Orthopaedic tissue preservation revenues decreased 41 percent for the full year of 2007 to $4.2 million, compared to $7.1 million in 2006, and decreased 71 percent for the fourth quarter of 2007 to $552,000, compared to $1.9 million in the fourth quarter of 2006 because the Company stopped procuring and processing such tissue in January 2007 pursuant to its Exchange and Service Agreement with Regeneration Technologies, Inc.
"The strategic initiative that we announced in late 2006 and implemented throughout 2007 has resulted in record setting tissue preservation and product revenues for fiscal year 2007," noted Steven G. Anderson, CryoLife president and chief executive officer.
All statements relating to the Company's fourth quarter and full year 2007 revenues contained in this release are preliminary and unaudited and may change based on the completion by the Company's management and independent auditors of customary year-end closing procedures.
About CryoLife, Inc.
Founded in 1984, CryoLife, Inc. is a leader in the processing and distribution of implantable living human tissues for use in cardiac and vascular surgeries throughout the United States and Canada. The Company's BioGlue(R) Surgical Adhesive is FDA approved as an adjunct to sutures and staples for use in adult patients in open surgical repair of large vessels. BioGlue is also CE marked in the European Community and approved in Canada and Australia for use in soft tissue repair. The Company also distributes the CryoLife-O'Brien(R) stentless porcine heart valve which is CE marked for distribution within the European Community.
Statements made in this pres
|SOURCE CryoLife, Inc.|
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