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

ally, the effective income tax rate for the first half of 2013 benefited from the recognition of the 2012 research and development tax credits during the first quarter.  Net income for the first six months of 2012 included a net pretax benefit of $424,000 related to litigation expenses and settlement costs, net of insurance reimbursements and settlement awards, and $1.1 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 $0.18 in the first six months of 2012.Product revenues were $18.2 million for the second quarter of 2013, up 9 percent from $16.7 million in the second quarter of 2012.  Product revenues were $38.0 million for the first half of 2013, up 15 percent from $33.2 million in the first half of 2012.

Surgical sealant and hemostat revenues, which consisted primarily of sales of BioGlue and PerClot, were $14.5 million for the second quarter of 2013 compared to $14.1 million for the second quarter of 2012, an increase of 3 percent.  Surgical sealant and hemostat revenues were $30.8 million for the first half of 2013 compared to $28.5 million for the first half of 2012, an increase of 8 percent.  The increase for the first half of 2013 in surgical sealant and hemostat revenues was primarily due to an increase in BioGlue shipments into international markets and an increase in PerClot revenues.

Revascularization technologies revenues were $2.3 million for the second quarter of 2013 compared to $1.9 million for the second quarter of 2012.  Revascularization technologies revenues were $4.5 million for the first half of 2013 compared to $4.0 million for the first half of 2012.  The increase in revascularization technologies revenues for the second quarter and first half of 2013 was primarily due to the Company's strategy to focus on increasing procedure volume,
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SOURCE CryoLife, Inc.
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