CryoLife Announces Record Preservation Services and Product Revenues for 2007
January 10 2008 - 8:00AM
PR Newswire (US)
Preliminary full year and fourth quarter 2007 preservation services
and product revenues increased 16% and 17%, respectively, to
approximately $93.7 million for the year and $24.6 million for the
fourth quarter ATLANTA, Jan. 10 /PRNewswire-FirstCall/ -- CryoLife,
Inc. (NYSE:CRY), a biomaterials, medical device and tissue
processing company, announced today that preservation services and
product revenues for 2007 were approximately $93.7 million compared
to $81.1 million in 2006, an increase of 16 percent. Preservation
services and product revenues for the fourth quarter of 2007 were
approximately $24.6 million compared to $21.0 million in the fourth
quarter of 2006, an increase of 17 percent. The Company's GAAP
revenues are composed of preservation services and product revenues
plus other revenues, which include grant and license revenues.
Total other revenues for 2007 are not finalized, but are not
expected to exceed one percent of total revenues. BioGlue(R)
revenues were approximately $43.9 million for the full year of 2007
compared to $40.0 million in 2006, an increase of 10 percent.
BioGlue revenues were approximately $11.5 million in the fourth
quarter of 2007, compared to $10.5 million in the fourth quarter of
2006, an increase of 10 percent. Total tissue preservation services
revenues were approximately $49.0 million for the full year of 2007
compared to $40.1 million in 2006, an increase of 22 percent.
Tissue preservation services revenues were approximately $13.0
million in the fourth quarter of 2007, compared to $10.2 million in
the fourth quarter of 2006, an increase of 27 percent. Combined
cardiac and vascular tissue preservation revenues increased 36
percent for the full year of 2007 to $44.8 million compared to
$32.9 million in 2006, on a 25 percent increase in unit shipments.
Combined cardiac and vascular tissue preservation revenues
increased 49 percent in the fourth quarter of 2007 to $12.4
million, compared to $8.3 million in the fourth quarter of 2006, on
a 41 percent increase in unit shipments. Orthopaedic tissue
preservation revenues decreased 41 percent for the full year of
2007 to $4.2 million, compared to $7.1 million in 2006, and
decreased 71 percent for the fourth quarter of 2007 to $552,000,
compared to $1.9 million in the fourth quarter of 2006 because the
Company stopped procuring and processing such tissue in January
2007 pursuant to its Exchange and Service Agreement with
Regeneration Technologies, Inc. "The strategic initiative that we
announced in late 2006 and implemented throughout 2007 has resulted
in record setting tissue preservation and product revenues for
fiscal year 2007," noted Steven G. Anderson, CryoLife president and
chief executive officer. All statements relating to the Company's
fourth quarter and full year 2007 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 which is 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 are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements include
those regarding anticipated revenues for the fourth quarter and
full year of 2007. 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 completion by the Company's management
and independent auditors of customary quarter-end closing
procedures could result in an adjustment to the Company's fourth
quarter and full year 2007 revenue numbers, 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, 2006, 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) Three Months Ended Twelve Months Ended December 31,
December 31, 2007 2006 2007 2006 (Unaudited) (Unaudited) Revenues
from: Cardiovascular $6,511 $4,438 $22,098 $15,988 Vascular 5,920
3,890 22,702 16,956 Orthopaedic 552 1,911 4,202 7,134 Total
preservation services 12,983 10,239 49,002 40,078 BioGlue 11,511
10,491 43,884 40,025 Other implantable medical devices 105 238 828
1,012 Total products 11,616 10,729 44,712 41,037 Total preservation
services and product revenues $24,599 $20,968 $93,714 $81,115 Other
revenues for the full year and fourth quarter of 2006 were $196,000
and $122,000, respectively. Total revenues for the full year and
fourth quarter of 2006 were $81.3 million and $21.1 million,
respectively. 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 Mike Greenwell
Fleishman Hillard Phone: 404-739-0155 DATASOURCE: CryoLife, Inc.
CONTACT: D. Ashley Lee, Executive Vice President, Chief Operating
Officer and Chief Financial Officer, CryoLife, Inc.,
+1-770-419-3355; or Mike Greenwell, Fleishman Hillard,
+1-404-739-0155 Web site: http://www.cryolife.com/
Copyright
CryoLife (NYSE:CRY)
Historical Stock Chart
From Sep 2024 to Oct 2024
CryoLife (NYSE:CRY)
Historical Stock Chart
From Oct 2023 to Oct 2024