2023 Q2 Form 10-Q Financial Statement

#000078419923000088 Filed on May 05, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $89.25M $83.23M
YoY Change 11.09% 7.79%
Cost Of Revenue $31.17M $29.50M
YoY Change 10.65% 11.35%
Gross Profit $58.08M $53.73M
YoY Change 11.33% 5.93%
Gross Profit Margin 65.08% 64.55%
Selling, General & Admin $57.24M $50.37M
YoY Change 46.84% 29.29%
% of Gross Profit 98.55% 93.74%
Research & Development $7.418M $7.223M
YoY Change -14.22% -28.68%
% of Gross Profit 12.77% 13.44%
Depreciation & Amortization $5.767M $5.734M
YoY Change 2.69% -2.5%
% of Gross Profit 9.93% 10.67%
Operating Expenses $64.66M $57.59M
YoY Change 35.75% 17.33%
Operating Profit $7.675M -$3.861M
YoY Change 69.02% -336.0%
Interest Expense $6.356M $6.096M
YoY Change -256.13% -276.29%
% of Operating Profit 82.81%
Other Income/Expense, Net -$4.241M $963.0K
YoY Change 12.49% -824.06%
Pretax Income -$2.657M -$8.919M
YoY Change -19.48% 267.19%
Income Tax $725.0K $4.613M
% Of Pretax Income
Net Earnings -$3.382M -$13.53M
YoY Change -20.59% 299.29%
Net Earnings / Revenue -3.79% -16.26%
Basic Earnings Per Share -$0.08 -$0.33
Diluted Earnings Per Share -$0.08 -$0.33
COMMON SHARES
Basic Shares Outstanding 40.88M shares 40.56M shares
Diluted Shares Outstanding 40.76M shares 40.43M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $48.78M $30.77M
YoY Change 20.78% -40.14%
Cash & Equivalents $48.78M $30.77M
Short-Term Investments
Other Short-Term Assets $67.41M $66.92M
YoY Change 12.02% 16.71%
Inventory $78.46M $76.27M
Prepaid Expenses
Receivables $64.81M $62.76M
Other Receivables $4.450M $3.952M
Total Short-Term Assets $263.9M $240.7M
YoY Change 9.76% -1.58%
LONG-TERM ASSETS
Property, Plant & Equipment $38.39M $38.72M
YoY Change 5.85% 3.36%
Goodwill $245.6M $245.6M
YoY Change 1.92% -0.88%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $8.242M $7.542M
YoY Change 12.63% -6.03%
Total Long-Term Assets $514.0M $516.4M
YoY Change -2.0% -3.9%
TOTAL ASSETS
Total Short-Term Assets $263.9M $240.7M
Total Long-Term Assets $514.0M $516.4M
Total Assets $777.9M $757.1M
YoY Change 1.7% -3.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.46M $9.473M
YoY Change -0.85% 2.63%
Accrued Expenses $10.37M $9.678M
YoY Change 32.17% 3.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.561M $1.620M
YoY Change -1.82% -0.12%
Total Short-Term Liabilities $56.23M $43.96M
YoY Change 35.02% 2.62%
LONG-TERM LIABILITIES
Long-Term Debt $306.1M $306.3M
YoY Change -0.27% -0.31%
Other Long-Term Liabilities $7.469M $7.407M
YoY Change 11.51% 10.21%
Total Long-Term Liabilities $313.6M $313.7M
YoY Change -0.02% -0.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $56.23M $43.96M
Total Long-Term Liabilities $313.6M $313.7M
Total Liabilities $495.4M $477.2M
YoY Change 2.48% -1.49%
SHAREHOLDERS EQUITY
Retained Earnings -$34.13M -$30.75M
YoY Change 501.64% 2074.61%
Common Stock $347.5M $343.3M
YoY Change 5.2% 4.92%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $282.5M $279.9M
YoY Change
Total Liabilities & Shareholders Equity $777.9M $757.1M
YoY Change 1.7% -3.17%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$3.382M -$13.53M
YoY Change -20.59% 299.29%
Depreciation, Depletion And Amortization $5.767M $5.734M
YoY Change 2.69% -2.5%
Cash From Operating Activities $6.909M -$6.154M
YoY Change -183.1% 929.1%
INVESTING ACTIVITIES
Capital Expenditures $1.791M $2.238M
YoY Change -198.62% -0.04%
Acquisitions
YoY Change
Other Investing Activities $8.869M -$605.0K
YoY Change -1987.02% -229.0%
Cash From Investing Activities $7.078M -$2.843M
YoY Change -409.62% 4.99%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $690.0K
YoY Change
Cash From Financing Activities 2.233M $1.171M
YoY Change -380.18% -598.3%
NET CHANGE
Cash From Operating Activities 6.909M -$6.154M
Cash From Investing Activities 7.078M -$2.843M
Cash From Financing Activities 2.233M $1.171M
Net Change In Cash 16.22M -$8.578M
YoY Change -242.32% 138.15%
FREE CASH FLOW
Cash From Operating Activities $6.909M -$6.154M
Capital Expenditures $1.791M $2.238M
Free Cash Flow $5.118M -$8.392M
YoY Change -178.76% 195.81%

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39351000 usd
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55010000 usd
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30773000 usd
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51408000 usd
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1730000 usd
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Basis of Presentation and Summary of Significant Accounting Policies<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Overview</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying Condensed Consolidated Financial Statements include the accounts of Artivion, Inc. and its subsidiaries (“Artivion,” the “Company,” “we,” or “us”). All significant intercompany accounts and transactions have been eliminated in consolidation. The accompanying Condensed Consolidated Balance Sheet as of December 31, 2022 has been derived from audited financial statements. The accompanying unaudited Condensed Consolidated Financial Statements as of, and for the three months ended, March 31, 2023 and 2022 have been prepared in accordance with (i) accounting principles generally accepted in the United States of America ("US GAAP") for interim financial information and (ii) the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the US Securities and Exchange Commission (the “SEC”). Accordingly, such statements do not include all the information and disclosures that are required by US GAAP for a complete presentation of financial statements. In the opinion of management, all adjustments (including those of a normal, recurring nature) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes included in Artivion’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 23, 2023. </span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Significant Accounting Policies</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A summary of our significant accounting policies is included in Note 1 of the “Notes to Consolidated Financial Statements” contained in our Form 10-K for the year ended December 31, 2022. Management believes that the consistent application of these policies enables us to provide users of the financial statements with useful and reliable information about our operating results and financial condition. The Condensed Consolidated Financial Statements are prepared in accordance with US GAAP, which require us to make estimates and assumptions. We did not experience any significant changes during the three months ended March 31, 2023 in any of our Significant Accounting Policies from those contained in our Form 10-K for the year ended December 31, 2022.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">New Accounting Standards</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Recently Adopted </span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In March 2020 the Financial Accounting Standards Board (the “FASB”) issued Accounting Standard Update (“ASU”) 2020-04, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Reference Rate Reform Topic 848</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> (“ASC 848”). The amendments in this ASU were put forth in response to the market transition from the LIBOR and other interbank offered rates to alternative reference rates. US GAAP requires entities to evaluate whether a contract modification, such as the replacement or change of a reference rate, results in the establishment of a new contract or continuation of an existing contract. ASC 848 allows an entity to elect not to apply certain modification accounting requirements to contracts affected by reference rate reform. The standard provides this temporary election through December 31, 2022 and cannot be applied to contract modifications that occur after December 31, 2022. In January 2021 the FASB issued ASU 2021-01, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Reference Rate Reform (Topic 848)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. The objective of the new reference rate reform standard is to clarify the scope of Topic 848 and provide explicit guidance to help companies applying optional expedients and exceptions. We adopted ASU 2020-04 and ASU 2021-01 on a prospective basis in fiscal year 2022. The adoption of ASU 2020-04 and ASU 2021-01 did not have a material impact on our financial condition or results of operations.</span></div>
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InterestExpenseDebt
3900000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
83229000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
77213000 usd
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
3513000 usd
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
3340000 usd
CY2023Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
172000 usd
CY2022Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
174000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-13532000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-3389000 usd
CY2023Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
-60000 usd
CY2022Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
-18000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-13472000 usd
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3371000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
40432000 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
39850000 shares
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.33
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.08
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-13532000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-3389000 usd
CY2023Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
-60000 usd
CY2022Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
-18000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-13472000 usd
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-3371000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
40432000 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
39850000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
40432000 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
39850000 shares
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.33
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.08
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
83229000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
77213000 usd
CY2023Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
29502000 usd
CY2022Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
26494000 usd
CY2023Q1 us-gaap Gross Profit
GrossProfit
53727000 usd
CY2022Q1 us-gaap Gross Profit
GrossProfit
50719000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
83229000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
77213000 usd
CY2019Q3 aort Number Of Tranches
NumberOfTranches
3 tranche

Files In Submission

Name View Source Status
aort-20230331_def.xml Edgar Link unprocessable
0000784199-23-000088-index-headers.html Edgar Link pending
0000784199-23-000088-index.html Edgar Link pending
0000784199-23-000088.txt Edgar Link pending
0000784199-23-000088-xbrl.zip Edgar Link pending
aort-20230331.htm Edgar Link pending
aort-20230331.xsd Edgar Link pending
aort-20230331xex311.htm Edgar Link pending
aort-20230331xex312.htm Edgar Link pending
aort-20230331xex32.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
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aort-20230331_lab.xml Edgar Link unprocessable
aort-20230331_cal.xml Edgar Link unprocessable
aort-20230331_pre.xml Edgar Link unprocessable
aort-20230331_htm.xml Edgar Link completed
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report.css Edgar Link pending
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FilingSummary.xml Edgar Link unprocessable