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

160;This includes expectations for BioGlue and BioFoam revenues to increase in the mid-single digits on a percentage basis in 2013 compared to 2012, and PerClot revenues to be between $3.5 million and $4.0 million, which represents growth of 13 percent to 29 percent compared to 2012.  The Company expects revenues from the HeRO Graft to increase to between $6.0 and $7.0 million, which represents growth of 20 percent to 40 percent compared to the annualized fourth quarter 2012 run rate.  The Company expects revenues from revascularization technologies to be between $8.5 million and $9.0 million in 2013, which represents growth of 5 percent to 11 percent. 

Research and development expenses are expected to be between $11.0 million and $12.0 million in 2013, a 52 percent to 65 percent increase, primarily as a result of the Company's investments in its U.S. clinical trials for PerClot. 

The Company expects earnings per share of between $0.25 and $0.28 in 2013, which includes the increased research and development expenses described above and the anticipated impact of the U.S. medical device excise tax implemented in 2013 as part of the Affordable Care Act.  The Company's earnings per share guidance excludes expenses related to business development and potential share repurchases, which cannot currently be estimated. 

The Company expects the effective income tax rate for 2013 to be in the mid thirty percent range. 

The Company's financial guidance for the full year of fiscal 2013 is subject to the risks described below in the last paragraph of this press release, prior to the financial tables.

Webcast and Conference Call InformationThe Company will hold a teleconference call and live webcast today at 10:00 a.m. Eastern Time to discuss the results followed by a question and answer session hosted by Mr. Anderson.

To listen to the live teleconference, please dial 201-689-8261 a few minutes prior
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SOURCE CryoLife, Inc.
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