ARTIVION INC
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
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FY2023 · Filed Feb 23, 2024
AORT$20.47-0.8%Stored close · as of Nov 10, 2026
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Item 8. CONSOLIDATED STATEMENTS OF CASH FLOWS
Consolidated Statements of Cash Flows
In Thousands
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Net cash flows from operating activities: | |||
| Net loss | $(30,690) | $(19,192) | $(14,834) |
| Adjustments to reconcile net loss to net cash from operating activities: | |||
| Change in fair value of contingent consideration | 23,490 | (9,000) | 8,870 |
| Depreciation and amortization | 23,076 | 22,442 | 23,977 |
| Non-cash compensation | 14,422 | 12,344 | 10,711 |
| Non-cash lease expense | 7,354 | 7,432 | 7,521 |
| Fair value adjustment of long-term loan | 5,000 | — | 409 |
| Write-down of inventories and deferred preservation costs | 4,785 | 4,374 | 5,377 |
| Non-cash interest expense | 1,858 | 1,832 | 2,005 |
| Write-off of Endospan Option | — | — | 4,944 |
| Deferred income taxes | (1,385) | (1,717) | (4,470) |
| Gain on sale of non-financial assets | (14,250) | — | (15,923) |
| Other | 1,358 | 2,268 | 2,060 |
| Changes in operating assets and liabilities: | |||
| Accounts payable, accrued expenses, and other liabilities | 1,682 | (1,958) | (1,893) |
| Prepaid expenses and other assets | 535 | (2,234) | (1,404) |
| Receivables | (4,050) | (13,340) | (11,560) |
| Inventories and deferred preservation costs | (14,360) | (8,404) | (18,375) |
| Net cash flows provided by (used in) operating activities | 18,825 | (5,153) | (2,585) |
| Net cash flows from investing activities: | |||
| Proceeds from sale of non-financial assets, net | 14,250 | — | 19,000 |
| Payments for Endospan agreement | (5,000) | — | — |
| Capital expenditures | (7,430) | (9,016) | (13,091) |
| Other | (2,322) | (1,699) | (249) |
| Net cash flows (used in) provided by investing activities | (502) | (10,715) | 5,660 |
| Net cash flows from financing activities: | |||
| Proceeds from exercise of stock options and issuance of common stock | 3,955 | 3,368 | 3,756 |
| Proceeds from financing insurance premiums | 3,558 | — | — |
| Payment of contingent consideration | — | — | (8,200) |
| Payment of debt issuance costs | (249) | — | (2,219) |
| Redemption and repurchase of stock to cover tax withholdings | (559) | (1,795) | (1,914) |
| Principal payments on short-term notes payable | (2,531) | — | (299) |
| Repayment of debt | (2,772) | (2,753) | (2,786) |
| Other | (537) | (459) | (561) |
| Net cash flows provided by (used in) financing activities | 865 | (1,639) | (12,223) |
| Effect of exchange rate changes on cash and cash equivalents | 401 | 1,848 | 2,200 |
| Increase (decrease) in cash and cash equivalents | 19,589 | (15,659) | (6,948) |
| Cash and cash equivalents, beginning of year | 39,351 | 55,010 | 61,958 |
| Cash and cash equivalents, end of year | $58,940 | $39,351 | $55,010 |
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