EXHIBIT 99.1

FOR IMMEDIATE RELEASE

Contacts:

CryoLife D. Ashley Lee Executive Vice President, Chief Financial Officer and Chief Operating Officer                                                                              Phone: 770-419-3355 The Ruth Group Nick Laudico / Zack Kubow 646-536-7030 / 7020 nlaudico@theruthgroup.com zkubow@theruthgroup.com

CryoLifeReports Second Quarter Financial Results

Recent Highlights:

· Received Expanded Indication for BioGlue® in Japan

· Announced Plans to Transition to Direct Sales Model in France

ATLANTA, GA – (July28, 2015) – CryoLife, Inc. (NYSE: CRY),  a leading medical device and tissue processing company focused on cardiac and vascular surgery, announced today its results for the secondquarter and first six monthsof 2015. 

Pat Mackin, Chairman, President and Chief Executive Officer, said, “During the quarter we continued to execute on our growth strategy with solid progress on several of our top organizational objectives.  In June, we announced plans to transition to a direct sales model in France, advancing our strategic presence in international markets.  Earlier this month, we received an expanded indication for BioGlue in Japan, which doubled our market opportunity and is consistent with our strategy to gain new indications for our product portfolio.”  

Revenues for the secondquarter of 2015 increased 2 percent to $35.5 million, compared to $34.7 million for the secondquarter of 2014.  Product revenues were $19.9 million for the second quarter of 2015, down slightly from $20.4 million in the second quarter of 2014.  This reflectsa  year-over-year increase in HeRO®Graft revenues and the recent launches of ProCol® and PhotoFix™, offset by decreases in CardioGenesis® cardiac laser therapy, BioGlue,and PerClot® revenues.  The change in product revenues was primarily due to changes in distribution models and the strengthening U.S. dollar.Tissue processing revenues were $15.6 million for the secondquarter of 2015, up 9 percent compared to $14.3 million for the second quarter of 2014, driven primarily byan increase inaverage service fees.

Revenues for the first six months of 2015 decreased 2 percent to $69.4 million, compared to $70.4 million for the first six months of 2014.  Product revenues were $39.3 million for the first six months of 2015, down slightly from $39.8 million in the first six months of 2014.  Product revenues reflect recent launches of ProCol and PhotoFix, and the year-over-year increases in CardioGenesis cardiac laser therapy and HeROGraft revenues, offset by decreases in BioGlueand PerClot revenuesdue to changes in distribution models and the strengtheningU.S. dollar.  Tissue processing revenues were $30.0 million for the first six months of 2015, down slightly compared to $30.6 million for the first six months of 2014. 

Net loss for the secondquarter of 2015 was ($502,000), or ($0.02) per basic and fully diluted common share, compared to net income of $2.2 million, or $0.08 per basic and fully diluted common share, for the secondquarter of 2014.  Excluding certain items as shown in the schedules below, proforma non-GAAP fully diluted earnings per share was $0.03 in the second quarter of 2015, compared to $0.05 in the second quarter of 2014.

Net loss for the first six months of 2015 was ($776,000), or ($0.03) per basic and fully diluted common share, compared to net income of $3.2 million, or $0.12 per basic and $0.11 per fully diluted common share, for the first six months of 2014.  Excluding certain items as shown in the schedules below, proforma non-GAAP fully diluted earnings per share was $0.03 in the first half of 2015, as compared to $0.09 in the first half of 2014.

The Company’supdated2015 financial guidanceis summarized below.  The guidance does not include any effect related tofuture business development activities.

2015 Financial Guidance Summary
	Previous	Current
Total revenues	$148.5 million – $150.5 million 3% – 4% increase	$148.5 million – $150.5 million 3% – 4% increase
Product revenues	Mid-single digits % increase	Low-single digits % increase
Tissue processing revenues	Low-single digits % increase	Low-single digits % increase
Gross margins	Approximately 60%	Approximately 60%
R&D expenses	$13.0 million - $14.0 million	$13.0 million - $14.0 million
Earnings per share	Breakeven	Breakeven

The Company’s financial guidance for the full year of fiscal 2015 is subject to the risks described below in the last paragraph of this press release, prior to the financial tables.

Webcast and Conference Call Information

The Company will hold a teleconference call and live webcast today at 10:00a.m. Eastern Time to discuss the results followed by a question and answer session hosted by Mr. Mackin.

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 July 28 through August 4 and can be accessed by calling (toll free) 877-660-6853 or 201-612-7415.  The conference number for the replay is 13614274.

The live webcast and replay 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.

Headquartered in suburban Atlanta, Georgia, CryoLife is a leader in the manufacturing, processing, and distribution of implantable living tissues and medical devices used in cardiac and vascular surgical procedures.  CryoLife markets and sells products in more than 75 countries worldwide.  For additional information about CryoLife, visit our website, www.cryolife.com.

Statements made in this press release and during the accompanying earnings webcast 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.  Such forward-looking statements reflect the views of management at the time such statements are made and are subject to a number of risks, uncertainties, estimates, and assumptions that may cause actual results to differ materially from current expectations.  These statements include those regarding: the timing of patient enrollment in our PerClot IDE clinical trial and FDA approval of various indications for PerClot; the timing and effect on our financial performance of implementing improvementsinour tissue processing business; our plans, expectations, and the market opportunitiesfor ProCol and PhotoFix; our plans to transition to a direct sales organization in France and our expectations regarding the benefits of that transition; the market opportunity related to the expansion of the indication for BioGlue in Japan; our 2015 effective tax rate; our expectations regarding foreign exchange rates; and our anticipated performance for the remainder of fiscal 2015. The risks and uncertainties affecting these statements include that: our anticipated performance for fiscal 2015 is subject to the general risks associated with our business; there is no guarantee that the FDA will approve the surgical version of PerClot for distribution in the U.S. in accordance with our expected timeframe, or at all; our PerClot clinical trial issubject to a number of execution risks,  and it may ultimately be unsuccessful; there is no guarantee that we will be able to attain the levels of revenue and profitability that we anticipate for PerClot; as part of our patent litigation against Medafor, Inc. regarding PerClot (the “Medafor Litigation”), we have been enjoined from selling, marketing, and distributing PerClot in the U.S.; there is no guarantee that we will ultimately prevail in the Medafor Litigation, and if we do not prevail, we will continue to be prohibited from selling PerClot in the U.S., or we may have to pay substantial royalties to sell PerClot in the U.S., until Medafor’s patent expires;  the financial benefits expected from our tissue processing improvements could be less than anticipated and may not be realized within the timeframes anticipated;our beliefs regarding the market opportunities for ProCol and PhotoFix may be incorrect, and even if correct, there is no guarantee that we will successfully grow ProCol and PhotoFix sales; we may not complete the transition to a direct sales organization in France, or recognize the anticipated benefits of such transition, within our anticipated timeframe, or at all;the market opportunity for the expanded BioGlue indication in Japan and sales with respect to that indication may begin later and/or be less than anticipated; continued fluctuation of foreign currencies relative to the U.S. dollar could materially, adversely affect our business; and although our guidance does not reflect activities related to ongoing or future business development activities, consummation of material business development transactions during fiscal 2015 could have a significant impact on our business and could cause our actual performance for 2015 to change materially from our current predictions. These risks and uncertainties include the risk factors detailed in our Securities and Exchange Commission filings, including our Form 10-K for the year ended December 31, 2014 and our subsequent filings with the SEC. CryoLife does not undertake to update its forward-looking statements.

CRYOLIFE, INC. AND SUBSIDIARIES

Financial Highlights

(In thousands, except per share data)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2015		2014		2015		2014
Revenues:
Products	$	19,918	$	20,350	$	39,309	$	39,805
Preservation services		15,608		14,340		30,048		30,616
Total revenues		35,526		34,690		69,357		70,421
Cost of products and preservation services:
Products		4,244		4,131		9,277		7,932
Preservation services		9,728		8,175		18,859		17,632
Total cost of products and
preservation services		13,972		12,306		28,136		25,564
Gross margin		21,554		22,384		41,221		44,857
Operating expenses:
General, administrative, and marketing		19,327		17,959		38,296		36,234
Research and development		2,684		2,203		4,936		4,705
Total operating expenses		22,011		20,162		43,232		40,939
Operating (loss) income		(457)		2,222		(2,011)		3,918
Interest expense		30		(16)		60		45
Interest income		(12)		(45)		(15)		(48)
Gain on sale of Medafor investment		(891)		--		(891)		--
Other expense (income), net		250		(111)		442		(210)
Income (loss) before income taxes		166		2,394		(1,607)		4,131
Income tax expense (benefit)		668		233		(831)		911
Net (loss) income	$	(502)	$	2,161	$	(776)	$	3,220
(Loss) Income per common share:
Basic	$	(0.02)	$	0.08	$	(0.03)	$	0.12
Diluted	$	(0.02)	$	0.08	$	(0.03)	$	0.11
Dividends declared per common share	$	0.0300	$	0.0300	$	0.0600	$	0.0575
Weighted-average common shares outstanding:
Basic		27,713		27,502		27,619		27,439
Diluted		27,713		28,317		27,619		28,382

CRYOLIFE, INC. AND SUBSIDIARIES

Financial Highlights

(In thousands)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2015		2014		2015		2014
Products:
BioGlue and BioFoam	$	14,519	$	15,389	$	28,561	$	30,629
PerClot		1,036		1,143		2,012		2,059
CardioGenesis cardiac laser therapy		1,943		2,084		4,080		3,768
HeRO Graft		1,744		1,705		3,604		3,320
ProCol		333		29		537		29
PhotoFix		343		--		515		--
Total products		19,918		20,350		39,309		39,805
Preservation services:
Cardiac tissue		6,889		6,454		13,552		13,644
Vascular tissue		8,719		7,886		16,496		16,972
Total preservation services		15,608		14,340		30,048		30,616
Total revenues	$	35,526	$	34,690	$	69,357	$	70,421
Revenues:
U.S.	$	27,777	$	26,351	$	54,811	$	53,783
International		7,749		8,339		14,546		16,638
Total revenues	$	35,526	$	34,690	$	69,357	$	70,421

	June 30,		December 31,
	2015		2014
Cash, cash equivalents, and restricted cash and securities	$	40,944	$	39,259
Total current assets		108,632		106,028
Total assets		176,068		176,157
Total current liabilities		19,187		20,627
Total liabilities		26,526		27,472
Shareholders’ equity		149,542		148,685

CRYOLIFE, INC. AND SUBSIDIARIES

Reconciliation of

Non-GAAP Adjusted Net Income and Adjusted Income per Common Share – Diluted

(In thousands, except per share data)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2015		2014		2015		2014
GAAP:
Income (loss) before income taxes	$	166	$	2,394	$	(1,607)	$	4,131
Income tax expense (benefit)		668		233		(831)		911
Net (loss) income	$	(502)	$	2,161	$	(776)	$	3,220
Diluted (loss) income per common share:	$	(0.02)	$	0.08	$	(0.03)	$	0.11
Diluted weighted-average common
shares outstanding:		27,713		28,317		27,619		28,382
Reconciliation excluding items:
Income (loss) before income taxes, GAAP	$	166	$	2,394	$	(1,607)	$	4,131
Excluding:
Severance expenses		1,389		--		1,857		--
Business development expenses		857		5		1,063		17
Intangible impairment		--		--		457		--
Gain on sale of Medafor investment		(891)		--		(891)		--
Write-off of PerClot Topical inventory		--		--		498		--
Adjusted income before income taxes,
non-GAAP		1,521		2,399		1,377		4,148
Income tax expense calculated at a
proforma tax rate of 38%		578		912		523		1,576
Adjusted net income, non-GAAP	$	943	$	1,487	$	854	$	2,572
Adjusted net income, non-GAAP allocated to
participating securities – diluted		21		25		50		47
Adjusted net income, non-GAAP
applicable to common shareholders
– diluted	$	922	$	1,462	$	804	$	2,525
Diluted adjusted income per common share,
non-GAAP:	$	0.03	$	0.05	$	0.03	$	0.09
Diluted-weighted average common
shares outstanding, non-GAAP:		28,393		28,317		28,335		28,382

Investors should consider this non-GAAP information in addition to, and not as a substitute for, financial measures prepared in accordance with U.S. GAAP.  In addition, this non-GAAP financial information may not be the same as similar measures presented by other companies.  Non-GAAP adjusted net income and adjusted income per common share excludes expenses related to the retirement of the Company’s former President, CEO, and Executive Chairman, expenses related to business development, expenses related to intangible impairment, the gain on sale of Medafor investment, and the write-off of PerClot inventory related to the injunction from the Medafor Litigation stating that the Company cannot sell PerClot Topical in the U.S. The above non-GAAP items have been calculated using a proforma tax rate of 38% for all periods. The Company believes that this non-GAAP presentation provides useful information to investors regarding unusual non-operating transactions and the operating expense structure of the Company’s existing and recently acquired operations, without regard its ongoing efforts to acquire additional complementary products and businesses and the transaction expenses incurred in connection with recently acquired businesses. The Company does, however, expect to incur similar types of expenses in the future, and this non-GAAP financial information should not be viewed as a promise or indication that these types of expenses will not recur.