Total gross margins were 65 percent in the first quarter of 2013 compared to 66 percent in the first quarter of 2012. Preservation services gross margins were 44 percent and 46 percent in the first quarters of 2013 and 2012, respectively. Product gross margins were 82 percent and 85 percent for the first quarters of 2013 and 2012, respectively.General, administrative, and marketing expenses for the first quarters of 2013 and 2012 were $18.0 million. General, administrative, and marketing expenses for the first quarter of 2013 included increased sales force headcount due to the acquisition of Hemosphere in May 2012, increased marketing costs to support revenue growth, increased general and administrative costs due to added personnel, and the medical device excise tax. These increased expenses were offset by a decrease in legal fees related to lawsuits. The medical device excise tax, which began in 2013 as part of the Affordable Care Act, was $248,000 in the first quarter of 2013.
Legal expenses were $188,000 in the first quarter of 2013, compared to $1.7 million in the first quarter of 2012.
Research and development expenses were $2.0 million and $1.7 million for the first quarters of 2013 and 2012, respectively. Research and development spending in the first quarter 2013 was focused on PerClot, tissue processing, and revascularization technologies.
During the first quarter of 2013, the Company purchased 199,000 shares of the Company's common stock under the repurchase program at an average price of $6.05, resulting in aggregate purchases of $1.2 million.
As of March 31, 2013, the Company had $13.9 million in cash, cash equivalents, and restricted cash and securities, compared to $18.3 million at December 31, 2012. Of this $13.9 million in cash, cash equivalents, and restricted cash and secu
|SOURCE CryoLife, Inc.|
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