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CryoLife Reports 13% Revenue Growth for Second Quarter 2012
Date:7/31/2012

ATLANTA, July 31, 2012 /PRNewswire/ -- CryoLife, Inc. (NYSE: CRY), a leading tissue processing and medical device company focused on cardiac and vascular surgery, announced today its results for the second quarter and first six months of 2012.  Revenues for the second quarter of 2012 increased 13 percent to a record $33.2 million compared to $29.4 million for the second quarter of 2011.  Revenues for the first six months of 2012 increased 10 percent to a record $65.5 million compared to $59.6 million for the first six months of 2011.

Steven G. Anderson, president and chief executive officer, said, "In the second quarter of 2012 we continued to execute on our strategic growth initiatives and delivered solid top and bottom line results.  Total revenue was up 13 percent year-over-year, driven by another strong quarter in our product segment and better than expected results in our tissue processing segment.  Gross margins were stable at 64 percent, and we continued prudent expense management, allowing us to grow net income for the second quarter to 12 cents per share.

"During the quarter we completed the acquisition of Hemosphere, further enhancing our growth trajectory and market opportunity.  The acquisition provides us with the HeRO® Graft, the standard-of-care product in the $250 million worldwide market for permanent access for catheter dependent hemodialysis patients.  The integration is progressing on schedule and we are encouraged with our initial experience, which has strengthened our confidence in the sales force leverage and cross-selling opportunity for the HeRO Graft and our existing CryoVein® and CryoArtery® preserved human tissues.  On the legal front, our completed settlements for outstanding litigation were net beneficial and eliminated the ongoing legal exposure and co
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SOURCE CryoLife, Inc.
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