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

rities, $5.3 million was designated as restricted cash and securities primarily due to a financial covenant requirement under the Company's credit agreement.  The Company's net cash flows used in operations were $1.2 million for the first quarter of 2013 compared to net cash provided by operations of $1.8 million for the first quarter of 2012.

2013 Financial Guidance The Company is reiterating its total full year 2013 revenue and earnings guidance.  The Company expects total revenues for the full year of 2013 to be between $139.0 million and $143.0 million.  This represents annual total revenue growth of 6 percent to 9 percent.  The Company expects tissue processing revenues to grow in the low single digits for the full year of 2013 compared to 2012.  Revenues from the Company's higher margin products are expected to grow between 9 percent and 13 percent for the full year of 2013.  This includes expectations for BioGlue and BioFoam revenues to increase in the mid to high-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 million and $7.0 million.  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, an increase of 52 percent to 65 percent, primarily as a result of the Company's planned 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 impl
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SOURCE CryoLife, Inc.
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1. CryoLife Announces Release Date and Teleconference Call Details for 2013 First Quarter Financial Results
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3. CryoLife Expands Stock Repurchase Program
4. CryoLife 2012 Annual Revenues Grew to a Record $131.7 Million
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