CryoLife Reports Record Quarterly Revenues of $28.2 Million

ATLANTA, Oct. 29 /PRNewswire-FirstCall/ -- CryoLife, Inc. (NYSE: CRY - News), an implantable biological medical device and cardiovascular tissue processing company, announced today that revenues for the third quarter of 2009 increased 5 percent to a quarterly record of $28.2 million compared to $26.8 million for the third quarter of 2008. Net income for the third quarter of 2009 was $1.9 million, or $0.07 per basic and fully diluted common share, compared to $3.6 million, or $0.13 per basic and $0.12 per fully diluted common share for the third quarter of 2008. The Company's effective income tax rate was 41 percent for the third quarter of 2009, compared to 6 percent for the third quarter of 2008. The Company's effective income tax rate was lower in 2008 due to the valuation allowance on the Company's deferred tax assets during 2008. If the Company had recorded 2008 income taxes at a normalized 41 percent effective tax rate, net income for the third quarter of 2008 would have been $2.2 million and fully diluted earnings per share would have been $0.08.Revenues for the first nine months of 2009 increased 4 percent to a record $83.1 million compared to $79.5 million for the first nine months of 2008.Net income for the first nine months of 2009 was $6.3 million, or $0.22 per basic and fully diluted common share, compared to $10.2 million, or $0.37 per basic and $0.36 per fully diluted common share for the first nine months of 2008. If the Company had recorded 2008 income taxes at a normalized 41 percent effective...
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CryoLife down in Q3 on higher tax rate

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CRYOLIFE INC Files SEC form 8-K, Results of Operations and Financial Condition

Item 2.02 Results of Operations and Financial Condition. On October 29, 2009, CryoLife, Inc. ("CryoLife" or the "Company") issued a press release announcing its financial results for the quarter ended September 30, 2009. CryoLife hereby incorporates by reference herein the information set forth in its Press Release dated October 29, 2009, a copy of which is attached hereto as Exhibit 99.1. Except as otherwise provided in the press release, the press release speaks only as of the date of such press release and it shall not create any implication that the affairs of CryoLife have continued unchanged since such date. The press release includes certain supplemental non-GAAP financial measures: · non-GAAP preservation service revenue growth, which has been obtained by adjusting the comparable preservation service GAAP revenue growth number to exclude revenues related to orthopedic tissue processing services; · non-GAAP preservation service revenues, which have been obtained by adjusting the comparable preservation service segment revenue numbers to exclude revenues related to orthopedic tissue processing services; · non-GAAP net income, which has been obtained by measuring net income as if the Company had recorded 2008 income taxes at a normalized 41 percent effective tax rate; · non-GAAP fully diluted earnings per share, which have been obtained by measuring fully diluted earnings per share as if the Company had recorded 2008 income taxes at a normalized 41 percent effective tax rate; · non-GAAP product revenues, which have been obtained by excluding the effects of changes in foreign currency exchange rates. Preservation service revenue growth has been adjusted to obtain non-GAAP preservation service revenue growth, and preservation service segment revenues have been adjusted to obtain non-GAAP preservation service revenues, by excluding revenues from orthopedic tissue processing, because the Company discontinued procuring and processing...
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CryoLife Inc. Q3 2009 Earnings Conference Call

CryoLife Inc. (CRY) Q3 2009 Earnings Call October 29, 2009 10:00 a.m. ET Executives Steve Anderson - President and CEO Ashley Lee - EVP, CFO and COO Analysts Matt Dolan - Roth Capital Greg Brash - Sidoti & Company Raymond Myers - Emerging Growth Equities Presentation Operator Greetings and welcome to the CryoLife third quarter 2009, financial conference call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. (Operator Instructions). As a reminder, this conference is being recorded. It is now my pleasure to introduce your host Mr. Steve Anderson, President and CEO for CryoLife. Thank you. Mr. Anderson you may begin. Steve Anderson This is Steve Anderson, CryoLife's Chairman and CEO and I would like to welcome you to CryoLife's third quarter 2009 conference call. With me today is Ashley Lee, the company's Executive Vice President, CFO and COO. This morning we reported record revenues for Q3. Revenues were $28.2 million, a 5% increase over the same period of a year ago. Net income for the third quarter was $1.9 million compared to $3.6 million for Q3 in 2008. The difference in earnings between the two years is mostly due to the fact that our effective tax rate in the third quarter of '08 was 6% and our effective tax rate in the third quarter of '09 was 41%. This change in the effective tax rate is due to the valuation allowance on the company's deferred tax assets during 2008. The third quarter of 2009 represents the 11th consecutive quarter of profitability for the company. The agenda for today's call is as follows. Ashley will discuss today's earning...
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CryoLife, Inc. Earnings Call scheduled for 10:00 am ET today

Call DetailsCryoLife, Inc. Earnings Conference Call (Q3 2009)Thu, Oct 29, 2009, 10:00 am EasternAbout CryoLife, Inc. (NYSE:CRY)CryoLife, Inc., through its subsidiaries, engages in the processing and distribution of implantable living human tissues for use in cardiac and vascular surgeries, as well as the development and commercialization of medical devices in the United States, Canada, and internationally. It primarily provides CryoValve SG pulmonary human heart valve, which is indicated for the replacement of diseased, damaged, malformed, or malfunctioning native pulmonary valves. The company also offers Hemostase, a microporous polysaccharide hemostatic agent, which is a plant based, flowable powder engineered to rapidly dehydrate blood, enhancing clotting on contact, and is distributed under a private label agreement with Medafor, Inc. In addition, CryoLife develops BioGlue surgical adhesive, a polymer based on bovine blood protein and an agent for cross-linking proteins, which is used for cardiac, vascular, pulmonary, and general surgical applications, as well as used as an adjunct to sutures and staples for use in adult patients in open surgical repair of large vessels. Further, it distributes CardioWrap, a resorbable protective plastic sheet used to replace the pericardium in cardiac reconstruction; CryoLife-O’Brien Stentless Porcine Aortic Bioprosthesis, a stentless porcine valve; and ProPatch that is used to reinforce weakened soft tissues and provides a resorbable scaffold, which is replaced by the patient’s own soft tissue. CryoLife distributes its products through field service representatives, cardiac specialists, direct field representatives, and independent distributors. The company was founded in 1984 and is based in Kennesaw, Georgia.More Info:Quote |...
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CRYOLIFE INC Financials

PERIOD ENDING30-Sep-0930-Jun-0931-Mar-0931-Dec-08Total Revenue28,219  28,163  26,688  25,532  Cost of Revenue11,178  10,268  9,453  9,023  Gross Profit17,041  17,895  17,235  16,509  Operating ExpensesResearch Development1,461  1,367  1,026  1,371  Selling General and Administrative12,386  12,306  12,748  12,334  Non Recurring -   -   -   -  Others -   -   -   -  Total Operating Expenses -   -   -   -  Operating Income or Loss3,194  4,222  3,461  2,804  Income from Continuing OperationsTotal Other Income/Expenses Net2  80  (109)(25)Earnings Before Interest And Taxes3,196  4,302  3,352  2,779  Interest Expense58  61  49  62  Income Before Tax3,138  4,241  3,303  2,717  Income Tax Expense1,276  1,739  1,354  (19,982)Minority Interest -   -   -   -  Net Income From Continuing Ops1,862  2,502  1,949  22,699  Non-recurring EventsDiscontinued Operations -   -   -   -  Extraordinary Items -   -   -   -  Effect Of Accounting Changes ...
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CryoLife to Present at Upcoming Investor Conferences in New York

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CRYOLIFE INC Files SEC form 8-K, Change in Directors or Principal Officers

Show all filings for CRYOLIFE INC | Request a Trial to NEW EDGAR Online Pro Form 8-K for CRYOLIFE INC 3-Nov-2009Change in Directors or Principal Officers Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended...
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