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CryoLife Posts Record Annual Revenues of $116.6 Million
Date:2/17/2011

ATLANTA, Feb. 17, 2011 /PRNewswire/ -- CryoLife, Inc. (NYSE: CRY), an implantable biological medical device and cardiovascular tissue processing company, announced today its results for the fourth quarter and the full year of 2010.  Revenues for the fourth quarter increased 2 percent to a fourth quarter record of $29.2 million compared to $28.6 million for the fourth quarter of 2009.  

"We are pleased to experience yet another record in annual revenues and operating cash flow," stated Steven G. Anderson, president and chief executive officer.  "With our continued strong cash generation and strong financial position, we will continue to pursue strategic business development opportunities that expand our product offerings to surgeons and patients worldwide."

Net income for the fourth quarter of 2010 was $2.1 million, or $0.08 per basic and fully diluted common share, compared to net income of $2.4 million, or $0.08 per basic and fully diluted common share, for the fourth quarter of 2009.  The Company recorded pretax charges in the fourth quarter of 2010 of approximately $474,000 related to business development activities and $268,000 related to litigation with Medafor.

Revenues for the full year of 2010 increased 4 percent to a record $116.6 million compared to $111.7 million for 2009.  

Net income for the full year of 2010 was $3.9 million, or $0.14 per basic and fully diluted common share, compared to $8.7 million, or $0.31 per basic and fully diluted common share, for the full year of 2009.  The Company recorded pretax charges for the full year of 2010 of $3.5 million for acquired in-process research and development related to the license of the PerClot® technology, $3.6 million related to the impairment of its investment in Medafor common stock, and $1.6 million related to HemoStase® inventory that the Compa
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SOURCE CryoLife, Inc.
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3. CryoLife Begins Distribution of Blood-Clotting Agent PerClot® in Europe
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