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CryoLife Second Quarter 2014 Revenues Increase 3 Percent to a Record $34.7 Million
Date:7/24/2014

ATLANTA, July 24, 2014 /PRNewswire/ --

Second Quarter and Recent Highlights:

  • Appointed Pat Mackin as President and Chief Executive Officer effective September 2, 2014
  • Product revenues grew 12 percent year-over-year to $20.4 million
  • BioGlue® revenues grew 14 percent year-over-year to $15.3 million
  • PerClot® revenues grew 22 percent year-over-year to $1.1 million
  • HeRO® Graft revenues grew 20 percent year-over-year to $1.7 million
  • Tissue processing revenues decreased 6 percent year-over-year to $14.3 million
  • CryoLife, Inc. (NYSE: CRY), a leading medical device and tissue processing company focused on cardiac and vascular surgery, announced today its results for the second quarter and first six months of 2014.  Revenues for the second quarter of 2014 increased 3 percent to a second quarter record of $34.7 million compared to $33.5 million for the second quarter of 2013.  Revenues for the first six months of 2014 increased 2 percent to a record $70.4 million compared to $69.1 million for the first six months of 2013. 

    Steven G. Anderson, president and chief executive officer, said, "During the second quarter we drove growth in several key products, including BioGlue, PerClot and the HeRO Graft.  In September, we will welcome Pat Mackin as our new president and chief executive officer.  Pat is joining at an exciting time for the Company, as we anticipate the launch of PerClot Topical in September and the initiation of our PerClot IDE clinical trial by the end of the third quarter.  We are also focused on our ongoing expansion in the Asia Pacific region and the addition of the ProCol® product to our portfolio.  We remain very enthusiastic about the long-term growth potential of our business."

    Net income for the second quarter of 2014 was $2.2 million, or $0.08 per basic and fully
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    SOURCE CryoLife, Inc.
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