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Artivion Inc (AORT-1.38%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenues to $95,779,000 from $87,854,000 in the same quarter the previous year. The increase is attributed to higher sales across aortic stent grafts, On-X products, and surgical sealants.
Cost of products for the quarter was $24,412,000, compared to $21,574,000 in the same quarter of the previous year. This increase is due to a higher volume of products shipped.
The company reported a gross margin of $61,009,000 for the quarter, compared to $56,270,000 in the previous year, with the increase attributed to favorable pricing and product mix.
General, administrative, and marketing expenses decreased to $50,017,000 from $51,093,000, primarily due to reduced business development expenses.
Research and development expenses were $6,605,000, slightly up from $6,421,000 in the previous year, focusing on clinical work for regulatory approvals.
Net loss for the quarter was $2,288,000, compared to a net loss of $9,801,000 in the previous year. The improvement is attributed to a reduction in business development expenses and favorable adjustments in financial instruments.
Cash provided by operating activities was $12,097,000, while cash used in investing and financing activities was $16,763,000 and $2,029,000, respectively.
Artivion had a working capital of $135,120,000 as of September 30, 2024. The company acknowledges its dependence on future cash flows and potential financing to meet obligations.
The filing also details various financial agreements, including a credit and guaranty agreement with Ares Management (ARES+0.92%) Credit funds for $350 million.
Artivion does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on its strategic growth areas, including new products, global expansion, and business development opportunities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Artivion Inc Com quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.