UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
|
FORM
8-K
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CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported): July 11, 2006
_______________________
CRYOLIFE,
INC.
(Exact
name of registrant as specified in its charter)
_________________________
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Florida
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1-13165
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59-2417093
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(State
or Other Jurisdiction
of
Incorporation)
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(Commission
File Number)
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(IRS
Employer
Identification
No.)
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1655
Roberts Boulevard, N.W., Kennesaw, Georgia 30144
(Address
of principal executive office) (zip code)
Registrant's
telephone number, including area code: (770) 419-3355
_____________________________________________________________
(Former
name or former address, if changed since last report)
_________________________
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
|
o
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Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
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|
o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
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Section
2 Financial
Information
Item
2.02 Results
of Operations and Financial Condition.
The
information provided pursuant to this Item 2.02 is to be considered “filed”
under the Securities Exchange Act of 1934 (“Exchange Act”) and incorporated by
reference into those filings of CryoLife, Inc. (“CryoLife”) that provide for the
incorporation of all reports and documents filed by CryoLife under the Exchange
Act.
On
July
11, 2006, CryoLife issued a press release announcing its preliminary revenue
results for the second quarter of 2006. CryoLife hereby incorporates by
reference herein the information set forth in its Press Release dated July
11,
2006, 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.
Except
for the historical information contained in this report, the statements made
by
CryoLife are forward-looking statements that involve risks and uncertainties.
All such statements are subject to the safe harbor created by the Private
Securities Litigation Reform Act of 1995. CryoLife’s future financial
performance could differ significantly from the expectations of management
and
from results expressed or implied in the Press Release. Please refer to the
last
paragraph of the Press Release for further discussion about forward-looking
statements. For further information on risk factors, please refer to the “Risk
Factors” contained in CryoLife’s Form 10-K for the year ended December 31, 2005,
as filed with the Securities and Exchange Commission (“SEC”) and any subsequent
SEC filings. CryoLife disclaims any obligation or duty to update or modify
these
forward-looking statements.
Section
9 Financial
Statements and Exhibits.
Item
9.01(c) Exhibits.
(a)
Financial Statements.
Not
applicable.
(b)
Pro
Forma Financial Information.
Not
applicable.
(c)
Shell
Company Transactions.
Not
applicable.
(d)
Exhibits.
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Exhibit
Number
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Description
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99.1
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Press
release dated July 11, 2006
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, CryoLife, Inc.
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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CRYOLIFE,
INC.
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|
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Date:
July 11, 2006
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By:
/s/
D. A. Lee
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Name: D.
Ashley Lee
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|
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Title: Executive
Vice President, Chief
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|
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Operating
Officer and Chief
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Financial
Officer
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Exhibit
99.1
FOR
IMMEDIATE RELEASE
Media
Contacts:
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D.
Ashley Lee
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Katie
Brazel
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Executive
Vice President, Chief Operating Officer and
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Fleishman
Hillard
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Chief
Financial Officer
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Phone:
404-739-0150
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Phone:
770-419-3355
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CryoLife
Announces Preliminary Second Quarter 2006 Revenues of $20.8
million
Tissue
processing revenues increased 38 percent over second quarter of
2005;
BioGlue®
second quarter revenues were a record $10.3 million
ATLANTA…(July
11, 2006)…CryoLife,
Inc. (NYSE: CRY),
a
biomaterials and biosurgical device company, announced
today that revenues for the second quarter of 2006 were approximately $20.8
million compared to $17.2 million in the second quarter of 2005, an increase
of
21 percent. Revenues for the first half of 2006 were approximately $40.2 million
compared to $34.9 million in the first half of 2005, an increase of 15 percent.
Tissue
processing revenues were approximately $10.2 million for the second quarter
of
2006 compared to $7.4 million in the second quarter of 2005, an increase of
38
percent. Tissue processing revenues were approximately $19.5 million for the
first half of 2006 compared to $14.9 million in the first half of 2005, an
increase of 31 percent.
BioGlue
revenues were approximately $10.3 million for the second quarter of 2006
compared to $9.6 million in the second quarter of 2005, an increase of 8
percent. BioGlue revenues were approximately $20.1 million for the first half
of
2006 compared to $19.4 million in the first half of 2005, an increase of 3
percent.
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“We
are
very pleased with our quarterly revenue performance, especially as it relates
to
BioGlue, for which we posted a quarterly record of $10.3 million in revenues,”
noted Steven G. Anderson, CryoLife President and Chief Executive Officer.
All
statements relating to the Company’s second quarter and first half of 2006
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 quarterly closing and review procedures. CryoLife’s
second quarter 2006 financial results will be released on Thursday, August
3,
2006. The Company will hold a teleconference call and live webcast at 11:15
a.m.
Eastern Time, August 3, 2006, to discuss the results followed by a question
and
answer session hosted by Mr. Anderson.
To
listen
to the live teleconference please dial 201-689-8349 a few minutes prior to
11:15
a.m. A replay of the teleconference will be available August 3 - 11 and can
be
accessed by calling (toll free) 877-660-6853 or 201-612-7415. The account number
for the replay is 244 and the conference number is 207894.
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.
Founded
in 1984, CryoLife, Inc. is a leader in the processing and distribution of
implantable living human tissues for use in cardiovascular, vascular, and
orthopaedic surgeries throughout the United States and Canada. 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 and is CE
marked in the European Community and approved in Canada for use in soft tissue
repair and approved in Australia for use in vascular and pulmonary sealing
and
repair. The Company also distributes the CryoLife-O’Brien® stentless porcine
heart valve and the SG Model #100 vascular graft, which are CE marked for
distribution within the European Community.
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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 future events, including expected second quarter and half-year 2006
revenues, 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 of the quarterly review process
referenced above could result in adjustments to expected second quarter and
half-year revenues, the Company's BioGlue and tissue processing revenues may
not
meet expectations in 2006, that aggregate expenses may not meet expectations,
the possibility that as a result of its inspections of the Company's facilities
or other events the FDA could impose additional restrictions on the Company's
operations, require a recall, prevent the Company from processing and
distributing tissues or manufacturing and distributing other products, or take
other actions which the Company may not be able to address in a timely or
cost-effective manner if at all, that the Company may not have sufficient
borrowing or other capital availability to fund its business, that pending
or
threatened litigation cannot be settled on terms acceptable to the Company,
that
the Company may not have sufficient resources to pay punitive damages or other
liabilities arising from litigation which are not covered by available
insurance, the possibility of severe decreases in the Company's revenues and
working capital, that to the extent the Company does not have sufficient
resources, it may be forced to cease operations or seek protection under
applicable bankruptcy laws, changes in laws and regulations applicable to
CryoLife 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, 2005, CryoLife's most recent Form 10-Q, for the quarter ended
March
31, 2006 and its other SEC filings. The Company does not undertake to update
its
forward-looking statements.
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CRYOLIFE,
INC.
Financial
Highlights
(In
thousands, except share data)
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Three
Months Ended
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Six
Months Ended
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||||||||||||
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June
30,
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June
30,
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||||||||||||
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2006
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2005
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2006
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2005
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(Unaudited)
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(Unaudited)
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||||||||||||
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Revenues
from:
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|||||||||||||
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BioGlue
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$
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10,333
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$
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9,552
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$
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20,090
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$
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19,423
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|||||
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Bioprosthetic
devices
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236
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294
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531
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550
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|||||||||
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Total
products
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10,569
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9,846
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20,621
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19,973
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|||||||||
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Cardiovascular
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3,788
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3,518
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7,361
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7,268
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|||||||||
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Vascular
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4,554
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2,740
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8,598
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5,456
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|||||||||
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Orthopaedic
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1,839
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1,094
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3,561
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2,166
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|||||||||
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Total
preservation services
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10,181
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7,352
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19,520
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14,890
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|||||||||
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Research
grants
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4
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--
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62
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--
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|||||||||
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Total
revenues
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$
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20,754
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$
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17,198
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$
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40,203
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$
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34,863
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|||||
For
additional information about the company, visit CryoLife’s Web
site:
http://www.cryolife.com
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