CryoLife, Inc. Reports Record Revenues And Record Net Income For The First Half Of 2002
Revenues for the second quarter were $25,697,000, an increase of 18 percent over the previous record of $21,697,000, in the second quarter of 2001. Net income for the second quarter of 2002 was $2,802,000, an increase of 10 percent over the previous record of $2,540,000, reported in the second quarter of 2001. On a fully diluted basis, earnings per common share for the second quarter ended June 30, 2002 were $0.14, as compared to $0.13 for the same period in 2001.
Revenues for the six-month period ended June 30, 2002, were a record $51,168,000, up 19 percent over the previous record of $43,129,000, set in the same period in 2001. Net income for the first six months of 2002 was a record $5,906,000, an increase of 31 percent over the record of $4,510,000 set in 2001. On a fully diluted basis, earnings per common share for the first six months of 2002 were $0.30, compared to $0.23 recorded in the same period in 2001.
Steven G. Anderson, President and Chief Executive Officer, CryoLife, Inc., noted, "The Company's record financial performance in the second quarter and first half of 2002 reflect gains in all four major business sectors. Cardiovascular tissue processing revenues were up 6 percent in the first six months, vascular tissue processing revenues were up 8 percent, orthopedic tissue processing revenues were up 10 percent and surgical adhesives revenues were up 100 percent."
CryoLife will conduct a live teleconference at 11:15 a.m. Eastern Time this morning, July 23, 2002, hosted by Steven G. Anderson, President and Chief Executive Officer. Individuals interested in listening to the live teleconference may do so by calling 973-582-2710 a few minutes prior to 11:15 a.m. No identification number is required. Those interested in listening to a replay of the teleconference may do so by calling (toll free) 877-519-4471 or 973-341-3080. The identification number for the replay is 3382137. The replay will be available July 23 through July 26, 2002.
Founded in 1984, CryoLife, Inc. is the leader in the development and commercialization of implantable living human tissues for use in cardiovascular, vascular and orthopedic 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 and is CE marked in the European Community and approved in Canada and Australia for use in vascular and pulmonary sealing and repair. The Company also manufactures the SynerGraft(R) heart valve and the SynerGraft vascular graft, the world's first tissue-engineered heart valve and vascular replacement, respectively, and the CryoLife-O'Brien(R) and CryoLife- Ross(R) stentless porcine heart valves, which are CE marked for distribution within the European Community. The human heart valves and vascular grafts processed by CryoLife using the SynerGraft technology are distributed in the U.S. under the trade names of CryoValve(R)SG and CryoVein(R)SG, respectively.
CRYOLIFE, INC.
Unaudited Financial Highlights
(In thousands, except share data)
Three Months Ended Six Months Ended
June 30, June 30,
2002 2001 2002 2001
Revenues:
Human tissue preservation
services $19,969 $18,765 $40,207 $37,331
Products 5,473 2,789 10,538 5,430
Distribution and grant 255 143 423 368
Total Revenues 25,697 21,697 51,168 43,129
Costs and Expenses:
Human tissue preservation
services 8,349 7,697 16,413 15,370
Products 1,844 1,423 4,078 2,855
General, administrative
and marketing 10,122 8,120 19,600 16,279
Research and development 1,195 1,286 2,348 2,372
Interest expense 196 16 388 16
Interest income (239) (576) (537) (1,138)
Other (income) expense, net (15) (5) (71) 742
Total Costs and Expenses 21,452 17,961 42,219 36,496
Earnings before income taxes 4,245 3,736 8,949 6,633
Income tax expense 1,443 1,196 3,043 2,123
Net Income $2,802 $2,540 $5,906 $4,510
Earnings per share:
Basic $0.14 $0.14 $0.31 $0.24
Diluted $0.14 $0.13 $0.30 $0.23
Weighted average
shares outstanding:
Basic 19,538 18,780 19,318 18,761
Diluted 20,212 19,622 20,010 19,575
Revenues from:
Cardiovascular $7,676 $7,182 $14,984 $ 14,093
Vascular 6,354 6,017 13,371 12,429
Orthopedic 5,939 5,566 11,852 10,809
Total Cryopreservation 19,969 18,765 40,207 37,331
BioGlue 5,251 2,631 10,124 5,074
Bioprosthetic valves 222 158 414 356
Distribution and grant 255 143 423 368
Total Revenues $25,697 $21,697 $51,168 $43,129
For additional information about the company, visit CryoLife's web site:
http://www.cryolife.com .
Contact: D. Ashley Lee
Vice President, Chief Financial Officer
(800) 438-8285