ATLANTA, July 28, 2011 /PRNewswire/ — CryoLife, Inc.
CRY), a leading tissue processing and medical device Company
focused on cardiac and vascular surgery, announced today its
results for the second quarter and first six months of 2011.
Revenues for the second quarter were a record $29.4 million
compared to $29.3 million for the second quarter of 2010.
Revenues for the first six months increased to a record of
$59.6 million compared to $59.0 million for the first six months of
“In May we completed the acquisition of Cardiogenesis, followed
by comprehensive training for our sales force on their product
line. The business integration is on track and we continue to
be excited about the potential synergies of the combined
companies,” stated Steven G. Anderson, president and chief
executive officer. “Over the past year, we have acquired the
distribution and manufacturing rights to PerClot®, acquired
Cardiogenesis and made an equity investment in ValveXchange,
demonstrating our commitment to leveraging our core business and
infrastructure to selectively enter business transactions that
create value for our shareholders.”
Net income for the second quarter of 2011 was $1.8 million, or
$0.07 per basic and fully diluted common share, compared to net
income of $2.9 million, or $0.10 per basic and fully diluted common
share, for the second quarter of 2010. Excluding pretax
expenses of $1.4 million related to the Company’s acquisition of
Cardiogenesis and other business development activities, non-GAAP
adjusted net income for the second quarter of 2011 was $3.3
million, or $0.12 per basic and fully diluted common share.
Net income for the first six months of 2011 was $3.5 million, or
$0.13 per basic and fully diluted common share, compared to net
income of $4.9 million, or $0.17 per basic and fully diluted