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):  April 13, 2006

CRYOLIFE, INC.

(Exact name of registrant as specified in its charter)

Florida	1-13165	59-2417093
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer 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):

oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

oPre-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 April 13, 2006, CryoLife issued a press release announcing its preliminary revenue results for the first quarter of 2006. CryoLife hereby incorporates by reference herein the information set forth in its Press Release dated April 13, 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 it 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 Release. 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, 2005, 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.

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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 April 13, 2006

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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:  April 13, 2006	By:	/s/ D. Ashley Lee
	Name:		D. Ashley Lee
	Title:		Executive Vice President, Chief Operating Officer and Chief Financial Officer

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EXHIBIT INDEX

Exhibit Number	Description
99.1	Press Release dated April 13, 2006

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EX-99.1

Exhibit 99.1

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 FIRST QUARTER 2006 REVENUES

Total revenues increased 10 percent over first quarter 2005 and 8 percent over fourth quarter 2005;

Company increases revenue guidance for 2006

ATLANTA…(April 13, 2006)…CryoLife, Inc. (NYSE: CRY), a biomaterials and biosurgical device company, announced today that revenues for the first quarter of 2006 were approximately $19.4 million compared to $17.7 million in the first quarter of 2005, an increase of 10 percent. Revenues for the first quarter of 2006 increased eight percent over fourth quarter of 2005 revenues of $18.0 million.

Tissue processing revenues were approximately $9.3 million for the first quarter of 2006 compared to $7.5 million in the first quarter of 2005, an increase of 24 percent. Tissue processing revenues for the first quarter of 2006 increased 15 percent over fourth quarter of 2005 tissue processing revenues of $8.1 million.

BioGlue^® revenues were approximately $9.8 million for the first quarter of 2006 compared to $9.9 million in the first quarter of 2005, a decrease of one percent. BioGlue revenues for the first quarter of 2006 increased one percent over fourth quarter of 2005 BioGlue revenues of $9.6 million.

- more –

1655 Roberts Boulevard, NW • Kennesaw, Georgia 30144

(770) 419-3355 Phone • (770) 426-0031 Fax • e-mail: info@cryolife.com

http://www.cryolife.com

“The 2006 first quarter revenues of $19.4 million represent our highest quarterly revenue performance since the second quarter of 2002 and an eight percent quarterly sequential revenue increase. We are very pleased with our quarterly revenue performance and expect continued financial improvement throughout 2006,” noted Steven G. Anderson, CryoLife President and Chief Executive Officer.

Based on  recent trends and current business developments, the Company is raising its revenue guidance for the full year of 2006 from $74-$77 million to $76-$80 million.

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^® 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^® 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 increases in the Company’s BioGlue and tissue processing revenues may not continue due to competition or other factors, 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, 2005, 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.

Financial Highlights

(In thousands)

	Three Months Ended
	March 31,
	2006		2005
	(Unaudited)
Revenues from:
BioGlue	$	9,757	$	9,871
Bioprosthetic devices	295		256
Total Products	10,052		10,127
Cardiovascular	3,573		3,750
Vascular	4,044		2,716
Orthopaedic	1,722		1,072
Total preservation services	9,339		7,538
Research grants	58		—
Total revenues	$	19,449	$	17,665

For additional information about the company, visit CryoLife’s Web site:

http://www.cryolife.com

END