ARNALL GOLDEN GREGORY LLP 171 17TH STREET NW, SUITE 2100 ATLANTA, GEORGIA 30363-1031 Direct phone: 404.873.8622 Direct fax: 404.873.8623 E-mail: clark.fitzgerald@agg.com www.agg.com January 17, 2006 VIA FEDERAL EXPRESS AND EDGAR Ms. Sasha Parikh Staff Accountant Division of Corporation Finance 100 F Street N.E. Washington, D.C. 20549 RE: CRYOLIFE, INC. FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2004 FILED MARCH 3, 2005 FILE NO. 001-13165 Dear Ms. Parikh: We are writing in response to your telephone call of January 11, 2006, following up on our letter to Jim B. Rosenberg dated January 3, 2006. On that call, we discussed the possibility that CryoLife might add language to its financial statement footnotes at "Note 1. Summary of Significant Accounting Policies" to further describe the basis for deferring tissue preservation costs until revenue is recognized upon shipment. CryoLife plans to include the following disclosure in Note 1 to its December 31, 2005 Form 10-K: By federal law, human tissues cannot be bought or sold. Therefore, the tissues the Company preserves and further processes cannot be held as inventory. Tissue is procured from deceased human donors by organ and tissue procurement agencies, which consign the tissue to the Company for processing and preservation. Preservation costs consist primarily of direct labor and materials including laboratory expenses, tissue procurement fees, freight-in charges and fringe benefits, and indirect costs including allocations of costs from departments that support processing activities and facility allocations. Although the Company cannot own human tissue, the preservation process is a manufacturing process that is accounted for in accordance with Accounting Research Bulletin #43 ("ARB 43") Chapter 4, Inventory Pricing. Preservation costs are stated at the lower of cost or market on a first-in, first-out basis and are deferred until revenue is recognized upon shipment of the tissue to the implanting facilities. If you have any questions, please do not hesitate to contact me at (404) 873-8622. Very truly yours, ARNALL GOLDEN GREGORY LLP /s/ T. Clark Fitzgerald III T. Clark Fitzgerald III TCF/pat cc: Jim B. Rosenberg, Senior Assistant and Chief Accountant Mary Mast, Review Accountant Steven G. Anderson