ATLANTA, April 28, 2011 /PRNewswire/ -- CryoLife,
Inc. (NYSE: CRY), an implantable biological medical device and
cardiovascular tissue processing company, announced today its
results for the first quarter of 2011. Revenues for the first
quarter increased 2 percent to a quarter record of $30.2 million compared to $29.7 million for the first quarter of 2010.
"We continue to post record quarterly revenues and generate
strong operating cash flow, allowing us to invest in our internal
product pipeline and pursue strategic business development
opportunities," stated Steven G.
Anderson, president and chief executive officer. "With
last year's acquisition of worldwide manufacturing and distribution
rights to PerClot®, and the pending acquisition of Cardiogenesis,
we are repositioning the Company for accelerated revenue and
earnings growth."
Net income for the first quarter of 2011 was $1.7 million, or $0.06 per basic and fully diluted common share,
compared to net income of $1.9
million, or $0.07 per basic
and fully diluted common share, for the first quarter of 2010.
Excluding pretax expenses of $1.2
million related to the Company's proposed acquisition of
Cardiogenesis and other business development activities, non-GAAP
adjusted net income for the first quarter of 2011 was $2.4 million, or $0.09 per basic and fully diluted common share.
Preservation service revenues for the first quarter of 2011
increased 1 percent to $15.7 million
compared to $15.6 million for the
first quarter of 2010. The increase in preservation service
revenues for the first quarter of 2011 was primarily due to an
increase in vascular tissue average service fees and an increase in
shipments of vascular tissues, largely offset by a decrease in
shipments of cardiac tissues.
Product revenues, which consist primarily of sales of BioGlue®,
PerClot, and HemoStase®, were $14.4
million for the first quarter of 2011 compared to
$14.0 million for the first quarter
of 2010, an increase of 3 percent. The increase in product
revenues was primarily due to the addition of PerClot revenues in
the first quarter of 2011, partially offset by a decrease in
HemoStase revenues.
Total gross margins were 61 percent and 60 percent for the first
quarters of 2011 and 2010, respectively. Preservation
services gross margins were 41 percent and 40 percent for the first
quarters of 2011 and 2010, respectively. Product gross
margins were 83 percent and 82 percent for the first quarters of
2011 and 2010, respectively.
General, administrative, and marketing expenses for the first
quarter of 2011 were $14.3 million
compared to $13.8 million for the
first quarter of 2010. General, administrative, and marketing
expenses for the first quarter of 2011 included approximately
$1.2 million in costs related to the
Company's proposed acquisition of Cardiogenesis and other business
development activities. General, administrative, and
marketing expenses for the first quarter of 2010 included
approximately $729,000 in costs
related to the write-off of the Company's BioGlue intellectual
property rights in Germany.
Research and development expenses were $1.8 million and $1.3
million for the first quarters of 2011 and 2010,
respectively. Research and development spending in 2011 was
primarily focused on PerClot, SynerGraft® tissues and products, and
BioFoam® Surgical Matrix.
Other income was $88,000 for the
first quarter of 2011 compared to $650,000 for the first quarter of 2010.
Other income in 2010 consisted primarily of an $817,000 gain on valuation of the derivative
related to an investment in common stock.
As of March 31, 2011, the Company
had $42.9 million in cash, cash
equivalents, and restricted securities, compared to $40.8 million at December
31, 2010. Of this $42.9
million, $1.6 million was
received from the U.S. Department of Defense as advance funding for
the development of BioFoam protein hydrogel technology, and
$5.3 million was designated as
restricted securities primarily due to a financial covenant
requirement under the Company's credit agreement. The
Company's net cash flows provided by operations were $3.9 million for each of the first quarters of
2011 and 2010.
2011 Financial Guidance
Company Guidance without Acquisition of Cardiogenesis:
The Company expects total revenues for the full year of 2011 to
be near the lower end of its previously issued range of between
$120.0 million and $126.0 million,
which includes revenues of between $500,000
and $1.0 million related to the use of funds received from
the U.S. Department of Defense in connection with the development
of BioFoam. The Company expects tissue processing revenues to
increase between low-single and mid-single digits on a percentage
basis in 2011 compared to 2010, BioGlue and BioFoam revenues to
increase in low-single to mid-single digits on a percentage basis
in 2011 compared to 2010, with revenues from powdered hemostats,
including PerClot and HemoStase, to be between $5.0 million and $6.0 million. Research and
development expenses are expected to be between $10.0 million and $12.0 million in 2011.
The Company expects earnings per share of between
$0.23 and $0.27 in 2011.
Excluding expenses related to the proposed acquisition of
Cardiogenesis and other business development charges of
approximately $0.03 per share
incurred in the first quarter of 2011, the Company expects non-GAAP
earnings per share of between $0.26 and
$0.30 in 2011.
Company Guidance with Cardiogenesis:
If the Company successfully completes the previously announced
acquisition of Cardiogenesis in May, it expects revenues 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 earnings per share,
excluding acquisition related charges and integration costs
incurred to date and expected to be incurred during the remainder
of 2011. These excluded charges and costs include the
increase to cost of goods sold related to the step up in inventory
values required under purchase accounting. The Company
expects the total of these charges to be between $0.06 per share and $0.08 per share for the full year of 2011,
including charges of approximately $0.03 per share incurred in the first quarter of
this year, as discussed above.
Income Tax Effect:
The Company expects the effective income tax rate for the full
year of 2011 to be in the mid 30 percent range, assuming the
Cardiogenesis transaction does not close. If the Company
successfully completes the Cardiogenesis acquisition, the Company
expects the effective income tax rate to be significantly higher in
the second quarter of this year as compared to the first quarter of
this year due to the tax treatment of non-deductible acquisition
related charges, which will significantly increase the effective
tax rate for the full year.
The Company's financial guidance for the full year of fiscal
2011 is subject to the risks described below in the last paragraph
of this press release.
Webcast and Conference Call Information
The Company will hold a teleconference call and live webcast
today at 10:00 a.m. Eastern Time to
discuss the results followed by a question and answer session
hosted by Mr. Anderson.
To listen to the live teleconference, please dial 201-689-8345 a
few minutes prior to 10:00 a.m.
A replay of the teleconference will be available from
April 28 through May 5 and can be
accessed by calling 877-660-6853 (toll free) or 201-612-7415.
The account number for the replay is 244 and the conference
number is 370982.
The live webcast and replay can be accessed by going to the
Investor Relations section of the CryoLife Web site at
www.cryolife.com and selecting the heading Webcasts &
Presentations.
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 U.S. and Canada. The Company's CryoValve® SG
pulmonary heart valve, processed using CryoLife's proprietary
SynerGraft® technology, has FDA 510(k) clearance for the
replacement of diseased, damaged, malformed, or malfunctioning
native or prosthetic pulmonary valves. The Company's
CryoPatch® SG pulmonary cardiac patch has FDA 510(k) clearance for
the repair or reconstruction of the right ventricular outflow tract
(RVOT), which is a surgery commonly performed in children with
congenital heart defects, such as Tetralogy of Fallot, Truncus
Arteriosus, and Pulmonary Atresia. CryoPatch SG is
distributed in three anatomic configurations: pulmonary
hemi-artery, pulmonary trunk, and pulmonary branch. The
Company's BioGlue® 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 and
was recently approved in Japan for
use in the repair of aortic dissections. The Company's
BioFoam™ Surgical Matrix is CE marked in the European Community for
use as an adjunct in the sealing of abdominal parenchymal tissues
(liver and spleen) when cessation of bleeding by ligature or other
conventional methods is ineffective or impractical. In late
September 2010, CryoLife entered into
a distribution agreement for PerClot®, an absorbable powder
hemostat that has CE Mark designation allowing commercial
distribution into the European Community and other markets.
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. Such
forward-looking statements reflect the views of management at the
time such statements are made and are subject to a number of risks,
uncertainties, estimates, and assumptions that may cause actual
results to differ materially from current expectations. These
statements include those regarding our recent acquisition activity
and its effect of repositioning our Company for accelerated revenue
and earnings growth, and our anticipated performance for the full
year of fiscal 2011. These risks and uncertainties include
that our acquisition activity may not spur accelerated revenue and
earnings growth and we may experience difficulties in integrating
Cardiogenesis into our business if the pending acquisition is
successfully completed. Also, our expansion of product
offerings may not be accepted by surgeons and patients, thereby
preventing us from reaping the anticipated benefits of these
investments. Further, accelerated revenue and earnings growth
may be offset, particularly in the short term, by increased
expenses related to these acquisitions and related efforts to fully
integrate these acquisitions into our business. It is also
possible that we may be unsuccessful or delayed in our attempt to
acquire Cardiogenesis, which may have a material adverse effect on
our operating expenses and revenues. The tender offer and
merger may not be completed within our anticipated time frame, if
at all, and a sufficient number of Cardiogenesis shareholders may
not choose to tender their stock in the offer and/or vote for the
proposed merger. Two purported class action lawsuits have
been filed by Cardiogenesis shareholders challenging the merger.
Also, competing offers may be made for Cardiogenesis, various
closing conditions for the transaction may not be satisfied or
waived, including that a governmental entity may prohibit or delay
the transaction, and the effects of disruption from the transaction
may make it more difficult to maintain relationships with
employees, customers, business partners or governmental entities.
If our transaction with Cardiogenesis is delayed or
unsuccessful, we may experience increased operating costs related
to our efforts to acquire Cardiogenesis, without the positive
impact of the increased revenues that we expect from sales of
Cardiogenesis products. Our projected earnings per share
assumes that we will complete the Cardiogenesis transaction in the
second quarter of 2011 and that we will not enter into any
additional significant transactions in 2011. If the
Cardiogenesis transaction does not close as anticipated, or if we
should enter into additional significant transactions in 2011, our
earnings per share estimates may require revision. If the
acquisition of Cardiogenesis is successfully completed, CryoLife
will also inherit certain risks and uncertainties related to
Cardiogenesis' business. These risks and uncertainties
include that CryoLife's ability to maintain revenues and achieve
growth in sales of Cardiogenesis products and services in the
future is dependent upon physician awareness of its products and
services as a safe, efficacious and appropriate treatment for their
patients, CryoLife may not be able to successfully market
Cardiogenesis' products and services if third party reimbursement
for the procedures performed with Cardiogenesis' products is not
available for its health care provider customers, healthcare policy
changes, including recent federal legislation to reform the U.S.
healthcare system, may have a material adverse effect on
Cardiogenesis' products and services, if CryoLife fails to maintain
Cardiogenesis' regulatory approvals and clearances, or is unable to
obtain, or experiences significant delays in obtaining, FDA
clearances or approvals for its future products or product
modifications, CryoLife's ability to commercially distribute and
market these products could suffer, if suppliers or manufacturers
with respect to Cardiogenesis products fail to comply with ongoing
FDA or other foreign regulatory authority requirements, CryoLife's
Cardiogenesis business may be negatively impacted, in the future,
the FDA could restrict the current uses of Cardiogenesis' TMR
System and thereby restrict its ability to generate revenues,
CryoLife may fail to comply with international regulatory
requirements with respect to Cardiogenesis' business and could be
subject to regulatory delays, fines or other penalties, CryoLife
will continue to purchase some of Cardiogenesis' key product
components from single suppliers and the loss of these suppliers
could prevent or delay shipments of its products or delay its
clinical trials or otherwise adversely affect CryoLife's
Cardiogenesis business, if Cardiogenesis' independent contract
manufacturers fail to timely deliver sufficient quantities of some
of CryoLife's Cardiogenesis products and components in a timely
manner, CryoLife's Cardiogenesis operations may be harmed, if
clinical trials of Cardiogenesis' current or future product
candidates do not produce results necessary to support regulatory
clearance or approval in the United
States or elsewhere, CryoLife will be unable to
commercialize these products, if the third parties on which
Cardiogenesis relies to conduct its clinical trials and to assist
it with pre-clinical development do not perform as contractually
required or expected, CryoLife may not be able to obtain regulatory
clearance or approval for or commercialize its Cardiogenesis
products, third-party distributors or CryoLife's own distributors
may not effectively distribute Cardiogenesis products, the use,
misuse or off-label use of CryoLife's Cardiogenesis products may
harm its image in the marketplace or result in injuries that lead
to product liability suits, which could be costly to CryoLife or
result in FDA sanctions if CryoLife is deemed to have engaged in
such promotion, CryoLife's international operations with respect to
Cardiogenesis subject it to certain operating risks, which could
adversely impact its net sales, results of operations and financial
condition, immediately following the acquisition, Cardiogenesis'
operations will be conducted at a single location that may be at
risk from earthquakes or other natural disasters, third party
intellectual property rights may limit the development and
protection of intellectual property acquired from Cardiogenesis,
which could adversely affect its value to CryoLife, Cardiogenesis
has been named as a defendant in a patent infringement lawsuit and
costly litigation may be necessary to protect or defend its
intellectual property rights, the Cardiogenesis business relies on
patent and trade secret laws, which are complex and may be
difficult to enforce, CryoLife may suffer losses from product
liability claims if Cardiogenesis' products cause harm to patients,
in the past, Cardiogenesis has depended heavily on key personnel
and the turnover of key employees and senior management following
completion of the merger could harm the Cardiogenesis business,
Cardiogenesis' internal controls over financial reporting may not
have been effective, which could have a significant and adverse
effect on CryoLife following completion of the merger. These risks
and uncertainties related to Cardiogenesis' business that CryoLife
will inherit also include the risk factors detailed in
Cardiogenesis' Securities and Exchange Commission filings,
including its Form 10-K filing for the year ended December 31, 2010, and Cardiogenesis' other SEC
filings. Our anticipated performance for the full year of
fiscal 2011 is subject to the general risks associated with our
business, including that we are significantly dependent on
our revenues from BioGlue and are subject to a variety of risks
affecting this product, including that a German Patent Court has
nullified our main BioGlue patent in Germany, and if the ruling is upheld on
appeal, we would be prevented from suing to prevent third parties
from infringing the main BioGlue patent in Germany, we are subject to stringent domestic
and foreign regulation which may impede the approval process of our
tissues and products, hinder our development activities and
manufacturing processes, and, in some cases, result in the recall
or seizure of previously cleared or approved tissues and products,
HemoStase sales ceased in late March
2011, which will materially negatively impact our revenues
and income, our short-term liquidity and earnings in 2011 will be
impacted by our substantial investment in our distribution and
license and manufacturing agreements with SMI, and we may not fully
realize the benefit of our investment in future years unless we are
able to obtain FDA approval for PerClot in the U.S., which will
require an additional commitment of funds, uncertainties related to
patents and protection of proprietary technology may adversely
affect the value of our intellectual property, Medafor has filed
counter-claims against us with respect to our lawsuit against
Medafor, and if Medafor is successful in its claims, our revenues
and profitability may be materially, adversely impacted, we may be
unsuccessful in our efforts to market and sell PerClot in the U.S.
and internationally, our investment in Medafor has been impaired
due to Medafor's termination of our distribution agreement with
Medafor, which could have a material adverse impact on our
financial condition and profitability, we are currently involved in
significant litigation with Medafor and that litigation cost may
have a material adverse impact on our profitability, the tissues we
process and our products allegedly have caused and may in the
future cause injury to patients, and we have been and may be
exposed to product liability claims, including one currently
outstanding product liability lawsuit, and additional regulatory
scrutiny as a result, we may expand through acquisitions or
licenses of or investments in other companies or technologies,
which may result in additional dilution to our stockholders and
consume resources that may be necessary to sustain our business, we
may find it difficult to integrate recent acquisitions of
technology and potential future acquisitions of technology or
business combinations, which could disrupt our business, dilute
stockholder value, and adversely impact our operating results, we
may not realize the anticipated benefits from an acquisition and
could acquire unforeseen liabilities in connection with
acquisitions, demand for our tissues and products could decrease in
the future, which could have a material adverse effect on our
business, the success of many of our tissues and products depends
upon strong relationships with physicians, consolidation in the
health care industry could lead to demands for price concessions,
or limit or eliminate our ability to sell to certain of our
significant market segments, healthcare policy changes, including
recent federal legislation to reform the U.S. healthcare system,
may have a material adverse effect on us, our existing insurance
policies may not be sufficient to cover our actual claims
liability, we are dependent on the availability of sufficient
quantities of tissue from human donors, our CryoValve SGPV
post-clearance study may not provide expected results, intense
competition may affect our ability to operate profitably, the loss
of any of our sole-source suppliers could have an adverse effect on
our revenues, financial condition, profitability, and cash flows,
regulatory action outside of the U.S. has affected our business in
the past and may affect our business in the future, rapid
technological change could cause our services and products to
become obsolete, continued fluctuation of foreign currencies
relative to the U.S. Dollar could materially and adversely impact
our business, our credit facility which expires in June 2011, but could be extended, limits our
ability to pursue significant acquisitions, key growth strategies
may not generate the anticipated benefits, our ability to borrow
under our credit facility which expires in June 2011 may be limited, we may not be able to
enter into a new credit facility after our current credit facility
expires, we may not be successful in obtaining necessary clinical
results and regulatory approvals for services and products in
development, and our new services and products may not achieve
market acceptance, investments in new technologies and acquisitions
of products or distribution rights may not be successful, extensive
government regulation may adversely affect our ability to develop
and market services and products, if we are not successful in
expanding our business activities in international markets, we may
be unable to increase our revenues, we are not insured against all
potential losses, and natural disasters or other catastrophes could
adversely affect our business, we may be unable to obtain adequate
insurance at a reasonable cost, if at all, and we are dependent on
key personnel. These risks and uncertainties include
the risk factors detailed in our Securities and Exchange Commission
filings, including our Form 10-K for the year ended December 31, 2010 and our Form 10-Q to be filed
on or around April 28, 2011 for the
quarter ended March 31, 2011.
CryoLife does not undertake to update its forward-looking
statements.
CRYOLIFE,
INC. AND SUBSIDIARIES
Financial
Highlights
(In
thousands, except per share data)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
2011
|
|
2010
|
|
|
(Unaudited)
|
|
Revenues:
|
|
|
|
|
Preservation
services
|
$
15,674
|
|
$
15,583
|
|
Products
|
14,429
|
|
13,955
|
|
Other
|
93
|
|
179
|
|
Total revenues
|
30,196
|
|
29,717
|
|
Cost of preservation services
and products:
|
|
|
|
|
Preservation
services
|
9,196
|
|
9,398
|
|
Products
|
2,496
|
|
2,527
|
|
Total cost of preservation
services
|
|
|
|
|
and products
|
11,692
|
|
11,925
|
|
Gross margin
|
18,504
|
|
17,792
|
|
Operating
expenses:
|
|
|
|
|
General,
administrative, and marketing
|
14,291
|
|
13,817
|
|
Research and
development
|
1,766
|
|
1,292
|
|
Total operating
expenses
|
16,057
|
|
15,109
|
|
Operating income
|
2,447
|
|
2,683
|
|
Interest
expense
|
30
|
|
51
|
|
Interest
income
|
(9)
|
|
(4)
|
|
Gain on valuation
of derivative
|
--
|
|
(817)
|
|
Other (income)
expense, net
|
(109)
|
|
120
|
|
Income before income
taxes
|
2,535
|
|
3,333
|
|
Income tax
expense
|
869
|
|
1,399
|
|
|
|
|
|
|
Net income
|
$
1,666
|
|
$
1,934
|
|
Income per common
share:
|
|
|
|
|
Basic
|
$
0.06
|
|
$
0.07
|
|
Diluted
|
$
0.06
|
|
$
0.07
|
|
Weighted-average common shares
outstanding:
|
|
|
|
|
Basic
|
27,385
|
|
28,235
|
|
Diluted
|
27,720
|
|
28,539
|
|
|
|
|
|
CRYOLIFE,
INC. AND SUBSIDIARIES
Financial
Highlights
(In
thousands)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
2011
|
|
2010
|
|
|
(Unaudited)
|
|
Preservation
services:
|
|
|
|
|
Cardiac
tissue
|
$
6,534
|
|
$
6,903
|
|
Vascular
tissue
|
9,140
|
|
8,680
|
|
Total preservation services
|
15,674
|
|
15,583
|
|
|
|
|
|
|
Products:
|
|
|
|
|
BioGlue and
BioFoam
|
11,974
|
|
11,912
|
|
PerClot
|
660
|
|
--
|
|
HemoStase
|
1,795
|
|
2,105
|
|
Other medical
devices
|
--
|
|
(62)
|
|
Total products
|
14,429
|
|
13,955
|
|
Other
|
93
|
|
179
|
|
Total revenues
|
$
30,196
|
|
$
29,717
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
U.S.
|
$
24,421
|
|
$
24,929
|
|
International
|
5,775
|
|
4,788
|
|
Total revenues
|
$
30,196
|
|
$
29,717
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
2011
|
|
2010
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Cash, cash equivalents, and
restricted securities
|
$
42,902
|
|
$
40,806
|
|
Receivables, net
|
16,262
|
|
14,313
|
|
Deferred preservation
costs
|
29,703
|
|
31,570
|
|
Inventories
|
5,980
|
|
6,429
|
|
Investment in equity
securities
|
2,594
|
|
2,594
|
|
Total assets
|
138,010
|
|
137,438
|
|
Shareholders' equity
|
114,987
|
|
113,942
|
|
|
|
|
|
CRYOLIFE,
INC.
Unaudited
Reconciliation of
Non-GAAP
Adjusted Net Income and Adjusted Income per Common
Share
(In
thousands, except Income per Common Share data)
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
|
2011
|
2010
|
|
GAAP:
|
(Unaudited)
|
|
|
|
|
|
Income before income
taxes
|
$
2,535
|
$
3,333
|
|
Income tax expense
|
869
|
1,399
|
|
Net income
|
$ 1,666
|
$ 1,934
|
|
Income per common
share:
|
|
|
|
Basic
|
$
0.06
|
$
0.07
|
|
Diluted
|
$
0.06
|
$
0.07
|
|
Weighted-average common shares
outstanding:
|
|
|
|
Basic
|
27,385
|
28,235
|
|
Diluted
|
27,720
|
28,539
|
|
|
|
|
|
|
|
|
|
Reconciliation for 2011
excluding items:
|
|
|
|
|
|
|
|
Income before income taxes,
GAAP
|
$
2,535
|
|
|
Excluding expenses
for business development activities
|
1,154
|
|
|
Adjusted income before income
taxes, non-GAAP
|
3,689
|
|
|
|
|
|
|
Income tax expense
calculated at 2011
|
|
|
|
effective tax rate of 34%
|
1,254
|
|
|
Adjusted net income,
non-GAAP
|
$
2,435
|
|
|
|
|
|
|
Adjusted income per common
share, non-GAAP:
|
|
|
|
Basic
|
$
0.09
|
|
|
Diluted
|
$
0.09
|
|
|
|
|
|
|
Weighted-average common shares
outstanding:
|
|
|
|
Basic
|
27,385
|
|
|
Diluted
|
27,720
|
|
|
|
|
|
Investors should consider this non-GAAP information in addition
to, and not as a substitute for, financial measures
prepared in accordance with U.S. GAAP. In addition,
this non-GAAP financial information may not be the same as similar
measures presented by other companies. Non-GAAP adjusted net
income and adjusted income per common share exclude expenses for
business development activities, including the Company's proposed
acquisition of Cardiogenesis. The Company believes that this
non-GAAP presentation provides useful information to investors
regarding the expense structure of the Company's existing
operations without regard to its ongoing efforts to acquire
complementary products and businesses. The Company does,
however, expect to incur similar types of business development
expenses in the future, and this non-GAAP financial information
should not be viewed as a promise or indication that these types of
expenses will not recur.
Media Contacts:
D. Ashley Lee
Executive Vice President, Chief Financial Officer and
Chief Operating Officer
Phone: 770-419-3355
Chris Mittendorf
Edelman
Phone: 212-704-8134
SOURCE CryoLife, Inc.