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CryoLife Reports Financial Results for the Third Quarter and First Nine Months of 2011
Date:10/27/2011

ompany expects tissue processing revenues to be flat for the full year of 2011 compared to 2010, BioGlue and BioFoam revenues to increase in the mid-single digits on a percentage basis in 2011 compared to 2010, with revenues from powdered hemostats, including PerClot and HemoStase, to be between $4.0 million and $5.0 million.  The Company expects revenues from revascularization technology to be between $5.0 million and $5.5 million in 2011.  Research and development expenses are expected to be between $7.0 million and $8.0 million in 2011, down compared to the previous expected range of $10.0 million to $12.0 million as a result of a shift in timing of certain R&D expenses into 2012.  The Company expects earnings per share of between $0.23 and $0.25 in 2011.  Excluding expenses related to the acquisition of Cardiogenesis and other business development charges of approximately $0.09 per share incurred in the first nine months of 2011, the Company expects non-GAAP adjusted earnings per share of between $0.32 and $0.34 in 2011.

The Company expects the effective income tax rate for the fourth quarter of 2011 to be in the mid thirty percent range.  

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, prior to the financial tables.

Webcast and Conference Call InformationThe Company will hold a teleconference call and live webcast today at 10:00 a.m. Eastern Time to discuss the results followed by a question and answer session hosted by Mr. Anderson.

To listen to the live teleconference, please dial 201-689-8433 a few minutes prior to 10:00 a.m.  A replay of the teleconference will be available from October 27 through November 3 and can be accessed by calling 877-660-6853 (toll free) or 201-612-7415.  The account number for the replay is 244 and the conference number is 380521.

The live webcast and r
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SOURCE CryoLife, Inc.
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