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

search and development expenses were $3.7 million and $3.4 million for the first halves of 2013 and 2012, respectively.  Research and development spending in 2013 was focused on PerClot, tissue processing, and revascularization technologies. 

During the second quarter of 2013, the Company purchased 31,000 shares of the Company's common stock under the repurchase program at an average price of $5.73, resulting in aggregate purchases of $175,000.  During the first half of 2013, the Company purchased 229,000 shares of the Company's common stock under the repurchase program at an average price of $6.01, resulting in aggregate purchases of $1.4 million.

As of June 30, 2013, the Company had $17.0 million in cash, cash equivalents, and restricted cash and securities, compared to $18.3 million at December 31, 2012.  Of this $17.0 million in cash, cash equivalents, and restricted cash and securities, $5.3 million was designated as restricted cash and securities, primarily due to a financial covenant requirement under the Company's credit agreement.  The Company's net cash flows provided by operations were $5.2 million for the second quarter of 2013 compared to $3.1 million for the second quarter of 2012.  The Company's net cash flows provided by operations were $4.0 million for the first half of 2013 compared to $4.9 million for the first half of 2012.

 

The Company's revised 2013 financial guidance is summarized below.

 2013 Financial Guidance Summary PreviousCurrentTotal revenues

$139 million - $143 million

6% - 9% growth

$139 million - $141 million

6% - 7% growthTissue processing revenues

Low single digit % growth

Low single digit % decrease to flatProduct revenues

9% - 13% growth

9% - 13% growthBioGlue & BioFoam revenues

Mid – high single digit % growth

Mid – high single digit % growthPerClo
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SOURCE CryoLife, Inc.
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Related medicine technology :

1. CryoLife Announces Release Date and Teleconference Call Details for 2013 Second Quarter Financial Results
2. CryoLife Enhances International Presence with Appointment of Andres Sarmiento as Latin America Sales Manager
3. CryoLife 2013 First Quarter Revenues Grew 10 Percent to a Record $35.5 Million
4. CryoLife Announces Release Date and Teleconference Call Details for 2013 First Quarter Financial Results
5. CryoLife Receives FDA Clearance For Next Generation HeRO Device
6. CryoLife Expands Stock Repurchase Program
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8. CryoLife Announces Quarterly Cash Dividend for the First Quarter 2013
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10. CryoLife Receives Expanded Indication for BioFoam in Europe
11. CryoLife to Participate in Lazard Capital Markets 9th Annual Healthcare Conference
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