of 2011. General, administrative, and marketing expenses for the first quarter of 2012 increased compared to 2011 due to an increase in marketing expenses, including costs of the Company's expanded sales staff and increases in spending on advertising, and an increase in litigation expenses offset by a decrease in business development expenses. General, administrative, and marketing expenses for the first quarter of 2012 included approximately $1.7 million in costs related to ongoing litigation and an increase in reserves for lawsuits.
Research and development expenses were $1.7 million and $1.8 million for the first quarters of 2012 and 2011, respectively. Research and development spending in the first quarter of 2012 was primarily focused on PerClot, BioFoam™ Surgical Matrix, and SynerGraft® tissues and products.
During the first quarter of 2012, the Company purchased 282,000 shares of the Company's common stock at an average price of $5.24, resulting in aggregate purchases of $1.5 million.
As of March 31, 2012, the Company had $26.5 million in cash, cash equivalents, and restricted securities, compared to $27.0 million at December 31, 2011. Of this $26.5 million in cash, cash equivalents, and restricted securities, $1.1 million was received from the U.S. Department of Defense as advance funding for the development of BioFoam protein hydrogel technology, and $5.0 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 $1.8 million for the first quarter of 2012 and $3.9 million for the first quarter of 2011.
2012 Financial Guidance The Company is reiterating its guidance for the full year of 2012. The Company expects total revenues for the full year of 2012 to be between $126.0 million and $129.0 million, Page: 1 2 3 4 5 6 7 8 9 10 11 12 13 Related medicine technology :1
. CryoLife Announces Release Date and Teleconference Call Details for 2011 Fourth Quarter and Year End Financial Results2
. CryoLife Enhances Management Team with Promotions3
. CryoLife to Present at 6th Annual Canaccord Genuity Cardiovascular, Aesthetics & Metabolic Disorders Conference4
. CryoLife to Present at 23rd Annual Piper Jaffray Health Care Conference5
. CryoLife Reports Financial Results for the Third Quarter and First Nine Months of 20116
. CryoLife Initiates Enrollment in U.S. Clinical Trial for BioFoam®7
. CryoLife Announces Release Date and Teleconference Call Details for 2011 Third Quarter Financial Results8
. CryoLife Provides Update on ValveXchange®, Inc. Investment9
. CryoLife Reports Record Revenues for the Second Quarter and First Six Months of 201110
. CryoLife Announces Release Date and Teleconference Call Details for 2011 Second Quarter Financial Results11
. CryoLife Makes Equity Investment in ValveXchange® Inc.