Artivion (AORT) FY2022 results: revenue $314 million, up 5.0% on the year

Artivion, Inc. (AORT) reported revenue of $314 million for fiscal 2022, the year ended 31 December 2022, up 5.0% on the year before. Net income was -$19 million, and diluted earnings per share $-0.48. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2023.

Revenue

$314 million

+5.0% on the year

FY2015FY2022

Operating margin

2.0%

2.7% a year earlier

FY2015FY2022

Net income

-$19 million

FY2015FY2022

Diluted EPS

-$0.48

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	314	299	253	+5.0%
Cost of revenue	111	101	85.4	+9.8%
Gross profit	203	198	168	+2.5%
Gross margin	64.5%	66.1%	66.3%
Research and development	38.9	35.5	24.2	+9.4%
Selling, general and administrative	157	170	141	-7.3%
Operating income	6.2	8.1	2.4	-23.6%
Operating margin	2.0%	2.7%	1.0%
Interest expense	18.2	16.9	16.7	+7.8%
Pre-tax income	-15.0	-14.8	-17.2
Income tax	4.2	0.0	-0.5	+60,014.3%
Net income	-19.2	-14.8	-16.7
Net margin	-6.1%	-5.0%	-6.6%
Diluted EPS	-$0.48	-$0.38	-$0.44

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	-5.2	-2.6	12.4
Capital expenditure	10.7	13.1	7.3	-18.1%
Free cash flow	-15.9	-15.7	5.0
Free cash flow margin	-5.1%	-5.2%	2.0%
Cash from investing	-10.7	5.7	-73.1
Cash from financing	-1.6	-12.2	93.6
Depreciation and amortisation	22.4	24.0	20.7	-6.4%
Share-based compensation	12.3	10.7	6.9	+15.2%
Diluted shares, weighted	40m	39m	38m	+2.7%
Shares outstanding at period end	42m	n/a	n/a

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	284	301	329	-5.5%
Debt	308	309	292	-0.3%
Operating lease liabilities	41.3	44.9	14.0	-8.1%
Finance lease liabilities	3.6	4.4	5.3	-16.7%
Other liabilities	125	134	150	-6.3%
Total liabilities and equity	763	793	789	-3.8%
Fixed assets	38.7	37.5	33.1	+3.1%
Goodwill	244	250	260	-2.5%
Intangible assets	151	167	186	-9.4%
Cash and equivalents	39.4	55.0	61.4	-28.5%
Receivables	61.8	53.0	46.0	+16.6%
Inventory	74.5	77.0	73.0	-3.2%
Other assets	154	154	130	+0.0%
Total assets	763	793	789	-3.8%

10-K for the year ended 31 December 2022, filed 23 February 2023: the filing.