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    Artivion Inc (AORT)

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    Artivion, Inc. (NYSE: AORT) is a global leader in the manufacturing, processing, and distribution of medical devices and implantable human tissues used in cardiac and vascular surgical procedures, primarily for patients with aortic disease. The company offers a wide range of innovative products, including aortic stent grafts, mechanical heart valves, surgical sealants, and preserved human tissues. Artivion operates through two main business segments: Medical Devices and Preservation Services, serving customers across North America, EMEA, APAC, and LATAM regions.

    1. Medical Devices - Develops and sells advanced medical devices for cardiac and vascular surgeries, including aortic stent grafts, mechanical heart valves, surgical sealants, and other related products.

      • Aortic Stent Grafts - Offers aortic arch stent grafts, abdominal stent grafts, and synthetic vascular grafts, including products like E-vita® Open NEO, NEXUS®, and E-liac™.
      • On-X® Mechanical Heart Valves - Provides high-performance mechanical heart valves and associated surgical products.
      • Surgical Sealants - Includes BioGlue® Surgical Adhesive, a widely used surgical sealant for various procedures.
      • Other Products - Includes PhotoFix® bovine surgical patches and PerClot® hemostatic powder.
    2. Preservation Services - Specializes in the preservation of implantable human tissues for cardiac and vascular applications, supporting life-saving surgical procedures.

    NamePositionExternal RolesShort Bio

    J. Patrick Mackin

    ExecutiveBoard

    Chairman, President, and CEO

    None

    Over 30 years in the medical device industry; previously held senior roles at Medtronic and Genzyme.

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    Amy D. Horton

    Executive

    VP and Chief Accounting Officer

    None

    Over 25 years at Artivion; previously worked at Ernst & Young.

    Andrew M. Green

    Executive

    VP, Regulatory Affairs

    None

    Over 30 years in regulatory and clinical roles; previously served at FDA and CorMatrix Cardiovascular.

    Florian Tyrs

    Executive

    VP, Global Operations

    None

    Over 17 years at Artivion; previously led Hechingen operations and contributed to endovascular stentgraft development.

    Jean F. Holloway

    Executive

    SVP, General Counsel, Chief Compliance Officer, and Corporate Secretary

    None

    Extensive legal and compliance expertise; previously held senior legal roles at Medtronic and Boston Scientific.

    John E. Davis

    Executive

    SVP, Global Sales and Marketing

    None

    Over 25 years in sales and marketing; previously held leadership roles at CorMatrix and Medtronic.

    Lance A. Berry

    Executive

    CFO and EVP, Finance

    Board Member at Treace Medical Concepts and Vapotherm

    Extensive experience in MedTech; previously CFO at Wright Medical Group.

    Marshall S. Stanton

    Executive

    SVP, Clinical Research and Chief Medical Officer

    None

    Former cardiologist at Mayo Clinic; held senior roles at Medtronic, including President of Pain Therapies Business Unit.

    Matthew A. Getz

    Executive

    VP, Human Resources

    None

    Over 25 years in HR leadership; previously CHRO at Encompass Digital Media.

    Robert C. Thomson

    Executive

    VP, Research and Development

    Bioengineering Advisory Board Member at Rice University

    Over 20 years in medical device R&D; holds two U.S. patents and has authored 15 peer-reviewed publications.

    Rochelle L. Maney

    Executive

    VP, Global Quality

    Member of American Society of Quality; Quality Council for American Association of Tissue Banks

    Over 20 years at Artivion; leads quality strategy across global manufacturing facilities.

    Anthony B. Semedo

    Board

    Director

    None

    Over 40 years in the medical device industry; previously held senior roles at Medtronic, including President of Japan Operations and Aortic, Peripheral, and Venous Division.

    Daniel J. Bevevino

    Board

    Director

    Independent consultant providing CFO services; Director at a private company

    Extensive financial expertise; previously CFO at Respironics and Head of Post-Merger Integration at Philips.

    Elizabeth A. Hoff

    Board

    Director

    Chief Evangelist at Galen Data, Inc.

    Over 30 years in medical device and diagnostics industries; previously held senior roles at Medtronic, W.L. Gore, and Guidant.

    James W. Bullock

    Board

    Director

    Chairman at Stimdia, Inc. and Surgical Information Science; Director at Intershunt Technologies

    Extensive experience in the medical device industry; recognized for driving company growth.

    Jeffrey H. Burbank

    Board

    Director

    None

    Substantial senior leadership experience in the global medical device industry.

    Jon W. Salveson

    Board

    Director

    Vice Chairman at Piper Sandler; Board Member at Nuwellis, Inc.

    Extensive experience in healthcare investment banking; strategic advisor for global healthcare companies.

    Marna P. Borgstrom

    Board

    Director

    Board Member at Marion Parke

    Former CEO of Yale New Haven Health System; led significant growth and operational integration.

    Thomas F. Ackerman

    Board

    Director

    Director at University of Massachusetts Amherst Foundation; Audit Committee Member at Olin College of Engineering

    Expertise in accounting and financial reporting; previously CFO at Charles River Laboratories.

    1. With the decline in Other revenues due to the timing of PerClot orders from Baxter and the expectation that these inventory dynamics will continue through 2024, how significant of a headwind do you anticipate when the PerClot manufacturing agreement eventually ends, and how are you planning to mitigate its impact on overall growth?

    2. Given the recent regulatory approval to commercialize BioGlue in China, can you elaborate on the steps required to gain reimbursement and hospital access, and what challenges do you foresee that might delay or limit the expected revenue contribution starting in the second half of 2025?

    3. While On-X revenues increased 15% and you mention taking market share globally, can you provide more insights into the sustainability of this growth, especially in the U.S. where you already have a 55% share, and how you plan to drive further penetration without significant pricing pressure or competitive response?

    4. You mentioned that gross margins are expected to remain flat year-over-year despite revenue growth; what are the main constraints preventing gross margin expansion, and what strategies are in place to improve margins in the medium to long term?

    5. With the convertible debt moving to current on your balance sheet and the potential for dilution or increased interest expense depending on how you settle it, how do you plan to address this obligation, and what impact do you anticipate it will have on EPS and shareholder value?

    Competitors mentioned in the company's latest 10K filing.

    CompanyDescription

    Competes with On-X heart valves based on features such as full, 90-degree leaflet opening, pure pyrolytic carbon, flared inlet, and approved labeling claim for reduced INR for aortic valves.

    Competes with On-X heart valves and other products in the cardiac and vascular space, leveraging its established market presence and product portfolio.

    Corcym

    Competes with On-X heart valves following its acquisition of the LivaNova heart valve business in June 2021.

    LifeNet Health

    Competes in the preserved human heart valves and patches market, leveraging surgeon preference, clinical data, and customer service.

    Competes in preserved human heart valves and patches, as well as vascular tissue preservation services.

    Competes with bioprosthetic and mechanical valves and xenograft products in the cardiac and vascular space.

    Anteris Technologies

    Competes with xenograft products in the cardiac and vascular patch market.

    Competes with surgical sealants and bioprosthetic cardiac and vascular patches, leveraging its product features and benefits.

    Cook Medical

    Competes with customized and off-the-shelf stent graft systems for thoraco-abdominal aneurysms and other vascular conditions.

    Gore

    Competes with thoracic extension products, stent graft systems, and synthetic vascular grafts in the aortic and peripheral vascular markets.

    Terumo

    Competes with customized stent graft systems and synthetic vascular grafts, leveraging its established market presence.

    Competes with synthetic vascular grafts and surgical sealants, leveraging its product portfolio and market reach.

    Maquet

    Competes with synthetic vascular grafts and balloon-expandable peripheral stent grafts.

    Bentley InnoMed

    Competes with balloon-expandable peripheral stent grafts, leveraging its product features and approvals.

    Ethicon (a Johnson & Johnson Company)

    Competes with surgical sealants, leveraging its established market presence and product portfolio.

    Competes with surgical sealants, leveraging its product features and benefits.

    Competes in the broader medical device and pharmaceutical markets, leveraging its extensive resources and market presence.

    BioCer Entwicklungs-GmbH

    Competes in the surgical sealants market, leveraging its product features and benefits.

    Elutia (formerly Aziyo Biologics)

    Competes in the tissue preservation and medical device markets, leveraging its product offerings.

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    Endospan Ltd.

    2024

    Planned acquisition with an upfront payment reduced to $135 million (down from a proposed $250 million), elimination of the $100 million minimum earnout while retaining a maximum earnout of $200 million structured as 2.5x incremental year-two revenue; additionally, up to $25 million in secured loans at 5% interest are provided in three tranches, all contingent on FDA approval of its NEXUS Stent Graft System – the first approved branched endovascular system for aortic arch disease with an estimated $600 million annual market opportunity.

    Ascyrus Medical LLC

    2020

    Completed acquisition signed on September 2, 2020, with a total consideration of up to $200 million including initial cash and stock payments and various milestone-based regulatory approvals; Ascyrus, known for its development of the Ascyrus Medical Dissection Stent (AMDS), enhances access to over $100 million in EU and Canadian markets and offers substantial global cross-selling benefits for CryoLife’s portfolio.

    No recent press releases or 8-K filings found for AORT.