Date:4/26/2012

which include revenues of approximately $500,000 related to the use of funds received from the U.S. Department of Defense in connection with the development of BioFoam.  This represents annual total revenue growth of 5 percent to 8 percent.  The Company expects tissue processing revenues to be flat for the full year of 2012 compared to 2011.  Revenues from the Company's higher margin product segment are expected to grow between 10 percent and 15 percent for the full year of 2012.  This includes expectations for BioGlue and BioFoam revenues to increase in the low to mid-single digits on a percentage basis in 2012 compared to 2011, and PerClot revenues to be between $3.5 million and $4.5 million.  The Company expects revenues from revascularization technologies to be between $10.5 million and $11.5 million in 2012.  Research and development expenses are expected to be between $10.0 million and $12.0 million in 2012 as a result of the Company's investments in its U.S. clinical trials for Perclot and BioFoam, along with its European pilot study for TMR with biologics.  The Company expects earnings per share of between $0.14 and $0.18 in 2012, which includes the increased research and development expenses described above, along with increased legal expenses related to the Company's ongoing litigation with Medafor.  The Company's earnings per share guidance excludes expenses related to business development and potential share repurchases, which cannot currently be estimated.  The Company has estimated litigation expense conservatively on the high end of the anticipated range of between $5.0 million and $6.0 million, because litigation expenses are extremely variable and are not easily predicted.

The Company expects the effective income tax rate for 2012 to be in the mid thirty percent range. 

The Company's financial guidance for the full year of fiscal 2012 is subject to the risks described below in the last
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SOURCE CryoLife, Inc. Copyright©2010 PR Newswire. All rights reserved

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