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): February 19,
2009
_______________________
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 February 19, 2009, CryoLife, Inc.
(“CryoLife” or the “Company”) issued a press release announcing its financial
results for the fourth quarter and fiscal year ended December 31, 2008. CryoLife
hereby incorporates by reference herein the information set forth in its Press
Release dated February 19, 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
revenue growth, which has been obtained by adjusting the comparable GAAP
revenue growth number to exclude revenues related to orthopedic tissue
preservation services; and
|
|
·
|
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.
|
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. Because the Company’s revenues from orthopedic tissue
have been effectively reduced to zero and should remain at that level for the
foreseeable 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.
|
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
|
|
|
99.1*
|
Press
release dated February 19,
2009
|
|
|
* This
exhibit is furnished, not
filed.
|
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:
February 19, 2009
|
By:
|
/s/ D.A. Lee | |
| Name: | D. Ashley Lee | ||
| Title: | Executive Vice President, Chief | ||
| Operating Officer and Chief | |||
| Financial Officer | |||
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
Reports Record Annual Revenues of $105.1 Million for FY 2008
Operating
Income Increases 65% to $13.7 Million for FY 2008
ATLANTA, GA…(February 19,
2009)…CryoLife, Inc. (NYSE: CRY), an implantable biological medical
device and tissue processing company, announced today that revenues for the year
ended December 31, 2008 increased 11 percent to $105.1 million compared to $94.8
million for the year ended December 31, 2007. Excluding orthopaedic
tissue processing revenues of $725,000 and $4.2 million in the years ended
December 31, 2008 and December 31, 2007, respectively, total revenues increased
15 percent for the year ended 2008.
Net
income for the year ended December 31, 2008 was $32.9 million, or $1.18 per
basic and $1.16 per fully diluted common share, compared to $7.2 million, or
$0.26 per basic and fully diluted common share for the year ended December 31,
2007. Net income for the year ended December 31, 2008 includes a tax
benefit of $20.1 million, or $0.71 per fully diluted common share, related to
the reversal of the Company’s valuation allowance on its deferred tax
assets.
Revenues
for the fourth quarter of 2008 increased 2 percent to $25.5 million compared to
$25.1 million for the fourth quarter of 2007. Excluding orthopaedic
tissue processing revenues of $63,000 and $552,000 for the fourth quarters of
2008 and 2007, respectively, total revenues increased 4 percent for the fourth
quarter of 2008.
- more
- -
Page 1 of
7
Net
income for the fourth quarter of 2008 was $22.7 million, or $0.81 per basic and
$0.80 per fully diluted common share, compared to $2.6 million, or $0.10 per
basic and fully diluted common share for the fourth quarter of
2007. Net income for the fourth quarter of 2008 included a tax
benefit of $20.1 million, or $0.71 per fully diluted common share, related to
the reversal of the Company’s valuation allowance on its deferred tax
assets.
Tissue
processing revenues for the fourth quarter of 2008 decreased 5 percent to
$12.3 million compared to $13.0 million for the fourth quarter of
2007. Tissue processing revenues for the year ended December 31,
2008 increased 9 percent to $53.7 million compared to $49.0 million for the year
ended December 31, 2007.
Combined
cardiac and vascular tissue processing revenues for the fourth quarter of
2008 decreased 1 percent to $12.3 million compared to $12.4 million for the
fourth quarter of 2007. The decrease in revenues was primarily due to a
decrease in shipments of cardiac tissues, which management believes is due to
the current economic conditions and its constraining effect on hospital
budgets.
Combined
cardiac and vascular tissue processing revenues for the year ended December
31, 2008 increased 18 percent to $52.9 million compared to $44.8 million for the
year ended December 31, 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 processed with the SynerGraft®
technology and, to a lesser extent, fee increases.
Revenues
from the distribution of CryoValve SG pulmonary human heart valves were $1.7
million and $5.1 million for the fourth quarter and year ended December 31,
2008, respectively.
BioGlue® Surgical
Adhesive revenues were $12.1 million for the fourth quarter of 2008
compared to $11.5 million for the fourth quarter of 2007, an increase of 5
percent. BioGlue revenues were $48.6 million for the year
ended December 31, 2008 compared to $43.9 million for the year
ended December 31, 2007, an increase of 11 percent.
U.S.
BioGlue revenues were $8.6 million and $8.1 million for the fourth quarters of
2008 and 2007, respectively. U.S. BioGlue revenues were $34.4 million
and $31.6 million for the years ended December 31, 2008 and December 31,
2007, respectively. International BioGlue revenues were $3.5 million
and $3.4 million for the fourth quarters of 2008 and 2007,
respectively. International BioGlue revenues were $14.2 million and
$12.3 million for the years ended December 31, 2008 and 2007,
respectively.
Other
medical device revenues for the fourth quarter of 2008 were $906,000 compared to
$105,000 for the fourth quarter of 2007. Other medical device
revenues for the year ended December 31, 2008 were $1.9 million compared to
$828,000 for the year ended December 31, 2007. Other medical
device revenues for the fourth quarter and year ended December 31, 2008
included $806,000 and $1.5 million, respectively, in sales of Hemostase,
which was added to the CryoLife product portfolio in the second quarter of
2008.
Total
tissue processing and product gross margins were 64 percent for the fourth
quarters of 2008 and 2007. Total tissue processing
and product gross margins were 64 percent for the year ended December
31, 2008 compared to 62 percent for the year ended December 31,
2007.
Page 2 of
7
Tissue
processing gross margins for the fourth quarter of 2008 were 45 percent compared
to 44 percent for the fourth quarter of 2007. Tissue processing gross
margins for the year ended December 31, 2008 were 46 percent compared to 42
percent for the year ended 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.
General,
administrative, and marketing expenses for the fourth quarter of 2008 were $12.3
million compared to $12.1 million for the fourth quarter of
2007. General, administrative, and marketing expenses for the year
ended December 31, 2008 were $48.8 million compared to $46.5 million for
the year ended December 31, 2007.
The
increase in general, administrative, and marketing expenses for the fourth
quarter and year ended December 31, 2008 was primarily due to increased
marketing expenses. These expenses included personnel costs,
corporate advertising, physician education and training, and promotional
materials to support the Company’s expanding tissue processing 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 $1.4 million for the fourth quarter of
2008 compared to $1.3 million for the fourth quarter of
2007. Research and development expenses were $5.3 million and $4.5
million for the years ended December 31, 2008 and December 31, 2007,
respectively. Research and development spending in 2008 primarily
focused on the Company’s SynerGraft tissues and products and protein hydrogel
technologies.
As of
December 31, 2008, the Company had $22.8 million in cash, cash equivalents, and
marketable securities, compared to $17.4 million at December 31,
2007. Of the $22.8 million in cash, cash equivalents, and marketable
securities on hand at December 31, 2008, $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. During 2008, the Company used $4.5
million of cash to pay off its previous line of credit facility.
“In
spite of challenging economic conditions, 2008 represents our third consecutive
year of profitability, with increased margins and operating results,” stated
Steven G. Anderson, president and chief executive officer. “We
believe that we are well positioned to set records in both revenue and operating
income in 2009.”
2009
Financial Guidance
The
Company's GAAP revenues are composed of tissue processing and product revenues
plus other revenues. The
Company expects total revenues for the full year of 2009 to be between $113.0
million and $119.0 million. The Company expects tissue processing
revenues to be between $58.0 million and $60.5 million and BioGlue revenues to
be between $50.0 million and $52.0 million for the full year of
2009. Other medical device revenues, which consist primarily of sales
of Hemostase, are expected to be between $4.5 million and $5.5 million in
2009. Tissue processing and product 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.
Page 3 of
7
Other
revenues for 2009 may reach between $500,000 and $1.0 million, 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 $52.0
million and $54.0 million and research and development expenses of between $5.0
million and $6.0 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.
The
Company expects its effective income tax rate to be approximately 40 percent in
2009. As a result, earnings per share in 2009 will be lower than in
2008, when the Company reversed a significant portion of the valuation allowance
on its deferred tax assets which resulted in the recognition of significant
income tax benefits.
Webcast
and Conference Call Information
The
Company will hold a teleconference call and live webcast accompanied by a slide
presentation 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 February
19 through February 26 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 312509.
The live
webcast, replay, and associated slide presentation 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 has 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, 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.
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 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, 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 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, the
Company's growth strategies 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, if the economic crises
continues, demand for our products and services may decrease, 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, that surgeons may not choose to utilize
Hemostase, that Hemostase may not perform as expected or provide all expected
benefits, that other distributors of the Hemostase product may impede our
ability to sell to new or existing customers, that a third party could infringe
patents used to make Hemostase, 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
|
Twelve
Months Ended
|
|||||||||||||||
|
December 31,
|
December 31,
|
|||||||||||||||
|
2008
|
2007
|
2008
|
2007
|
|||||||||||||
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
(Audited)
|
|||||||||||||
|
Revenues:
|
||||||||||||||||
|
Preservation
services
|
$ | 12,319 | $ | 12,983 | $ | 53,656 | $ | 49,002 | ||||||||
|
Products
|
12,994 | 11,616 | 50,493 | 44,712 | ||||||||||||
|
Other
|
219 | 469 | 910 | 1,049 | ||||||||||||
|
Total
revenues
|
25,532 | 25,068 | 105,059 | 94,763 | ||||||||||||
|
Cost
of preservation services and products:
|
||||||||||||||||
|
Preservation
services
|
6,730 | 7,250 | 29,112 | 28,433 | ||||||||||||
|
Products
|
2,293 | 1,664 | 8,153 | 7,108 | ||||||||||||
|
Total
cost of preservation services
|
||||||||||||||||
|
and
products
|
9,023 | 8,914 | 37,265 | 35,541 | ||||||||||||
|
Gross
margin
|
16,509 | 16,154 | 67,794 | 59,222 | ||||||||||||
|
Operating
expenses:
|
||||||||||||||||
|
General,
administrative, and marketing
|
12,334 | 12,053 | 48,831 | 46,470 | ||||||||||||
|
Research
and development
|
1,371 | 1,319 | 5,309 | 4,453 | ||||||||||||
|
Total
operating expenses
|
13,705 | 13,372 | 54,140 | 50,923 | ||||||||||||
|
Operating
income
|
2,804 | 2,782 | 13,654 | 8,299 | ||||||||||||
|
Interest
expense
|
62 | 159 | 263 | 677 | ||||||||||||
|
Interest
income
|
(96 | ) | (167 | ) | (381 | ) | (527 | ) | ||||||||
|
Change
in valuation of derivative
|
-- | -- | -- | 821 | ||||||||||||
|
Other
expense (income), net
|
121 | 7 | 236 | (241 | ) | |||||||||||
|
Income
before income taxes
|
2,717 | 2,783 | 13,536 | 7,569 | ||||||||||||
|
Income
tax (benefit) expense
|
(19,982 | ) | 134 | (19,372 | ) | 368 | ||||||||||
|
Net
income
|
$ | 22,699 | $ | 2,649 | $ | 32,908 | $ | 7,201 | ||||||||
|
Effect
of preferred stock dividends
|
-- | -- | -- | (243 | ) | |||||||||||
|
Net
income applicable to common shares
|
$ | 22,699 | $ | 2,649 | $ | 32,908 | $ | 6,958 | ||||||||
|
Income
per common share:
|
||||||||||||||||
|
Basic
|
$ | 0.81 | $ | 0.10 | $ | 1.18 | $ | 0.26 | ||||||||
|
Diluted
|
$ | 0.80 | $ | 0.10 | $ | 1.16 | $ | 0.26 | ||||||||
|
Weighted
average common shares outstanding:
|
||||||||||||||||
|
Basic
|
27,983 | 27,474 | 27,800 | 26,331 | ||||||||||||
|
Diluted
|
28,478 | 27,873 | 28,351 | 26,974 | ||||||||||||
Page 6 of
7
CRYOLIFE,
INC. AND SUBSIDIARIES
Financial
Highlights
(In
thousands)
|
Three
Months Ended
|
Twelve
Months Ended
|
|||||||||||||||
|
December 31,
|
December 31,
|
|||||||||||||||
|
2008
|
2007
|
2008
|
2007
|
|||||||||||||
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
(Audited)
|
|||||||||||||
|
Revenues
from:
|
||||||||||||||||
|
Cardiac
tissue
|
$ | 5,894 | $ | 6,511 | $ | 25,514 | $ | 22,098 | ||||||||
|
Vascular
tissue
|
6,362 | 5,920 | 27,417 | 22,702 | ||||||||||||
|
Orthopaedic
tissue
|
63 | 552 | 725 | 4,202 | ||||||||||||
|
Total
preservation services
|
12,319 | 12,983 | 53,656 | 49,002 | ||||||||||||
|
BioGlue
|
12,088 | 11,511 | 48,570 | 43,884 | ||||||||||||
|
Medical
devices
|
906 | 105 | 1,923 | 828 | ||||||||||||
|
Total
products
|
12,994 | 11,616 | 50,493 | 44,712 | ||||||||||||
|
Other
|
219 | 469 | 910 | 1,049 | ||||||||||||
|
Total
revenues
|
$ | 25,532 | $ | 25,068 | $ | 105,059 | $ | 94,763 | ||||||||
|
Revenues:
|
||||||||||||||||
|
U.S.
|
$ | 21,547 | $ | 21,364 | $ | 89,297 | $ | 81,023 | ||||||||
|
International
|
3,985 | 3,704 | 15,762 | 13,740 | ||||||||||||
|
Total
revenues
|
$ | 25,532 | $ | 25,068 | $ | 105,059 | $ | 94,763 | ||||||||
|
December
31,
|
December
31,
|
|||||||
|
2008
|
2007
|
|||||||
|
(Audited)
|
(Audited)
|
|||||||
|
Cash
and cash equivalents, marketable securities,
|
$ | 17,763 | $ | 17,447 | ||||
|
at
market, and restricted marketable securities
|
||||||||
|
Trade
receivables, net
|
12,824 | 12,311 | ||||||
|
Other
receivables
|
1,175 | 1,373 | ||||||
|
Deferred
preservation costs
|
34,913 | 26,903 | ||||||
|
Inventories
|
7,077 | 5,607 | ||||||
|
Restricted
money market funds, long-term
|
5,000 | -- | ||||||
|
Total
assets
|
125,995 | 92,684 | ||||||
|
Shareholders’
equity
|
99,326 | 62,627 | ||||||
For
additional information about the company, visit CryoLife’s Web
site: www.cryolife.com.
END
Page 7 of
7