Artivion, Inc. reported a revenue of $388.5 million for the fiscal year ending December 31, 2024, marking a 10% increase from the previous year’s revenue of $354.0 million. The growth was primarily driven by increased sales in aortic stent grafts, On-X products, surgical sealants, and preservation services. However, the company also recorded a net loss of $13.4 million, an improvement from a net loss of $30.7 million in 2023. The increase in revenue was partially offset by a decrease in revenues from other products and certain impacts related to a cybersecurity incident that occurred in the fourth quarter of 2024.
In terms of operational metrics, Artivion's product revenues increased by 11%, with aortic stent grafts alone seeing a 15% rise in sales. The On-X product line also experienced a 13% increase in revenue. The company’s preservation services segment reported a 6% revenue increase, reflecting a steady demand for cardiac and vascular tissues. As of December 31, 2024, Artivion employed approximately 1,600 individuals, a slight increase from the previous year, indicating a focus on expanding its workforce to support growth initiatives.
Strategically, Artivion has been active in pursuing acquisitions and partnerships to enhance its product offerings. The company completed the acquisition of Ascyrus Medical LLC, which developed the AMDS hybrid prosthesis, and has entered into a distribution agreement with Endospan for the NEXUS family of products. These strategic moves are part of Artivion's broader plan to expand its market presence, particularly in international markets such as China and Brazil, where regulatory approvals for products like BioGlue are anticipated to drive future growth.
Looking ahead, Artivion's management expressed optimism about future revenue growth, driven by new product launches and geographic expansion. The company is focused on enhancing its product pipeline and expects to continue investing in research and development, with expenditures of approximately $28.5 million in 2024. However, management also acknowledged potential risks, including market conditions, regulatory challenges, and the ongoing impact of geopolitical events on supply chains and operational efficiency. The company remains committed to maintaining sufficient liquidity to support its operational needs and strategic initiatives over the next twelve months.
About ARTIVION, INC.
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