-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OxYpMs5c60eCygAH/fQPRTlcJAWR232VDPBkZGYe/O0W0U8PgcOBcJG+oBjBoRkC qVvazH7rejVWuKwd6aOB8g== 0000914062-06-000010.txt : 20060110 0000914062-06-000010.hdr.sgml : 20060110 20060110171229 ACCESSION NUMBER: 0000914062-06-000010 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060110 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060110 DATE AS OF CHANGE: 20060110 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CRYOLIFE INC CENTRAL INDEX KEY: 0000784199 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MISC HEALTH & ALLIED SERVICES, NEC [8090] IRS NUMBER: 592417093 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13165 FILM NUMBER: 06523029 BUSINESS ADDRESS: STREET 1: 1655 ROBERTS BOULEVARD N W STREET 2: STE 142 CITY: KENNESAW STATE: GA ZIP: 30144 BUSINESS PHONE: 7704193355 MAIL ADDRESS: STREET 1: 1655 ROBERTS BOULEVARD N W STREET 2: STE 142 CITY: KENNESAW STATE: GA ZIP: 30144 8-K 1 cryolife8k11006.txt FORM 8-K - -------------------------------------------------------------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 -------------------------------- FORM 8-K -------------------------------- CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): JANUARY 10, 2006 -------------------------------- CRYOLIFE, INC. (Exact name of registrant as specified in its charter) -------------------------------- FLORIDA 1-13165 59-2417093 (State or Other Jurisdiction (Commission File Number) (IRS Employer of Incorporation) Identification No.) 1655 ROBERTS BOULEVARD, N.W., KENNESAW, GEORGIA 30144 (Address of principal executive office) (zip code) REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (770) 419-3355 ------------------------------------------------------------- (Former name or former address, if changed since last report) -------------------------------- Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): |_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) - -------------------------------------------------------------------------------- ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION. The information provided pursuant to this Item 2.02 is to be considered "filed" under the Securities Exchange Act of 1934 ("Exchange Act") and incorporated by reference into those filings of CryoLife, Inc. ("CryoLife") that provide for the incorporation of all reports and documents filed by CryoLife under the Exchange Act. On January 10, 2006, CryoLife issued a press release announcing its preliminary revenue results for 2005. CryoLife hereby incorporates by reference herein the information set forth in its Press Release dated January 10, 2006, a copy of which is attached hereto as Exhibit 99.1. Except as otherwise provided in the press release, the press release speaks only as of the date of such press release and such press release shall not create any implication that the affairs of CryoLife have continued unchanged since such date. Except for the historical information contained in this report, the statements made by CryoLife are forward-looking statements that involve risks and uncertainties. All such statements are subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. CryoLife's future financial performance could differ significantly from the expectations of management and from results expressed or implied in the Press Releases. Please refer to the last paragraph of the Press Release for further discussion about forward-looking statements. For further information on risk factors, please refer to the "Risk Factors" contained in CryoLife's Form 10-K for the year ended December 31, 2004, CryoLife's Form S-3 (Registration No. 333-121406), as filed with the Securities and Exchange Commission ("SEC") and any subsequent SEC filings. CryoLife disclaims any obligation or duty to update or modify these forward-looking statements. -2- ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS. (a) Financial Statements. Not applicable. (b) Pro Forma Financial Information. Not applicable. (c) Shell Company Transactions. Not applicable. (d) Exhibits. Exhibit Number Description -------------- ----------- 99.1 Press Release dated January 10, 2006 -3- SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, CryoLife, Inc. has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CRYOLIFE, INC. Date: January 10, 2006 By: /s/ D. Ashley Lee --------------------------------------- Name: D. Ashley Lee Title: Executive Vice President, Chief Operating Officer and Chief Financial Officer -4- EXHIBIT INDEX Exhibit Number Description -------------- ----------- 99.1 Press Release dated January 10, 2006 -5- EX-99.1 2 cryolife8k11006ex99.txt PRESS RELEASE EXHIBIT 99.1 [COMPANY LOGO] FOR IMMEDIATE RELEASE MEDIA CONTACTS: D. Ashley Lee Katie Brazel Executive Vice President, Chief Operating Officer and Fleishman Hillard Chief Financial Officer Phone: 404-739-0150 Phone: 770-419-3355 CRYOLIFE ANNOUNCES PRELIMINARY 2005 REVENUES POSTS HIGHEST QUARTERLY REVENUE TOTAL SINCE THIRD QUARTER OF 2002 INCREASES REVENUE GUIDANCE FOR 2006 ATLANTA...(JANUARY 10, 2006)...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%. more "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. more
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 ----------------------- END -----END PRIVACY-ENHANCED MESSAGE-----