AORT - Earnings call transcript Q3 2024

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Operator

Greetings, and welcome to the Artivion Third Quarter 2024 Financial Conference Call. [Operator Instructions] A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Lane Morgan from Gilmartin Group.

Lane Morgan

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

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

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

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

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

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

Pat MacKin

Thanks, strong we the leverage. to third further good delivered and everyone. quarter robust report Lane, and financial I'm operating pleased improved as afternoon, continued performance through revenue growth

revenue EBITDA quarter the revenue growth compared greater our year-over-year XXXX, several revenue of on third growth in $XX.X pipeline currency progress have of as and us double-digit third delivered focused of million regulatory given clinical best-in-class sustained growing breakthrough constant growth key fast made XX% also representing We as twice EBITDA to the XXXX. conviction delivered and quarter execute revenue. In PMA XX% that of adjusted year-over-year, collectively in to while we ability our initiatives

was the can ] our clinical the recent INR expansion maintained enabled our and performance our the of Based take aortic Let regulatory currency and Asia double-digit year. strong This quarter. by to Pacific. From valve as a international approvals the as to portfolio year-over-year from clinical performance the our maintain across footprint that feedback worldwide. BioGlue gains market financial strong growth From constant especially basis the increased low revenue at regulatory perspective, a me a only share that growth commercial valve, we'll the QX cover significant addressing X.X perspective, benefits product mechanical our updates we QX constant basis was straight in first to market, to globally, well before XX% in a quarter benefit X.X. the markets, grew On-X on market same in period financial with conviction compared and and and BioGlue. proven on for currency continued take key continue XX% we the share for a from second as on share category of last revenues Aric On-X [ is constant aortic of continue the product Latin valve be On-X field, currency America best continued market

same to graft stent with basis QX, in a the constant revenues globally. Also the grew as we on grow the last currency date differentiated period quarter performance year. product to We third are pleased continue strong our to compared of XX% this BioGlue in

segments encouraged component by key of strong Our of which our are significant sales product were opportunities infrastructure Today, growth to cross-selling of graft market. the products our existing our strategy, across differentiated products unique sold a primarily are our in stent our we portfolio more and leverage by we our graft focused the in offering. where create aortic stent Europe, direct complex stent on results, graft portfolio remains a driven portfolio

and U.S. Our represents markets, pipeline consists which the Japan products to a largely of bringing growth these opportunity. significant proven

processing growth to compared lower-than-anticipated slightly driven QX tissue last of donor year-over-year by on year. lower-than-expected grew This quarter. basis the Lastly, was third currency constant allograft a X% volumes in

basis, a valves, not which for tissue context, our do revenues by SynerGraft product-by-product in pulmonary driven Ross processing we primarily While is are growth the report on used procedure.

have our on For revenues those SynerGraft the then Still, valve and valve donor quarter-to-quarter. procedure our processing on with constant patient's our exceeds valve procedure, patient's therefore, pulmonary of it's the a XX% a is tissue unfamiliar of double is volumes, allograft. Because fluctuate patient's pulmonary used donor valves the defective this by native year-over-year allograft which year-to-date procedure, a to dependent success from growth pulmonary replaced supply, aortic demand in basis. pulmonary grown valve, to the for then significantly tend Ross and which currency replace the

team business also us initiated improve our new Importantly, and measures mid-single-digit term. donor confident leaving be our yields tissue can further in QX XXXX, that long early grower over beginning has the to increasingly into a

new some in and donation. From quarter-to-quarter rates driven continue in America delivered revenue our fluctuations by geographic we and see fluctuations underlying However, XX% of and results growth standpoint, see to great footprint initiatives a currency and expansion. XX%, respectively, you to constant last Latin across growth year. should through commercial from expect growth third America Pacific, of to growth, Asia regulatory primarily quarter compared Latin approvals Asia the Pacific

to to in for the both we turn years to developments. full and year regulatory regions now industry-leading coming regions. I our for our those over anticipate product pipeline strong growth continue will and product We leverage continue as revenue the portfolio

recently are to PMA announce the that first we the application We the of with module for AMDS excited filed FDA.

estimate approval our from Q we in administrative commercialize expect China China we BioGlue at A benefit approximately as type each year could dissection, known has announce in to market open which some recent access XX,XXX a gain BioGlue expected of Administration, also approximately reimbursement steps that in take having BioGlue many to begin to PMA market We regulatory XX Medical to that months, competitive National opportunity be to addressable get approval each XXXX, China. the X steps and large half to to U.S. discussed, hospital up level. These $XXX for take year. no AMDS therefore, continue with million excited commercializing There We also patients alternatives. I'm and of pleased QX a been are to would in FDA are the anticipate as we've Products have BioGlue in able we're technology China. great product from bring which -- NPA to approval to patients for years, to the of another and for in second a this XXXX. additional

clinical I our on update Now now would to we pipeline regulatory the discuss you like updates. recently X released and data.

pivotal its NEXUS completed Endospan TRIOMPHE in system. for rent graft U.S. IDE trial October, called the enrollment in aortic First,

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

with an with disease who had -- that and a dissections recuperation. complex invasive repair. have As had androids associated aortic a into differentiated chest repair or prolonged no a received surgery surgical little choice operation is before which reminder, open arch previously transforms undergo aortic treatment lengthy endovascular to is technology NEXUS arch minimally NEXUS but highly hospitalizations a invasive

AMDS aortic of treated on data on are trial science Avida ] XX% Second, from XX%. Neo DART very demonstrate which repair at compared and are X AMDS. The of EX with session remaining operation aortic the approximately XX results center aortic low study follow-up to in from participants ] from as report hemiarch who were with clinical focus the existing Open at take October, Late-breaking at technologies sections late-breaking pleased and X-year to reported long-term outcomes see freedom [ EX. free AMDS reoperation aortic patients the stage our Q-type XX literature we [ our as late

patients XX% majority free to of suggests diameter in were growth on zones proximal diameter patients above millimeters X. X X only literature outcomes, hemiarch aorta. growth compares have favorably early a and descending the total Additionally, of at aortic from which This aortic existing

and and For of context, to of the stable show Long-term total years durable from therapy. or of risk patients trials aortic majority far reoperation growth the DART showing dissection the effect a decreased further dissection lead a implantation, as can decreased for large thus reoperation. the thus risk results increased with the AMS following aortic diameter experienced aorta of post X or are significant as rupture, out treatment

AMDS to benefits stroke A trials of continued These see is the studies, further positive reinforcing and acute rate and the persevere XX% cerebral and DARTs aortic leading hemiarch AMDS. also clinical alone excited of a in nature the from type malperfusion positive XX.X% articles a Group. reduces from results to indicated major sections. following AMDS showed of XX.X% the implantation Third, regarding subjects The resolution the for AMDS XX based of AMDS trial occurrence a X to persevere days stroke significant both from We're results often affected of that stroke. favorably show malperfusion, the results implant, life-saving malperfusion complication on persevere literature. Cerebral compares which in for

our to event pipeline current adverse XXX [ the [indiscernible] combined rates LSA]. Notably, showed Arco arch pathologies. safe that ] elephant X-year treated from aortic experienced the trial NEO and Avida to [indiscernible] current product mortality internationally lower generation sold and data X-year frozen that X-year called open Lastly, is patients our is OpenNEO predecessor the [ the with market-leading major treating the and effective trunk NEOS compared in is device.

with our trial. In will encouraged greater of Given this progress the future that performance regulatory these U.S. we quarter QX of the confidence CEVO the and be the XXX [ the in in that ID front. trial us and thrilled results anticipate ] financial we're give range patients, on by success clinical summary,

of regulatory With for over EBITDA EBITDA Our and sales. Lance. us fast well I'll margin to confidence performance and the turn double-digit while remainder as clinical beyond ability growth in 'XX driving our call strong revenue the increases now sustainable financial, positions twice we as the deliver and to have and that, expansion growing

Lance Berry

everyone. afternoon, and Pat, Thanks, good

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

year-over-year percentage currency will be will constant discussed changes and all on rates unless growth revenue a noted. basis, in otherwise be Additionally,

margin currency EBITDA and over general XXXX. XXX XX.X% XXXX. reduction administrative Total the XXX QX point third Adjusted in EBITDA the was increased to basis in the in million revenues and point year, XX% expense improvement $XX.X compared a of Adjusted for XX% quarter of were up third quarter XXXX, to a constant million $XX.X basis from as prior of and of third sales. approximately million marketing by $XX.X of driven quarter percentage a the

believe G&A very produced we of From half a significant continue perspective, scalable our and and our belief. supports year have first sales the the On-X infrastructure is grew line leverage and XXXX. increased Other processing the the third in to revenues in We revenue of BioGlue revenues declined stent XX%, XX% quarter grew graft XX% of $XXX,XXX revenues in quarter X% the and grew revenues third and XX% XXXX. tissue product approximately

driven to was the ramp PerClot orders continue QX relatively nominal down manage to beginning timing of sales expect in by to business, levels. While as the these continue end-user we they inventory Though the dynamics decline inventory PerClot the from to of through balance XXXX. Baxter of underlying the up, are

QX business third quarter revenues basis, this regional a America Excluding XXXX. of EMEA underlying X%, in our XX%, in Latin Pacific XX% XX%, quarter grew increased the all of Asia impact, compared and increased XXXX. On third increased increased North the compared XX% to America to

margins R&D of the million of Non-GAAP anticipated, quarter in $XX.X spend and million XXXX. quarter percentage $X was third million XX% income of relatively to quarter in in $XX full of were the year. the be as expenses third flat year We expense still marketing net $X.X third expenses XXXX. prior sales $XX.X to a were Interest third to were million interest the anticipate translation million were to of quarter million Free the was compared the of currency quarter in XXXX. R&D expenses prior and of administrative million. quarter $X.X gross in $X.X to gains $X.X this of the income compared approximately as expense the third in General million $XX.X $X.X million cash in compared QX, XXXX. year. Other flow to foreign million included quarter compared general administrative quarter third compared and in flat the third XXXX. to As third and marketing for quarter

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

sheet of XX, unamortized add September that recently cash in debt as July moved expected. current the in on of As convertible This to balance our we origination like debt, impact agreement Endospan. I'd had amendment and with $XXX $X.X costs. million closed is to quarter approximately our also net inclusive XXXX, of million loan $XX.X million of our of this

XXXX. pipeline exceeds As term We in fund to do channels or this delayed $XX.XX loan assuming obligations, earlier the the announced we've our with our maturity future. July investments at foreseeable our draw with our stock raise the cash discussed, debt price provides opportunistically in need year, our our flexibility capital or not settle to shares, convert us to in additional anticipate

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

Now the for of our for XXXX. outlook remainder

currency full of negligible million have to The we XXXX impact full on to current narrowing $XXX compared to XX% year range $XXX growth expect of million We million reported of revenue million. At -- to to a XX% for constant to previously expect and FX XXXX. the growth $XXX year $XXX rates. rates, to our articulated FX are our continuing revenue compared range reporting revenues between

overall grow digits of differentiated by best-in-class management continued line we XXX to QX, continue for the conviction XX% R&D expense we growth ahead, $XX products our and of revenue to to XXXX our margin pipeline. With the points to at ranges. margin long million representing business and look growth our basis over portfolio expect we year-over-year in $XX adjusted term in be full the to of XXXX -- driven the double through adjusted EBITDA ability general XX% low and our the year a the As million range top EBITDA over of midpoint expansion have of

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

expected relatively is of flat sales. expenses percentage a to R&D Additionally, remain as

would like I XXXX. Lastly, discuss to

guidance In in portfolio think general, tissue that call, but business X provide XXXX product you same be provide to significant during for expect there in the will did in in I will dynamics the not XXXX with about place some we XXXX pulmonary QX quarter February we that We our benefit exception we existing comments in in of our valve earnings to want the increase are SynerGraft you as as XXXX. XXXX. the XXXX had have with in directional

We expect will that, expenses. With for his comments. sales expansion to turn margin the call to and Pat continue to EBITDA I leveraging back by closing G&A drive

Pat MacKin

Lance. Thanks,

you've to for as of we Xx our So committed heard and deliver throughout that we're that shareholders growth revenue EBITDA. comments, double-digit will

specifically, revenue stronger the approval commitments financial our confidence we R&D to also pipeline, execution deliver in X gives You've in on we strong just EBITDA on can pipeline have heard growth. following regulatory our which PMAs about deliver our of that these us the that key going and us continued forward. More R&D will help

China First, BioGlue half opens of market second a up approval. in starting the regulatory XXXX. This new major

Second, track PMA and X-year approval. the module, put just the of trial, AMDS the both XXXX persevere QX completed first a we on just We've us of follow-up filed for the which PMA. PMA

of the Third, Cboe called understand NEOS approval the IDE LSA of the that than track second ] trial PMA. in NEXUS end showed on EX patients, PMA. Neo, puts the half PMA are current partner called Presentation for commercially ] today. trial U.S. at The in on the the our XXXX. Fourth, the NEXUS available our better which our TRIOMPHE, generation [indiscernible] completed enrollment XXX data [ that's clinical was from is device the [indiscernible] market in results clinical [ clinical which that

patients, enrolled the confidence U.S. the trial great NEOS ] our [ ID that trial their LSA, [ gives ] us trial will results successful. CEBA XXX ] [ also we for CEVA-LSA around our be Given of that

questions. for to With toric want their of line leading of Finally, focused employees please that, open the being surgeons to thank the to dedication the our our globe for all operator, disease. I on around partner mission continued

Operator

that Citizens Stauder first comes The of have JMP. Daniel we from Instructions] question [Operator

Daniel Stauder

I'll Yes. graft the Great. I stent on guess business. off aortic start

any on despite just it any or cross-selling And So and what benefits another performing to strong if could a any color wanted I give are quarter just business? puts Or this ask you're XQ anything being give well? is us if 'XX the in comp. tougher market? on driving specific can takes seeing you products what's you more

James Mackin

can as say product I of a entire detail. much you growing the one to every I a aorta, and is in things, double look got them we continues so. the and out couple mean a don't segment well. specific you half Yes. -- at Lance, dozen that span products break chime of of would cover when pretty We've digits do

very We're it in we're in kind Latin Europe. in it in continue double-digit So America. of business it seeing that confident range. We're in Asia. grow seeing seeing to We're the

such I got same kind globally same of the expanding time. we're the I more So mean, portfolio, we've at of differentiated think a and because it's

Daniel Stauder

On-X. Great. And on, just follow-up one

you that? So in the we [indiscernible] more think this? And of extent about of should because get just to go share are you a this or put just new gain you reducing where are I just extra other could -- want sense seeing in what we And mostly noted of XXXX? any nationally. some this how seeing data think trends because

James Mackin

Yes.

if globe, kind we've globally. you [ XX% got started ] share So the of the market about

are We globe. stronger the seeing We're in U.S. the The U.S. XX% shift the are in range in really across the much we're

Based bleeding. the a the showed We to to share more driven in a expect go opportunity continue trial. And with low the follow-up for May, market we U.S. by reduction internationally. upside presented that market our to and bleed. showed research, up, XXX even an and on XX% valves. in [indiscernible] our just got We've major it required We reduction On-X checks we've in as the refresher, XX% in continue the we original INR, take approval and by trial share trial PMA U.S. ran ended X-year in post-approval a major

X continues. growth product it than we've X years. On-X think been last double-digit investors, as a think we told for has the I or And So that's

we we do. to what said execute we're on would So continuing

Operator

The Suraj Oppenheimer comes next of question & have Co. we Kalia from

Suraj Kalia

Pat, right? the me you Lance, congrats on hear quarter. all Can

James Mackin

Yes, hear you we can fine.

Suraj Kalia

tangential you I be So Ross -- think way way rates? it. How growth the thinking to -- Pat, that's ways terms think way and there is are of done. you complementary about assets donation alternative the algorithm, do should other mid-single-digit a basically, growth. in just start can Do SynerGraft, we is that and has question. or long-term the the guess this This is the SynerGraft some

James Mackin

Yes.

the the so -- think I things think, about couple I on impressive to of there's are, with a that and SynerGraft. Ross super Ross

have SynerGraft. the Ross We data on years procedure of with XX

procedure taken been actually is a that off procedure match didn't phenomenal. of patient of and lifestyle recently The the different that have a and can survival the if reason you of is one. So been that show because number published a it's that raw you get data. There's kind who have of papers

outstanding. The is donation. constrained that is by data the So just challenge we're here

Now SynerGraft working on things. on looking always last working year past We've improvement been because are on this the we're year, pulmonary yields got kind our more which at worked doing we continuous sleeve. things we're our other We're valve, got on tricks We've of impressive. very always have stuff. we've -- up

it. to So just in of luxury telling don't to have the It's make we'll I work continue more. factory the

sell demands the our make can best we ability. we sure meet everyone working of the So to market we're literally to the and out, comes that that of

Suraj Kalia

Remind dumb, and about? Even -- TRIOMPHE is us of should paraplegia might of stroke know the the XX late obviously, again, terms migration trial XX and outcomes NEXUS though trial, be any and were whatnot. there worried in in calls days. but terms Pat, out trial good be we the -- this I

James Mackin

No.

IDE Emory right, I TRIOMPHE in we stroke mortality, the So public at collegiate], in dialysis, NEXUS, patients. STS looking data results. stuff the persevere. good And we've what's was payer thing so Brad the the [ ] same who that reoperate, the they're very show I did presented all the year, what's big and It rate, is what's on called is at, presented Leshner data -- what's was only renal -- the the think [ from track think, XX trial U.S. had

We the XX-day seen that see have presented be that not FDA. may full we that in the in cohort May. may January. We see to So will

It's trial. Endospan out. Just runs we don't run that

that be to it. So as out, we'll they data to soon react as get able

or it, one to looked about specifically it, knowledge, XP you for this with this reason. the we've a I arch. you the this the when I think it excellent the on specifically changer very seen going -- the to system, we XX for It's stent graft in the we've Arch very important arch. diligence ask and it's think no patients. seen And thing a and results be because technology designed that's And because only at for technology date, excited of designed show game if our went my device, to migration I'm arch. see aortic that for so thoracic It's surgeons a designed through this we is is to about custom

Suraj Kalia

plan because Got you basis when the And diluted the it. want above you, break hop one EPS in Is back just we from I'll question as-converted and modeling say, pretty queue. perspective, start great. close be stock the then the right about Lance, a make to and on should now color in at still to you an would sure game we any are fully $XX guys even, for for think the is, conversion? let's factoring

Lance Berry

Thanks, Yes. Raj.

conservative say rates, to to take either it on loan. still we've then see We're investors continued is be whatever our delayed stock the have could mode. What saying what you -- approach. in of goes price with now in on goes go And that the on luxury way the the just the would that, wait-and-see we I our draw most look, based to interest for have approach with a we're and what take we and can side. tell -- having been quarters, we've past couple ability So options term to of the

the shares do get and most to approach, conservative they in assume is shares want the If you converted that put that. to

and loan If draw you want to interest delay assume have expense. the term incremental that we

And still I think either do that's at go we're and that. more would it moment, watching you tell to the you way. approach. could a conservative If

Operator

Street next from Frank Lake Takkinen we have question The of comes Capital.

Unknown Analyst

Nelson [ ] is This for on Frank. Cox

that, So you maybe about just just a start And bags. then through in some -- AMDS. we through maybe you other launch the just want to other full the how Can of this maybe 'XX? curve with when comments launch learning any us launch Is 'XX you soft walk be guys with would the should of think go helpful.

James Mackin

the Yes. we refresh together, to comments, from gets people So us the how will just kind for my we've mentioned have And going 'XX, based get that where put just are, of laid on in We're clinical our submitted approval to first to a out X-year obviously would on we has follow-up. we've I QX the right? the so hit module pulled submitted and that that year be data module modules, of now. us in track

-- to get QX committees. do 'XX, I value do launch go to 'XX. We is mean, buy in surgeons. think think describe get analysis a I through to I a We to you're [indiscernible] got devices. them have we assuming train have of QX to way We've good the

We just have saving, dissections but a ] have the process. So We strokes life go that hospitals. from the sales got we've the that already a the in is these [indiscernible] know all Q-type the at I this was that cut trial. just we that EX half persevere think you told force. fact We with know saw published [ I customers. also relationships these through to we great still

the gain can know lower the once analysis much much launched better when it. that I that that fact lower, think committees visibility value we've these so so is so is mortality much but we is we do stroke we're through lower, right, get it it I'll faster, the hopeful

team geared up, ready the So but and we'll go. we sales are to have

Unknown Executive

This things jump in about any, to if the minimal, would in my for not plug to standpoint, from have be you the going, any I'll get AMDS and QX revenue do put very with I think revenue XXXX would XXXX. a everyone maybe approval to put in. for everyone advise you in as And modeling just

we just about X. at thing of we sooner, same is timing assume to the adding if get the then and some talk then think I moment that. it's beneficial And can

Unknown Analyst

just see a opportunity where like Perfect. you're a for business, take it you do while? Or maybe more you room in maybe point then preservation And the feel kind to SynerGraft. can the pricing Do about reaching additional specifically stay of consistent price?

James Mackin

price pretty a I Yes. pricing think was I there we significant. out did the I environment don't to increase lot the And there's on I year room mean think of last and think we're sensitive that.

other It's only I have we think portfolio. there's the the tissue in parts. not

So we're going going be where is soon. there SynerGraft are think who to any not other we will I getting price But after the probably be increases. time areas

Operator

[Operator Instructions] we The Matson Co. of Needham Mike & next question have from comes

Michael Matson

guess the it's I'm I a like AMDS, with first usually Yes. because feel module surprised that data like I module. is little the the final

So can you maybe just talk about what --

James Mackin

So We is modules see we it to The [indiscernible]. module sounded just I right? X or correct. be we're have submit. said first going module. be you're The Let me last have last the X confusing clarify, And Mike. will clinical. that, made when might to I module going

Michael Matson

model And submitted, so when would think? do you be that final

James Mackin

in Probably second the quarter.

Michael Matson

year? next of quarter Second

James Mackin

'XX -- Yes. XXXX.

Michael Matson

it think be fourth you the approved And quarter? can in still Okay.

James Mackin

do. Yes. I

Michael Matson

Okay. right. All

in Is seem Okay. being talking that you like on then I about BioGlue that And $XX China, just right remember million a to number? still opportunity. the

James Mackin

Yes. No, -- ahead. go it's actually

Michael Matson

let that. I'll to add you

like ramp? years the that it that of over go like Let like a just several mean, -- gradual be kind ahead tailwind this question that you a of penetrate would Or would X-year is does me as like step-up? that how market? more fast I and kind finish

James Mackin

Yes.

is said happy on basically regulators was we summer And in a it So ago. from Chinese us X approval. what last find earnings had and very China transcripts the 'XX. we I have with to And are -- obviously you'll we we're first working the our years hear the we talked report and at and about to thing Lance BioGlue go back look and we

registration So and Your math requirements, it's -- things, list. special got and right? then get its we've think comments we've to on -- have province my we is hospital get most like we to get to has got correct. But registration, I right? medical the we've price So China own mentioned national that in I

So it time. takes some

anything So of we really expecting half aren't meaningful the 'XX. second until

will rolling got to this train with We've But out the -- get them this a product. hospitals. surgeons, familiar we'll be to got be to he's

a of over thing. kind not this kind So would of a years, uptick X-year be several gradual

Michael Matson

Yes.

Okay. And happens? that And that then does right. when to when headwind point? and agreement. manufacturing is much revenue -- it. year Got degree All that the How will generating? be at what -- a PerClot that that will some become that And would when what

Unknown Executive

depends to on them. then a completing fast ready can, than about talking and it fast over take out, how over. happy obviously So than more slightly the they go just take if -- and be it full full transfer to a It's X would as year we'd less be headwind. they you're it to point to that went percentage can like end year away -- They

some quarter-to-quarter. So it's just But it's it's noise created X significant. This about not year, always point.

have it last level, For stays at about year point year, away it our of which sure, for the that now, that 'XX and point headwind to play will have assess we'll and headwind it we'll be to full after looks completely, X is if goes And the Right it's full about assumption year. when that. then this like it probably year. year for it X

James Mackin

little has also just We're really It impact kind of manufacturing on EBITDA. it to long. no

Operator

comes Cohen have Thalmann. from we Jeffrey question of Ladenburg next The

Jeffrey Cohen

year? to QX preservation the called out had And as guess, QX or year commentary that firstly, in about of would last you business I bolus previous QX it the from for you in QX SynerGraft QX XXXX. this was next that year So pertain some Lance,

Lance Berry

for So we big of price in in QX the XXXX. took increase SynerGraft

elevated in quarter growth annualize rates price before increase that. of X we had we from So XXXX that

of XXXX you tissue in And the -- one thing a high QX XXXX. that's So the growth that's really if be I'm you look very different if versus we XXXX, one had about thing think will out rate back business. that that calling

growth of in tissue We have will the that rate not quarter X elevated business.

Jeffrey Cohen

to $XX.X from million Yes, million. that see we -- increase $XX.X

specific as countries got little and/or the clear as to and about LatAm a talk specific Could I APAC countries? APAC specific that. Okay. That's countries bit Japan you by balanced well me. LatAm

James Mackin

our need Yes. don't I have countries, now We're We've XX. to Asia, started Jeff. going We had that not a we're will I I and doing. in none telegraph now here, say to one to about we what and in necessarily this distributor we talked when in XX. into In direct get person Brazil. competitors got it before. won America, had mostly Latin we've We're we LatAm. specific

So in several specifics to and later. we where going we're not we've the of but going where I'm gone are into get direct Asia, in now countries

Jeffrey Cohen

margins gross the lastly, Okay. 'XX? And territory you further mid-XXs like Lance, Got kind and/or QX think it. any of is commentary Does on for about? right feel for then to

Lance Berry

gross to being we Yes. fluctuations flat. I be just margin due just minor to moment, mean, of able I line, to pipeline any gross products when then and Year-to-year I think some flat the of quarter-to-quarter, year-to-year. come see we and think we need mix. margins at some would at once quarter. U.S. about fairly But relatively is revenue should our margin in just then expansion model moment, in kind people may or gross mix approvals these get to And the they you down have tell given the market, the to

Operator

the end MacKin have turn closing call we I our sir. Ladies And back and Please ahead, to reached go would session. question-and-answer to like the for of Pat gentlemen, remarks.

James Mackin

We appreciate line strong twice joining. that another revenue Yes. of double-digit than Thanks had for and on the more XX%. quarter growth bottom at it. We

late-breaking we the at track which positive in as puts the in on trial, China, their NEOS which patients 'XX. And on meeting trial got a for very more than the XXX on had product better approval in finished EX in going we we're amazing that well. Europe do enrollment the pivotal saw Europe, only is about is are in The We've at trial market presented You really just also results the U.S., in NEO heard and them Europe. than EX the standpoint. U.S. -- NEXUS competitive biggest AMDS some performance from to pipeline. cardiac Regulatory in trials our in market,

to look line line. twice fast joining, and double-digit grow top you we'll can So And on this next we're our and to at call. the thanks we that see very confident continue as business for bottom

Operator

conference. you concludes gentlemen, you, Thank Ladies us. then Thank that and joining sir. for today's

You disconnect your may lines. now

Artivion (AORT) 7 Nov 242024 Q3 Earnings call transcript