Artivion (AORT) FY2023 results: revenue $354 million, up 12.8% on the year

Artivion, Inc. (AORT) reported revenue of $354 million for fiscal 2023, the year ended 31 December 2023, up 12.8% on the year before. Net income was -$31 million, and diluted earnings per share $-0.75. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2024.

Revenue

$354 million

+12.8% on the year

FY2016FY2023

Operating margin

1.6%

2.0% a year earlier

FY2016FY2023

Net income

-$31 million

FY2016FY2023

Diluted EPS

-$0.75

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	354	314	299	+12.8%
Cost of revenue	125	111	101	+12.2%
Gross profit	229	203	198	+13.2%
Gross margin	64.7%	64.5%	66.1%
Research and development	28.7	38.9	35.5	-26.2%
Selling, general and administrative	209	157	170	+32.7%
Operating income	5.7	6.2	8.1	-7.4%
Operating margin	1.6%	2.0%	2.7%
Interest expense	25.3	18.2	16.9	+38.8%
Pre-tax income	-21.6	-15.0	-14.8
Income tax	9.1	4.2	0.0	+116.3%
Net income	-30.7	-19.2	-14.8
Net margin	-8.7%	-6.1%	-5.0%
Diluted EPS	-$0.75	-$0.48	-$0.38

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	18.8	-5.2	-2.6
Capital expenditure	9.8	10.7	13.1	-9.0%
Free cash flow	9.1	-15.9	-15.7
Free cash flow margin	2.6%	-5.1%	-5.2%
Cash from investing	-0.5	-10.7	5.7
Cash from financing	0.9	-1.6	-12.2
Depreciation and amortisation	23.1	22.4	24.0	+2.8%
Share-based compensation	14.4	12.3	10.7	+16.8%
Diluted shares, weighted	41m	40m	39m	+1.8%
Shares outstanding at period end	n/a	42m	n/a

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	282	284	301	-0.9%
Debt	307	308	309	-0.4%
Operating lease liabilities	44.0	41.3	44.9	+6.6%
Finance lease liabilities	3.4	3.6	4.4	-6.6%
Other liabilities	156	125	134	+24.5%
Total liabilities and equity	792	763	793	+3.9%
Fixed assets	38.4	38.7	37.5	-0.8%
Goodwill	247	244	250	+1.5%
Intangible assets	143	151	167	-5.7%
Cash and equivalents	58.9	39.4	55.0	+49.8%
Receivables	71.8	61.8	53.0	+16.1%
Inventory	82.0	74.5	77.0	+10.1%
Other assets	151	154	154	-1.4%
Total assets	792	763	793	+3.9%

10-K for the year ended 31 December 2023, filed 23 February 2024: the filing.