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

s provided by operations were $7.9 million for the first six months of 2011 and $10.0 million for the first six months of 2010.  

2011 Financial Guidance The Company expects total revenues for the full year of 2011 to be between $122.0 million and $125.0 million, which include revenues of between $500,000 and $1.0 million related to the use of funds received from the U.S. Department of Defense in connection with the development of BioFoam.  The Company expects tissue processing revenues to increase between low-single and mid-single digits on a percentage basis in 2011 compared to 2010, BioGlue and BioFoam revenues to increase in low-single to mid-single digits on a percentage basis in 2011 compared to 2010, with revenues from powdered hemostats, including PerClot and HemoStase, to be between $5.0 million and $6.0 million.  The Company expects revenues from revascularization technology to be between $4.0 million and $5.0 million in 2011.  Research and development expenses are expected to be between $10.0 million and $12.0 million in 2011.  The Company expects earnings per share of between $0.23 and $0.27 in 2011, excluding the effects of any potential acquisitions or other business development costs during the second half of 2011.  Excluding expenses related to the acquisition of Cardiogenesis and other business development charges of approximately $0.05 per share incurred in the first six months of 2011, and the effects of any potential acquisitions or other business development costs during the second half of 2011, the Company expects non-GAAP adjusted earnings per share of between $0.28 and $0.32 in 2011.

The Company expects the effective income tax rate for the second half of 2011 to be in the mid to upper thirty percent range, excluding the effects of any potential acquisitions during the second half of 2011.  

The Company's financial guidance for the full year of fiscal 2011 is subject to the risks desc
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SOURCE CryoLife, Inc.
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