Total tissue preservation services revenues were approximately $11.3 million in the third quarter of 2007, compared to $10.3 million in the third quarter of 2006, an increase of 10 percent. Total tissue preservation services revenues were approximately $36.0 million in the first nine months of 2007 compared to $29.8 million in the first nine months of 2006, an increase of 21 percent.
"We expect to post another profitable quarter for the third quarter of 2007. However, based on the results of the first nine months of 2007, we believe that we will be slightly below the lower end of our previous range of revenue guidance, which was $93 million," noted Steven G. Anderson, CryoLife president and chief executive officer.
"In addition, I'm pleased to announce that the FDA has completed a re- inspection of our facilities and no 483 Notice of Observations was issued. The re-inspection was related to our 510(k) submission for our CryoValve SG heart valve," Mr. Anderson added. "The re-inspection, coupled with our recent response to the FDA, completes the actions required of us at this point in connection with the FDA's review of our 510(k) application for our CryoValve SG heart valves. We remain optimistic that we will receive clearance for our CryoValve SG heart valve 510(k) application," Mr. Anderson concluded.
All statements relating to the Company's 2007 third quarter and first nine months revenues contained in this release are preliminary and unaudited, and may change based on the completion of customary quarter-end closing and review procedures.
Webcast and Conference Call Information
CryoLife's third quarter 2007 financial results will be released on Thursday, November 1, 2007. The Company will hold a teleconference call and live webcast at 10:00 a.m. Eastern Time, November 1, 2007, to discuss the results followed by a question and answer session hosted by Mr. Anderson.
To listen to the live t
|SOURCE CryoLife, Inc.|
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