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

first six months of 2010, a decrease of 1 percent.  The decrease in surgical sealant and hemostat revenues in the first six months of 2011 was primarily due to a decrease in HemoStase revenues, partially offset by the addition of PerClot revenues and a 2 percent increase in BioGlue revenues.  

Revascularization technology revenues were $1.2 million for the second quarter and the first six months of 2011 as a result of the Company's acquisition of Cardiogenesis in May 2011.

Total gross margins increased to 65 percent in the second quarter of 2011, up from 61 percent in the second quarter of 2010, driven by higher gross margins from the Company's existing products and the loss of HemoStase revenues.  Preservation services gross margins were 44 percent and 40 percent for the second quarters of 2011 and 2010, respectively.  Product gross margins were 85 percent and 82 percent for the second quarters of 2011 and 2010, respectively.  

Total gross margins were 63 percent and 60 percent for the first six months of 2011 and 2010, respectively.  Preservation services gross margins were 43 percent and 40 percent for the first six months of 2011 and 2010, respectively.  Product gross margins were 84 percent and 82 percent for the first six months of 2011 and 2010, respectively.

General, administrative, and marketing expenses for the second quarter of 2011 were $13.7 million compared to $11.7 million for the second quarter of 2010.  General, administrative, and marketing expenses for the second quarter of 2011 included approximately $1.4 million in costs related to the Company's acquisition of Cardiogenesis and other business development activities.  

General, administrative, and marketing expenses for the first six months of 2011 were $28.0 million compared to $25.5 million for the first six months of 2010.  General, administrative, and marketing expenses for the first six months of 2011 incl
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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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