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Artivion Reports Second Quarter 2025 Financial Results

1. Artivion's Q2 2025 revenue was $113 million, a 15% increase year-over-year. 2. Net income of $1.3 million was reported compared to a loss of $2.1 million. 3. Adjusted EBITDA rose 33% to $24.8 million from $18.6 million in Q2 2024. 4. FDA approved IDE for ARTIZEN trial on Arcevo LSA device's efficacy and safety. 5. Company raised revenue and EBITDA guidance for the full year 2025.

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FAQ

Why Very Bullish?

The strong revenue growth, profitability turnaround, and FDA approval indicate positive momentum for AORT, often leading to higher stock prices. Historical precedence shows that FDA approvals typically lead to significant stock appreciation as seen with similar companies following key trials.

How important is it?

The article addresses critical financial performance improvements and regulatory approval, vital indicators for investors assessing AORT's future. With adjusted EBITDA expectations and favorable growth projections, market interest in AORT should remain heightened.

Why Long Term?

The enhancements in financial performance and product pipeline suggest sustained growth potential over the coming years. The FDA trial could result in future revenue boosts as the product gains market entry, reinforcing long-term investor confidence.

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Second Quarter Highlights: Achieved revenue of $113.0 million in the second quarter of 2025 versus $98.0 million in the second quarter of 2024, an increase of 15% on a GAAP basis and 14% on a non-GAAP constant currency basis Net income was $1.3 million, or $0.03 per fully diluted share and non-GAAP net income was $10.7 million, or $0.24 per fully diluted share in the second quarter of 2025 Adjusted EBITDA increased 33% to $24.8 million in the second quarter of 2025 compared to $18.6 million in the second quarter of 2024 Exchanged $99.5 million in principal amount of outstanding convertible senior notes due July 1, 2025 for common stock, resulting in the effective retirement of previously issued notes Received Investigational Device Exemption (IDE) approval from the U.S. Food and Drug Administration (FDA) to initiate the ARTIZEN pivotal trial evaluating the efficacy and safety of Arcevo LSA to replace the entire aortic arch for the treatment of acute and chronic arch pathologies , /PRNewswire/ -- Artivion, Inc. (NYSE: AORT), a leading cardiac and vascular surgery company focused on aortic disease, today announced financial results for the second quarter ended June 30, 2025. "The second quarter was exceptionally strong as we made progress across each of our strategic initiatives while delivering 14% constant currency revenue growth. Revenue growth was driven by year-over-year growth in On-X of 24%, stent grafts of 24%, BioGlue of 4%, and Preservation Services of 3%, all compared to the second quarter of 2024. On a constant currency basis, year-over-year On-X, stent grafts, BioGlue and preservation services grew 24%, 22%, 4% and 3%, respectively. In addition to our strong revenue performance, adjusted EBITDA grew 33% this quarter over the same period last year, which we believe demonstrates our ability to scale the business and continue to expand adjusted EBITDA margins," said Pat Mackin, Chairman, President, and Chief Executive Officer. Mr. Mackin added, "In addition to our strong commercial results in which both On-X and stent grafts grew over 20% on a constancy currency basis, we achieved another significant milestone in our pipeline with the IDE approval to initiate our Arcevo LSA pivotal trial. We also significantly improved our capital structure by retiring all of our $100 million Convertible Senior Notes due July 1, 2025." Mr. Mackin concluded, "Given our strong second quarter performance and continued business momentum, we are raising the midpoints of our full year 2025 constant currency revenue and EBITDA guidance and remain confident in our ability to grow adjusted EBITDA at twice the rate of constant currency revenue growth." Second Quarter 2025 Financial ResultsTotal revenues for the second quarter of 2025 were $113.0 million, an increase of 15% on a GAAP basis and 14% on a non-GAAP constant currency basis, both compared to the second quarter of 2024. Net income for the second quarter of 2025 was $1.3 million, or $0.03 per fully diluted common share, compared to net loss of $(2.1) million, or $(0.05) per fully diluted common share for the second quarter of 2024. Non-GAAP net income for the second quarter of 2025 was $10.7 million, or $0.24 per fully diluted common share, compared to non-GAAP net income of $2.9 million, or $0.07 per fully diluted common share for the second quarter of 2024. Non-GAAP net income for the second quarter of 2025 includes pretax gains related to foreign currency revaluation of $4.5 million. 2025 Financial OutlookArtivion is raising the midpoint of its full year 2025 revenue guidance and now expects constant currency growth of 12% to 14%, compared to the previous range of 11% to 14%. The Company expects reported revenues to be in the range of $435 to $443 million compared to the previous range of $423 to $435 million, reflecting the strong second quarter constant currency growth, greater confidence in the overall growth outlook, and an adjustment to FX assumptions for the second half of the year.  The guidance range is also based on current estimates that full year 2025 currency impact will be approximately flat to 2024.  Additionally, Artivion is raising the midpoint of its adjusted EBITDA guidance and now expects growth of between 21% and 28% for the full year 2025 compared to 18% to 28% previously provided. Growth rates are compared to 2024. The Company expects adjusted EBITDA to be in the range of $86 to $91 million, compared to the previously articulated range of $84 to $91 million. The Company's financial performance for 2025 and future periods is subject to the risks identified below. Non-GAAP Financial MeasuresThis press release contains non-GAAP financial measures, including non-GAAP revenue, non-GAAP net income, EBITDA, adjusted EBITDA, non-GAAP general, administrative, and marketing expenses, and free cash flows. Investors should consider this non-GAAP information in addition to, and not as a substitute for, financial measures prepared in accordance with US GAAP. In addition, this non-GAAP financial information may not be the same as similar measures presented by other companies. The Company's non-GAAP revenues are adjusted for the impact of changes in currency exchange. The Company's non-GAAP net income, EBITDA, adjusted EBITDA, general, administrative, and marketing, and free cash flows results primarily exclude (as applicable) depreciation and amortization expense, interest income and expense, non-cash compensation expense, loss or gain on foreign currency revaluation, income tax expense or benefit, business development, integration, and severance income or expense, losses on inducement/extinguishment of debt, non-cash interest expense, capital expenditures, and other non-recurring items. The Company generally uses non-GAAP financial measures to facilitate management's review of the operational performance of the Company and as a basis for strategic planning. Company management believes that these non-GAAP presentations provide useful information to investors regarding unusual non-operating transactions, the operating expense structure of the Company's existing and acquired operations, without regard to its on-going efforts to acquire additional complementary products and businesses, and the transaction and integration expenses incurred in connection with recently acquired and divested product lines, and the operating expense structure excluding fluctuations resulting from foreign currency revaluation and non-cash compensation expense. The Company believes it is useful to exclude certain expenses and revenues because such amounts in any specific period may not directly correlate to the underlying performance of its business operations or can vary significantly between periods as a result of factors such as impact of recent acquisitions, non-cash expense related to amortization of previously acquired tangible and intangible assets, and any related adjustments to their carrying values. The Company has adjusted for the impact of changes in currency exchange from certain revenues to evaluate comparable product growth rates on a constant currency basis. The Company does, however, expect to incur similar types of expenses and currency exchange impacts in the future, and this non-GAAP financial information should not be viewed as a statement or indication that these types of expenses will not recur. Company management encourages investors to review the Company's consolidated financial statements and publicly filed reports in their entirety, including the reconciliation of GAAP to non-GAAP financial measures. The Company's adjusted EBITDA expectations for fiscal 2025 exclude potential charges or gains that may be recorded during the fiscal year, relating to, among other things, non-cash compensation; business development, integration, and severance income or expense; losses on inducement/extinguishment of debt; and foreign currency revaluations. The Company does not attempt to provide reconciliations of forward-looking adjusted EBITDA to the comparable GAAP measure because the impact and timing of these potential charges or gains are inherently uncertain and difficult to predict and are unavailable without unreasonable efforts. In addition, the Company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a material impact on GAAP measures of the Company's financial performance. Webcast and Conference Call InformationThe Company will hold a teleconference call and live webcast on August 7, 2025, at 4:30 p.m. ET to discuss the results, followed by a question-and-answer session. To participate in the conference call dial 862-298-0702 a few minutes prior to 4:30 p.m. ET. The teleconference replay will be available approximately one hour following the completion of the event and can be accessed by calling (toll free) 877-660-6853 or 201-612-7415. The conference number for the replay is 13754541. The live webcast and replay can be accessed by going to the Investors section of the Artivion website at www.Artivion.com and selecting the heading Webcasts & Presentations. About Artivion, Inc.Headquartered in suburban Atlanta, Georgia, Artivion, Inc., is a medical device company focused on developing simple, elegant solutions that address cardiac and vascular surgeons' most difficult challenges in treating patients with aortic diseases. Artivion's four major groups of products include: aortic stent grafts, surgical sealants, On-X mechanical heart valves, and implantable cardiac and vascular human tissues. Artivion markets and sells products in more than 100 countries worldwide. For additional information about Artivion, visit our website, www.Artivion.com. Forward-Looking StatementsStatements made in this press release that look forward in time or that express management's beliefs, expectations, or hopes are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the views of management at the time such statements are made. These statements include, but are not limited to, our beliefs and expectations about our revenue, year-over-year growth and growth drivers, earnings, currency impacts, and other financial measures and related information; our anticipated capital needs and capital structure; our beliefs about our competitive advantages and market opportunities; the expected impact on our business of the dynamic trade policy and tariff environment; our expected product mix and business strategy; anticipated quarterly fluctuations in our business; the benefits of receiving IDE approval to initiate our Arcevo LSA pivotal trial; the expected benefits from retiring our Convertible Senior Notes due July 1, 2025; our ability to scale our business and expand adjusted EBITDA margins; that our revenues for the full year 2025 will be in the range of $435 to $443 million, representing revenue growth of between 12% to 14% compared to 2024 on a constant currency basis; and that we expect non-GAAP adjusted EBITDA to increase between 21% and 28% for the full year 2025 compared to 2024, resulting in non-GAAP adjusted EBITDA in the range of $86 to $91 million in 2025. These forward-looking statements are subject to a number of risks, uncertainties, estimates and assumptions that may cause actual results to differ materially from current expectations, including, but not limited to, the unpredictability of the timing and outcome of regulatory decisions and other regulatory developments; risks relating to our international operations; the benefits anticipated from our 2024 credit facility, the Ascyrus Medical LLC transaction and Endospan agreements, and our operational improvements in our tissue and stent graft business may not be achieved at all or at the levels we anticipate or had originally anticipated; the benefits anticipated from our clinical trials and regulatory approvals may not be achieved or achieved on our anticipated timelines; the uncertainty regarding potential unknown or future impacts of the November 2024 cybersecurity incident; and the benefits anticipated from our expansion into APAC and LATAM may not be achieved or achieved on our anticipated timelines. These risks and uncertainties include the risk factors detailed in our Securities and Exchange Commission filings, including our Form 10-K for the year ended December 31, 2025, and our Form 10-Q for the quarter ended June 30, 2025. Artivion does not undertake to update its forward-looking statements, whether as a result of new information, future events, or otherwise. Contacts: Artivion Gilmartin Group LLC Lance A. Berry Brian Johnston / Laine Morgan Executive Vice President & Phone: 332-895-3222 Chief Financial Officer [email protected] Phone: 770-419-3355 Artivion, Inc. and Subsidiaries Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) In Thousands, Except Per Share Data (Unaudited) ‌ Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 2025 2024 Revenues: Products $          87,444 $          73,210 $        166,242 $        144,324 Preservation services 25,528 24,809 45,708 51,126 Total revenues 112,972 98,019 211,950 195,450 ‌ Cost of products and preservation services: Products 28,315 24,545 53,578 48,295 Preservation services 11,545 10,150 21,683 20,885 Total cost of products and preservation services 39,860 34,695 75,261 69,180 ‌ Gross margin 73,112 63,324 136,689 126,270 ‌ Operating expenses: General, administrative, and marketing 57,665 49,320 112,369 80,009 Research and development 7,063 7,497 13,791 14,443 Total operating expenses 64,728 56,817 126,160 94,452 ‌ Operating income 8,384 6,507 10,529 31,818 ‌ Interest expense 7,270 8,304 14,933 16,130 Interest income (68) (353) (212) (727) Losses on inducement/extinguishment of debt 2,664 — 2,664 3,669 Other (income) expense, net (4,964) 983 (8,043) 2,392 ‌ Income (loss) before income taxes 3,482 (2,427) 1,187 10,354 Income tax expense (benefit) 2,137 (306) 347 4,942 ‌ Net income (loss) $            1,345 $          (2,121) $                840 $            5,412 ‌ Income (loss) per share: Basic $               0.03 $             (0.05) $               0.02 $               0.13 Diluted $               0.03 $             (0.05) $               0.02 $               0.13 ‌ Weighted-average common shares outstanding: Basic 44,296 41,683 43,270 41,487 Diluted 45,378 41,683 44,503 42,405 ‌ Net income (loss) $            1,345 $          (2,121) $                840 $            5,412 Other comprehensive income (loss): Foreign currency translation adjustments, net of tax 15,768 (2,323) 22,099 (3,851) Comprehensive income (loss) $          17,113 $          (4,444) $          22,939 $            1,561 Artivion, Inc. and Subsidiaries Condensed Consolidated Balance Sheets In Thousands ‌ June 30,2025 December 31,2024 (Unaudited) ASSETS Current assets: Cash and cash equivalents $              53,476 $              53,463 Trade receivables, net 91,440 79,462 Other receivables 9,810 6,431 Inventories 86,723 79,766 Deferred preservation costs 52,817 51,701 Prepaid expenses and other 24,554 19,257 Total current assets 318,820 290,080 ‌ Goodwill 253,802 240,958 Acquired technology, net 129,257 128,051 Operating lease right-of-use assets, net 39,690 39,726 Property and equipment, net 40,086 36,403 Other intangibles, net 29,183 28,332 Deferred tax assets, net 693 1,068 Other long-term assets 26,856 24,483 Total assets $            838,387 $            789,101 ‌ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $              19,426 $              17,971 Accrued compensation 15,896 18,342 Accrued expenses 11,381 11,834 Accrued interest 5,706 8,170 Taxes payable 2,849 2,934 Accrued procurement fees 2,569 1,704 Current maturities of operating leases 4,956 4,489 Current portion of finance lease obligations 710 601 Current portion of long-term debt 73 195 Other current liabilities 3,104 583 Total current liabilities 66,670 66,823 ‌ Long-term debt, net 215,538 314,152 Contingent consideration 52,670 52,880 Non-current maturities of operating leases 39,409 39,988 Deferred tax liabilities, net 23,455 20,183 Deferred compensation liability 8,730 7,977 Non-current finance lease obligations 3,055 2,833 Other long-term liabilities 8,958 8,065 Total liabilities $            418,485 $            512,901 ‌ Commitments and contingencies ‌ Stockholders' equity: Preferred stock $0.01 par value per share, 5,000 shares authorized, no shares issued — — Common stock $0.01 par value per share, 75,000 shares authorized, 48,592 and 43,432 shares issued as of June 30, 2025 and December 31, 2024, respectively 486 434 Additional paid-in capital 497,318 376,607 Retained deficit (60,426) (61,266) Accumulated other comprehensive loss (2,828) (24,927) Treasury stock, at cost, 1,487 shares as of June 30, 2025 ‎and December 31, 2024 (14,648) (14,648) Total stockholders' equity 419,902 276,200 ‌ Total liabilities and stockholders' equity $            838,387 $            789,101 Artivion, Inc. and Subsidiaries Condensed Consolidated Statement of Cash Flows In Thousands (Unaudited) ‌ Six Months EndedJune 30, 2025 2024 Net cash flows from operating activities: Net income $                 840 $              5,412 ‌ Adjustments to reconcile net income to net cash from operating activities: Depreciation and amortization 10,984 11,800 Non-cash compensation 14,167 7,730 Non-cash lease expense 2,510 3,897 Write-down of inventories and deferred preservation costs 2,379 1,508 Deferred income taxes (231) 994 Change in fair value of contingent consideration (210) (15,680) Losses on inducement/extinguishment of debt 2,664 3,669 Other (7,423) 1,178 Changes in operating assets and liabilities: Receivables (9,660) (6,446) Inventories and deferred preservation costs (5,521) (2,165) Prepaid expenses and other assets (6,215) (5,224) Accounts payable, accrued expenses, and other liabilities (6,226) (6,031) Net cash flows (used in) provided by operating activities (1,942) 642 ‌ Net cash flows from investing activities: Capital expenditures (6,925) (6,124) Net cash flows used in investing activities (6,925) (6,124) ‌ Net cash flows from financing activities: Proceeds from issuance of long-term debt — 190,000 Proceeds from revolving credit facility — 30,000 Repayment of debt (134) (211,688) Proceeds from exercise of stock options and issuance of common stock 4,459 3,587 Payment of debt issuance costs — (10,044) Proceeds from financing insurance premiums 3,117 — Principal payments on short-term notes payable (554) (1,027) Other (353) (272) Net cash flows provided by financing activities 6,535 556 ‌ Effect of exchange rate changes on cash and cash equivalents 2,345 1,005 Increase (decrease) in cash and cash equivalents 13 (3,921) ‌ Cash and cash equivalents beginning of period 53,463 58,940 Cash and cash equivalents end of period $           53,476 $           55,019 Artivion, Inc. and Subsidiaries Financial Highlights In Thousands (Unaudited) ‌ Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 2025 2024 Products: Aortic stent grafts $             39,841 $             32,190 $             76,443 $             64,293 On-X 25,572 20,645 47,146 40,326 Surgical sealants 19,288 18,545 37,394 35,526 Other 2,743 1,830 5,259 4,179 Total products 87,444 73,210 166,242 144,324 ‌ Preservation services 25,528 24,809 45,708 51,126 Total revenues $         112,972 $           98,019 $           211,950 $           195,450 ‌ North America 57,569 48,662 105,362 99,590 Europe, the Middle East, and Africa 38,713 34,145 75,758 67,733 Asia Pacific 11,131 9,653 19,345 17,262 Latin America 5,559 5,559 11,485 10,865 Total revenues $         112,972 $           98,019 $         211,950 $         195,450 Artivion, Inc. and Subsidiaries Reconciliation of GAAP to Non-GAAP Revenues  $ In Thousands (Unaudited) ‌ Revenues for the Three Months Ended June 30, Percent Change From Prior Year 2025 2024 US GAAP US GAAP Exchange Rate Effect Constant Currency Constant Currency Products: Aortic stent grafts $           39,841 $           32,190 $                 584 $           32,774 22 % On-X 25,572 20,645 41 20,686 24 % Surgical sealants 19,288 18,545 61 18,606 4 % Other 2,743 1,830 4 1,834 50 % Total products 87,444 73,210 690 73,900 18 % ‌ Preservation services 25,528 24,809 (17) 24,792 3 % Total $         112,972 $           98,019 $                 673 $           98,692 14 % ‌ North America 57,569 48,662 (46) 48,616 18 % Europe, the Middle East, and Africa 38,713 34,145 1,091 35,236 10 % Asia Pacific 11,131 9,653 — 9,653 15 % Latin America 5,559 5,559 (372) 5,187 7 % Total $         112,972 $           98,019 $                 673 $           98,692 14 % ‌ Revenues for the Six Months Ended June 30, Percent Change From Prior Year 2025 2024 US GAAP US GAAP Exchange Rate Effect Constant Currency Constant Currency Products: Aortic stent grafts $           76,443 $           64,293 $               (724) $           63,569 20 % On-X 47,146 40,326 (231) 40,095 18 % Surgical sealants 37,394 35,526 (256) 35,270 6 % Other 5,259 4,179 — 4,179 26 % Total products 166,242 144,324 (1,211) 143,113 16 % ‌ Preservation services 45,708 51,126 (84) 51,042 -10 % Total $         211,950 $         195,450 $            (1,295) $         194,155 9 % ‌ North America 105,362 99,590 (198) 99,392 6 % Europe, the Middle East, and Africa 75,758 67,733 (119) 67,614 12 % Asia Pacific 19,345 17,262 — 17,262 12 % Latin America 11,485 10,865 (978) 9,887 16 % Total $         211,950 $         195,450 $            (1,295) $         194,155 9 % Artivion, Inc. and Subsidiaries Reconciliation of GAAP to Non-GAAP General, Administrative, and Marketing Expense, EBITDA, Adjusted EBITDA, and Free Cash Flows In Thousands (Unaudited) ‌ Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 2025 2024 Reconciliation of G&A expenses, GAAP to adjusted G&A, non-GAAP: General, administrative, and marketing expense, GAAP $     57,665 $     49,320 $   112,369 $     80,009   Business development, integration, and severance expense (income) 3,050 2,033 266 (15,354) Cybersecurity incident 1,243 — 5,693 — Adjusted G&A, non-GAAP $     53,372 $     47,287 $   106,410 $     95,363 ‌ Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 2025 2024 Reconciliation of net income (loss), GAAP and EBITDA, non-GAAP to adjusted EBITDA, non-GAAP: Net income (loss), GAAP $       1,345 $     (2,121) $           840 $       5,412 Adjustments: Interest expense 7,270 8,304 14,933 16,130 Interest income (68) (353) (212) (727) Income tax expense (benefit) 2,137 (306) 347 4,942 Depreciation and amortization expense 5,538 5,891 10,984 11,800 EBITDA, non-GAAP 16,222 11,415 26,892 37,557 ‌ Non-cash compensation 6,122 4,252 14,167 7,730   Business development, integration, and severance expense (income) 2,568 2,033 (489) (15,354) Cybersecurity incident 1,683 — 6,429 — Losses on inducement/extinguishment of debt 2,664 — 2,664 3,669 (Gain) loss on foreign currency revaluation (4,495) 943 (7,351) 2,353 Adjusted EBITDA, non-GAAP $     24,764 $     18,643 $     42,312 $     35,955 Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 2025 2024 Reconciliation of cash flows from operating activities, GAAP to free cash flows, non-GAAP: Net cash flows provided by (used in) operating activities 15,011 6,135 $     (1,942) $           642 Capital expenditures (3,287) (2,513) (6,925) (6,124) Free cash flows, non-GAAP $     11,724 $       3,622 $     (8,867) $     (5,482) Artivion Inc. and Subsidiaries Reconciliation of GAAP to Non-GAAP Net Income and Diluted Income Per Common Share In Thousands, Except Per Share Data (Unaudited) ‌ Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 2025 2024 GAAP: Income (loss) before income taxes $      3,482 $    (2,427) $       1,187 $     10,354 Income tax expense (benefit) 2,137 (306) 347 4,942 Net income (loss) $      1,345 $    (2,121) $          840 $       5,412 ‌‌ Diluted income (loss) per common share $        0.03 $      (0.05) $         0.02 $         0.13 Diluted weighted-average common shares outstanding 45,378 41,683 44,503 42,405 ‌ Reconciliation of income (loss) before income taxes, GAAP to adjusted income, non-GAAP: Income (loss) before income taxes, GAAP: $      3,482 $    (2,427) $       1,187 $     10,354 Adjustments:  Amortization expense 3,427 3,793 6,815 7,660  Business development, integration, and severance expense (income) 2,568 2,033 (489) (15,354)  Non-cash interest expense 485 484 1,028 1,064  Cybersecurity incident 1,683 — 6,429 —  Losses on inducement/extinguishment of debt 2,664 — 2,664 3,669  Adjusted income before income taxes, non-GAAP 14,309 3,883 17,634 7,393 ‌ Income tax expense calculated at a tax rate of 25% 3,577 970 4,408 1,848  Adjusted net income, non-GAAP $    10,732 $      2,913 $     13,226 $       5,545 ‌ Reconciliation of diluted income (loss) per common share, GAAP to adjusted diluted income per common share, non-GAAP: Diluted income (loss) per common share, GAAP: $        0.03 $      (0.05) $         0.02 $         0.13 Adjustments:  Amortization expense 0.07 0.09 0.15 0.18  Business development, integration, and severance expense (income) 0.06 0.05 (0.01) (0.36)  Non-cash interest expense 0.01 0.01 0.02 0.02  Cybersecurity incident 0.03 — 0.14 —  Losses on inducement/extinguishment of debt 0.06 — 0.06 0.09  Tax effect of non-GAAP adjustments (0.06) (0.04) (0.09) 0.01  Effect of 25% tax rate 0.04 0.01 0.01 0.06 Adjusted diluted income per common share, non-GAAP $        0.24 $        0.07 $         0.30 $         0.13 ‌ Reconciliation of diluted weighted-average common shares outstanding GAAP to diluted weighted-average common shares outstanding, non-GAAP: Diluted weighted-average common shares outstanding, GAAP: 45,378 41,683 44,503 42,405 Adjustments:  Effect of dilutive stock options and awards — 941 — —  Diluted weighted-average common shares outstanding, non-GAAP 45,378 42,624 44,503 42,405 SOURCE Artivion, Inc. 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