UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 5
ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
( ) Form 3 Holdings Reported
( ) Form 4 Transactions Reported
1. Name and Address of Reporting Person
LACY, VIRGINIA C.
1655 Roberts Boulevard NW
Kennesaw, GA 30144
2. Issuer Name and Ticker or Trading Symbol
CryoLife, Inc.
CRY
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
December 1998
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director ( ) 10% Owner ( ) Officer (give title below) ( ) Other
(specify below)
7. Individual or Joint/Group Reporting (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
___________________________________________________________________________________________________________________________________
Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
|Transaction| or Disposed of (D) | Securities |ect | Beneficial Ownership |
|Date |Code| | Beneficially |(D)or | |
| | | | A/| | Owned at |Indir | |
| | | Amount | D | Price | End of Year |ect(I)| |
___________________________________________________________________________________________________________________________________|
___________________________________________________________________________________________________________________________________|
___________________________________________________________________________________________________________________________________
Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
1.Title of Derivative |2.Con |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer |Date |Code| rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise Pr | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|ice of | | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity | | | Amount | |ble | | | |Year |(I)| |
___________________________________________________________________________________________________________________________________|
Option |17.125 |5/21/|A |24,000 |A |5/21/|5/21/|Common Stock|24,000 |N/A |24,000 |D | |
| |98 | | | |98 |03 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option |16.75 |5/21/|D |6,000 |D |7/19/|7/19/|Common Stock|6,000 |N/A |0 |I |Estate(1) |
| |98 | | | |97 |98 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option |17.125 |5/22/|A |4,000 |A |5/22/|5/22/|Common Stock|4,000 |N/A |4,000 |D | |
| |98 | | | |98 |03 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option |16.75 |5/22/|D |2,000 |D |7/19/|7/19/|Common Stock|0 |N/A |0 |I |Estate(1) |
| |98 | | | |97 |98 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option |17.125 |5/21/|A |10,000 |A |5/21/|5/21/|Common Stock|10,000 |N/A |10,000 |D | |
| |98 | | | |98 |03 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option |17.125 |5/22/|A |5,000 |A |5/22/|5/22/|Common Stock|5,000 |N/A |5,000 |D | |
| |98 | | | |98 |03 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option |12.0625 |12/15|A |8,500 |A |12/15|12/15|Common Stock|8,500 |N/A |8,500 |D | |
| |/98 | | | |/98 |/03 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
Explanation of Responses:
(1) Option was held by the estate of Ms. Lacy's deceased
spouse.
SIGNATURE OF REPORTING PERSON
VIRGINIA C. LACY
DATE
2/4/99
