Q2 2025 Artivion Inc Earnings Call
Good day, ladies and gentlemen, and welcome to the artivion. Second quarter 2025 earnings call our host. For today's call is Lain Morgan. Investor relations Gil, Martin group,
At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session. I would now like to turn the call over to your host Lane. You may begin.
Please operator, good afternoon and thank you for joining the call today. Join me today for my TV and management. Team are Pat Madden, CEO and lamp Berry CFO.
Before we begin, I'd like to make the following statements to comply with the Safe Harbor requirements of the private security litigation Reform, Act of 1995.
Comments made on this call that look forward in time as all risks and uncertainties in our policy statements within the meeting of the private security litigation on the Farm Act of 1995.
Look forward looking statements. This is statements made as to the companies or management intentions, hope beliefs expectations or predictions of the future. Before looking statements are subject to a number of risks, uncertainties estimates and assumptions, that may cause action results to different materials from those for the statement from these 4 business days,
Additional information concerning.
Certain risk and uncertainties that may impact these 4 looking statements. This contains some time to tie in the city's SEC filings. And in the press release that was issued earlier today. You can also find a brief presentation with detailed highlighted on today's call on the investment. Relation section of the activity website.
Now, I'll turn it over to our TV and CEO, Pat Mackin.
Uh, thanks Lane and good afternoon everybody. Um, please report that our strong business momentum continued through the second quarter as we delivered. Total constant currency Revenue, growth of over 14% and adjusted Evita growth of 33% year-over-year.
We may continue to early progress with our ongoing amds, launch following FDA humanitarian design device, exemption approval, or HDE approval. And we remain on track with each of our key, clinical and pipeline initiatives aimed at expanding our adjustable Market.
During the quarter, we also took steps to strengthen our balance sheet and meaningfully reduced our net. Leverage by retiring. Our convertible note due in 2025, which lanch will detail further,
our Q2 performance was enabled by continued growth across our product portfolio with exceptional strength and Us onx sales.
Product category, standpoint, Onyx Revenue, increased 24% year-over-year on a constant currency basis as we continue to take market share globally. We're the only mechanical aortic heart valve, that can be maintained at a low INR of 1.5 to 2.0.
Based on the proven clinical results of the Onyx aortic valve and the growing body of evidence supporting these, the use of mechanical valves in younger patients.
We maintain our strong conviction that the Onyx is the is the best aortic valve on the market for patients, under the age of 65 and will continue to take market share worldwide.
Our us, Onyx performance was particularly strong as we benefited from a continued growth in awareness and Adoption of our Onyx valves driven by positive new data and cross-selling opportunities for our initial amds launch.
This cross-selling dynamic in particular, is reinforced our conviction in our Innovation driven multi-prong growth strategy.
In further strengthening our confidence in both our near- and long-term outlooks for growth and profitability.
To that end, stcraft revenues grew 22% on a constant currency basis in the second quarter compared to compared to the same period last year.
As the US amds, launch accelerated, our growth rate.
Our snack graph portfolio remains a key component of our growth strategy.
And we are encouraged by our strong results which are driven by our differentiated portfolio of products. Focused on the more complex segments of the stank Craft Market,
Today, the products in our stent graph portfolio are sold primarily in Europe, where we leverage our existing direct sales infrastructure to create significant cross-selling opportunities across our unique aortic product offering.
Our pipeline consists largely of bringing, some of these proven products to the US and Japan representing a significant growth opportunity.
the first of these products is amds, as mentioned, we're pleased with the ongoing us launch of amds,
following our recent HD approval, in late 24.
As a reminder, there are 3 steps to each Center. Must complete before implanting an amds, as part of the amds launch process.
First, each hospital needs to receive a sitewide RB approval, except in the case of emergency use.
Second, we need to have amds approved by the hospital value analysis committee or the vak.
And third surgeons must be trained on this device.
Reception to the launch has remained extremely encouraging with more hospitals, progressing through the IRB and Vac approval process.
As expected amds Revenue grew meaningfully on a sequential basis in Q2.
Reflecting strong, early demand and revenue from initial stocking orders.
Meanwhile feedback from Physicians already, using the device has been over overwhelmingly positive. Overall, we're encouraged by the early commercial traction of amds, as we begin to tap into what we estimate to be 150 million annual Market opportunity with limited competitive alternatives.
In addition, Bioglue grew 4% on a constant currency basis compared to the same period last year, and we continue to see growth with the product in all of our major markets.
Lastly, tissue processing, which has been the category, most heavily impacted Last by last year's cyber event.
Increased 3% year-over-year on a constant currency basis in Q2.
As a reminder, a significant portion of our tissue revenues come from our synagogue pulmonary valve for which demand outstrips Supply, every quarter. And therefore we hold no inventory.
Due to Extended lead times for tissues that were in process or received During the period impacted by the cyber security event.
There's a backlog of product that has not yet been released.
Since last quarter, we've continued to make progress in reducing the backlog and remain on track to clear it by the end of the third quarter.
Looking ahead. We are we are confident that our tissue business can be a mid single digit grower for the full year of 2025 and over the long term.
I'll now turn to the pipeline.
In July, we received investment goal, investigational device, exemption approval, or ID approval, from the FDA.
To begin our us pivotal trial for our CVO LSA.
This is our third generation Frozen elephant. Trunk used to replace the entire aortic. Arch,
The trial will evaluate the safety and effectiveness of our sibo in the treatment of acute and chronic Arch pathologies. And when we're all 132 patients and up to 30 sites,
we are optimistic that the trial would be successful, which is supported by the positive clinical results from our current generation Frozen health, and trunk called The veto open Neo
While the HD enables us to commercially distribute, amds in the US, prior to receipt of the PMA, we continue to focus on securing the PMA for amds.
Last quarter, we were pleased to have been informed by the FDA that it completed its review of our manufacturing and quality management system modules.
Today, we've already filed, 3 of the 4 modules. And we're keeping, our this keeps us on track for an FDA approval in mid 2026.
Lastly, on our pipeline, assuming we acquire endospan.
Nexus remains on track for approval in the second half of 2026.
As I spoke about during the q1, call endospan presented, its late breaking 30-day data from the Nexus, usid trial in a early May
This is the first FDA trial for an endovascular treatment of chronic dissections in the aortic. Arch.
Focus on patients at high risk for open surgery.
The data indicated the trial would meet its protocol defined primary and points of a 63% reduction in major Adverse Events relative to the comparators.
In our conversations with physicians at ATS, surgeons were generally impressed with the 30-day result and were extremely positive.
Surgeons were particularly pleased with the performance across stroke and renal endpoints, which was quite favorable compared to published data for alternative endovascular treatments.
Overall, it was a great quarter. We accelerated our Topline growth rate for both Onyx and stances to over 20%.
We hit another significant milestone in our pipeline.
Uh, execution with our cvid approval and we significantly improved, our capital structure by eliminating approximate approximately 100 million of convertible debt.
We're excited about our progress to date in 2025 and our confident in our ability to deliver sustainable. Double digit Revenue growth.
Drive, EBA margin expansion and grow adjusted IBA twice, the rate of constant currency Revenue growth,
With that, I'll now turn the call over to Lance.
Thanks Pat and good afternoon everyone. Before I begin, I'd like to remind you to, please refer to our press release published earlier today for information regarding our non-gaap results, including a Reconciliation of these results to our Gap results.
Additionally, all percentage changes discussed will be on a year-over-year basis. And revenue. Growth rates will be in constant currency unless otherwise noted
total revenues were 113 million for the second quarter of 2025 up over 14% compared to Q2 of 2024
Meanwhile, adjusted Ava, die increased approximately 33% from 18.6 million to 24.8 million in the second quarter of 2025.
Adjusted even on margin was 21.9% in the second quarter of 2025, and approximately 300 basis, point improvement over the prior year driven by improvements in gross margin, leverage in sgna and timing of R&D spend.
From a product line perspective, Onyx revenues increased 24%, Stint revenues grew 22%, Bioglue revenues grew 4%, and tissue processing revenues grew 3% in the second quarter of 2025.
On a regional basis. Revenues in North America, increased 18%, asia-pacific increased 15% emea. Increased 10% in Latin America, increased 7% all compared to the second quarter of 2024
our as reported expenses included, approximately 1.7 million in Q2 associated with the 2024, cyber security incident, which are excluded from adjusted, evida
While we have sought insurance reimbursement, reimbursement, for some of these costs, the process will take some time. We will exclude any insurance proceeds. We received from adjusted, evida as well.
Gross margins were 64.7% in Q2 compared to 64.6% in the second quarter of 2024.
9 Gap, gross margins were 65.1% in Q2 2025 reflecting a 50 basis. Point increase from 2024 due primarily to favorable, mix from amds HDE revenues in the US and exceptional Onyx growth, particularly in the US.
General administrative and marketing expenses. In the second quarter were 57.7 million compared to 49.3 million. In the second quarter of 2024.
Non-gaap General administrative and a marketing expenses were 53.4 million or 47.2% of sales. In the second quarter compared to 47.3 million or 48.2% of sales. In the second quarter of 2024 reflecting, a 100 basis, point Improvement while funding our amds HDE launch costs.
Of 2024 reflecting timing of clinical expenses.
Interest expense. Net of interest income was 7.2 million as compared to 8 million in the prior year.
Other income and expense, this quarter included foreign currency translation, gains of approximately 4.5 million.
Free cash flow was 11.7 million in the second quarter of 2025.
As Pat mentioned. During the quarter, we took action to significantly de-lever our balance sheet by returning. Our convertible senior notes due 2025. As we announced in, may, we successfully completed exchange agreements, to convert approximately 99.54 million, principal amount for an aggregate of 4.3 million, shares of common stock.
Approximately 460,000 in aggregate principal amount remained outstanding as of June 30th, and was settled with approximately 20,000, shares of common stock at maturity on July 1st.
turning to cash and liquidity, we ended the quarter with approximately 53.5 million in cash and 215.6 million in debt net of 4.9 million of unamortized loan, origination costs,
We do not anticipate the need to raise additional Capital to fund our debt. Obligations our investments in our channels, or our pipeline in the physio foreseeable future.
At the end of the second quarter, our net leverage ratio was 2.2 down from 4.1 in the prior year.
And now, for our outlook for the remainder of 2025, given our momentum, in the first half of the year, we are raising the midpoint of our full year 2025 Revenue guidance. And now expect constant currency growth between 12 and 14% compared to the previous range of 11 to 14%.
We expect reported revenues to be in the range of 4305 to 443 million compared to our previous range of 423 to 435 million, reflecting greater confidence in our overall growth Outlook and an adjustment to our foreign currency assumptions for the second half of the year.
This guidance range, reflects our current estimate the full year. 2025 currency impact will be approximately flat to 2024
Given our strong topline revenue growth and success with general expense management through the first half of the year, we are also raising the midpoint of our full-year adjusted EBITDA guidance.
We now expect adjusted, EBA to be in the range of 86 to 91 million compared to 84 to 91 million dollars. For the full year. 2025 representing a 21 to 28% growth over 2024 and approximately 200 basis points of adjusted, evida margin expansion at the midpoint of our ranges.
This guidance reflects a second half Revenue growth rate of 17% at the midpoint.
A 2 and 1/2 percentage point.
Higher than Q2 driven primarily by the expected normalization of our remaining preservation Services, backlog in Q3. And the continued sequential growth of amds HDE revenues in the US.
With that, I will turn the call back to Pat for its closing comments. Uh, thanks, Lance. So to conclude we're very pleased with our second quarter performance, which we believe reflects the strain of our highly differentiated and highly defendable product portfolio.
We continue to deliver meaningful, top and bottom line growth.
Advance our robust pipeline and enhance our balance sheet.
We remain confident in our ability to deliver double-digit Revenue growth at 2 timeslot.
More specifically, we expect future growth to be driven by the following key initiatives.
First, the amds HDE Lodge.
We're in the middle of commercializing amds in the US and starting to penetrate the 150 million annual Market opportunity.
Second, Onyx, heart valve data.
We are marketing the JACK, which is the Journal of the American College of Cardiology clinical data showing a mortality benefit in patients under 60 years of age, compared to bioprosthetic or tissue valves.
this is a new hundred million dollar annual Market opportunity that we will be pursuing with the only mechanical aortic heart valve, that can be maintained at an INR of 1.5 to 2.0.
Third.
The Nexus, PMA, positive 30-day data, from Anderson spans Triumph trial.
End of span remains on track for PMA approval in the second half of 2026.
This data presented in May, would assuming if we exercise our option to acquire into span, bring us 1, step closer to being able to access the annual Market opportunity of 150 million.
And forth. The ribo LSC. LSA IDE approval.
For the treatment of acute and chronic sections in the aorta.
Finally, I want to thank all of our employees around the globe for the continued dedication, to our mission of being a leading partner to surgeons focus on Eric disease with that operator. Please open the line for questions.
At this time, we will conduct the question and answer session. If you would like to ask a question, please press star then the number 1 on your telephone keypad now and you will be placed in the queue in the order received, once again to ask a question, press star, then the number 1 on your telephone keypad now,
Your first question comes from Bill. Plain with conic cord genuity, your line is open.
Uh, great thanks. Uh, thanks for taking my question, good evening, um, uh, uh, just really want to just focus in on the amds. I think, you know, last quarter you had made the comment regarding 150 hospitals, actively seeking IRB and back, kind of, where are you in that process? Have you added more accounts? Because I think there's 600 total and are there other kpis that you're looking at and then just, secondly. Um, I think really interestingly, you talked about the cross-selling, I wonder if you could expand on that. You know, what products are they picking up? What type of penetration rates are you're seeing on those training sessions, anything to help us kind of give us some caller on, uh, how that may impact the rest of the business. Thanks.
The bill, this is Lance. Maybe I'll address the the metrics question and let Pat talked about how things are going. So you know, last quarter we did give uh some non-financial metrics to try and give everyone some feel for how the launch was going early on particularly given that Revenue was pretty minimal. Um, I think we tried to be clear with people to not necessarily expect us to continue to give that every quarter, and we didn't give it this quarter, I will say that our, um, our pipeline is continuing to build. And those metrics had. I given them would be larger this quarter than they were last quarter, um, but probably leave it at that. And then I'll let Pat talked about how the launch is going.
Yeah. So, you know, and also just a correction, there's about a thousand accounts that, uh, you you mentioned 600. Um, I think on previous calls we've commented that about 80% of the, um, you know, 75% of the volume is in the top 600 centers. Uh, but there's about a thousand accounts that do, uh, acute type A's in the US. Um, as far as your question about cross-selling, you know, we're we're doing trainings every month, uh, where we bring, you know, up to 20 surgeons. Um,
To these to these centers to learn is a it's a 1-day program to learn how to implant the amds.
Um, and, you know, we're obviously building relationships with those customers. Some are existing customers, some are customers. We haven't, you know, they may buy bio group, but may not buy our onx valve.
And as they get to understand the, the amds technology and then they understand the Onyx technology and the new data. Um, we've literally had customers, leave the amds training and start using Onyx when they get back to their hospital. So you know, we we thought there'd be some crops Crossing benefit. It was a little more profound than I than I thought it would be kind of as quickly as that.
Uh great thanks. And then if I can ask 1 more, I will it's just bioglue in China. There wasn't really any commentary on that. Just wondering if you could give us an update there and thanks again for taking my questions.
yeah, so, when we, when we talked about the, the launch of bioglue, um, we said we, it was really a second half, uh, 2025, uh, given the
You know, all the kind of Hoops you have to jump through with the provinces and the hospital, contracts Etc. So you know we we should start start seeing bioo in the second half of this year. So we really haven't talked more about it than than what we've previously put out.
Your next question comes from John McCauley with stifel your line is open.
Hi. Pat Lancer. Congrats on the strong, 2q performance just wanted to start off on on guidance. There's a few moving pieces. Just want to make sure I have this, right? There's there's
Currencies moving towards flat impact for the year. There was 2, q outperformance, but you're also feeling pretty strongly about 2q. 25, could you just talk through, how all those Dynamics are impacting the updated guide
That was above. That was above that. That was good. Underlying strength, our currency. Assumption also turned out to be conservative for the second quarter, um, which I'm sure people have seen that with the euro dollar in particular is done. And so that drove some of the outperformance in Q2 on an as reported, you know, Topline Revenue number and then at this point, you know, I think we, we needed to just acknowledge that currencies moved in a, in a pretty positive way, and go ahead and build a little bit of that into our guidance for the second half. So that those are at a high level, the, the moving pieces, but you can see. We also moved up our full year expectation. For constant currency Revenue, to 12 to 14%
Got it, that that's helpful. And I wanted to follow up on amds. I know, we'll just ask about it. But we've recently, uh, done some checks in that space and just wanted to get your sense on uh, physician adoption and utilization. What we've heard is that once doctors get this in their hands, they're not really feeling, uh, a sense of of caution that, that it's a new device there, excited about it and they're, they're sort of immediately integrating it into their practices. Can you just talk about what you're seeing from that dynamic or physician steadily ramping or they adopting immediately? Any thoughts? There would be helpful. Thanks.
Yeah, so I think I think 1 of the and we've we've kind of reiterated this on previous calls. I think, 1 of the real advantages of amds is it's, it's a simple, elegant solution to this problem.
um,
It, it solves a big clinical problem, uh, for patients, which is Mal profusion. And we were hearing case. After case of
You know, patients coming in with, you know, Mal Mal profusion basing? Blood's not flowing where it's supposed to go with with legs not showing up on MRIs or CT scans, uh, you know, no blood flow and then they put an amds into the patient's got blood flow back to their legs. Um,
So, it's, it's an amazing device, but it's super simple. Um, we do a 1 day training, we want to make sure we're very clear about people how to size it, um, how to implant it?
But after that it's super simple, it's easy. Uh and you know I think that's 1 of the real benefits is that you know every aortic surgeon in the US or a surgeon that puts aortic valves in can use this device and B if and it could be effective for them. So um
you know unlike a some some technologies that are super complicated to use. This is not 1 of them and I think that's going to be 1 of the real benefits of the product going forward.
Nice to take the questions.
Your next question comes from Frank tuckin with Lake Street. Capital, your line is open.
Hey, this is Nathan on for Frank and thanks for taking the questions and congrats on all the progress here. Um, obviously we've talked in the past about Andy s and future launches kind of layering on to the existing sales force. Maybe just talk a bit more about that. I think the last I saw was the 55 person, commercial team handling, the ramps and correct me if I'm wrong there but and understand it's still early in the end but any incremental targeted expansion that you're looking at kind of now or is that something you'd maybe take on with PMA approval.
Yeah, so, you know, we've we've talked previously, I mean, we, we don't really see, uh, a huge difference with the PMA approval. I mean, other than not having to get an IRB. Um, but I think to point you bring up is a, is a good 1, right? So, I mentioned earlier on the, on the first question, there's about a thousand centers that do amds implant that can do an amds. They do acute type A dissection surgery.
You know, we're we're pretty strong our team of, you know, 50 plus reps is pretty strong in the top, 600 centers.
You know, we sell things in all 10,000, but it's not the, the last 4 400 aren't exactly a top Focus for us.
So that is something we're evaluating, um, maybe in the second phase of the launch, but we're not going to get into specifics on this call. Uh, you know, we will talk about that more when it happens, uh, down the road.
Okay, makes sense. Thank you. And then on our CVO, maybe just walk us through kind of the next steps there with ID approval in hand. And I heard you say, you, you expect to start that trial kind of by year end, but maybe just me additional color. You can provide their on timelines or anything. Yeah, so thanks. Yeah. So we, yeah, we were super excited to get the approval. Uh, so we got FDA approval. Now it's just like any clinical trial in the medical device space. Um, we've got to get a contract with the hospital, we have to get an IRB with a hospital for the trial, um, you know, we've already got devices, uh, you know, sterile devices coming in. Um, so you know it's really just how long it takes us to get through the Contracting and the irbs at the hospitals. And you know, we expect to enroll our first patient before the end of the year.
Your next question comes from Saj Kya with Oppenheimer. Your line is open.
Hey, Lance, this is Jacob on for Suraj, thanks for taking the questions and uh, congrats on the quarter. So just wanted to start off with your uh guide to adjusted. Evita growing about twice as fast as the Top Line. Uh, which suggests a shift in mix? Could you help break down what's driving that leverage and I guess more specifically. What's the expected contribution from uh, the amds launch on gross margin expansion? And how a creative do you see that being over time?
Yeah, so I I think things are playing out the way we expected. At the beginning of the year, we talked about, um, you know, the ibida margin kind of coming from both sgna leverage but also that we thought we could get about a point of gross margin expansion. This year, primarily due to mix and so far that's, you know, we're starting to see that play out. We had uh about 50 basis points of gross margin expansion, this quarter early on in the launch. So we do think that that can drive gross margin expansion going forward, which can be another enabler for ibadan, margin expansion. You know, this year we we, we are making sure that we invest every dollar we need to end this launch to make sure it gets off, um, to a great start. So it's probably not quite
As much drop through. But if you look in the the outer years, I mean, this is an extremely high, gross margin product. This being sold through the the exact same sales force. So, be expected to be a significant contributor to ibida in the future.
Yeah, I know that's very helpful and then just on, uh, on X. So it's been, uh, consistent growth driver for you.
To the last few years. How stable is that business looking at and really on that note, can you provide any directional color on what's embedded in the guide for Onyx and the uh stent graph portfolio?
Yeah, I'll take the first part. Um,
you know, we we've
Ever since we launched the linear for for a, for the Onyx valve, which was uh, when we acquired the company back in 2016, we've consistently grown that business, double digits. I think the kegger over the last
7 or 8 years is like 12 or 13%. Um, you know, I talked about on the last call that we've got a bunch of things going on. In our favor. We've got the only indication for low INR.
We've got the amds launched with the cross-selling opportunities. I just mentioned earlier.
We've got the 5-year post approval data, that shows an 87% reduction in major bleeding.
And then there was a paper presented at STS in January showing. If you get a mechanical valve under the age of 60, you have a mortality benefit versus a tissue valve.
So we haven't even started marketing that to cardiologist in the business is growing over 20%.
So we're seeing a, uh, kind of an acceleration of Onyx based on all those factors. Um, and we're not going to break out, you know what we're thinking for, in the back half. I mean, we, we have the segments we report against, um,
but it's been obviously very robust.
yeah, and I think on, on the guidance thing, you know, we're not going to
Get into.
The the nitty-gritty on, what's the change. But, you know, at the beginning of the year, we laid out kind of our standard set of parameters of, you know, how we think about their different product lines, growing longer term with, you know, kind of Bio glue and tissue is a mid single digit growth, rate businesses, and Onyx is a low double digit and and stint graphs before taking into account amds in the US is kind of a mid teens business and then you know us amds adding incremental growth over that.
And then you know, since then we've moved our midpoint up twice, you know, in the both of the the first and second quarter call and I would I think I would just say you know definitely the Onyx performance in the US in the strength. We're seeing in that business uh is definitely a big contributing factor to our ability to raise the midpoint
Your next question comes from Mike Matson with nem. Your line is open.
Onx in the quarter. As you said there was you know, cross selling you guys are seeing cross selling opportunities with amds and onyx.
Um so just wondering. Yeah if there's any 1 times in that Onyx or you know, is this all data and you know, awareness driven
Yeah, so the the fastest growing the biggest market and the fastest growing Market is in the US and we don't, we don't do any bulk deals. We don't do any, uh, you know,
Kind of individual sales, it's all off Consignment and use.
Um, so
the big chunk of that growth rate is coming off implants.
Okay. Okay. Okay perfect. Um, and then maybe just um a quick 1 um, on the Artisan trial
Um, appreciate the color you guys have given so far. I'm just curious maybe a little bit more on the, on the trial. What does you know, follow-up time look like um is there any idea on? You know, when data readouts could be and I guess just given, you know the complexity of the procedures does it take a while to train surgeons who opted into this trial has has training like that already, you know happened with you with um you know with our TV on
Yeah. So so this is a, you know once again it's a little bit like my comments on amds. I mean 1 of our mantras at the company is to come up with simple, elegant solutions, that improve outcomes.
Uh, amds is kind of a poster of that. Um, the our, our sibo device, which is, uh, the trial called Artisan. Um, it's the first Frozen elephant trunk device that has a branch subclavian, um, feature on it.
That's going to make the procedure easier. Um, so it's important to note all the surgeons in this trial.
Already performed. Frozen elephant. Trunk operations.
Um, they use a competitive device. Um, we think ours will be easier to use faster and provide better outcomes. So, um, we don't think that is a, you know, there'll be some, there will be some be Hands-On training because they have to get familiar with our delivery system.
And the new device, but it's it's really not a huge training lift. Um,
So we expect this trial to ramp pretty quickly.
Okay, thanks very much, and congrats on the quarter. You guys are very strong.
Thanks.
Your next question comes from Destiny. Hands with ladenburg fulman. Your line is open.
Hey, thank you for taking the questions. Um, just 1 for us. I'm, I'm sorry if I missed it so serious. If you could talk about some price and Trends, um, and this is seeing any any, um, changes in pricing and and power there.
Yeah, so definitely your question was just an overall question about pricing environment and and what we're seeing is that correct?
Yes, please.
Yeah, I mean, we've talked about this before. I mean, the nature of our devices is, you know, they're generally life-saving.
And uh not super high volume from a uh individual line arm in the hospital. And you know, because of that, we typically have not seen price pressure and have really had an ability to drive, you know, modest inflationary type price increases consistently over time and you know, that continues to be the case. Now, I know in in previous years, we've had some kind of exceptionally large price increases and individual products. We don't really have any of that going on at the moment, this is really more volume driven with just kind of normal inflationary price uh benefit.
Great, thank you. I appreciate it.
Your next question comes from Dan stouter with citizens JMP. Your line is open.
Yeah, hey Chris, thanks for the questions. Um, I just had a few uh quickly so following up on the onx growth.
Uh, it's been talked a lot about, but just wanted to try to get a sense of how much of it was due to those cross-selling benefits.
It seems like the business is still really strong beyond that, but could you give us any color on how much the quarters contribution was from new accounts from that halo effect of amds? And, you know, maybe if you have any metrics on higher utilization for onx that would that would be really helpful. Thank you.
Yeah, so we're not going to get into the nitty-gritty on on utilization, but I will say definitely. Um, there was a meaningful uptick from new accounts.
Customer base. It is definitely also driven by new customers.
Okay, that's great. And then uh, just 1 follow-up.
The free cash flow, um, great Improvement during the quarter. I just wanted to get a sense of how we should be thinking about it for the back half of 25.
Any Cadence, we should keep in mind and any more notable cash items that we should be thinking about for the rest of the year.
Yeah, I will say, you know, timing of cash can make things fluctuate quarter to quarter, but you know what, we've said consistently and we we still say that we expect to be positive for the full year. Um, we did have a really good quarter this year, this quarter, which we needed to because some of that was catch up from q1. Um, I would say a year to date. We feel like we're in a pretty good spot to deliver on our objective of being free, cash flow positive for the full year.
Great. Thanks for the good questions and great quarter.
Thanks.
Mr. Mackin there are no further questions at this time. I would like to turn the floor back over to management for closing remarks.
Well, thanks for attending. Uh, again, we're super excited about the quarter. Uh, we appreciate you all joining. Um, we've got a lot of momentum. We're growing double digits. We're going twice as fast on the bottom line.
We're generating cash. We deliberate, uh, and we've got a lot of growth drivers. We talked about at new clinical, uh, trial starting. So, um, you know, we're super excited and, you know, look forward to reporting out again. Next quarter.
This concludes today's call, thank you for attending and have a wonderful rest of your day.