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CryoLife 2013 First Quarter Revenues Grew 10 Percent to a Record $35.5 Million
Date:4/30/2013

ATLANTA, April 30, 2013 /PRNewswire/ --

First Quarter and Recent Highlights:

  • Total revenues grew 10 percent year-over-year to a record $35.5 million
  • Product revenues grew 20 percent year-over-year to $19.8 million
  • Received 510(k) clearance for next generation HeRO® device
  • Central Venous Pathology Summit attended by over 50 healthcare professionals
  • Earnings per share doubles to $0.08
  • Reiterates 2013 financial guidance
  • CryoLife, Inc. (NYSE: CRY), a leading tissue processing and medical device company focused on cardiac and vascular surgery, announced today its results for the first quarter of 2013.  Revenues for the first quarter of 2013 increased 10 percent to a record $35.5 million compared to $32.3 million for the first quarter of 2012. 

    Steven G. Anderson, president and chief executive officer, said, "We are pleased with our first quarter 2013 performance, which included solid top and bottom line results.  Revenues grew 10 percent year-over-year to a record $35.5 million, including 20 percent growth in our higher margin products due to our addition of the HeRO Graft in the second quarter of 2012 and due to BioGlue revenues increasing 12 percent.  The Company continues to generate cash, which allowed us to continue repurchasing shares and invest in growth opportunities for our business.  During the quarter, we received FDA clearance for our next generation HeRO device.  Recently we attracted more than 50 healthcare professionals to an educational summit featuring the HeRO Graft, giving us confidence in the long-term outlook for this product line.  Overall, we remain well positioned to continue growing our business and leverage our strong cash flow to the benefit of our shareholders."

    Net income for the first quarter of 2013 was $2.2 million, or $0.08 per basic and fully diluted common share, compared to net income of
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    SOURCE CryoLife, Inc.
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