0000784199-24-000172 | 10-Q | XBRL Viewer

Segment Information (Tables)

3 Months Ended

Mar. 31, 2024

Summary of Revenues, Cost of Products and Services, and Gross Margins for Operating Segments

The following table summarizes revenues, cost of products and preservation services, and gross margins for our operating segments (in thousands):


	Three Months Ended March 31,
	2024		2023
Revenues:
Medical devices	$	71,114	$	62,291
Preservation services	26,317		20,938
Total revenues	97,431		83,229

Cost of products and preservation services:
Medical devices	23,750		19,533
Preservation services	10,735		9,969
Total cost of products and preservation services	34,485		29,502

Gross margin:
Medical devices	47,364		42,758
Preservation services	15,582		10,969
Total gross margin	$	62,946	$	53,727

Summary of Net Revenues by Product and Service

The following table summarizes net revenues by product and service (in thousands):


	Three Months Ended March 31,
	2024		2023
Products:
Aortic stent grafts	$	32,103	$	26,150
On-X	19,681		17,656
Surgical sealants	16,981		16,703
Other	2,349		1,782
Total products	71,114		62,291

Preservation services	26,317		20,938
Total revenues	$	97,431	$	83,229

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Liability Claims In the normal course of business, we are made aware of adverse events involving our products and tissues. Future adverse events could ultimately give rise to a lawsuit against us, and liability claims may be asserted against us in the future based on past events that we are not aware of at the present time. We maintain claims-made insurance policies to mitigate our financial exposure to product and tissue processing liability claims. Claims-made insurance policies generally cover only those asserted claims and incidents that are reported to the insurance carrier while the policy is in effect. The amounts recorded in these Condensed Consolidated Financial Statements as of March 31, 2024 and the Consolidated Financial Statements as of December 31, 2023 represent our estimate of the probable losses and anticipated recoveries for incurred but not reported claims related to products sold and services performed prior to the balance sheet date.

Goodwill and Other Intangible Assets (Narrative) (Details)	3 Months Ended
	Mar. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of indefinite lived intangible assets	$ 0

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 11, 2024 Amy D. Horton, our Chief Accounting Officer, adopted a Rule 10b5-1 trading arrangement, pursuant to which she may sell up to 12,430 shares of the Company's common stock. The trading arrangement is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The duration of the trading arrangement is from June 10, 2024 to March 11, 2025.
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Amy D. Horton [Member]
Trading Arrangements, by Individual
Name	Amy D. Horton
Title	Chief Accounting Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 11, 2024
Arrangement Duration	247 days
Aggregate Available	12,430

Income (Loss) Per Common Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Computation of Basic and Diluted (Loss) Income Per Common Share

The following table sets forth the computation of basic and diluted income (loss) per common share (in thousands, except per share data):


	Three Months Ended March 31,
Basic income (loss) per common share	2024		2023
Net income (loss)	$	7,533	$	(13,532)
Net (income) loss allocated to participating securities	(22)		60
Net income (loss) allocated to common shareholders	$	7,511	$	(13,472)

Basic weighted-average common shares outstanding	41,290		40,432
Basic income (loss) per common share	$	0.18	$	(0.33)


	Three Months Ended March 31,
Diluted income (loss) per common share	2024		2023
Net income (loss)	$	7,533	$	(13,532)
Net (income) loss allocated to participating securities	(19)		60
Net income attributable to convertible senior notes	935		—
Net income (loss) allocated to common shareholders	$	8,449	$	(13,472)

Basic weighted-average common shares outstanding	41,290		40,432
Effect of dilutive stock options and awards	889		—
Effect of convertible senior notes	5,707		—
Diluted weighted-average common shares outstanding	47,886		40,432
Diluted income (loss) per common share	$	0.18	$	(0.33)

Goodwill and Other Intangible Assets (Scheduled Amortization of Intangible Assets for Next Five Years) (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2024	$ 11,375
2025	13,218
2026	12,919
2027	12,814
2028	12,600
2029	12,357
Total	$ 75,283

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 51,118	$ 58,940
Trade receivables, net	74,301	71,796
Other receivables	2,272	2,342
Inventories, net	81,716	81,976
Deferred preservation costs, net	50,151	49,804
Prepaid expenses and other	17,227	15,810
Total current assets	276,785	280,668
Goodwill	245,030	247,337
Acquired technology, net	138,474	142,593
Operating lease right-of-use assets, net	42,492	43,822
Property and equipment, net	37,788	38,358
Other intangibles, net	29,506	29,638
Deferred income taxes	668	1,087
Other long-term assets	13,264	8,894
Total assets	784,007	792,397
Current liabilities:
Accounts payable	10,378	13,318
Accrued compensation	10,843	18,715
Accrued expenses	15,926	12,732
Taxes payable	2,090	3,840
Current maturities of operating leases	3,214	3,395
Accrued procurement fees	1,418	1,439
Current portion of long-term debt	270	1,451
Other current liabilities	1,691	2,972
Total current liabilities	45,830	57,862
Long-term debt	313,004	305,531
Contingent consideration	46,420	63,890
Non-current maturities of operating leases	42,861	43,977
Deferred income taxes	22,343	21,851
Deferred compensation liability	7,445	6,760
Non-current finance lease obligation	3,268	3,405
Other long-term liabilities	7,851	7,341
Total liabilities	489,022	510,617
Commitments and contingencies
Shareholders’ equity:
Preferred stock	0	0
Common stock (75,000 shares authorized, 43,224 and 42,569 shares issued in 2024 and 2023, respectively)	432	426
Additional paid-in capital	363,113	355,919
Retained deficit	(40,374)	(47,907)
Accumulated other comprehensive loss	(13,538)	(12,010)
Treasury stock, at cost, 1,487 shares as of March 31, 2024 ‎and December 31, 2023	(14,648)	(14,648)
Total shareholders’ equity	294,985	281,780
Total liabilities and shareholders’ equity	$ 784,007	$ 792,397

Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Schedule of Supplemental Balance Sheet Information Related to Leases

Information related to leases included in the Condensed Consolidated Balance Sheets was as follows (in thousands, except lease term and discount rate):


Operating leases:	March 31, 2024		December 31, 2023
Operating lease right-of-use assets, net	$	42,492	$	43,822

Current maturities of operating leases	$	3,214	$	3,395
Non-current maturities of operating leases	42,861		43,977
Total operating lease liabilities	$	46,075	$	47,372

Finance leases:
Property and equipment, at cost	$	6,813	$	6,862
Accumulated amortization	(3,211)		(3,136)
Property and equipment, net	$	3,602	$	3,726

Current maturities of finance leases	$	590	$	582
Non-current maturities of finance leases	3,268		3,405
Total finance lease liabilities	$	3,858	$	3,987

Weighted average remaining lease term (in years):
Operating leases	10.2		10.4
Finance leases	6.5		6.8

Weighted average discount rate:
Operating leases	6.3%		6.3%
Finance leases	2.3%		2.2%

Summary of Lease Costs

A summary of lease expenses for our finance and operating leases included in General, administrative, and marketing expenses on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) was as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
Amortization of property and equipment	$	147	$	131
Interest expense on finance leases	22		21
Total finance lease expense	169		152
Operating lease expense	1,920		1,802
Sublease income	(129)		—
Total lease expense	$	1,960	$	1,954

A summary of our cash flow information related to leases was as follows (in thousands):


	Three Months Ended March 31,
Cash paid for amounts included in the measurement of lease liabilities:	2024		2023
Operating cash flows for operating leases	$	1,889	$	1,796
Financing cash flows for finance leases	147		132
Operating cash flows for finance leases	22		21

Lessee, Operating Lease, Liability, Maturity

Future minimum lease payments and sublease rental income are as follows (in thousands):


	Finance Leases		Operating Leases
Remainder of 2024	$	497	$	4,180
2025	656		7,166
2026	636		6,642
2027	626		6,087
2028	608		5,830
Thereafter	1,114		33,805
Total minimum lease payments	4,137		63,710
Less amount representing interest	(279)		(17,635)
Present value of net minimum lease payments	3,858		46,075
Less current maturities	(590)		(3,214)
Lease liabilities, less current maturities	$	3,268	$	42,861

Finance Lease, Liability, Fiscal Year Maturity

Future minimum lease payments and sublease rental income are as follows (in thousands):


	Finance Leases		Operating Leases
Remainder of 2024	$	497	$	4,180
2025	656		7,166
2026	636		6,642
2027	626		6,087
2028	608		5,830
Thereafter	1,114		33,805
Total minimum lease payments	4,137		63,710
Less amount representing interest	(279)		(17,635)
Present value of net minimum lease payments	3,858		46,075
Less current maturities	(590)		(3,214)
Lease liabilities, less current maturities	$	3,268	$	42,861

Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

We have operating and finance lease obligations resulting from the lease of land and buildings that comprise our corporate headquarters and various manufacturing facilities; leases related to additional manufacturing, office, and warehouse space; leases on company vehicles; and leases on a variety of office and other equipment.

Information related to leases included in the Condensed Consolidated Balance Sheets was as follows (in thousands, except lease term and discount rate):


Operating leases:	March 31, 2024		December 31, 2023
Operating lease right-of-use assets, net	$	42,492	$	43,822

Current maturities of operating leases	$	3,214	$	3,395
Non-current maturities of operating leases	42,861		43,977
Total operating lease liabilities	$	46,075	$	47,372

Finance leases:
Property and equipment, at cost	$	6,813	$	6,862
Accumulated amortization	(3,211)		(3,136)
Property and equipment, net	$	3,602	$	3,726

Current maturities of finance leases	$	590	$	582
Non-current maturities of finance leases	3,268		3,405
Total finance lease liabilities	$	3,858	$	3,987

Weighted average remaining lease term (in years):
Operating leases	10.2		10.4
Finance leases	6.5		6.8

Weighted average discount rate:
Operating leases	6.3%		6.3%
Finance leases	2.3%		2.2%

Current maturities of finance leases are included as a component of Other current liabilities on our Condensed Consolidated Balance Sheets. A summary of lease expenses for our finance and operating leases included in General, administrative, and marketing expenses on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) was as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
Amortization of property and equipment	$	147	$	131
Interest expense on finance leases	22		21
Total finance lease expense	169		152
Operating lease expense	1,920		1,802
Sublease income	(129)		—
Total lease expense	$	1,960	$	1,954

A summary of our cash flow information related to leases was as follows (in thousands):


	Three Months Ended March 31,
Cash paid for amounts included in the measurement of lease liabilities:	2024		2023
Operating cash flows for operating leases	$	1,889	$	1,796
Financing cash flows for finance leases	147		132
Operating cash flows for finance leases	22		21

Future minimum lease payments and sublease rental income are as follows (in thousands):


	Finance Leases		Operating Leases
Remainder of 2024	$	497	$	4,180
2025	656		7,166
2026	636		6,642
2027	626		6,087
2028	608		5,830
Thereafter	1,114		33,805
Total minimum lease payments	4,137		63,710
Less amount representing interest	(279)		(17,635)
Present value of net minimum lease payments	3,858		46,075
Less current maturities	(590)		(3,214)
Lease liabilities, less current maturities	$	3,268	$	42,861

Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Summary of Financial Instruments Measured at Fair Value

The following is a summary of our financial instruments measured at fair value on a recurring basis (in thousands):


March 31, 2024	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	23,958	$	—	$	—	$	23,958
Certificates of deposit	3,884		—		—		3,884
Total assets	$	27,842	$	—	$	—	$	27,842

Long-term liabilities:
Contingent consideration	—		—		(46,420)		(46,420)
Total liabilities	$	—	$	—	$	(46,420)	$	(46,420)


December 31, 2023	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	22,802	$	—	$	—	$	22,802
Certificates of deposit	3,968		—		—		3,968
Total assets	$	26,770	$	—	$	—	$	26,770

Long-term liabilities:
Contingent consideration	—		—		(63,890)		(63,890)
Total liabilities	$	—	$	—	$	(63,890)	$	(63,890)

Summary of Reconciliation of Changes in Fair Value of Level 3 Liabilities

Changes in fair value of Level 3 assets and liabilities are listed in the table below (in thousands):


	Contingent Consideration
Balance as of December 31, 2023	$	(63,890)
Change in valuation	17,470
Balance as of March 31, 2024	$	(46,420)

Financial Instruments (Summary Of Financial Instruments Measured At Fair Value) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	$ 27,842	$ 26,770
Contingent consideration	(46,420)	(63,890)
Total liabilities	(46,420)	(63,890)
Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents:	23,958	22,802
Certificates of deposit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents:	3,884	3,968
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	27,842	26,770
Contingent consideration	0	0
Total liabilities	0		$ 0
Level 1 \| Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents:	23,958	22,802
Level 1 \| Certificates of deposit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents:	3,884	3,968
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	0	0
Contingent consideration	0	0
Total liabilities	0		0
Level 2 \| Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents:	0	0
Level 2 \| Certificates of deposit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents:	0	0
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	0	0
Contingent consideration	(46,420)	(63,890)
Total liabilities	(46,420)		$ (63,890)
Level 3 \| Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents:	0	0
Level 3 \| Certificates of deposit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents:	$ 0	$ 0

Segment Information (Revenues, Cost Of Products And Services, And Gross Margins For Operating Segments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Total revenues	$ 97,431	$ 83,229
Total cost of products and preservation services	34,485	29,502
Gross margin	62,946	53,727
Operating Segments \| Medical devices
Segment Reporting Information [Line Items]
Total revenues	71,114	62,291
Total cost of products and preservation services	23,750	19,533
Gross margin	47,364	42,758
Operating Segments \| Preservation services
Segment Reporting Information [Line Items]
Total revenues	26,317	20,938
Total cost of products and preservation services	10,735	9,969
Gross margin	$ 15,582	$ 10,969

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 22
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 32
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 40
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Indefinite Lived Intangible Assets

As of March 31, 2024 and December 31, 2023 the carrying values of our indefinite lived intangible assets were as follows (in thousands):


	March 31, 2024		December 31, 2023
Goodwill	$	245,030	$	247,337
In-process R&D	2,108		2,154
Procurement contracts and agreements	2,013		2,013

We monitor the phases of development of our acquired in-process research and development projects, including the risks associated with further development and the amount and timing of benefits expected to be derived from the completed projects. Incremental costs associated with development are charged to expense as incurred. Capitalized costs are amortized over the estimated useful life of the developed asset once completed. Our in-process research and development projects are reviewed for impairment annually, or more frequently, if events or changes in circumstances indicate that the asset might be impaired. We did not record any impairment of indefinite lived intangible assets during the three months ended March 31, 2024. In-process research and development, procurement contracts and agreements are included in Other intangibles, net on the Condensed Consolidated Balance Sheets as of March 31, 2024 and the Consolidated Balance Sheets as of December 31, 2023.

Based on our experience with similar agreements, we believe that our acquired procurement contracts and agreements have indefinite useful lives, as we expect to continue to renew these contracts for the foreseeable future.

We evaluate our goodwill and non-amortizing intangible assets for impairment on an annual basis during the fourth quarter of the year, and, if necessary, during interim periods if factors indicate that an impairment review is warranted. As of March 31, 2024 we concluded that our assessment of current factors did not indicate that goodwill or non-amortizing intangible assets are more likely than not to be impaired. We will continue to evaluate the recoverability of these non-amortizing intangible assets in future periods as necessary.

As of March 31, 2024 and December 31, 2023 the carrying value of goodwill, all of which is related to our Medical Devices segment, was as follows (in thousands):


	Medical Devices Segment
Balance as of December 31, 2023	$	247,337
Foreign currency translation	(2,307)
Balance as of March 31, 2024	$	245,030

Definite Lived Intangible Assets

The definite lived intangible assets balance includes balances related to acquired technology, customer relationships, distribution and manufacturing rights and know-how, patents, and other definite lived intangible assets. As of March 31, 2024 and December 31, 2023 the gross carrying values, accumulated amortization, and approximate amortization period of our definite lived intangible assets were as follows (in thousands, except weighted average useful life):


March 31, 2024	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life (Years)
Acquired technology	$	199,733	$	61,259	$	138,474	18.2
Other intangibles:
Customer lists and relationships	28,686		10,650		18,036		21.6
Distribution and manufacturing rights and know-how	9,400		8,078		1,322		5.0
Patents	4,368		3,235		1,133		17.0
Other	9,287		4,393		4,894		5.0
Total other intangibles	$	51,741	$	26,356	$	25,385	9.7


December 31, 2023	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life (Years)
Acquired technology	$	201,897	$	59,304	$	142,593	18.2
Other intangibles:
Customer lists and relationships	28,729		10,334		18,395		21.6
Distribution and manufacturing rights and know-how	9,608		7,807		1,801		5.0
Patents	4,365		3,225		1,140		17.0
Other	7,815		3,680		4,135		5.0
Total other intangibles	$	50,517	$	25,046	$	25,471	10.0

Amortization Expense

The following is a summary of amortization expense as recorded in General, administrative, and marketing expenses on our Condensed Consolidated Statement of Operations and Comprehensive Income (Loss) (in thousands):


	Three Months Ended March 31,
	2024		2023
Amortization expense	$	3,867	$	3,882

As of March 31, 2024 scheduled amortization of intangible assets for the next five years is as follows (in thousands):


	Remainder of 2024		2025		2026		2027		2028		2029		Total
Amortization expense	$	11,375	$	13,218	$	12,919	$	12,814	$	12,600	$	12,357	$	75,283

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Overview 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 Consolidated Balance Sheet as of December 31, 2023 has been derived from audited financial statements. The accompanying unaudited Condensed Consolidated Financial Statements as of, and for the three months ended, March 31, 2024 and 2023 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. Certain prior-year amounts have been reclassified to conform to the current year presentation. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. 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, 2023 filed with the SEC on February 23, 2024. Significant Accounting Policies 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, 2023. 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, 2024 in any of our Significant Accounting Policies from those contained in our Form 10-K for the year ended December 31, 2023. New Accounting Standards Not Yet Effective In December 2023 the FASB issued ASU 2023-09, Income Taxes Topic 740 - Improvements to Income Tax Disclosures. This amendment is expected to enhance the transparency and decision usefulness of income tax disclosures by requiring public business entities, on an annual basis, to disclose specific categories in the rate reconciliation, additional information for reconciling items that meet a quantitative threshold, and certain information about income taxes paid. This revised guidance is effective for financial statements issued for fiscal years beginning after December 15, 2024. We are currently evaluating the impacts of the new standard. In November 2023 the FASB issued ASU 2023-07, Segment Reporting Topic 280 - Improvements to Reportable Segment Disclosures. This amendment requires disclosure of incremental segment information on an annual and interim basis. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. We are currently evaluating the impacts of the new standard.

Financial Instruments (Reconciliation Of Changes In Fair Value Of Level 3 Liabilities) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Contingent Consideration
Beginning balance	$ (63,890)
Change in valuation	17,470	$ (4,800)
Ending balance	$ (46,420)

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Total revenues	$ 97,431	$ 83,229
Cost of products and preservation services:
Total cost of products and preservation services	34,485	29,502
Gross margin	62,946	53,727
Operating expenses:
General, administrative, and marketing	30,689	50,365
Research and development	6,946	7,223
Total operating expenses	37,635	57,588
Operating income (loss)	25,311	(3,861)
Interest expense	7,826	6,096
Interest income	(374)	(75)
Loss on extinguishment of debt	3,669	0
Other expense (income), net	1,409	(963)
Income (loss) before income taxes	12,781	(8,919)
Income tax expense	5,248	4,613
Net income (loss)	$ 7,533	$ (13,532)
Income (loss) per share:
Basic (in usd per share)	$ 0.18	$ (0.33)
Diluted (in usd per share)	$ 0.18	$ (0.33)
Weighted-average common shares outstanding:
Basic (in shares)	41,290	40,432
Diluted (in shares)	47,886	40,432
Net income (loss)	$ 7,533	$ (13,532)
Other comprehensive (loss) income:
Foreign currency translation adjustments	(3,137)	4,621
Unrealized gain (loss) from foreign currency intra-entity loans, net of tax	1,609	(1,005)
Comprehensive income (loss)	6,005	(9,916)
Products
Revenues:
Total revenues	71,114	62,291
Cost of products and preservation services:
Total cost of products and preservation services	23,750	19,533
Preservation services
Revenues:
Total revenues	26,317	20,938
Cost of products and preservation services:
Total cost of products and preservation services	$ 10,735	$ 9,969

Condensed Consolidated Balance Sheets (Parenthetical) - shares shares in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, shares authorized (in shares)	75,000	75,000
Common stock, shares issued (in shares)	43,224	42,569
Treasury stock at cost, shares (in shares)	1,487	1,487

Stock Compensation (Schedule Of Weighted-Average Assumptions Used To Determine The Fair Value Of Options) (Details) - ESPP	3 Months Ended
	Mar. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life	6 months
Expected stock price volatility	48.00%
Risk-free interest rate	5.26%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income (loss)	$ 7,533	$ (13,532)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
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-Subparagraph (SX 210.5-03(20))
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-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Stock Compensation (Summary Of Total Stock Compensation Expenses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock compensation expense	$ 3,672	$ 3,513
RSA, RSU, and PSU expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock compensation expense	2,985	2,641
Stock option and ESPP expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock compensation expense	$ 687	$ 872

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Inventories, net and Deferred Preservation Costs

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Inventories, net and Deferred Preservation Costs

Inventories, net at March 31, 2024 and December 31, 2023 were comprised of the following (in thousands):


	March 31, 2024		December 31, 2023
Raw materials and supplies	$	36,567	$	36,907
Work-in-process	12,940		12,687
Finished goods	32,209		32,382
Total inventories, net	$	81,716	$	81,976

To facilitate product usage, we maintain consignment inventory of our On-X heart valves at domestic hospital locations and On-X heart valves and aortic stent grafts at international hospital locations. We retain title and control over this consignment inventory until we receive a notification of implantation, at which time we invoice the hospital and recognize revenue. As of March 31, 2024 we had $10.4 million in consignment inventory, with approximately 43% in domestic locations and 57% in international locations. As of December 31, 2023 we had $10.7 million in consignment inventory, with approximately 44% in domestic locations and 56% in international locations.

Total deferred preservation costs were $50.2 million and $49.8 million as of March 31, 2024 and December 31, 2023, respectively.

Inventory and deferred preservation costs obsolescence reserves were $3.0 million as of March 31, 2024 and December 31, 2023.

Stock Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Weighted-Average Assumptions Used to Determine the Fair Value of Options

The following weighted-average assumptions were used to determine the fair value of shares purchased under the ESPP:

Three Months Ended
March 31, 2024

ESPP

Expected life

0.5 Years

Expected stock price volatility

0.48

Risk-free interest rate

5.26%

Summary of Total Stock Compensation Expenses

The following table summarizes total stock compensation expenses prior to the capitalization of amounts into Deferred preservation and Inventory costs (in thousands):


	Three Months Ended March 31,
		2024		2023
RSA, RSU, and PSU expense		$	2,985	$	2,641
Stock option and ESPP expense		687		872
Total stock compensation expense		$	3,672	$	3,513

Segment Information

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Information

We have two reportable segments organized according to our products and services: Medical Devices and Preservation Services. The Medical Devices segment includes external revenues from product sales of aortic stent grafts, On-X, surgical sealants, and other product revenues. Aortic stent grafts include aortic arch stent grafts, abdominal stent grafts, and synthetic vascular grafts. Aortic arch stent grafts include our E-vita Open NEO, E-vita Open Plus, AMDS, NEXUS, NEXUS DUO, E-vita Thoracic 3G, and Artivex. Abdominal stent grafts include our E-xtra Design Engineering, E-nside, E-tegra, E-ventus BX, and E-liac products. Surgical sealants include BioGlue Surgical Adhesive products. The Preservation Services segment includes external services revenues from the preservation of cardiac and vascular tissues. There are no intersegment revenues.

The primary measure of segment performance, as viewed by our management, is segment gross margin or net external revenues less cost of products and preservation services. We do not segregate assets by segment; therefore, asset information is excluded from the segment disclosures below.

The following table summarizes revenues, cost of products and preservation services, and gross margins for our operating segments (in thousands):


	Three Months Ended March 31,
	2024		2023
Revenues:
Medical devices	$	71,114	$	62,291
Preservation services	26,317		20,938
Total revenues	97,431		83,229

Cost of products and preservation services:
Medical devices	23,750		19,533
Preservation services	10,735		9,969
Total cost of products and preservation services	34,485		29,502

Gross margin:
Medical devices	47,364		42,758
Preservation services	15,582		10,969
Total gross margin	$	62,946	$	53,727

The following table summarizes net revenues by product and service (in thousands):


	Three Months Ended March 31,
	2024		2023
Products:
Aortic stent grafts	$	32,103	$	26,150
On-X	19,681		17,656
Surgical sealants	16,981		16,703
Other	2,349		1,782
Total products	71,114		62,291

Preservation services	26,317		20,938
Total revenues	$	97,431	$	83,229

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Goodwill and Other Intangible Assets (Schedule of Goodwill by Reportable Segment) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 247,337
Foreign currency translation	(2,307)
Ending balance	$ 245,030

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Debt (Narrative) (Details)				3 Months Ended
Debt (Narrative) (Details)	Jun. 30, 2025	Jan. 18, 2024 USD ($)	Jun. 18, 2020 USD ($) $ / shares	Mar. 31, 2024 USD ($) day	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Line of Credit Facility [Line Items]
Secured term loan facility				$ 320,405,000		$ 312,045,000
Payments of debt issuance costs				9,998,000	$ 0
Interest expense				7,800,000	6,100,000
Loss on extinguishment of debt				3,669,000	0
Long-term debt				313,274,000		306,982,000
Convertible Senior Notes
Line of Credit Facility [Line Items]
Face value			$ 100,000,000
Secured term loan facility				100,000,000		100,000,000
Interest expense				1,200,000	$ 1,200,000
Unamortized debt issuance costs				$ 1,000,000		1,100,000
Interest rate on amounts borrowed		4.25%	4.25%
Effective interest rate				5.05%
Proceeds from issuance of convertible debt			$ 96,500,000
Conversion ratio			0.0426203
Conversion price (in dollars per share) \| $ / shares			$ 23.46
Debt fair value				$ 113,400,000
Convertible Senior Notes \| Circumstance I
Line of Credit Facility [Line Items]
Conversion trading day threshold \| day				20
Conversion consecutive trading day threshold \| day				30
Conversion percentage of stock price threshold				130.00%
Convertible Senior Notes \| Circumstance II
Line of Credit Facility [Line Items]
Conversion trading day threshold \| day				5
Conversion consecutive trading day threshold \| day				5
Conversion percentage of stock price threshold				98.00%
Convertible Senior Notes \| Circumstance After July 5, 2023
Line of Credit Facility [Line Items]
Conversion trading day threshold \| day				20
Conversion consecutive trading day threshold \| day				30
Conversion percentage of stock price threshold				130.00%
Conversion percentage of principal amount				100.00%
Convertible Senior Notes \| Cumulative Effect, Period of Adoption, Adjustment \| Accounting Standards Update 2020-06
Line of Credit Facility [Line Items]
Long-term debt				$ 100,000,000		100,000,000
Secured Debt
Line of Credit Facility [Line Items]
Secured term loan facility				0		$ 211,500,000
Credit Facility
Line of Credit Facility [Line Items]
Interest expense				5,800,000
Non-cash Amortization of Debt Issuance Costs \| Credit Facility
Line of Credit Facility [Line Items]
Interest expense				341,000
Credit and Guaranty Agreement \| Secured Debt
Line of Credit Facility [Line Items]
Face value		$ 350,000,000
Initial Term Loan Facility \| Secured Debt
Line of Credit Facility [Line Items]
Face value		190,000,000
Secured term loan facility		190,000,000
Payments of debt issuance costs				6,500,000
Unamortized debt issuance costs				6,200,000
Delayed Draw Term Loan Facility \| Secured Debt
Line of Credit Facility [Line Items]
Face value		$ 100,000,000
Debt issuance costs, net				3,700,000
Commitment fee percentage		1.00%
Term Loan Facilities \| Secured Debt
Line of Credit Facility [Line Items]
Loss on extinguishment of debt				$ 3,700,000
Effective interest rate				11.80%
Term Loan Facilities \| Secured Debt \| Forecast
Line of Credit Facility [Line Items]
Debt Instrument, net leverage ratio	3.75
Term Loan Facilities \| If Certain Conditions Are Met After Q2, 2025 \| Secured Debt \| Forecast
Line of Credit Facility [Line Items]
Decrease in basis spread on variable rate	0.0025
Term Loan Facilities \| If Certain Conditions Are Met After Q2, 2025 \| Secured Debt \| Base Rate \| Forecast
Line of Credit Facility [Line Items]
Credit facility margin	5.25%
Term Loan Facilities \| If Certain Conditions Are Met After Q2, 2025 \| Secured Debt \| Secured Overnight Financing Rate (SOFR) \| Forecast
Line of Credit Facility [Line Items]
Credit facility margin	6.25%
Revolving Credit Facility \| Secured Debt
Line of Credit Facility [Line Items]
Face value		$ 60,000,000
Debt instrument, unused borrowing capacity, amount		30,000,000
Secured term loan facility		$ 30,000,000
Debt issuance costs, net				$ 3,700,000
Commitment fee percentage		0.50%
Revolving Credit Facility \| If Prepayment Occurs Prior To January 18, 2025 \| Secured Debt
Line of Credit Facility [Line Items]
Debt prepayment premium		5.00%
Revolving Credit Facility \| If Prepayment Occurs After January 18, 2025 And Prior To January 18, 2026 \| Secured Debt
Line of Credit Facility [Line Items]
Debt prepayment premium		1.00%
Secured Debt
Line of Credit Facility [Line Items]
Debt Instrument, net leverage ratio				3.79
Secured Debt \| For Period from Second Quarter To Fourth Quarter of Fiscal Year 2024
Line of Credit Facility [Line Items]
Debt Instrument, net leverage ratio		6.25
Secured Debt \| From First Quarter of Fiscal Year 2025 and Thereafter
Line of Credit Facility [Line Items]
Debt Instrument, net leverage ratio		5.75
Secured Debt \| Term Loan Facilities \| Base Rate
Line of Credit Facility [Line Items]
Credit facility margin		5.50%
Secured Debt \| Term Loan Facilities \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Credit facility margin		6.50%
Secured Debt \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Effective interest rate				9.30%
Secured Debt \| Revolving Credit Facility \| Base Rate
Line of Credit Facility [Line Items]
Interest rate on amounts borrowed		3.00%
Secured Debt \| Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Interest rate on amounts borrowed		4.00%

Goodwill and Other Intangible Assets (Schedule of Gross Carrying Values, Accumulated Amortization, and Approximate Amortization Period of Definite Lived Intangible Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Net Carrying Value	$ 138,474	$ 142,593
Total other intangibles
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	51,741	50,517
Accumulated Amortization	26,356	25,046
Net Carrying Value	$ 25,385	$ 25,471
Weighted Average Useful Life (Years)	9 years 8 months 12 days	10 years
Acquired technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 199,733	$ 201,897
Accumulated Amortization	61,259	59,304
Net Carrying Value	$ 138,474	$ 142,593
Weighted Average Useful Life (Years)	18 years 2 months 12 days	18 years 2 months 12 days
Customer lists and relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 28,686	$ 28,729
Accumulated Amortization	10,650	10,334
Net Carrying Value	$ 18,036	$ 18,395
Weighted Average Useful Life (Years)	21 years 7 months 6 days	21 years 7 months 6 days
Distribution and manufacturing rights and know-how
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 9,400	$ 9,608
Accumulated Amortization	8,078	7,807
Net Carrying Value	$ 1,322	$ 1,801
Weighted Average Useful Life (Years)	5 years	5 years
Patents
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 4,368	$ 4,365
Accumulated Amortization	3,235	3,225
Net Carrying Value	$ 1,133	$ 1,140
Weighted Average Useful Life (Years)	17 years	17 years
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 9,287	$ 7,815
Accumulated Amortization	4,393	3,680
Net Carrying Value	$ 4,894	$ 4,135
Weighted Average Useful Life (Years)	5 years	5 years

Financial Instruments (Narrative) (Details)	3 Months Ended
Financial Instruments (Narrative) (Details)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Sep. 02, 2020 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized investment gains (losses)	$ 0	$ 0
Change in fair value of contingent consideration	(17,470,000)	4,800,000
Business combination, contingent consideration, liability	46,400,000		$ 63,900,000
Ascyrus Medical LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of outstanding equity acquired				100.00%
Maximum amount of future consideration payment				$ 100,000,000
Change in fair value of contingent consideration	$ (17,500,000)	$ 4,800,000
Ascyrus Medical LLC \| Measurement Input, Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, measurement input	0.17

Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Short-Term and Long-Term Balances of Term Loan

The short-term and long-term balances of our Initial Term Loan Facility, Revolving Credit Facility, and other long-term borrowings were as follows (in thousands):


	March 31, 2024		December 31, 2023
Initial Term Loan Facility	$	190,000	$	—
Revolving Credit Facility	30,000		—
Convertible Senior Notes	100,000		100,000
Term loan balance	—		211,500
2.45% Sparkasse Zollernalb (KFW Loan 1)	—		61
1.40% Sparkasse Zollernalb (KFW Loan 2)	405		484
Total loan balance	320,405		312,045
Less unamortized loan origination costs	(7,131)		(5,063)
Net borrowings	313,274		306,982
Less short-term loan balance, net	(270)		(1,451)
Long-term loan balance, net	$	313,004	$	305,531

Leases (Schedule Of Minimum Lease Payments For Finance, Operating, And Sublease Income Leases) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finance Leases
Remainder of 2024	$ 497
2025	656
2026	636
2027	626
2028	608
Thereafter	1,114
Total minimum lease payments	4,137
Less amount representing interest	(279)
Present value of net minimum lease payments	3,858	$ 3,987
Less current maturities	(590)	(582)
Lease liabilities, less current maturities	3,268	3,405
Operating Leases
Remainder of 2024	4,180
2025	7,166
2026	6,642
2027	6,087
2028	5,830
Thereafter	33,805
Total minimum lease payments	63,710
Less amount representing interest	(17,635)
Present value of net minimum lease payments	46,075	47,372
Less current maturities	(3,214)	(3,395)
Lease liabilities, less current maturities	$ 42,861	$ 43,977

Goodwill and Other Intangible Assets (Summary of Amortization Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 3,867	$ 3,882

Revenue Recognition

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Disaggregation of Revenue

Revenues are disaggregated by the following geographic regions:

•North America: consists of US and Canada. We market our medical device products and preservation services (predominantly in the US), primarily to physicians through our direct sales representatives who are managed by region managers.

•Europe, the Middle East, and Africa (“EMEA”): In certain countries, we market approved medical device products to physicians, hospitals, and distributors through our direct sales force. In countries where we have no direct sales forces, regional sales managers market to distributors who buy medical device products directly from us and sell to hospitals in their respective countries.

•Asia Pacific (“APAC”): we market medical device products that are approved in each country to distributors in the region.

•Latin America (“LATAM”): we market medical device products that are approved in each country to distributors in the region except for Brazil where we sell directly to end customers and distributors.

Net revenues by geographic location based on the location of the customer for the three months ended March 31, 2024 and 2023 were as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
North America	$	50,928	$	43,244
EMEA	33,588		27,929
APAC	7,609		7,878
LATAM	5,306		4,178
Total revenues	$	97,431	$	83,229

Also see segment disaggregation information in Note 12 below.

Contract Balances

We may generate contract assets during the pre-delivery design and manufacturing stage of E-xtra Design Engineering product order fulfillment. We assess the balance related to any arrangements in process and determine if the enforceable right to payment creates a material contract asset requiring disclosure. No material arrangements in process existed as of March 31, 2024 and 2023.

We also incur contract obligations on general customer purchase orders that have been accepted but unfulfilled. Due to the short duration of time between order acceptance and delivery of the related product or service, we have determined that the balance related to these contract obligations is generally immaterial at any point in time. We monitor the value of orders accepted but unfulfilled at the close of each reporting period to determine if disclosure is appropriate. The value of orders accepted but unfulfilled as of March 31, 2024 and 2023 was not material.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Inventories, net and Deferred Preservation Costs (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory [Line Items]
Consignment inventory	$ 10,400	$ 10,700
Deferred preservation costs, net	50,151	49,804
Inventory valuation reserve	$ 3,000	$ 3,000
Domestic
Inventory [Line Items]
Consignment inventory percentage	43.00%	44.00%
International
Inventory [Line Items]
Consignment inventory percentage	57.00%	56.00%

Inventories, Net And Deferred Preservation Costs (Tables)

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories, net at March 31, 2024 and December 31, 2023 were comprised of the following (in thousands):


	March 31, 2024		December 31, 2023
Raw materials and supplies	$	36,567	$	36,907
Work-in-process	12,940		12,687
Finished goods	32,209		32,382
Total inventories, net	$	81,716	$	81,976

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate expense	41.00%	52.00%
Net deferred tax liability	$ 21.7		$ 20.8
Valuation allowances against deferred tax assets	$ 28.2		$ 32.9

Goodwill and Other Intangible Assets (Schedule of Carrying Values of Indefinite Lived Intangible Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Indefinite-lived Intangible Assets [Line Items]
Goodwill	$ 245,030	$ 247,337
In-process R&D
Indefinite-lived Intangible Assets [Line Items]
Total indefinite-lived intangible assets	2,108	2,154
Procurement contracts and agreements
Indefinite-lived Intangible Assets [Line Items]
Total indefinite-lived intangible assets	$ 2,013	$ 2,013

- Definition

+ References + Details

Financial Instruments

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Financial Instruments

The following is a summary of our financial instruments measured at fair value on a recurring basis (in thousands):


March 31, 2024	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	23,958	$	—	$	—	$	23,958
Certificates of deposit	3,884		—		—		3,884
Total assets	$	27,842	$	—	$	—	$	27,842

Long-term liabilities:
Contingent consideration	—		—		(46,420)		(46,420)
Total liabilities	$	—	$	—	$	(46,420)	$	(46,420)


December 31, 2023	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	22,802	$	—	$	—	$	22,802
Certificates of deposit	3,968		—		—		3,968
Total assets	$	26,770	$	—	$	—	$	26,770

Long-term liabilities:
Contingent consideration	—		—		(63,890)		(63,890)
Total liabilities	$	—	$	—	$	(63,890)	$	(63,890)

We used prices quoted from our investment advisors to determine the Level 1 valuation of our investments in money market funds and certificates of deposit. The estimated market value of all cash equivalents is equal to cost basis as there were no gross realized gains or losses on cash equivalents for the three months ended March 31, 2024 and 2023.

On September 2, 2020 we entered into a Securities Purchase Agreement to acquire 100% of the outstanding equity interests of Ascyrus Medical LLC (“Ascyrus”). Ascyrus developed the Ascyrus Medical Dissection Stent (“AMDS”) hybrid prosthesis, the world’s first aortic arch remodeling device for use in the treatment of acute Type A aortic dissections. As part of the acquisition, we may be required to pay additional consideration in cash of up to $100.0 million to the former shareholders of Ascyrus upon the achievement of certain milestones and the sales-based additional earn-out.

The contingent consideration represents the estimated fair value of future potential payments. The fair value of the contingent consideration liability was estimated by discounting to present value the contingent payments expected to be made based on a probability-weighted scenario approach. We applied a discount rate based on our unsecured credit spread and the term commensurate risk-free rate to the additional consideration to be paid, and then applied a risk-based estimate of the probability of achieving each scenario to calculate the fair value of the contingent consideration. This fair value measurement was based on unobservable inputs, including management estimates and assumptions about the future achievement of milestones and future estimate of revenues, and is, therefore, classified as Level 3 within the fair value hierarchy. We used a discount rate of approximately 17% and estimated future achievement of milestone dates between 2025 and 2026 to calculate the fair value of contingent consideration as of March 31, 2024. We will remeasure this liability at each reporting date and will record changes in the fair value of the contingent consideration in General, administrative, and marketing expenses on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Increases or decreases in the fair value of the contingent consideration liability can result from changes in passage of time, discount rates, the timing and amount of our revenue estimates, and the timing and expectation of regulatory approvals.

We performed an assessment of the fair value of the contingent consideration and recorded a fair value reduction of $17.5 million for the three months ended March 31, 2024, as compared to a fair value increase of $4.8 million for the three months ended March 31, 2023, on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), as a result of this assessment. The reduction in the fair value for the three months ended March 31, 2024 was primarily due to an increase in the credit risk spread resulting from the change in the inputs related to the newly issued Credit Facilities further discussed in Note 7.

The fair value of the contingent consideration component of the Ascyrus acquisition was updated using Level 3 inputs. Changes in fair value of Level 3 assets and liabilities are listed in the table below (in thousands):


	Contingent Consideration
Balance as of December 31, 2023	$	(63,890)
Change in valuation	17,470
Balance as of March 31, 2024	$	(46,420)

The determination of fair value and the assessment of a measurement’s placement within the hierarchy requires judgment. Level 3 valuations often involve a higher degree of judgment and complexity. Although we believe that the recorded fair values of our financial instruments are appropriate, these fair values may not be reflective of future fair values.

The contingent consideration liability of $46.4 million and $63.9 million was included in Long-term liabilities as of March 31, 2024 and December 31, 2023, respectively, on the Condensed Consolidated Balance Sheets.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Revenue Recognition (Disaggregation Of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 97,431	$ 83,229
North America
Disaggregation of Revenue [Line Items]
Total revenues	50,928	43,244
EMEA
Disaggregation of Revenue [Line Items]
Total revenues	33,588	27,929
APAC
Disaggregation of Revenue [Line Items]
Total revenues	7,609	7,878
LATAM
Disaggregation of Revenue [Line Items]
Total revenues	$ 5,306	$ 4,178

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Segment Information (Summary Of Net Revenues By Product And Service) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Product Information [Line Items]
Total revenues	$ 97,431	$ 83,229
Products
Product Information [Line Items]
Total revenues	71,114	62,291
Aortic stent grafts
Product Information [Line Items]
Total revenues	32,103	26,150
On-X
Product Information [Line Items]
Total revenues	19,681	17,656
Surgical sealants
Product Information [Line Items]
Total revenues	16,981	16,703
Other
Product Information [Line Items]
Total revenues	2,349	1,782
Preservation services
Product Information [Line Items]
Total revenues	$ 26,317	$ 20,938

- Definition

+ References

+ Details

Condensed Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Deficit	Accumulated Other Comprehensive Loss	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2022		41,830
Beginning balance at Dec. 31, 2022	$ 284,329	$ 418	$ 337,385	$ (17,217)	$ (21,609)	$ 14,648
Beginning balance, treasury stock (in shares) at Dec. 31, 2022						(1,487)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(13,532)			(13,532)
Other comprehensive (loss) income, net of tax	3,616				3,616
Equity compensation (in shares)		326
Equity compensation	3,513	$ 3	3,510
Exercise of options (in shares)		196
Exercise of options	2,006	$ 2	2,004
Employee stock purchase plan (in shares)		56
Employee stock purchase plan	575	$ 1	574
Redemption and repurchase of stock to cover tax withholdings (in shares)		(42)
Redemption and repurchase of stock to cover tax withholdings	(590)		(590)
Ending balance (in shares) at Mar. 31, 2023		42,366
Ending balance at Mar. 31, 2023	$ 279,917	$ 424	342,883	(30,749)	(17,993)	$ 14,648
Ending balance, treasury stock (in shares) at Mar. 31, 2023						(1,487)
Beginning balance (in shares) at Dec. 31, 2023	42,569	42,569
Beginning balance at Dec. 31, 2023	$ 281,780	$ 426	355,919	(47,907)	(12,010)	$ 14,648
Beginning balance, treasury stock (in shares) at Dec. 31, 2023	(1,487)					(1,487)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 7,533			7,533
Other comprehensive (loss) income, net of tax	(1,528)				(1,528)
Equity compensation (in shares)		436
Equity compensation	3,672	$ 4	3,668
Exercise of options (in shares)		168
Exercise of options	2,789	$ 2	2,787
Employee stock purchase plan (in shares)		51
Employee stock purchase plan	$ 739		739
Ending balance (in shares) at Mar. 31, 2024	43,224	43,224
Ending balance at Mar. 31, 2024	$ 294,985	$ 432	$ 363,113	$ (40,374)	$ (13,538)	$ 14,648
Ending balance, treasury stock (in shares) at Mar. 31, 2024	(1,487)					(1,487)

Debt (Schedule Of Short-Term And Long-Term Balances Of Term Loan) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jan. 18, 2024	Dec. 31, 2023	Jun. 18, 2020
Debt Instrument [Line Items]
Total loan balance	$ 320,405		$ 312,045
Less unamortized loan origination costs	(7,131)		(5,063)
Net borrowings	313,274		306,982
Less short-term loan balance, net	(270)		(1,451)
Long-term loan balance, net	313,004		305,531
Convertible Senior Notes
Debt Instrument [Line Items]
Total loan balance	100,000		100,000
Interest rate on amounts borrowed		4.25%		4.25%
Secured Debt
Debt Instrument [Line Items]
Total loan balance	0		211,500
2.45% Sparkasse Zollernalb (KFW Loan 1)
Debt Instrument [Line Items]
Total loan balance	$ 0		61
Interest rate on amounts borrowed	2.45%
1.40% Sparkasse Zollernalb (KFW Loan 2)
Debt Instrument [Line Items]
Total loan balance	$ 405		484
Interest rate on amounts borrowed	1.40%
Initial Term Loan Facility
Debt Instrument [Line Items]
Total loan balance	$ 190,000		0
Revolving Credit Facility
Debt Instrument [Line Items]
Total loan balance	$ 30,000		$ 0

Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Carrying Values of Indefinite Lived Intangible Assets

As of March 31, 2024 and December 31, 2023 the carrying values of our indefinite lived intangible assets were as follows (in thousands):


	March 31, 2024		December 31, 2023
Goodwill	$	245,030	$	247,337
In-process R&D	2,108		2,154
Procurement contracts and agreements	2,013		2,013

Schedule of Goodwill by Reportable Segment

As of March 31, 2024 and December 31, 2023 the carrying value of goodwill, all of which is related to our Medical Devices segment, was as follows (in thousands):


	Medical Devices Segment
Balance as of December 31, 2023	$	247,337
Foreign currency translation	(2,307)
Balance as of March 31, 2024	$	245,030

Schedule of Gross Carrying Values, Accumulated Amortization, and Approximate Amortization Period of Definite Lived Intangible Assets

As of March 31, 2024 and December 31, 2023 the gross carrying values, accumulated amortization, and approximate amortization period of our definite lived intangible assets were as follows (in thousands, except weighted average useful life):


March 31, 2024	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life (Years)
Acquired technology	$	199,733	$	61,259	$	138,474	18.2
Other intangibles:
Customer lists and relationships	28,686		10,650		18,036		21.6
Distribution and manufacturing rights and know-how	9,400		8,078		1,322		5.0
Patents	4,368		3,235		1,133		17.0
Other	9,287		4,393		4,894		5.0
Total other intangibles	$	51,741	$	26,356	$	25,385	9.7


December 31, 2023	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life (Years)
Acquired technology	$	201,897	$	59,304	$	142,593	18.2
Other intangibles:
Customer lists and relationships	28,729		10,334		18,395		21.6
Distribution and manufacturing rights and know-how	9,608		7,807		1,801		5.0
Patents	4,365		3,225		1,140		17.0
Other	7,815		3,680		4,135		5.0
Total other intangibles	$	50,517	$	25,046	$	25,471	10.0

Summary of Amortization Expense


	Three Months Ended March 31,
	2024		2023
Amortization expense	$	3,867	$	3,882

Scheduled Amortization of Intangible Assets for Next Five Years

As of March 31, 2024 scheduled amortization of intangible assets for the next five years is as follows (in thousands):


	Remainder of 2024		2025		2026		2027		2028		2029		Total
Amortization expense	$	11,375	$	13,218	$	12,919	$	12,814	$	12,600	$	12,357	$	75,283

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Section 50
-Paragraph 1
-Subparagraph (c)
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
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-Section 50
-Paragraph 1
-Subparagraph (e)
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net cash flows from operating activities:
Net income (loss)	$ 7,533	$ (13,532)
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation and amortization	5,909	5,734
Deferred income taxes	4,299	(2,167)
Loss on extinguishment of debt	3,669	0
Non-cash compensation	3,478	3,341
Non-cash lease expense	1,920	1,802
Write-down of inventories and deferred preservation costs	723	1,123
Change in fair value of contingent consideration	(17,470)	4,800
Other	644	754
Changes in operating assets and liabilities:
Inventories and deferred preservation costs	(1,380)	(3,222)
Prepaid expenses and other assets	(2,268)	(2,014)
Receivables	(3,334)	3,540
Accounts payable, accrued expenses, and other liabilities	(9,216)	(6,313)
Net cash flows used in operating activities	(5,493)	(6,154)
Net cash flows from investing activities:
Capital expenditures	(3,611)	(2,843)
Net cash flows used in investing activities	(3,611)	(2,843)
Net cash flows from financing activities:
Proceeds from issuance of debt	190,000	0
Proceeds from revolving credit facility	30,000	0
Proceeds from exercise of stock options and issuance of common stock	3,528	2,581
Principal payments on short-term notes payable	(1,027)	0
Payment of debt issuance costs	(9,998)	0
Repayment of debt	(211,627)	(690)
Other	(139)	(720)
Net cash flows provided by financing activities	737	1,171
Effect of exchange rate changes on cash and cash equivalents	545	(752)
Decrease in cash and cash equivalents	(7,822)	(8,578)
Cash and cash equivalents beginning of period	58,940	39,351
Cash and cash equivalents end of period	$ 51,118	$ 30,773

Leases (Schedule Of Supplemental Balance Sheet Information Related To Leases) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Operating leases:
Operating lease right-of-use assets, net	$ 42,492	$ 43,822
Current maturities of operating leases	3,214	3,395
Non-current maturities of operating leases	42,861	43,977
Total operating lease liabilities	46,075	47,372
Finance leases:
Property and equipment, at cost	6,813	6,862
Accumulated amortization	(3,211)	(3,136)
Property and equipment, net	3,602	3,726
Current maturities of finance leases	590	582
Non-current maturities of finance leases	3,268	3,405
Total finance lease liabilities	$ 3,858	$ 3,987
Weighted average remaining lease term (in years): Operating leases	10 years 2 months 12 days	10 years 4 months 24 days
Weighted average remaining lease term (in years): Finance leases	6 years 6 months	6 years 9 months 18 days
Weighted average discount rate: Operating leases	6.30%	6.30%
Weighted average discount rate: Finance leases	2.30%	2.20%

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income Tax Expense Our effective income tax rate was a tax expense of 41% and 52% for the three months ended March 31, 2024 and 2023, respectively. Our income tax rate for the three months ended March 31, 2024 and 2023 was primarily impacted by changes in our valuation allowance against our net deferred tax assets, non-deductible executive compensation, the foreign derived intangible income deduction, the research and development tax credit, changes in our uncertain tax position liabilities, and tax shortfalls on stock compensation. Deferred Income Taxes We generate deferred tax assets primarily as a result of finance and operating leases, net operating losses, excess interest carryforward, change in contingent consideration, accrued compensation, and stock compensation. Our deferred tax liabilities are primarily comprised of intangible assets acquired in previous years, finance and operating leases, and unrealized gains and losses. We maintained a net deferred tax liability of $21.7 million and $20.8 million as of March 31, 2024 and December 31, 2023, respectively. Our valuation allowance against our deferred tax assets was $28.2 million and $32.9 million as of March 31, 2024 and December 31, 2023, respectively, primarily related to net operating loss carryforwards, disallowed excess interest carryforwards, change in contingent consideration, and capitalized research and development expenses.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Stock Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock Compensation

Overview

We have stock option and stock incentive plans for employees and non-employee directors that provide for grants of restricted stock awards (“RSAs”), restricted stock units (“RSUs”), performance stock units (“PSUs”), and options to purchase shares of our common stock at exercise prices generally equal to the fair value of such stock at the dates of grant. We also maintain a shareholder-approved Employee Stock Purchase Plan (“ESPP”) for the benefit of our employees. The ESPP allows eligible employees to purchase common stock on a regular basis at the lower of 85% of the market price at the beginning or end of each offering period.

Equity Grants

During the three months ended March 31, 2024 the Compensation Committee of our Board of Directors (the “Committee”) authorized awards from approved stock incentive plans of RSUs and PSUs to certain employees and company officers, which, assuming that performance under the PSUs will be achieved at target levels, together totaled 700,000 shares and had an aggregate grant date fair value of $14.2 million.

During the three months ended March 31, 2023 the Committee authorized awards from approved stock incentive plans of RSUs and PSUs to certain employees and company officers, which, assuming that performance under the PSUs were to be achieved at target levels, together totaled 376,000 shares and had an aggregate grant date fair value of $5.0 million.

The Committee did not authorize any grants of stock options during the three months ended March 31, 2024 and 2023.

Employees purchased common stock totaling 51,000 and 56,000 shares in the three months ended March 31, 2024 and 2023, respectively, through the ESPP.

Stock Compensation Expense

The following weighted-average assumptions were used to determine the fair value of shares purchased under the ESPP:

Three Months Ended
March 31, 2024

ESPP

Expected life

0.5 Years

Expected stock price volatility

0.48

Risk-free interest rate

5.26%

The following table summarizes total stock compensation expenses prior to the capitalization of amounts into Deferred preservation and Inventory costs (in thousands):


	Three Months Ended March 31,
		2024		2023
RSA, RSU, and PSU expense		$	2,985	$	2,641
Stock option and ESPP expense		687		872
Total stock compensation expense		$	3,672	$	3,513

Included in the total stock compensation expense, as applicable in each period, were expenses related to RSAs, RSUs, PSUs, and stock options issued in each respective year, as well as those issued in prior periods that continue to vest during the period, and compensation related to the ESPP. These amounts were recorded as stock compensation expense and were subject to our normal allocation of expenses to inventory costs and deferred preservation costs. We capitalized $194,000 and $172,000 for the three months ended March 31, 2024 and 2023, respectively, of the stock compensation expense into our inventory costs and deferred preservation costs.

Leases (Summary Of Lease Costs) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Amortization of property and equipment	$ 147	$ 131
Interest expense on finance leases	22	21
Total finance lease expense	169	152
Operating lease expense	1,920	1,802
Sublease income	(129)	0
Total lease expense	$ 1,960	$ 1,954

Leases (Schedule Of Supplemental Cash Flow Information Related To Leases) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating cash flows for operating leases	$ 1,889	$ 1,796
Financing cash flows for finance leases	147	132
Operating cash flows for finance leases	$ 22	$ 21

Segment Information (Narrative) (Details)	3 Months Ended
Segment Information (Narrative) (Details)	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	2
Total revenues	$ 97,431,000	$ 83,229,000
Intersegment Eliminations
Segment Reporting Information [Line Items]
Total revenues	$ 0

- Definition

+ References

+ Details

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

Net revenues by geographic location based on the location of the customer for the three months ended March 31, 2024 and 2023 were as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
North America	$	50,928	$	43,244
EMEA	33,588		27,929
APAC	7,609		7,878
LATAM	5,306		4,178
Total revenues	$	97,431	$	83,229

Stock Compensation (Narrative) (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Capitalized stock compensation expense	$ 194	$ 172
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ESPP, percentage of market price for eligible employees	85.00%
Employee stock purchase plan (in shares)	51	56
RSAs, RSUs And PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized awards from approved stock incentive plans (in shares)	700	376
Aggregate grant date market value	$ 14,200	$ 5,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting	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 Consolidated Balance Sheet as of December 31, 2023 has been derived from audited financial statements. The accompanying unaudited Condensed Consolidated Financial Statements as of, and for the three months ended, March 31, 2024 and 2023 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. Certain prior-year amounts have been reclassified to conform to the current year presentation. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. 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, 2023 filed with the SEC on February 23, 2024.
New Accounting Standards	New Accounting Standards Not Yet Effective In December 2023 the FASB issued ASU 2023-09, Income Taxes Topic 740 - Improvements to Income Tax Disclosures. This amendment is expected to enhance the transparency and decision usefulness of income tax disclosures by requiring public business entities, on an annual basis, to disclose specific categories in the rate reconciliation, additional information for reconciling items that meet a quantitative threshold, and certain information about income taxes paid. This revised guidance is effective for financial statements issued for fiscal years beginning after December 15, 2024. We are currently evaluating the impacts of the new standard. In November 2023 the FASB issued ASU 2023-07, Segment Reporting Topic 280 - Improvements to Reportable Segment Disclosures. This amendment requires disclosure of incremental segment information on an annual and interim basis. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. We are currently evaluating the impacts of the new standard.

Leases (Narrative) (Details)	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current	Other Liabilities, Current

Income (Loss) Per Common Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Income (Loss) Per Common Share

The following table sets forth the computation of basic and diluted income (loss) per common share (in thousands, except per share data):


	Three Months Ended March 31,
Basic income (loss) per common share	2024		2023
Net income (loss)	$	7,533	$	(13,532)
Net (income) loss allocated to participating securities	(22)		60
Net income (loss) allocated to common shareholders	$	7,511	$	(13,472)

Basic weighted-average common shares outstanding	41,290		40,432
Basic income (loss) per common share	$	0.18	$	(0.33)


	Three Months Ended March 31,
Diluted income (loss) per common share	2024		2023
Net income (loss)	$	7,533	$	(13,532)
Net (income) loss allocated to participating securities	(19)		60
Net income attributable to convertible senior notes	935		—
Net income (loss) allocated to common shareholders	$	8,449	$	(13,472)

Basic weighted-average common shares outstanding	41,290		40,432
Effect of dilutive stock options and awards	889		—
Effect of convertible senior notes	5,707		—
Diluted weighted-average common shares outstanding	47,886		40,432
Diluted income (loss) per common share	$	0.18	$	(0.33)

We excluded stock options from the calculation of diluted weighted-average common shares outstanding if the per share value, including the sum of (i) the exercise price of the options and (ii) the amount of the compensation cost attributed to future services and not yet recognized, was greater than the average market price of the shares because the inclusion of these stock options would be antidilutive to loss per common share. For the three months ended March 31, 2024 $1.3 million of potential common shares related to stock options and awards were antidilutive and excluded from the calculation of diluted weighted-average common shares outstanding. For the three months ended March 31, 2023 all stock options and awards were excluded from the calculation of diluted weighted-average common shares outstanding as these would be antidilutive due to the net loss.

Inventories, net and Deferred Preservation Costs (Schedule Of Inventories) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 36,567	$ 36,907
Work-in-process	12,940	12,687
Finished goods	32,209	32,382
Total inventories, net	$ 81,716	$ 81,976

Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt

Credit Facilities

On January 18, 2024 we entered into a credit and guaranty agreement with Ares Management Credit funds for $350.0 million of senior secured, interest-only, credit facilities, consisting of a $190.0 million secured term loan facility (the “Initial Term Loan Facility”), a $100.0 million secured delayed draw term loan facility (the “Delayed Draw Term Loan Facility” and, together with the Initial Term Loan Facility, the “Term Loan Facilities”) and a $60.0 million “senior-priority” secured revolving credit facility which has a priority claim ahead of the other secured facilities (the “Revolving Credit Facility” and, together with the Term Loan Facilities, the “Credit Facilities”). The final scheduled maturity date of the Credit Facilities is January 18, 2030. There are no scheduled repayments of principal required to be made prior to the final maturity date. We have the right to prepay loans under the Ares Credit Agreement in whole or in part at any time, provided that any prepayment of loans under the Term Loan Facilities (or loans under the Revolving Credit Facility to the extent of reducing the balance of outstanding loans below $30.0 million) will be subject to a prepayment premium of 5.00% if the prepayment occurs prior to January 18, 2025 and 1.00% if the prepayment occurs thereafter and prior to January 18, 2026. Amounts repaid in respect of loans under the Initial Term Loan Facilities may not be reborrowed. The Credit Facilities are secured by a security interest in substantially all existing and after-acquired real and personal property (subject to certain exceptions and exclusions) of us and the Guarantors.

Upon closing, we borrowed $190.0 million under the Initial Term Loan Facility and $30.0 million under the Revolving Credit Facility. The remaining $30.0 million of undrawn availability under the Revolving Credit Facility may be drawn for working capital, capital expenditures, and other general corporate purposes. The Delayed Draw Term Loan Facility remained undrawn upon closing as of March 31, 2024.

We paid $6.5 million of debt issuance costs related to the Initial Term Loan Facility which are included in Long-term debt on the Condensed Consolidated Balance Sheets as of March 31, 2024 and amortized, thereafter, over the life of the Initial Term Loan Facility. We paid $3.7 million of debt issuance costs related to the Delayed Draw Term Loan Facility and Revolving Credit Facility which are included in Other long-term assets on the Condensed Consolidated Balance Sheets as of March 31, 2024.

We recognized $5.8 million of interest expense on the Credit Facilities for the three months ended March 31, 2024, of which $341,000 represents non-cash amortization of debt issuance costs. There was approximately $6.2 million of unamortized debt issuance costs related to the Initial Term Loan Facility as of March 31, 2024.

The proceeds of the initial borrowings were used along with cash on hand to pay off our previously existing credit agreement, dated as of December 1, 2017, and pay related fees and expenses. As a result of this transaction, we recorded a loss on extinguishment of our previously existing debt of $3.7 million during the three months ended March 31, 2024 on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). The proceeds of borrowings under the Delayed Draw Term Loan Facility may be used solely to repurchase or repay our outstanding 4.25% Convertible Senior Notes due July 1, 2025 and to pay related fees and expenses. Subject to the satisfaction of a specified maximum total net leverage ratio and other customary conditions, we may borrow under the Delayed Draw Term Loan Facility at any time and from time to time on or prior to the maturity date of the convertible bonds on July 1, 2025. Loans borrowed under the Delayed Draw Term Loan Facility generally have the same terms as the loans under the Initial Term Loan Facility.

The Credit Facilities contain certain customary affirmative and negative covenants, including covenants that limit our ability and the ability of our subsidiaries to, among other things, grant liens, incur debt, dispose of assets, make loans and investments, make acquisitions, make certain restricted payments (including cash dividends), merge or consolidate, change business or accounting or reporting practices, in each case subject to customary exceptions for a credit facility of this size and type. The covenants include a financial maintenance covenant that requires the company’s total net leverage ratio, as defined in the agreement, to be not greater than 6.25x for the test periods from the second quarter of fiscal year 2024 through the fourth quarter of fiscal year 2024 and not greater than 5.75x from the first quarter of fiscal year 2025 and thereafter. As of March 31, 2024 the total net leverage ratio, as defined in the agreement, was 3.79x.

The Revolving Credit Facility bears interest, at our option, at a floating annual rate equal to either the base rate plus a margin of 3.00%, or the Adjusted Term Secured Overnight Financing Rate (“Adjusted Term SOFR”) plus a margin of 4.00%. In addition, we will be required to pay fees of 0.50% per annum on the daily unused amount of the Revolving Credit Facility and 1.00% per annum on the daily unused amount of the Delayed Draw Term Loan Facility. The Term Loan Facilities initially bear interest, at our option, at a floating annual rate equal to either the base rate plus a margin of 5.50%, or the Adjusted Term SOFR plus a margin of 6.50%. If, after the second quarter of fiscal year 2025, the company reports total net leverage ratio, as defined in the Credit Facilities, of less than or equal to 3.75x the interest margins applicable to the Term Loan Facilities will be reduced by 25 basis points, to 5.25% and 6.25%, for base rate and Adjusted Term SOFR loans, respectively. As of March 31, 2024 the aggregate interest rate was 11.80% and 9.30% per annum for the Term Loan Facilities and Revolving Credit Facility, respectively.

Convertible Senior Notes

On June 18, 2020 we issued $100.0 million aggregate principal amount of 4.25% Convertible Senior Notes with a maturity date of July 1, 2025 (the “Convertible Senior Notes”). The net proceeds from this offering, after deducting initial purchasers’ discounts and costs directly related to this offering, were approximately $96.5 million. On January 1, 2021 we adopted ASU 2020-06 and adjusted the carrying balance of the Convertible Senior Notes to notional. The Convertible Senior Notes balance was $100.0 million recorded in Long-term debt on the Condensed Consolidated Balance Sheets as of March 31, 2024 and the Consolidated Balance Sheets as of December 31, 2023. The Convertible Senior Notes may be settled in cash, stock, or a combination thereof, solely at our discretion. The initial conversion rate of the Convertible Senior Notes is 42.6203 shares per $1,000 principal amount, which is equivalent to a conversion price of approximately $23.46 per share, subject to adjustments. We use the if-converted method for assumed conversion of the Convertible Senior Notes for the diluted earnings per share calculation. The fair value and the effective interest rate of the Convertible Senior Notes as of March 31, 2024 was approximately $113.4 million and 5.05%, respectively. The fair value was based on market prices observable for similar instruments and is considered Level 2 in the fair value hierarchy.

The interest expense recognized on the Convertible Senior Notes includes $1.2 million for both the three months ended March 31, 2024 and 2023 related to the aggregate of the contractual coupon interest and the amortization of the debt issuance costs. Interest on the Convertible Senior Notes began accruing upon issuance and is payable semi-annually. There were approximately $1.0 million and $1.1 million of unamortized debt issuance costs related to the Convertible Senior Notes as of March 31, 2024 and December 31, 2023, respectively.

Holders of the Convertible Senior Notes may convert their notes at their option at any time prior to January 1, 2025, but only under the following circumstances: (i) during any calendar quarter commencing after the calendar quarter ending on September 30, 2020 (and only during such calendar quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (ii) during the five business day period after any five consecutive trading day period in which the trading price per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate on each such trading day; (iii) we give a notice of redemption with respect to any or all of the notes, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; or (iv) upon the occurrence of specified corporate events. On or after January 1, 2025 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their notes at any time, regardless of the foregoing circumstances.

We became eligible to redeem the Convertible Senior Notes beginning on July 5, 2023, following the expiration of their non-redemption period. We are able to redeem the Convertible Senior Notes in whole or in part, at our option, if the last reported sale price per share of our common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption. We may redeem for cash all or part of the Convertible Senior Notes at a redemption price equal to 100% of the principal amount of the redeemable Convertible Senior Notes, plus accrued and unpaid interest to, but excluding, the redemption date. No principal payments are due on the Convertible Senior Notes prior to maturity. Other than restrictions relating to certain fundamental changes and consolidations, mergers or asset sales and customary anti-dilution adjustments, the Convertible Senior Notes do not contain any financial covenants and do not restrict us from conducting significant restructuring transactions or issuing or repurchasing any of our other securities. As of March 31, 2024 and December 31, 2023 we are not aware of any current events or market conditions that would allow holders to convert the Convertible Senior Notes.

Loan Balances

The short-term and long-term balances of our Initial Term Loan Facility, Revolving Credit Facility, and other long-term borrowings were as follows (in thousands):


	March 31, 2024		December 31, 2023
Initial Term Loan Facility	$	190,000	$	—
Revolving Credit Facility	30,000		—
Convertible Senior Notes	100,000		100,000
Term loan balance	—		211,500
2.45% Sparkasse Zollernalb (KFW Loan 1)	—		61
1.40% Sparkasse Zollernalb (KFW Loan 2)	405		484
Total loan balance	320,405		312,045
Less unamortized loan origination costs	(7,131)		(5,063)
Net borrowings	313,274		306,982
Less short-term loan balance, net	(270)		(1,451)
Long-term loan balance, net	$	313,004	$	305,531

Interest Expense

Interest expense was $7.8 million and $6.1 million for the three months ended March 31, 2024 and 2023, respectively. Interest expense includes interest on debt and uncertain tax positions in both periods.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
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-Section 50
-Paragraph 1C
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
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-Section 50
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	May 03, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	1-13165
Entity Registrant Name	ARTIVION, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	59-2417093
Entity Address, Address Line One	1655 Roberts Boulevard, NW
Entity Address, City or Town	Kennesaw
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30144
City Area Code	770
Local Phone Number	419-3355
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	AORT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		41,734,442
Entity Central Index Key	0000784199
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Basic income (loss) per common share
Net income (loss)	$ 7,533	$ (13,532)
Net (income) loss allocated to participating securities	(22)	60
Net income (loss) allocated to common shareholders	$ 7,511	$ (13,472)
Basic weighted-average common shares outstanding (in shares)	41,290,000	40,432,000
Basic loss per common share (in usd per share)	$ 0.18	$ (0.33)
Diluted income (loss) per common share
Net income (loss)	$ 7,533	$ (13,532)
Net (income) loss allocated to participating securities	(19)	60
Net income attributable to convertible senior notes	935	0
Net income (loss) allocated to common shareholders	$ 8,449	$ (13,472)
Basic weighted-average common shares outstanding (in shares)	41,290,000	40,432,000
Effect of dilutive stock options and awards (in shares)	889,000	0
Effect of convertible senior notes (in shares)	5,707,000	0
Diluted weighted-average common shares outstanding (in shares)	47,886,000	40,432,000
Diluted loss per common share (in usd per share)	$ 0.18	$ (0.33)
Antidilutive shares (in shares)	1,300,000