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

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,
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SOURCE CryoLife, Inc.
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