UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
washington,
d.c. 20549
|
FORM
8-K
|
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported): October 30,
2008
_______________________
CRYOLIFE,
INC.
(Exact
name of registrant as specified in its charter)
_________________________
|
Florida
|
1-13165
|
59-2417093
|
|
(State
or Other Jurisdiction
of
Incorporation)
|
(Commission
File Number)
|
(IRS
Employer
Identification
No.)
|
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
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
|
o
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
o
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
|
|
o
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
|
Section 2 Financial
Information
Item 2.02 Results of Operations and Financial
Condition.
On October 30, 2008, CryoLife, Inc.
(“CryoLife” or the “Company”) issued a press release announcing its financial
results for the third quarter and nine month period ended September 30, 2008.
CryoLife hereby incorporates by reference herein the information set forth in
its Press Release dated October 30, 2008, 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
revenue growth, which has been obtained by adjusting the comparable GAAP
revenue growth number to exclude revenues related to orthopedic tissue
preservation services;
|
|
·
|
combined
cardiac and vascular preservation services revenues, which have been
obtained by adjusting the comparable tissue preservation segment revenue
numbers to exclude revenues related to orthopedic tissue preservation
services; and
|
|
·
|
projections
of product and tissue processing revenues for fiscal 2008 and 2009, which
have been obtained by adjusting the comparable projected GAAP revenues to
exclude other revenues.
|
The additional non-GAAP financial
information is not meant to be considered in isolation or as a substitute for
total revenues and revenue growth calculated in accordance with
GAAP.
Revenue growth has been adjusted to
obtain non-GAAP revenue growth, and tissue preservation segment revenues have
been adjusted to obtain non-GAAP combined cardiac and vascular preservation
services revenues, by excluding revenues from orthopedic tissue processing,
because the Company discontinued procuring and processing such tissue as of
January 1, 2007 and ceased distributing its remaining orthopedic tissue as of
June 30, 2008. Although the Company will receive a commission for any
of its orthopedic tissue distributed by Regeneration Technologies, Inc. through
December 31, 2008, because the Company’s revenues from orthopedic tissue will be
reduced to zero in the near future, the Company believes that the non-GAAP
revenue growth numbers presented, as well as the combined cardiac and vascular
preservation services revenues presented, provide investors with a more accurate
measure of the relative revenue performance of the Company’s continuing tissue
preservation business. Accordingly, CryoLife believes that these
non-GAAP measures, when read in conjunction with the Company’s GAAP financials,
provide useful information to investors by offering:
|
·
|
the
ability to make more meaningful period-to-period comparisons of the
Company’s on-going operating
results;
|
|
·
|
the
ability to better identify trends in the Company’s underlying business and
perform related trend analyses; and
|
|
·
|
a
better understanding of how management plans and measures the Company’s
underlying business.
|
-2-
The Company’s GAAP revenues consist of
product and tissue processing revenues and other revenues. Combined
product and tissue processing revenues, rather than GAAP total revenues, are
projected due to the Company’s inability to accurately predict other revenues,
which for fiscal 2008 and 2009 are expected to be largely dependent on actual
expenses incurred in connection with the BioFoam product.
The information provided pursuant to
this Item 2.02 is to be considered “furnished” pursuant to Item 2.02 of Form 8-K
and shall not be deemed to be “filed” for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended, or otherwise subject to the
liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of
1933, as amended, nor shall it be deemed incorporated by reference into any of
CryoLife’s reports or filings with the Securities and Exchange Commission
(“SEC”), whether made before or after the date hereof, except as expressly set
forth by specific reference in such report or filing.
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 “Risk Factors” contained in CryoLife’s Form 10-K
for the year ended December 31, 2007, as filed with the 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(d) Exhibits.
(a)
Financial Statements.
Not applicable.
(b) Pro
Forma Financial Information.
Not applicable.
(c) Shell
Company Transactions.
Not applicable.
(d)
Exhibits.
|
Exhibit Number
|
Description
|
|
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99.1*
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Press
release dated October 30,
2008
|
|
|
* This
exhibit is furnished, not
filed.
|
-3-
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.
|
CRYOLIFE,
INC.
|
||
|
Date: October
30, 2008
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By:
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/s/ D.A. Lee
|
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Name:
|
D.
Ashley Lee
|
|
|
Title:
|
Executive
Vice President, Chief
|
|
|
Operating
Officer and Chief
|
||
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Financial
Officer
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||
-4-
EXHIBIT
99.1
FOR
IMMEDIATE RELEASE
Media
Contacts:
|
D.
Ashley Lee
|
Katie
Brazel
|
|
Executive
Vice President, Chief Financial Officer and
|
Fleishman
Hillard
|
|
Chief
Operating Officer
|
Phone:
404-739-0150
|
|
Phone:
770-419-3355
|
CryoLife’s
Fully Diluted Earnings Per Share Increased 71 Percent to $0.12 in Third quarter
of 2008 from $0.07 in Third quarter of 2007
Revenues
increased 21 percent in third quarter of 2008 versus third quarter of
2007
ATLANTA, GA…(October 30,
2008)…CryoLife, Inc. (NYSE: CRY), a biomaterials, medical device and
tissue processing company, announced today that revenues for the third quarter
of 2008 increased 21 percent to $26.8 million compared to $22.2 million in the
third quarter of 2007. Excluding orthopaedic tissue processing
revenues of $38,000 and $566,000 in the third quarters of 2008 and 2007,
respectively, total revenues increased 24 percent for the third quarter of
2008.
Net
income in the third quarter of 2008 was $3.6 million, or $0.13 per basic and
$0.12 per fully diluted common share, compared to $1.9 million, or $0.07 per
basic and fully diluted common share in the third quarter of 2007.
Revenues
for the first nine months of 2008 increased 14 percent to $79.5 million compared
to $69.7 million in the first nine months of 2007. Excluding
orthopaedic tissue processing revenues of $662,000 and $3.7 million in the first
nine months of 2008 and 2007, respectively, total revenues increased 19 percent
for the first nine months of 2008.
Net
income in the first nine months of 2008 was $10.2 million, or $0.37 per basic
and $0.36 per fully diluted common share, compared to $4.6 million, or $0.17 per
basic and $0.16 per fully diluted common share in the first nine months of
2007.
- more
- -
Page 1 of
7
Tissue
processing revenues in the third quarter of 2008 increased 25 percent to $14.2
million compared to $11.3 million in the third quarter of
2007. Tissue processing revenues in the first nine months of 2008
increased 15 percent to $41.3 million compared to $36.0 million in the first
nine months of 2007. The increase in tissue processing revenues was
due primarily to increased demand for the Company’s cardiac and vascular
processed tissues, the introduction of the CryoValveÒ
SG pulmonary human heart valve and, to a lesser extent, price increases,
partially offset by a decline in orthopaedic tissue processing
revenues.
Combined
cardiac and vascular tissue processing revenues in the third quarter of 2008
increased 31 percent to $14.2 million compared to $10.8 million in the third
quarter of 2007. Combined cardiac and vascular tissue processing
revenues in the first nine months of 2008 increased 26 percent to $40.7 million
compared to $32.4 million in the first nine months of 2007.
Revenues
from the distribution of CryoValve SG pulmonary human heart valves were $1.7
million and $3.4 million, respectively, for the three and nine months ended
September 30, 2008.
Orthopaedic
tissue processing revenues in the third quarter of 2008 decreased to $38,000
from $566,000 in the third quarter of 2007. Orthopaedic tissue
processing revenues in the first nine months of 2008 decreased to $662,000 from
$3.7 million in the first nine months of 2007. These revenue declines
were anticipated as the Company discontinued procuring and processing
orthopaedic tissue in January of 2007 pursuant to the exchange and service
agreement signed with a third party in December 2006.
BioGlue® Surgical
Adhesive revenues were $11.6 million for the third quarter of 2008 compared to
$10.3 million in the third quarter of 2007, an increase of 13
percent. BioGlue revenues were $36.5 million for the first nine
months of 2008 compared to $32.4 million for the first nine months of 2007, an
increase of 13 percent.
U.S.
BioGlue revenues were $8.1 million and $7.4 million in the third quarter of 2008
and 2007, respectively. U.S. BioGlue revenues were $25.8 million and
$23.4 million in the first nine months of 2008 and 2007,
respectively. International BioGlue revenues were $3.5 million and
$2.9 million in the third quarter of 2008 and 2007,
respectively. International BioGlue revenues were $10.7 million and
$9.0 million in the first nine months of 2008 and 2007,
respectively.
Other
medical device revenues for the third quarter of 2008 were $616,000 compared to
$265,000 in the third quarter of 2007. Other medical device revenues
for the first nine months of 2008 were $1.0 million compared to $723,000 in the
first nine months of 2007. Other medical device revenues in the three
and nine months ended September 30, 2008 included $549,000 and $726,000,
respectively, in sales of Hemostase MPHÒ,
which was added to the CryoLife product portfolio in the second quarter of
2008.
Total
product and tissue processing gross margins were 64 percent in the third quarter
of 2008 compared to 63 percent in the third quarter of 2007. Total
product and tissue processing gross margins were 64 percent in the first nine
months of 2008 compared to 61 percent in the first nine months of
2007.
Tissue
processing gross margins in the third quarter of 2008 were 46 percent compared
to 42 percent in the third quarter of 2007. Tissue processing gross
margins in the first nine months of 2008 were 46 percent compared to 41 percent
in the first nine months of 2007. Tissue processing gross margins
improved in 2008 compared to 2007 primarily as a result of fee increases and a
favorable tissue mix in 2008.
Page 2 of
7
General,
administrative, and marketing expenses in the third quarter of 2008 were $12.1
million compared to $11.2 million in the third quarter of
2007. General, administrative, and marketing expenses in the first
nine months of 2008 were $36.5 million compared to $34.4 million in the first
nine months of 2007.
The
increase in general, administrative, and marketing expenses for the three and
nine months ended September 30, 2008 was primarily due to increased marketing
expenses. These expenses included personnel costs, corporate
advertising, and promotional materials to support the Company’s expanding tissue
service and product offerings, and revenue growth. Additionally,
there were increases in stock compensation expense over the same periods in the
prior year.
Research
and development expenses were $1.2 million and $1.1 million in the third
quarters of 2008 and 2007, respectively. Research and development
expenses were $3.9 million and $3.1 million in the first nine months of 2008 and
2007, respectively. Research and development spending in 2008
primarily focused on the Company’s SynerGraftÒ tissues
and products, protein hydrogel technologies, and research on cold storage and
preservation of internal organs.
As of
September 30, 2008, the Company had $20.5 million in cash, cash equivalents, and
marketable securities, of which $1.6 million was received from the U.S.
Department of Defense as advance funding for the development of BioFoamÒ
protein hydrogel technology and $5.0 million was designated as long-term
restricted money market funds due to a financial covenant requirement under the
Company’s credit agreement.
“In
late 2007, we developed our 2008 business plans with a great deal of care and
consideration. CryoLife's year-to-date results show that we have been
able to execute those plans,” stated Steven G. Anderson, president and chief
executive officer.
2008
Financial Guidance
The
Company’s GAAP revenues are composed of product and tissue processing revenues
plus other revenues. The Company expects product and tissue
processing revenues for the full year of 2008 to be between $105.0 to $107.0
million. Product and tissue processing revenues could be
affected by several factors, including but not limited to, the general economic
environment, and its effect on demand for the Company’s tissues and products,
and changes in foreign currency exchange rates and their effects on revenues
generated in international markets. This guidance assumes foreign
currency exchange rates stay near current levels.
Other
revenues for 2008 may reach between $700,000 and $900,000, primarily related to
funding received from the Department of Defense in connection with the
development of BioFoam. The amount of other revenues is largely
dependent upon actual expenses incurred related to the development of
BioFoam.
The
Company expects general, administrative, and marketing expenses of between $49.0
million and $51.0 million, and research and development expenses of between $5.5
million and $6.5 million for the full year of 2008.
Page 3 of
7
2009
Financial Guidance
The
Company expects product and tissue processing revenues for the full year of 2009
to be between $116.0 million and $122.0 million. The Company expects
tissue processing revenues to be between $60.0 million and $63.0 million and
BioGlue revenues to be between $51.5 million and $53.5 million for the full year
of 2009. Other medical device revenues, which consist primarily of
sales of Hemostase MPH, are expected to be between $4.5 million and $5.5 million
in 2009. Product and tissue processing revenues could be affected by
several factors, including but not limited to, the general economic environment,
and its effect on demand for the Company’s tissues and products, and
changes in foreign currency exchange rates and their effects on revenues
generated in international markets. This guidance assumes foreign currency
exchange rates stay near current levels.
Other
revenues for 2009 may reach between $500,000 and $1.1 million, primarily related
to funding received from the Department of Defense in connection with the
development of BioFoam. The amount of other revenues is largely
dependent upon actual expenses incurred related to the development of
BioFoam.
The
Company expects general, administrative, and marketing expenses of between $53.0
million and $56.0 million, and research and development expenses of between $6.0
million and $7.0 million for the full year of 2009. The research and
development expectations include an estimated $500,000 to $1.0 million to
be funded by the Department of Defense in connection with the development of
BioFoam.
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 201-689-8261 a few minutes prior to
10:00 a.m. A replay of the teleconference will be available October
30 through November 6 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 299502.
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 recently received FDA
clearance for the CryoValve® SG
pulmonary human heart valve, processed using CryoLife’s proprietary
SynerGraft®
Technology. 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. CryoLife distributes Hemostase MPHÒ,
a hemostatic agent, in much of the U.S. for use in cardiac and vascular surgery
and in the United Kingdom, Germany, France, and Canada for cardiac, vascular,
and general surgery, subject to certain exclusions. The Company also
distributes the CryoLife-O'Brien®
Stentless Porcine Aortic Bioprosthesis, which is CE marked for distribution
within the European Community.
Page 4 of
7
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 statements include those regarding anticipated 2008 and
2009 performance. These future events 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 the Company is significantly dependent on revenues from BioGlue and
there are a variety of risks affecting BioGlue, the possibility that the FDA
could impose additional restrictions on the Company's operations, issue a 483,
or warning letter, or require a recall, or prevent the Company from processing
and distributing tissues or manufacturing and distributing other products,
demand for CryoValve SG may not reach anticipated levels, CryoValve SG may not
perform as well as expected or provide all the benefits
anticipated, SynerGraft processed heart valves have a one year shelf
life, competitive pressures and tissue availability may adversely affect the
Company’s ability to grow revenues, the SynerGraft post-clearance study
requested by the FDA may not provide the expected positive results, our products
and tissues we process and preserve have allegedly caused and may in the future
cause injury to patients, the Company's key growth strategies identified as a
result of our strategic review may not generate the anticipated benefits, our
ability to borrow under our credit facility may be limited, the credit facility
limits our ability to pursue significant acquisitions, the financial and credit
liquidity crisis may adversely affect our ability to borrow money or raise
capital, there are limitations on our use of net operating loss carry-forwards,
adverse regulatory action outside of the United States could affect our
business, physicians have been and may be reluctant to implant or use our
preserved tissues or products, the Company's efforts to develop and introduce
new products outside the U.S. may be unsuccessful, FDA and other approvals for
products in development may not be obtained, and if obtained, may be costly and
require lengthy review periods, our existing insurance policies may not be
sufficient to cover our actual claims liability, we may be unable to obtain
adequate insurance at a reasonable cost or at all, the patents and proprietary
technologies that we use or license could be infringed or duplicated by third
parties and we may not be successful in preventing infringement or use, our
patents and patent applications could be held to be invalid or null, we are
dependent on key personnel, products and services under development may not be
commercially feasible, the Company may be unable to effectively leverage its
existing sales force to sell Hemostase MPH, that surgeons may not choose to
utilize Hemostase MPH, that Hemostase MPH may not perform as expected or provide
all expected benefits, that other distributors of the Hemostase MPH product may
impede our ability to sell to new or existing customers, that a third party
could infringe patents used to make Hemostase MPH, we are reliant on one
supplier for significant components of BioGlue, pending or future litigation may
not be settled on terms acceptable to the Company, the Company may not have
sufficient resources to pay punitive damages (which are not covered by
insurance) or other liabilities in excess of available insurance, the Company
may be unable to obtain sufficient financing to fully pursue its strategic plan,
adverse future changes in currency exchange rates may materially reduce the
Company’s revenues, cash flow, financial position and profitability and future
healthcare policies, healthcare reimbursement methods, and healthcare
reimbursement policies may affect the availability, amount, and timing of the
Company’s revenues. These risks and uncertainties include the risk
factors detailed in CryoLife's Securities and Exchange Commission filings,
including CryoLife's Form 10-K filing for the year ended December 31, 2007, its
most recent Form 10-Q, and the Company's other SEC filings. The Company does not undertake to
update its forward-looking statements.
Page 5 of
7
CRYOLIFE,
INC. AND SUBSIDIARIES
Financial
Highlights
(In
thousands, except per share data)
|
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
|
September 30,
|
September 30,
|
|||||||||||||||
|
2008
|
2007
|
2008
|
2007
|
|||||||||||||
|
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
|
Revenues:
|
||||||||||||||||
|
Preservation
services
|
$ | 14,188 | $ | 11,347 | $ | 41,337 | $ | 36,019 | ||||||||
|
Products
|
12,239 | 10,545 | 37,499 | 33,096 | ||||||||||||
|
Other
|
377 | 268 | 691 | 580 | ||||||||||||
|
Total
revenues
|
26,804 | 22,160 | 79,527 | 69,695 | ||||||||||||
|
Costs
and expenses:
|
||||||||||||||||
|
Preservation
services
|
7,615 | 6,575 | 22,382 | 21,183 | ||||||||||||
|
Products
|
2,028 | 1,615 | 5,860 | 5,444 | ||||||||||||
|
General,
administrative, and marketing
|
12,072 | 11,240 | 36,497 | 34,417 | ||||||||||||
|
Research
and development
|
1,186 | 1,098 | 3,938 | 3,134 | ||||||||||||
|
Interest
expense
|
62 | 178 | 201 | 518 | ||||||||||||
|
Interest
income
|
(92 | ) | (158 | ) | (285 | ) | (360 | ) | ||||||||
|
Change
in valuation of derivative
|
-- | -- | -- | 821 | ||||||||||||
|
Other
expense (income), net
|
142 | (350 | ) | 115 | (248 | ) | ||||||||||
|
Total
costs and expenses
|
23,013 | 20,198 | 68,708 | 64,909 | ||||||||||||
|
Income
before income taxes
|
3,791 | 1,962 | 10,819 | 4,786 | ||||||||||||
|
Income
tax expense
|
235 | 55 | 610 | 234 | ||||||||||||
|
Net
income
|
$ | 3,556 | $ | 1,907 | $ | 10,209 | $ | 4,552 | ||||||||
|
Effect
of preferred stock dividends
|
-- | -- | -- | (243 | ) | |||||||||||
|
Net
income applicable to common shares
|
$ | 3,556 | $ | 1,907 | $ | 10,209 | $ | 4,309 | ||||||||
|
Income
per common share:
|
||||||||||||||||
|
Basic
|
$ | 0.13 | $ | 0.07 | $ | 0.37 | $ | 0.17 | ||||||||
|
Diluted
|
$ | 0.12 | $ | 0.07 | $ | 0.36 | $ | 0.16 | ||||||||
|
Weighted
average common shares outstanding:
|
||||||||||||||||
|
Basic
|
27,899 | 27,501 | 27,741 | 25,998 | ||||||||||||
|
Diluted
|
28,703 | 28,056 | 28,384 | 26,673 | ||||||||||||
Page 6 of
7
CRYOLIFE,
INC. AND SUBSIDIARIES
Financial
Highlights
(In
thousands)
|
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
|
September 30,
|
September 30,
|
|||||||||||||||
|
2008
|
2007
|
2008
|
2007
|
|||||||||||||
|
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
|
Preservation
services:
|
||||||||||||||||
|
Cardiac
tissue
|
$ | 7,034 | $ | 5,566 | $ | 19,620 | $ | 15,587 | ||||||||
|
Vascular
tissue
|
7,116 | 5,215 | 21,055 | 16,782 | ||||||||||||
|
Orthopaedic
tissue
|
38 | 566 | 662 | 3,650 | ||||||||||||
|
Total
preservation services
|
14,188 | 11,347 | 41,337 | 36,019 | ||||||||||||
|
Products:
|
||||||||||||||||
|
BioGlue
|
11,623 | 10,280 | 36,482 | 32,373 | ||||||||||||
|
Other
medical devices
|
616 | 265 | 1,017 | 723 | ||||||||||||
|
Total
products
|
12,239 | 10,545 | 37,499 | 33,096 | ||||||||||||
|
Other
|
377 | 268 | 691 | 580 | ||||||||||||
|
Total
revenues
|
$ | 26,804 | $ | 22,160 | $ | 79,527 | $ | 69,695 | ||||||||
|
Revenues:
|
||||||||||||||||
|
Domestic
revenues
|
$ | 22,916 | $ | 18,847 | $ | 67,750 | $ | 59,659 | ||||||||
|
International
revenues
|
3,888 | 3,313 | 11,777 | 10,036 | ||||||||||||
|
Total
revenues
|
$ | 26,804 | $ | 22,160 | $ | 79,527 | $ | 69,695 | ||||||||
|
September
30,
|
December
31,
|
|||||||
|
2008
|
2007
|
|||||||
|
(Unaudited)
|
||||||||
|
Cash
and cash equivalents, marketable securities,
|
$ | 15,537 | $ | 17,447 | ||||
|
at
market, and restricted marketable securities
|
||||||||
|
Trade
receivables, net
|
13,623 | 12,311 | ||||||
|
Other
receivables
|
1,211 | 1,373 | ||||||
|
Deferred
preservation costs, net
|
33,050 | 26,903 | ||||||
|
Inventories
|
7,058 | 5,607 | ||||||
|
Restricted
money market funds, long-term
|
5,000 | -- | ||||||
|
Total
assets
|
103,016 | 92,684 | ||||||
|
Shareholders’
equity
|
76,470 | 62,627 | ||||||
For
additional information about the company, visit CryoLife’s Web
site: www.cryolife.com.
END
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