CryoLife Reports Record Quarterly Revenues of $28...(liability losses. General administrativ...),Health

Research and development expenses were $1.4 million and $1.3 million for the second quarters of 2009 and 2008, respectively. Research and development expenses were $2.4 million and $2.8 million for the first six months of 2009 and 2008, respectively. Research and development spending in 2009 is primarily focused on the Company's protein hydrogel technologies and SynerGraft((R)) tissues and products.

As of June 30, 2009, the Company had $26.7 million in cash, cash equivalents, and marketable securities, compared to $22.8 million at December 31, 2008. Of this $26.7 million, $2.5 million was received from the U.S. Department of Defense as advance funding for the development of BioFoam protein hydrogel technology, and $5.0 million was designated as long-term restricted money market funds due to a financial covenant requirement under the Company's credit agreement.

"CryoLife continues to thrive and expand as witnessed by the record revenues in the second quarter of 2009, even in a very adverse world economy," stated Steven G. Anderson, president and chief executive officer. "We are very encouraged by our continued growth and the trend we are establishing for 2009, and we will continue to look for opportunities to expand our cardiac and vascular surgery portfolios."

2009 Financial Guidance

The Company is updating its guidance for the full year of 2009. The Company expects total revenues for the full year of 2009 to be between $112.0 million and $116.0 million. The Company expects tissue processing revenues to be between $57.0 million and $59.0 million. The Company expects product revenues to be between $54.0 million and
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