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

ny does not believe that it will be able to distribute.  Excluding these charges, adjusted net income for the full year of 2010 was $9.5 million, or $0.34 per basic and fully diluted common share.

The Company recorded pretax charges in the full year of 2010 of approximately $1.4 million in costs related to litigation with Medafor, approximately $1.0 million related to business development activities, and $729,000 related to the write-off of capitalized legal expenses associated with BioGlue® Surgical Adhesive intellectual property rights in Germany.  Additionally, the Company recorded a $1.3 million gain on valuation of the derivative related to the investment in Medafor common stock.

Preservation service revenues for the fourth quarter of 2010 increased 2 percent to $14.0 million compared to $13.8 million for the fourth quarter of 2009.  Preservation service revenues for the full year of 2010 increased 6 percent to $59.7 million compared to $56.5 million for the full year of 2009.  The increase in preservation service revenues for the fourth quarter of 2010 was primarily due to increased shipments of cardiac tissues.  The increase in preservation service revenues for the full year of 2010 was primarily due to increased shipments of cardiac and vascular tissues.  

Product revenues, which consist primarily of sales of BioGlue, HemoStase, and PerClot, were $15.1 million for the fourth quarter of 2010 compared to $14.5 million for the fourth quarter of 2009, an increase of 4 percent.  Product revenues were $56.4 million for the full year of 2010 compared to $54.2 million for the full year of 2009, an increase of 4 percent.  The increase in product revenues was primarily due to an increase in HemoStase revenues and, to a lesser extent, the addition of PerClot revenues in the fourth quarter of 2010.

Total gross margins were 60 percent and 61 percent for the fourth quarters of 2010 and 2009, respecti
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SOURCE CryoLife, Inc.
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1. CryoLife Announces Release Date and Teleconference Call Details for 2010 Fourth Quarter and Year End Financial Results
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3. CryoLife Begins Distribution of Blood-Clotting Agent PerClot® in Europe
4. CryoLife Announces Release Date and Teleconference Call Details for 2010 Third Quarter Financial Results
5. CryoLife Receives Japanese Regulatory Approval for BioGlue Surgical Adhesive
6. CryoLife Enters into Worldwide Distribution and Manufacturing Agreements with Starch Medical for Novel Hemostatic Agent
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10. CryoLife Reports Record Quarterly Revenues of $28.2 Million
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