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CryoLife Reports Record Quarterly Revenues in First Quarter of 2012
Date:4/26/2012

ATLANTA, April 26, 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 first quarter of 2012.  Revenues for the first quarter of 2012 increased 7 percent to a record $32.3 million compared to $30.2 million for the first quarter of 2011.Steven G. Anderson, president and chief executive officer, said, "We achieved solid financial results in the first quarter of 2012, driven by 14 percent year-over-year and 6 percent sequential sales growth in our product segment.  As a result, gross margin improved to 66 percent, demonstrating the high margin potential of our growth oriented products including BioGlue, PerClot®, and revascularization technologies.  We also made progress on our strategic initiatives to further expand the market opportunity for these products, including the significant U.S. opportunity for PerClot.  We have resubmitted our PerClot IDE application to the FDA and expect to begin enrolling our pivotal clinical trial during the third quarter, positioning the Company for potential FDA approval and launch in 2014."

Net income for the first quarter of 2012 was $1.0 million, or $0.04 per basic and fully diluted common share, compared to net income of $1.7 million, or $0.06 per basic and fully diluted common share, for the first quarter of 2011.  Net income for the first quarter of 2012 included approximately $1.7 million in litigation expenses and an increase in reserves for lawsuits.  Net income for the first quarter of 2011 included $371,000 in costs related to litigation expenses. 

Product segment revenues were $16.5 million for the first quarter of 2012, up 14 percent from $14.4 million in the first quarter of 2011.

Surgical sealant and hemostat revenues, which con
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SOURCE CryoLife, Inc.
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