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

uded approximately $2.6 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 2010 included approximately $550,000 in costs related to business development activities.

Research and development expenses were $1.6 million and $1.2 million for the second quarters of 2011 and 2010, respectively.  Research and development expenses were $3.4 million and $2.5 million for the first six months of 2011 and 2010, respectively.  Research and development spending in 2011 was primarily focused on PerClot, SynerGraft® tissues and products, BioFoam® Surgical Matrix, and BioGlue.  

Other income was $28,000 for the second quarter of 2011 compared to $215,000 for the second quarter of 2010.  Other income was $116,000 for the first six months of 2011 compared to $865,000 for the first six months of 2010.  Other income for the first six months of 2010 consisted primarily of a $1.2 million gain on valuation of the derivative related to an investment in common stock.

As of June 30, 2011, the Company had $25.1 million in cash, cash equivalents, and restricted securities, compared to $40.8 million at December 31, 2010.  The decrease in cash, cash equivalents, and restricted securities is largely a result of the $21.7 million paid for the acquisition of Cardiogenesis.  Of this $25.1 million in cash, cash equivalents, and restricted securities, $1.5 million was received from the U.S. Department of Defense as advance funding for the development of BioFoam protein hydrogel technology, and $5.3 million was designated as restricted securities primarily due to a financial covenant requirement under the Company's credit agreement.  The Company used $3.5 million of its cash to fund the purchase of Senior A Preferred stock of ValveXchange in early July 2011.  The Company's net cash flow
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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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