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CryoLife Reports Record Revenues for the Second Quarter and First Six Months of 2011
Date:7/28/2011

ommon share, for the first six months of 2010.  Excluding pretax expenses of $2.6 million related to the Company's acquisition of Cardiogenesis and other business development activities, non-GAAP adjusted net income for the first six months of 2011 was $5.7 million, or $0.21 per basic and $0.20 per fully diluted common share.  

Preservation service revenues for the second quarter of 2011 decreased 2 percent to $14.7 million compared to $15.0 million for the second quarter of 2010.  The decrease in preservation service revenues for the second quarter of 2011 was primarily due to a decrease in shipments of vascular and cardiac valve tissues, partially offset by an increase in shipments of cardiac patch tissues and an increase in average service fees.

Preservation service revenues for the first six months of 2011 decreased 1 percent to $30.4 million compared to $30.6 million for the first six months of 2010.  The decrease in preservation service revenues for the first six months of 2011 was primarily due to a decrease in shipments of cardiac valve tissues, partially offset by an increase in shipments of cardiac patch and vascular tissues and an increase in average service fees.

Surgical sealant and hemostat revenues, which consist primarily of sales of BioGlue®, PerClot, and HemoStase, were $13.4 million for the second quarter of 2011 compared to $14.1 million for the second quarter of 2010, a decrease of 5 percent.  The decrease in surgical sealant and hemostat revenues was primarily due to the loss of HemoStase revenues in the second quarter of 2011, partially offset by the addition of PerClot revenues, and a 4 percent increase in BioGlue revenues.  The loss of HemoStase revenues was due to the Company's discontinuation of sales of HemoStase at the end of the first quarter of 2011.

Surgical sealant and hemostat revenues were $27.8 million for the first six months of 2011 compared to $28.1 million for the
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SOURCE CryoLife, Inc.
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1. CryoLife Announces Release Date and Teleconference Call Details for 2011 Second Quarter Financial Results
2. CryoLife Makes Equity Investment in ValveXchange® Inc.
3. CryoLife Announces Completion of Acquisition of Cardiogenesis
4. CryoLife Announces Final Results of Tender Offer for 49.9 Percent of the Outstanding Shares of Cardiogenesis Corporation
5. CryoLife Completes Tender Offer for 49.9 Percent of the Outstanding Shares of Cardiogenesis Corporation
6. CryoLife Posts Record Quarterly Revenues of $30.2 Million
7. CryoLife Launches BioGlue® Surgical Adhesive in Japan
8. CryoLife Announces Release Date and Teleconference Call Details for 2011 First Quarter Financial Results
9. CryoLife Announces Expiration of Go-Shop Period Related to its Proposed Acquisition of Cardiogenesis Corporation
10. CryoLife Commences Tender Offer for All Outstanding Shares of Cardiogenesis Corporation
11. CryoLife Signs Definitive Agreement to Acquire Cardiogenesis
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