CryoLife, Inc. Reports Record Revenues and Record Earnings For the First Quarter of 2002
Major Lines of Business Post Increases Over 2001 Levels
ATLANTA, Apr 23, 2002 /PRNewswire-FirstCall via COMTEX/ -- CryoLife, Inc. (NYSE: CRY), a life-science company involved in the development and commercialization of cryopreserved and tissue-engineered implantable heart valves, vascular and orthopaedic grafts, and surgical adhesives, today reported record revenues and record earnings for the first quarter ended March 31, 2002.Revenues for the first quarter of 2002 were $25.5 million, a 19 percent increase over the previous record of $21.4 million set in the first quarter of 2001 and an all time quarterly revenue record for CryoLife, Inc. Net income for the quarter was a record of $3.1 million, compared to $2.0 million for the first quarter ended March 31, 2001. On a fully diluted basis, earnings per common share for the first quarter ended March 31, 2002 were $0.16, compared to $0.10 for the same period in 2001.
Excluding non-operating charges in the first quarter of 2001 of $747,000, or $0.03 per diluted share, diluted earnings per share in the first quarter of 2002 as compared to the first quarter of 2001 increased 23%.
Steven G. Anderson, President and Chief Executive Officer, CryoLife, Inc., noted, "Record revenues and record earnings performance in the first quarter of 2002 benefited from across the board increases in all of the Company's major business lines. Revenues from cardiovascular tissue processing were $7.3 million up 6 percent, vascular tissue processing revenues rose 9 percent to $7.0 million and orthopaedic tissue processing revenues rose 13 percent to $5.9 million. The leading revenue performer, in the first quarter of 2002, in terms of percentage increase over the first quarter of 2001 was BioGlue(R) surgical adhesive, rising 100 percent to $4.9 million, reflecting the December 2001 approval by the Food and Drug Administration (FDA) for use of BioGlue in vascular repair."
CryoLife will conduct a live teleconference at 11:15 a.m. Eastern Time this morning, April 23, 2002. Individuals interested in listening to the live teleconference may do so by calling 973-872-3462 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 3226191. The replay will be available April 23 through April 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 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 and Australia for use in vascular and pulmonary sealing and repair. The Company also manufactures the SynerGraft(R) heart valve, the SynerGraft vascular graft, the world's first tissue-engineered heart valve and vascular replacements, 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
March 31,
2002 2001
Revenues:
Human tissue preservation services $20,238 $18,566
Products 5,065 2,641
Distribution and grant 168 225
Total Revenues 25,471 21,432
Costs and Expenses:
Human tissue preservation services 8,063 7,673
Products 2,235 1,432
General, administrative and marketing 9,478 8,159
Research and development 1,153 1,086
Interest expense 192 ---
Interest income (298) (562)
Other (income) expense, net (56) 747
Total Costs and Expenses 20,767 18,535
Earnings before income taxes 4,704 2,897
Income tax expense 1,600 927
Net Income $3,104 $1,970
Earnings per share:
Basic $0.16 $0.11
Diluted $0.16 $0.10
Weighted average shares outstanding:
Basic 19,096 18,749
Diluted 19,796 19,508
Revenues from:
Cardiovascular $7,307 $6,911
Vascular 7,017 6,412
Orthopaedic 5,914 5,243
Total Cryopreservation 20,238 18,566
BioGlue 4,873 2,442
Bioprosthetic valves 192 199
Distribution and grant 168 225
Total Revenues $25,471 $21,432
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