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CryoLife Reports Record Revenues for the Second Quarter and First Six Months of 2011

Thu, 07/28/2011 - 7:36am
Bio-Medicine.Org

ATLANTA, July 28, 2011 /PRNewswire/ -- CryoLife, Inc. (NYSE: CRY), a leading tissue processing and medical device Company focused on cardiac and vascular surgery, announced today its results for the second quarter and first six months of 2011.  Revenues for the second quarter were a record $29.4 million compared to $29.3 million for the second quarter of 2010.  Revenues for the first six months increased to a record of $59.6 million compared to $59.0 million for the first six months of 2010.  

"In May we completed the acquisition of Cardiogenesis, followed by comprehensive training for our sales force on their product line.  The business integration is on track and we continue to be excited about the potential synergies of the combined companies," stated Steven G. Anderson, president and chief executive officer.  "Over the past year, we have acquired the distribution and manufacturing rights to PerClot®, acquired Cardiogenesis and made an equity investment in ValveXchange, demonstrating our commitment to leveraging our core business and infrastructure to selectively enter business transactions that create value for our shareholders."

Net income for the second quarter of 2011 was $1.8 million, or $0.07 per basic and fully diluted common share, compared to net income of $2.9 million, or $0.10 per basic and fully diluted common share, for the second quarter of 2010.  Excluding pretax expenses of $1.4 million related to the Company's acquisition of Cardiogenesis and other business development activities, non-GAAP adjusted net income for the second quarter of 2011 was $3.3 million, or $0.12 per basic and fully diluted common share.  

Net income for the first six months of 2011 was $3.5 million, or $0.13 per basic and fully diluted common share, compared to net income of $4.9 million, or $0.17 per basic and fully diluted c

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