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

ck at average prices of $5.70 and $5.56, respectively, resulting in aggregate purchases of $1.5 million and $5.8 million, respectively.

Medafor UpdateOn September 27, 2010, Medafor sent CryoLife a letter stating that Medafor was "fully, finally, and immediately terminating" the Exclusive Distribution Agreement ("EDA").  CryoLife believes this termination was wrongful.  CryoLife expects to continue to sell HemoStase until late March 2011.  CryoLife is challenging the validity of Medafor's termination of the EDA and pursuing its rights and remedies in court.  Medafor has asserted counterclaims against CryoLife.  Discovery proceedings in the litigation have commenced and the Company believes that a trial would not likely occur before 2012.

2011 Financial Guidance The Company is providing its guidance for the full year of 2011.  The Company expects total revenues for the full year of 2011 to be between $120.0 million and $126.0 million, which includes revenues of between $500,000 and $1.0 million related to the use of funds received from the U.S. Department of Defense in connection with the development of BioFoam.  The Company expects tissue processing revenues to increase between mid-single and low-double digits on a percentage basis in 2011 compared to 2010, BioGlue and BioFoam revenues to increase in mid-single digits on a percentage basis in 2011 compared to 2010, with revenues from powdered hemostats, including HemoStase and PerClot, to be between $4.0 million and $6.0 million.  Research and development expenses are expected to be between $10.0 million and $12.0 million in 2011.  The Company expects earnings per share of between $0.26 and $0.30 in 2011.

The Company's financial guidance for the full year of fiscal 2011 is subject to the risks described below in the last paragraph of this press release.

Webcast and Conference Call InformationThe Company will hold a teleconference call a
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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
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
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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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