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CryoLife Signs Definitive Agreement to Acquire Cardiogenesis
Date:3/29/2011

al growth: CryoLife's global presence can further strengthen and enhance Cardiogenesis' international growth.  Cardiogenesis currently does not have a presence in international markets.  CryoLife's international sales and marketing network, which reaches into approximately 70 countries, can accelerate Cardiogenesis' growth more rapidly in key international markets.
  • Large market potential: The successful delivery of biologic materials, such as stem cells, in conjunction with Cardiogenesis' TMR devices will make CryoLife a leading participant in the treatment of chronic myocardial ischemia.  Cardiogenesis has been in discussions with the Food and Drug Administration (FDA) regarding initiating a randomized, prospective clinical trial to evaluate TMR in conjunction with bone marrow derived stem cell therapy to treat patients with severe refractory angina.  A feasibility trial is underway outside the U.S. using the PHOENIX System.
  • Accretive transaction:  Prior to 2010, Cardiogenesis  experienced revenue growth with historically strong gross margins.  If the transaction closes in May, CryoLife expects revenue from the Cardiogenesis product line to be between $4.0 million and $5.0 million in 2011, which primarily reflects disposable hand piece and service revenues.  Additionally, the transaction is expected to be accretive to CryoLife's revenue growth rate and gross margin and to be either break-even or slightly accretive to diluted net earnings per share in 2011, excluding acquisition related charges and integration costs, including the increase to cost of goods sold related to the step up in inventory values required under purchase accounting, expected to be incurred during 2011.  CryoLife recorded transaction-related charges in the fourth quarter of 2010 and expects to record additional charges during 2011.

  • CryoLife will hold a teleconference call and live webcast with a slide presentation
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    SOURCE CryoLife, Inc.
    Copyright©2010 PR Newswire.
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