ATLANTA, April 28, 2011 /PRNewswire/ — CryoLife, Inc.
(NYSE:
CRY), an implantable biological medical device and
cardiovascular tissue processing company, announced today its
results for the first quarter of 2011. Revenues for the first
quarter increased 2 percent to a quarter record of $30.2 million
compared to $29.7 million for the first quarter of 2010.
“We continue to post record quarterly revenues and generate
strong operating cash flow, allowing us to invest in our internal
product pipeline and pursue strategic business development
opportunities,” stated Steven G. Anderson, president and chief
executive officer. “With last year’s acquisition of worldwide
manufacturing and distribution rights to PerClot®, and the
pending acquisition of Cardiogenesis, we are repositioning the
Company for accelerated revenue and earnings growth.”
Net income for the first quarter of 2011 was $1.7 million, or
$0.06 per basic and fully diluted common share, compared to net
income of $1.9 million, or $0.07 per basic and fully diluted common
share, for the first quarter of 2010. Excluding pretax
expenses of $1.2 million related to the Company’s proposed
acquisition of Cardiogenesis and other business development
activities, non-GAAP adjusted net income for the first quarter of
2011 was $2.4 million, or $0.09 per basic and fully diluted common
share.
Preservation service revenues for the first quarter of 2011
increased 1 percent to $15.7 million compared to $15.6 million for
the first quarter of 2010. The increase in preservation
service revenues for the first quarter of 2011 was primarily due to
an increase in vascular tissue average service fees and an increase
in shipments of vascular tissues, largely offset by a decrease in
shipments of cardiac tissues.
Product revenues, which consist primarily of sales of
BioGlue®, P
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