CryoLife Announces Preliminary Fourth Quarter 2006 Revenues of Approximately $21 Million
January 11 2007 - 8:30AM
PR Newswire (US)
2006 product and preservation services revenues increase 17% to
over $81 million ATLANTA, Jan. 11 /PRNewswire-FirstCall/ --
CryoLife, Inc. (NYSE:CRY), a biomaterials, medical device and
tissue processing company, announced today that product and
preservation services revenues for 2006 were approximately $81.1
million compared to $69.2 million in 2005, an increase of 17%.
Product and preservation services revenues for the fourth quarter
of 2006 were approximately $21.0 million compared to $17.9 million
in the fourth quarter of 2005, an increase of 17%. BioGlue(R)
revenues were approximately $40.0 million for the full year of 2006
compared to $38.0 million in 2005, an increase of 5%. BioGlue
revenues were approximately $10.5 million in the fourth quarter of
2006 compared to $9.6 million in the fourth quarter of 2005, an
increase of 9%. Tissue preservation service revenues were
approximately $40.1 million for the full year 2006 compared to
$30.3 million in 2005, an increase of 32%. Tissue preservation
service revenues were approximately $10.2 million in the fourth
quarter of 2006 compared to $8.1 million in the fourth quarter of
2005, an increase of 27%. "We're pleased to have finished 2006 with
our highest quarterly revenue performance in over four years and a
record quarterly performance of $10.5 million in BioGlue sales,"
noted Steven G. Anderson, CryoLife president and chief executive
officer. All statements relating to the Company's fourth quarter
and full year 2006 revenues contained in this release are
preliminary and unaudited and may change based on the completion by
the Company's management and independent auditors of customary
year-end closing procedures. About CryoLife, Inc. Founded in 1984,
CryoLife, Inc. is a leader in the processing and distribution of
implantable living human tissues for use in cardiac and vascular
surgeries throughout the United States and Canada. The Company's
BioGlue(R) Surgical Adhesive is FDA approved as an adjunct to
sutures and staples for use in adult patients in open surgical
repair of large vessels. BioGlue is also CE marked in the European
Community and approved in Canada and Australia for use in soft
tissue repair. The Company also distributes the CryoLife-O'Brien(R)
stentless porcine heart valve and the SG Model 100 vascular graft,
which are CE marked for distribution within the European Community.
Statements made in this press release that look forward in time or
that express management's beliefs, expectations or hopes, including
statements regarding the Company's continued execution of its
corporate strategy, are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These future events may not occur as and when expected, if at all,
and, together with the Company's business, are subject to various
risks and uncertainties. These risks and uncertainties include that
the Company may be unable to acquire complementary products or
businesses, continue to successfully license Company technology, or
sell underperforming assets, and that even if the Company is able
to successfully pursue its strategic directives, it may be unable
to materially increase revenues or earnings. The Company's business
is also subject to a number of risks, including that the Company's
efforts to continue to increase revenue may not be effective, since
their effectiveness is subject to such factors as competitive
pressures and tissue availability, that the Company's efforts to
develop and introduce new products outside the U.S. may be
unsuccessful, that the Company's efforts to improve procurement and
tissue processing yields may not continue to prove effective, the
possibility that the FDA could impose additional restrictions on
the Company's operations, require a recall, or prevent the Company
from processing and distributing tissues or manufacturing and
distributing other products, that products and services under
development, including BioDisc, may not be commercially feasible,
the Company's SynerGraft products may not receive FDA approval when
anticipated or at all, that the Company may not have sufficient
borrowing or other capital availability to fund its business, that
pending litigation cannot be settled on terms acceptable to the
Company, that the Company may not have sufficient resources to pay
punitive damages (which are not covered by insurance) or other
liabilities in excess of available insurance, the possibility of
decreases in the Company's working capital if cash flow does not
continue to improve, that to the extent the Company does not have
sufficient resources to pay the claims against it, it may be forced
to cease operations or seek protection under applicable bankruptcy
laws, changes in laws and regulations applicable to CryoLife,
efforts by existing stockholders or others to gain influence or
control over CryoLife may divert management's attention from the
Company's operational recovery or otherwise be detrimental to the
interests of the other stockholders, existing or other potential
litigation initiated by stockholders or others; possible litigation
by CryoLife if stockholders or others make proposals or statements
which CryoLife does not believe to be fair or accurate or in the
best interests of its other shareholders and other risk factors
detailed in CryoLife's Securities and Exchange Commission filings,
including CryoLife's Form 10-K filing for the year ended December
31, 2005, its most recent Form 10-Q, and the Company's other SEC
filings. The Company does not undertake to update its
forward-looking statements. CRYOLIFE, INC. Financial Highlights (In
thousands, except share data) Three Months Ended Twelve Months
Ended December 31, December 31, 2006 2005 2006 2005 (Unaudited)
(Unaudited) Revenues from: BioGlue $10,491 $9,645 $40,025 $37,985
Bioprosthetic devices 238 185 1,012 947 Total products 10,729 9,830
41,037 38,932 Cardiovascular 4,438 3,355 15,988 13,762 Vascular
3,890 3,172 16,956 11,453 Orthopaedic 1,911 1,561 7,134 5,092 Total
preservation services 10,239 8,088 40,078 30,307 Total product and
preservation services revenues $20,968 $17,918 $81,115 $69,239 For
additional information about the company, visit CryoLife's Web
site: http://www.cryolife.com/ Media Contacts: D. Ashley Lee
Executive Vice President, Chief Operating Officer and Chief
Financial Officer Phone: 770-419-3355 Katie Brazel Fleishman
Hillard Phone: 404-739-0150 DATASOURCE: CryoLife, Inc. CONTACT: D.
Ashley Lee, Executive Vice President, Chief Operating Officer and
Chief Financial Officer, of CryoLife, Inc., +1-770-419-3355; or
Katie Brazel, Fleishman Hillard, +1-404-739-0150 Web site:
http://www.cryolife.com/
Copyright
CryoLife (NYSE:CRY)
Historical Stock Chart
From Jun 2024 to Jul 2024
CryoLife (NYSE:CRY)
Historical Stock Chart
From Jul 2023 to Jul 2024