Artivion Inc. (AORT), a company specializing in cardiac and vascular surgery with a focus on aortic diseases, is enjoying a highly successful year. Its shares have risen nearly 64% year-to-date, currently trading around $25.
The company manufactures, processes, and distributes medical devices and implantable human tissues used in cardiac and vascular surgeries for patients with aortic diseases. Artivion's product lineup includes four main categories: aortic stent grafts, surgical sealants, On-X mechanical heart valves, and related surgical products, as well as implantable cardiac and vascular human tissues.
Revenue is reported under two segments: Medical Devices and Preservation Services. The Medical Devices segment constitutes the majority of the company's revenue.
The Medical Devices segment encompasses revenues from the sales of aortic stent grafts, surgical sealants, On-X products, and other related products. The Preservation Services segment includes revenue from the preservation of cardiac and vascular implantable human tissues.
After a pandemic-induced setback in 2020, when total revenue fell to $253 million from $276 million in 2019, the company has made a significant recovery. In 2021, total revenue increased to $298.8 million, followed by a rise to $313.8 million in 2022, and by 2023 it reached $354 million.
The company recently reported robust financial results for the second quarter ending June 30, 2024.
Revenue for the second quarter of 2024 was $98.0 million, up 10% from $89.3 million in the same quarter of the previous year.
The net loss for the second quarter of 2024 narrowed to $2.1 million, or $0.05 per share, from $3.4 million, or $0.08 per share, in the second quarter of 2023. On a non-GAAP basis, the company reported a net income of $2.9 million, or $0.07 per share, an improvement from $2.3 million, or $0.06 per share, in the second quarter of 2023.
Building on its strong quarterly performance, the company projects total revenue for 2024 to range between $388 million and $396 million, indicating anticipated growth of nearly 10% to 12% compared to 2023.
As of June 30, 2024, the company had $55 million in cash.
Formerly known as CryoLife Inc., the company rebranded to Artivion Inc. and changed its ticker to "AORT" from "CRY" effective January 24, 2022.
Over the past year, AORT has traded within a range of $12.16 to $29.24. The stock closed yesterday at $25.50, up 0.87%.