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CryoLife Reports Record Second Quarter Revenues
Date:7/25/2013

erformance and progress with these products was balanced by lower sales of BioGlue®, which was primarily related to timing of distributor orders, and lower sales in our tissue preservation segment.  Overall, we remain well positioned to continue growing our product segment, which will support stronger cash flow generation and profitability."

Net income for the second quarter of 2013 was $1.8 million, or $0.06 per basic and fully diluted common share, compared to net income of $3.3 million, or $0.12 per basic and fully diluted common share, for the second quarter of 2012.  Net income for the second quarter of 2013 included a $434,000 charge for the write-down of TMR handpieces following the FDA approval of the new handpiece design and $344,000 in business development and integration charges.  Excluding these charges, proforma non-GAAP earnings per share would have been $0.08 in the second quarter of 2013.  Net income for the second quarter of 2012 included a net pretax benefit of $2.2 million related to litigation expenses and settlement costs, net of insurance reimbursements and settlement awards, and $1.0 million in business development and integration charges primarily related to the acquisition of Hemosphere.  Excluding these charges and benefits, proforma non-GAAP earnings per share would have been $0.10 in the second quarter of 2012.Net income for the first half of 2013 was $4.0 million, or $0.14 per basic and fully diluted common share, compared to net income of $4.3 million, or $0.16 per basic and $0.15 per fully diluted common share, for the first half of 2012.  Net income for the first half of 2013 included a $434,000 charge for the write-down of TMR handpieces following the FDA approval of the new handpiece design and $789,000 in business development and integration charges.  Excluding these charges, proforma non-GAAP earnings per share would have been $0.16 in the first half of 2013.  Addition
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SOURCE CryoLife, Inc.
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