CryoLife Announces Preliminary 2005 Revenues
Posts Highest Quarterly Revenue Total Since Third Quarter of 2002
Increases Revenue Guidance for 2006
ATLANTA, Jan. 10 /PRNewswire-FirstCall/ -- CryoLife, Inc. (NYSE: CRY), a biomaterials and biosurgical device company, announced today that revenues for 2005 were approximately $69.3 million compared to $62.4 million in 2004, an increase of 11%. Revenues for the fourth quarter of 2005 were approximately $18.0 million compared to $15.9 million in the fourth quarter of 2004, an increase of 13%. All references to 2005 revenues are preliminary and unaudited.
BioGlue(R) revenues were approximately $38.0 million for the full year of 2005 compared to $35.7 million in 2004, an increase of 6%. BioGlue revenues were approximately $9.6 million in the fourth quarter of 2005 compared to $9.2 million in the fourth quarter of 2004, an increase of 5%. BioGlue revenues in the fourth quarter of 2005 increased 8% over third quarter of 2005 revenues of $8.9 million.
Tissue processing revenues were approximately $30.3 million for the full year 2005 compared to $25.7 million in 2004, an increase of 18%. Tissue processing revenues were approximately $8.1 million in the fourth quarter of 2005 compared to $6.4 million in the fourth quarter of 2004, an increase of 26%.
"The 2005 fourth quarter revenues of $18.0 million represent our highest quarterly revenue performance since the third quarter of 2002. We expect continued growth in both BioGlue and tissue processing revenues in 2006," noted Steven G. Anderson, CryoLife President and Chief Executive Officer.
Based on the fourth quarter revenue performance and current business developments, the Company is raising its revenue guidance for the full year of 2006 from $72-$76 million to $74-$77 million.
The Company also noted that it had finalized the payment and settlement of the class action securities litigation during the fourth quarter of 2005.
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(R) 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(R) stentless porcine heart valve and the SG Model #100 vascular graft, which are CE marked for distribution within the European Community.
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 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'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 CryoLife's Securities and Exchange Commission filings, including CryoLife's Form 10-K filing for the year ended December 31, 2004, its registration statement on Form S-3 (Reg. No. 333-121406), CryoLife's most recent Form 10-Q, and its other SEC filings. The Company does not undertake to update its forward-looking statements.
CryoLife, Inc.
Unaudited Revenue Data
(in thousands)
Three Months Ended
December 31,
2005 2004
Revenues from:
BioGlue $9,645 $9,226
Cardiovascular 3,355 2,767
Vascular 3,172 2,522
Orthopaedic 1,561 1,153
Total preservation services 8,088 6,442
Bioprosthetic devices 185 198
Grant 43 --
Total revenues $17,961 $15,866
Year Ended
December 31,
2005 2004
Revenues from:
BioGlue $37,985 $35,745
Cardiovascular 13,762 12,504
Vascular 11,453 10,293
Orthopaedic 5,092 2,879
Total preservation services 30,307 25,676
Bioprosthetic devices 947 890
Grant 43 73
Total revenues $69,282 $62,384
For additional information about the company, visit CryoLife's Web site: http://www.cryolife.com
Media Contacts:
D. Ashley Lee
Executive Vice President, Chief Operating Officer and Chief Financial
Officer
Phone: 770-419-3355
Katie Brazel
Fleishman Hillard
Phone: 404-739-0150
SOURCE CryoLife, Inc.