX presentation, pulmonary range X% positive recent the clinical of benefits in AATS expect

adjusted expect previous to million to growth $XXX management expect $XXX revenue general a we impact line to $XXX expect $XX current the expansion achievement FX to XXXX a $XXX of representing rates. guidance. XX% top XXXX range expense our With million puts compared continue on midpoint EBITDA year margin million full rates, our be our range to We million. and to the range of of this on for us the ranges. in to EBITDA strong to QX, reported continued in negligible growth have At revenues XX% for of of through growth start XXX $XX to the full we of year year the good to be trajectory and at points million basis The of a over million revenue adjusted

infrastructure. from As our to remain we a gross and reminder, leverage to expect continue similar at global to XXXX force margins levels G&A significant sales to drive and expect

expense I the R&D back year, a and his the about business comments. start to to In Pat percentage excited relatively summary, we that, of and the With prospects expected the turn is feel strong will Additionally, about of remain are the closing sales. we XXXX for flat great beyond. to in call as

James Mackin

Thanks, Lance.

So with a with off we're very very our pleased as first you've XXXX start. kicking heard, performance quarter strong

top We clinical our strong continue and deliver advance expand and growth, bottom to our pipeline. markets line

by: be in driven graft our in business We first, the strong improved expect our future to stent supply growth driven innovative growth by portfolio. continued

continued market Second, post-market warfarin. On-X by efficacy driven gains of and of trial, the from safety our data real-world aortic X-year reinforcing On-X, share the recent low-dose our

Ross valve, growth of Third, pulmonary by procedure our growth from our the and improvements. proprietary operational driven SynerGraft

growth long-term remain conclusion, Pacific of Asia first quarter continued as expectation With world-class and aortic we generation. free our in line and America strong company. ahead focus growth a investments building from business. dedication questions. first please results year our around operator, near- our globe and want Latin quarter validate for their to that, a a all revenue continued I on believe We we continued In new for to Fourth, our our flow for the open prospects the strong of channel and cash mission approvals. of employees regulatory and confident the our thank in delivering

Operator

from first Our question Mike is with Company. Instructions] Needham & [Operator Matson

Michael Matson

So I start wanted the to tissue with business.

'XX then talked the I of year increase drove there, the a maybe digits how about for you guidance And know growth mean, kind sustain position the in able you know now double and I outlook, where bit I So but year? you're to little just business you a what elaborate this that. you're a tissue? giving for this Or not is yet, than could on could more supply is longer unique just but this

James Mackin

Yes.

years been previously the couple things. of data Ross XX backfill of pulmonary of your the the talked valve, valve. replacement aortic new So own growth valve There's our general Number matches survival and about I say there's would of you're at that with morbidity an population. native can the you that's valve have actually your a procedure. with amount on been Ross shows missing that tremendous one, pulmonary And that I've a released and

a great it's extremely operation, fast. it's So and growing

talked week a heard presented that's that at fast. quarter. improvements Number big our this last at So kind published AATS procedure yields. that's in nice see the the of annualized some very -- had growing previously first increase at we there in Toronto data operational last and the price end about is the was of some about our first talk extremely year undertaken here -- But then increase you Lance we've about company we also a two, of

think be annualizing huge forward, is I not going things, down think will supply basically the So slowing I of of combination the It X the kind soon. the procedure then year. a with of had kind benefiting Hobbies first pricing of those anytime And this quarter rest year. itself this

lot think on tissue there's you how get. of as -- ultimately, there's many a opportunity for that. a constraint So know, But you valves I the can

guidance to we're strong feel at about this but double-digit year. very going So not growth give this 'XX point, we

Michael Matson

last gets I quarter And and it it then seems the your few revenue understand. the you throughout seen like EBITDA just X, I ramp the as guidance we've Okay. by that the multiply into of range. if ramps. this kind did you EBITDA year take years,

the why maybe something timing just the spending guidance it's So or here. Is wondering you're there R&D and maintaining laying?

Unknown Executive

things. of couple a there's think I Yes,

timing did money on of First year, definitely to R&D intend the the to part but absolutely one. of start that year. to have it's and was year. good early in due a spend we spend, this we that the That's all, just Two,

which the -- bit growth, just how be X throughout rest So pretty those early the see are of goes -- big to number, it year. to things, a little strong and that raise we'll the was

Operator

Company. Kalia Suraj Oppenheimer with is question from next & Our

Suraj Kalia

you right? Pat, can Lance, congrats Pat, So me again. hear all

guys to it seem surprised now shifting the guys question, for You in X I of talking some quarter obvious just last about you be seems the But been know in unrolled. terms this this leverageability the gears Pat, like CAGR, quarters, also you've time. are everyone.

the A us this talk there. color about? some force, more seems were that understand cognizant be is tenured changes, about. marketing sales us, to different issues I and just give Pat fundamental So to constraints you talking should everything. the some commission other something supply we just distinct you But could of method be there a -- if in Maybe additional shift more

James Mackin

right? nice growth to portfolio all digits of is had timing our have as of which -- a a And BioGlue, No, for strong sure. got one So grow and except expect of we for entire it's the we regions. we company kind across about you regions, APAC things products, a heard, think our of the double-digit also single portfolio we've Yes, we except because low across of portfolio, had I thing.

with it's of kind got cylinders. combination highly we -- all around on differentiated you're really firing products channels and a them of -- kind world, the seeing strong of So

shows the And rapidly, is we've would you reduction you The On-X XX% an remind market-leading the other we're in that. is almost at again, I we and just market share if just in company The mean an valve valve the mechanical are Ross bleeding. leader, of SynerGraft, data world, I advantage SynerGraft. -- has taking reduction, look nobody very major and and growing XX% that shown procedure no

used, mechanical all. until we're our to that it strong stentgraph three, very valve be portfolio. that, only not feel going stop is Number take the we we So that and should

supply. We have full

NEO X.X years, like very is supply have We no products. for highly our rapidly. had growing probably device problems differentiated

have. some has Nobody devices are Nobody abdominal we the has technologies an rapid. AMDS. of thoracal Our growing

a aortic powered these this I under with of it the world, around results. combination it's together, portfolios you all umbrella just So by driving all when it's nice think channels -- combine

that. nothing it's think than complicated I more

Suraj Kalia

to this in fair it a as pull-through demand to sales structure Pat, of that than any Is rather and fair marketing and So summarize put be that more your shift would fundamental way? attributes yielding product messaging? it

James Mackin

I right? we've released -- Yes. this think last of just market, for quarter. a data post-approval end we've post if that was it, at dynamic the X-year But data mean, data AMDS on you more is our call, AMDS, in right? channels. was we've the It I the So the got January. released great So since about and Onex, guess, persevere

great got being up by we've So great very sales force, they're but products, clinical backed strong data.

everything coming been the that's the done major at nothing Ross. of There's AATS. growing out So on has reinforce products focuses. presented rapidly. again, Ross that's same and very one data It was but with And the

So it's channels proprietary we that just Suraj, really coming the data the really strong all and products strong clinical product out that keeps combination, and represent.

Suraj Kalia

Lance, for I'll in Pat, it. hop back and for one one Got you, queue.

additional the there. as the and again the to of what opportunities, if are to happens And about you right your of Can about terms you in missed How XX.X% I leverage, I about to Nexus get conversion also, in Love beyond updated Gentlemen, think 'XX In SG&A part as sustainability? conversion quarter. to the congrats talk seems quickly price. Lance, is about could my your throw thinking that Thanks. especially the the all I be math commentary thoughts.

James Mackin

Trump recent data ATS excuse goes, at NEXUS published the on data as been ] far mean STS as -- -- trial. [ there's Yes, I was me,

Suraj, the that was the around very out half been you enroll And XX how strong pivotal showed particularly and of out it of arm in looks clinical enrolled first time, it's go. -- XX this a the the in They've again, trials long very now XX second you know think have data I should good. guys And results. trial -- you the year.

chronic and that's have invested want catheter opportunity. if that's promising. the to with aneurysm technology, I this an is the company, you to going why think data, trial look unique data a But their arch space of And a be they Lance, a at do a two? enrolls meaningful but get to and looks the take to or the in obviously option acquire. an be treat why you we we able it to that's the as We're and the watching dissection

Lance Berry

Yes.

last we points quarter-by-quarter leverage, we're start SG&A We forward. a big strong on had going can you something us have leverage not is good a a basis. that's think when opportunity the really good going committing on in But So forward. us is year. leverage We for really revenue basis in see a that for I now and we growth, model, had opportunity that to the think XXX big

X,XXX is when the conversion I convert, $XX, the some the can't in the to stock force convert but On in change. think, gets the money is unless we

thinking think converts it, draw on the far pretty moment, clear be I to And hope we'd cash interest. at significant. And the to interest about that that on the on is. now, mean, -- between is case. by call paying all interest that's about not mean, happy this term wouldn't versus the we these just but to that maybe rates And pay how as the probably QX So that, we're the have started down talked I the come interest where delayed just spread I lower then loan as we're the we're

what open we'll it that. and watching we're do just keep on keeping options our to So on

Operator

Wise is Rick Our from Stifel. with next question

John McAulay

the at to it strong How On-X bioprosthetic that for valve market? maybe you reach quarter. you AATS much go I take to do the Lance, maybe to opportunity this And just the see see start want On-X line. is strong. potentially as space. on you mechanical left in this the beyond perspective. top growth as from to more that, as of recently for off for a share on market John hear read I the highlighted, Rick out on really data to wanted Really just the

James Mackin

Yes.

more share it the have So the about U.S. a U.S. global on like the the XX the plus higher It's market, U.S. we in It's is XX% than got mechanical data pure outside we've globally. in

a comments U.S. surgeons room from this lot why another to of anybody use them I I've would like about have about data mean the talked when heard we've outside competitive go -- even we accounts, to So valve.

aggressively is team about very fired mechanical our this So after market. valve going up

released. As I'm segment, go some data here. to not my can skis to got still be this when in under we're just the there going that. And we're there's going for far segment data as exploring bioprosthetic, after get signals But to after over mechanical a patients going room XX, bioprosthetic typically have now, This certainly that lot but we aggressively right go. the out of

John McAulay

That's helpful. And if the I could sneak in the sort of Lance. for first a for X-part here Pat, made second

Just business, side quarter. aortic of on the growth was strong this the really

came I the And I at year? a looking was of gross tissue kind and to then Lance, second aortic for key contributors mid-XXs. margin on think it in at the want you are the rest you're growth from growth the the what for business just of sense near strong, profile, for just XX%. get particularly

and Just as for business whole? the the gross of margin the year how thinking for about tissue you rest margin a gross are

James Mackin

Yes.

a growth on just mean differentiated business, the GAAP talk we've we've was currency portfolio. very Obviously, a about bit strong channels I got We what's XX%. typically like earlier. so kind of globe. it got So driving mentioned XX%. the was think I strong. But I the around little this, also unique stent constant very

] at XX% [ adverse a a persevere trial of no reduction the in had of mortality, the reduction quarter, major I the For dams. mentioned presented events, January kind of beginning end the ID example, in with phenomenal at U.S. we XX% data. AMDS,

branch released AMDS very the the of in arch And in the So proprietary, got branch nobody rapidly. it, we is the the graft growing also frozen are the and clearly, aorta. X data. We've of has very great those stent in just the significant trunk then technologies [indiscernible] mid-section elephant kind and the area,

technologies have aorta to them different we your iliac a valve aortic strategy, very again, a we can whole from So we're company, and sales force. the treat -- with a are of right, bunch with strong your an proprietary majority the it's is of

side. driving what's think that's I graft stent So the

a on had I think you margin for Lance. question

Lance Berry

Yes.

of our X we're you overall, relatively have mean in different a lines gross gross product expect margin regions year-over-year. I -- at in flat you to with So in different we margins lot have margin. qualitative saying There's our margins. be mix X different different

there's I the lot so on that preservation services. will specifically a goes our into pulmonary say it. SynerGraft portion And of

margin. predated been gross has service Now historically our lowest

But our actually north company of valves pulmonary are average.

as grows headwind. that faster, not with specifically so tailwind. that's It's a a that, And

Now that want say, for means growing comments faster oh, a to that you because negative I part lot pieces. a take go gross But those don't up and margin. mix of isn't there's

Operator

is Our Street with Markets. question Capital Lake from Frank next Takkinen

Frank Takkinen

the And to think quarter. take ability on higher Have Pat have In the that congrats one share. to you you I increases? to do packs as the with Lance, On-X and hoping How think all came price? consistently do continue was start data about of pricing you on market have well. taken price light out opportunity? you any recent

James Mackin

a a I kind buckets. from valve, kind good it -- data is a discrete category mean Yes, mechanical between new X in of where mechanical is really be that it of evolving But question, tissue and valve of valves this a is like it's there's and tissue evolving kind to On-X. valves really used Frank. which what's

mechanical that we've valve mean I got I And mechanical really is here only -- primary the So valve there. the be it like we objective used. do think out is being the should feel this best

there an does, I into I not think it for that that So will the I'm exploit. we but do call, with is going specifics power opportunity think, that. on to get pricing some bring

Frank Takkinen

And flow remaining How should I about quarters about we comments of negative Lance more quarter. the then heard That's just Okay. the for one for think the $X your cadence for on million helpful. me flow for commentary. maybe the cash year? free free the cash

Lance Berry

Cash, kind it around quarter-to-quarter. of jump can

year. outlay positive be to not things that. to on for quarter. every stronger and for in positive definitely cash just lighter There's but the we're a second half. that committing back it year. probably occur really the in the bit half year, full So first some be just full definitely positive for to But expect single little heavy half expect the the is of the

Operator

is Ladenburg from question final Cohen Jeffrey with Dolman. Our

Jeffrey Cohen

that talk that's Lance, far taken views Erin. any per some or new coming bit little just for quarter pricing board higher couple users, a been the I've got as strong new a of you Could more that uptake a or surgeon and as from in be or any per or surgeons about and surgery utilization taken to on of macro and are EMEA respect facility? planned from

James Mackin

Yes.

the say will. selling going selling I break Neo doing We're geographical We're will we're expansion. combination well. -- underneath mentioned Japan, Neo in growing that kind earlier, And in out a products But It's a specific Neo, if to expansion, aortic of Latin America rapidly. the Europe. Neo in extremely or you technology. obviously it's very umbrella, it's markets proprietary not So but is It's of not as in I approved U.S. many stent Asia.

have after better stent aggressive other a we're that of there, has outcomes on kind very very devices than business. We going being unique feel device, that and which we system the out

product and a -- So do that's continues well to done it's well.

Jeffrey Cohen

it. Got

from quarter seemed secondly, like maybe think we the SG&A the for should first, on can QX. a talk It leverage and QX cadence Lance, in it Okay. you 'XX. was spend to light overall and the And the first then about about little how bit

Lance Berry

basis, million, as-adjusted an as as-reported an Yes. of contingent an fluctuations. we consistent was the I basis, is with consideration something that basis, -- which and on it of But on what because some like looks but mean, think adjusted basis. $XX kind really an we in that's move honestly, on on like it think QX as-adjusted as range I about throughout year the was fairly

drive So leverage good really which some year-over-year. should

Jeffrey Cohen

commentary on our has commentary for finally, for strong, know regard tissue but speaking, any or on us, our versus the business to. generally I then And any that been there quarter? with pulmonary on Great. units cardiac pricing the out vascular,

James Mackin

increases. quarters Obviously, cardiac we're break on of about talked price the out to several the row the components Yes, not a kind volume going and in underneath increases we've tissue. the

So driving growing. cardiac but it, is is segment the whole definitely

pieces. -- but going out not break to So we're

Operator

comments. back There would at over questions are time. the for to management no further to closing turn this floor like I

James Mackin

call bottom the on going. again. more data. top quarter and products, the pipeline. QX forces executing year doing growth, same line growth. pleased keeps got the great We're We've our plan sales the for joining of for Thanks great first very and No. XX% great We're X% as on line with

next look your you. appreciate our to and So call forward with support

Operator

will you. today's Thank conclude conference. This

may you disconnect time, at this lines your participation. and thank You for your

Artivion (AORT) 6 May 242024 Q1 Earnings call transcript