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

million in costs related to business development activities, and $729,000 related to the write-off of capitalized legal expenses associated with BioGlue intellectual property rights in Germany.

Research and development expenses were $2.0 million and $1.4 million for the fourth quarters of 2010 and 2009, respectively.  Research and development expenses were $5.9 million and $5.2 million for the full years of 2010 and 2009, respectively.  Research and development spending in 2010 was primarily focused on the Company's SynerGraft® tissues and products, BioFoam™ Surgical Matrix, and PerClot in the fourth quarter of 2010.  

In 2010 the Company expensed $3.5 million of acquired in-process research and development related to the acquired PerClot distribution and manufacturing rights in the U.S. and certain international markets where PerClot does not have current regulatory approvals.

Other expense of $2.6 million for the full year of 2010 consists primarily of the $3.6 million investment impairment, partially offset by a $1.3 million gain on valuation of the derivative, both of which are related to the Company's investment in Medafor common stock.

As of December 31, 2010, the Company had $40.8 million in cash, cash equivalents, and restricted securities, compared to $35.1 million at December 31, 2009.  Of this $40.8 million, $1.7 million was received from the U.S. Department of Defense as advance funding for the development of BioFoam protein hydrogel technology, and $5.3 million was designated as restricted securities primarily due to a financial covenant requirement under the Company's credit agreement.  The Company's net cash flows provided by operations were $7.0 million and $20.8 million for the fourth quarter and full year of 2010, respectively.  

During the fourth quarter and full year ended December 31, 2010, the Company purchased 263,000 and 1.0 million shares of the Company's common sto
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SOURCE CryoLife, Inc.
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Related medicine technology :

1. CryoLife Announces Release Date and Teleconference Call Details for 2010 Fourth Quarter and Year End Financial Results
2. CryoLife to Present at Lazard Capital Markets 7th Annual Healthcare Conference
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
7. CryoLife Provides Initial 2010 Financial Guidance
8. CryoLife to Present at 21st Annual Piper Jaffray Health Care Conference
9. CryoLife to Present at Upcoming Investor Conferences in New York
10. CryoLife Reports Record Quarterly Revenues of $28.2 Million
11. CryoLife Receives FDA Approval to Begin U.S. Clinical Trial for BioFoam(R)
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