Executive Summary

Reported FY24 results: net sales of $2.70M and net loss after tax of $76.0M; year-end cash was $70.5M, positioning the company to pursue the DurAVR THV pivotal trial preparations . YoY revenue was essentially flat (-1%), while loss widened 62% .
Completed U.S. IPO in December 2024, raising $88.8M gross and $79.6M net (as reported in March 13 filing); a December 16 filing cited $80.0M net—difference likely reflects final cost adjustments; underwriters partially exercised the option in January 2025 for a further ~$0.4M .
Operationally advanced DurAVR: 86 total implants to date and first two EU-EFS cases in January 2025; IDE submission for the pivotal trial remained on track for 1Q25, with manufacturing scale-up progressing in Australia and the U.S. .
Auditor included an emphasis of matter on going concern due to operating losses; no dividends were declared for FY24 .

What Went Well and What Went Wrong

What Went Well

Strengthened balance sheet: IPO proceeds left year-end cash at $70.5M, reducing financing risk for the pivotal trial ramp .
Clinical and regulatory momentum: 86 DurAVR implants to date; IDE submission targeted for 1Q25; first two EU-EFS cases in January 2025 with positive initial outcomes .
Scale-up and optimization: Finalized design optimization of ComASUR delivery system and expanded manufacturing capacity in Malaga and Minneapolis to support pivotal trial readiness .

Quote: “This has been a transformational year for Anteris as we made advancements across all aspects of our business, which positions us well to commence the Pivotal Trial of our DurAVR THV system in 2025.” — Wayne Paterson, CEO .

What Went Wrong

Widening losses: FY24 net loss after tax increased to $76.0M from $46.8M (+62% YoY) as R&D and SG&A rose with U.S. re-domiciliation and IPO activities .
Going concern emphasis: Auditor’s opinion noted substantial doubt about the company’s ability to continue as a going concern absent successful execution of financing and operational plans .
Tissue product headwind: Manufacturing for LeMaitre ceased in January 2025, implying the small legacy net sales stream ($2.7M in 2024) will wind down, increasing reliance on financing and clinical milestones .

Financial Results

Note: Q4 2024 reporting was delivered as full-year FY24 results; the company did not disclose quarterly revenue/EPS detail in the 8-K/exhibits, and we could not retrieve SPGI quarterly fundamentals due to rate limits. Comparisons below are FY 2024 vs FY 2023.

Metric	FY 2023	FY 2024	YoY
Revenue (Net Sales, $USD Millions)	$2.735	$2.703	-1%
Net Loss After Tax ($USD Millions)	$(46.764)	$(75.967)	+62%
Loss Attributable to Members ($USD Millions)	$(46.022)	$(76.291)	+66%
Net Tangible Asset (NTA) per Share ($USD)	$1.04	$1.74	+$0.70
Cash and Equivalents at 12/31 ($USD Millions)	N/A	$70.5	N/A

Segment breakdown: Not disclosed in the 8-K/exhibits; FY24 net sales relate to tissue products; manufacturing for LeMaitre ceased January 2025 .

KPIs and Capital Activity

KPI/Item	FY 2023 / Prior	FY 2024 / Current	Notes
DurAVR implants to date (cumulative)	N/A	86	Across FIH/EFS; dataset expanding
EU-EFS first cases performed	N/A	Jan 2025 (2 cases)	Copenhagen (Denmark), positive initial outcomes
IDE submission timing	N/A	On track for 1Q25	For randomized global pivotal trial
Pivotal trial design	N/A	1:1 vs SAPIEN/Evolut; 1,000–1,200 pts; up to 80 sites	Head-to-head, all-risk study
IPO gross proceeds	N/A	$88.8M	Before costs/commissions
IPO net proceeds	N/A	$79.6M (Mar 13 filing) ; $80.0M (Dec 16 filing)	Discrepancy likely reflects final costs
Underwriters’ option	N/A	+$0.4M in Jan 2025 (78,481 shares)	Partial exercise
Convertible notes	N/A	$5.7M repaid Dec 19, 2024; facility terminated Feb 2025	De-risking prior bridge

Guidance Changes

The company did not provide quantitative 2025 financial guidance (revenue, EPS, margins). Operational guidance focuses on regulatory and trial milestones.

Metric	Period	Previous Guidance	Current Guidance	Change
IDE submission (DurAVR THV)	1Q 2025	N/A	On track for 1Q25	N/A
Pivotal trial parameters	2025+	N/A	1:1 vs SAPIEN/Evolut; 1,000–1,200 pts; up to 80 sites	N/A
Tissue product manufacturing	2025	Ongoing historically	Ceased Jan 2025 under contract terms	Lowered/ceased

Earnings Call Themes & Trends

We did not locate a Q4 2024 earnings call transcript in our repository. The thematic evolution below draws from the FY24 results announcement and corporate update.

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q4 2024 context)	Trend
Regulatory path (IDE)	Not available in repository	IDE submission targeted for 1Q25; multiple pre-submission FDA meetings completed	Increasing clarity and readiness
Clinical evidence	Not available in repository	86 total implants; EU-EFS initiated with first two cases in Jan 2025, positive initial outcomes	Growing dataset and visibility
Manufacturing/supply chain	Not available in repository	Design optimization completed; scale-up in Malaga and Minneapolis to support pivotal trial	Capacity build-out accelerating
Capitalization	Not available in repository	IPO completed ($88.8M gross; ~$79.6–$80.0M net), underwriter option partial exercise; bridge facility terminated	De-risked near-term funding
Legacy revenue stream	Not available in repository	Tissue product manufacturing for LeMaitre ceased in Jan 2025	Wind-down of legacy sales

Management Commentary

Strategic focus: “Transformational year…positions us well to commence the Pivotal Trial of our DurAVR THV system in 2025.” — Wayne Paterson, CEO .
Operational readiness: Company highlighted completion of design optimization, human factors validation, sterilization/shipping validation, and simulated use testing to support IDE and pivotal trial initiation .
Clinical traction: Positive data across US-EFS and FIH presented at major conferences, including restoration of laminar flow and early LV reverse remodeling post-TAVR with DurAVR .

Q&A Highlights

We did not find a Q4 2024 earnings call transcript or Q&A in our document repository; therefore, no Q&A highlights or real-time guidance clarifications can be provided from primary sources.

Estimates Context

Wall Street consensus for Q4/FY metrics via S&P Global was unavailable due to an SPGI rate limit at the time of retrieval. As a result, we cannot present “vs. estimates” comparisons for revenue or EPS at this time.
The company did not provide formal quantitative guidance in the press release/8-K to compare with consensus; the update focused on regulatory and clinical milestones rather than financial targets .

Key Takeaways for Investors

Funding runway improved: Post-IPO cash of $70.5M at year-end and termination of prior bridge facility reduce financing overhang into pivotal trial preparations .
Clear 2025 catalyst path: IDE submission planned for 1Q25 and EU-EFS already underway; pivotal trial design outlines head-to-head positioning vs incumbents across up to 80 sites and 1,000–1,200 patients .
Transitioning away from legacy sales: Cessation of LeMaitre manufacturing in Jan 2025 likely eliminates the small tissue product revenue stream, increasing reliance on successful clinical/regulatory progress .
Expense intensity continues: Loss widened materially in FY24 as R&D and SG&A scaled for U.S. listing and pivotal trial readiness; auditor’s going-concern emphasis underscores the importance of timely execution and capital discipline .
Cross-document nuance on proceeds: Net IPO proceeds reported as $79.6M in March vs $80.0M in December suggests finalization effects; monitor subsequent filings for definitive figure .
Stock setup: With no near-term revenue drivers and no financial guidance, shares are likely to trade on regulatory milestones, clinical datapoints, and trial start updates (IDE filing, site activation, enrollment cadence) as primary catalysts .

Sources

Q4 2024 8-K and Exhibits: FY24 Results Announcement and Corporate Update (financials, clinical/regulatory updates, capital structure) .
December 16, 2024 8-K (IPO mechanics and net proceeds) .

Anteris Technologies Global Corp. (AVR)·Q4 2024 Earnings Summary