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CryoLife 2012 Annual Revenues Grew to a Record $131.7 Million
Date:2/14/2013

effective income tax rate benefitted from the adjustment of valuation allowances on state net operating losses.  Excluding these charges and benefits, and using a 34 percent effective tax rate, proforma non-GAAP earnings per share would have been $0.34 in the full year of 2012.  Net income for the full year of 2011 included $4.2 million in costs related to business development and integration, and $1.9 million for litigation expenses net of insurance reimbursements.  Excluding these charges and using a 34 percent effective tax rate, proforma non-GAAP earnings per share would have been $0.41 in the full year of 2011. 

Product segment revenues were $17.5 million for the fourth quarter of 2012, up 13 percent from $15.5 million in the fourth quarter of 2011.  Product segment revenues were $67.5 million for the full year of 2012, up 14 percent from $59.4 million in the full year of 2011.

Surgical sealant and hemostat revenues, which consisted primarily of sales of BioGlue® and PerClot® in 2012, were $14.4 million for the fourth quarter of 2012 compared to $13.0 million for the fourth quarter of 2011, an increase of 10 percent.  The increase in surgical sealant and hemostat revenues was primarily due to an increase in BioGlue shipments into international markets, primarily Europe, and an increase in PerClot revenues.

Surgical sealant and hemostat revenues were $56.3 million for the full year of 2012 compared to $53.7 million for the full year of 2011, an increase of 5 percent.  The increase in surgical sealant and hemostat revenues was primarily due to an increase in BioGlue shipments into international markets, and an increase in PerClot revenues, partially offset by the lack of HemoStase revenues in the full year of 2012.  The Company discontinued U.S. and international sales of HemoStase at the end of the first quarter of 2011.

Revascularization technologies revenues
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SOURCE CryoLife, Inc.
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