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 26, 2012
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)
Registrants 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)) |
Section 2 Financial Information
Item 2.02 | Results of Operations and Financial Condition. |
On April 26, 2012, CryoLife, Inc. (CryoLife or the Company) issued a press release announcing its financial results for the quarter ended March 31, 2012. CryoLife hereby incorporates by reference herein the information set forth in its press release dated April 26, 2012, 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.
The press release includes earnings per share guidance that excludes expenses related to business development and potential share repurchases. The Company has excluded expenses related to business development from its earnings per share guidance because the Company maintains an active business development program that is subject to changes and is currently unable to predict the level of activity during fiscal 2012 if any. The Company has also excluded the impact of potential share repurchases from its earnings per share guidance because of the difficulty in making accurate predictions with respect to its share repurchase program. While the Company is currently authorized to repurchase up to $15 million of its common stock through December 31, 2012, of which approximately $11.3 million of its common stock remains available for purchase, any decisions with respect to the share repurchase program will be subject to various factors that are difficult to forecast with accuracy, including the Companys stock price, whether or not the Company is in possession of material inside information, other potential uses for cash on hand, and general market conditions. The Companys 2012 earnings per share guidance assumes litigation expenses for 2012 at high end of the anticipated range of between $5.0 million and $6.0 million. Litigation expenses are inherently difficult to predict and the Companys actual litigation expenses for 2012 may be more or less than the Companys anticipated range.
The information provided pursuant to this Item 2.02 is to be considered furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended, nor shall it be deemed incorporated by reference into any of CryoLifes reports or filings with the Securities and Exchange Commission, whether made before or after the date hereof, except as expressly set forth by specific reference in such report or filing.
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. CryoLifes 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 text portion of the press release for further discussion about forward-looking statements. For further information on risk factors, please refer to Risk Factors contained in CryoLifes Form 10-K filed on February 17, 2012 for the year ended December 31, 2011 and its subsequent filings with the Securities and Exchange Commission, as well as in the press release attached as Exhibit 99.1 hereto. CryoLife disclaims any obligation or duty to update or modify these forward-looking statements.
-2-
Section 9 Financial Statements and Exhibits.
Item 9.01(d) | 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 26, 2012 |
* | This exhibit is furnished, not filed. |
-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: April 26, 2012 | By: | /s/ D. A. LEE | ||||
Name: | D. Ashley Lee | |||||
Title: | Executive Vice President, Chief Operating Officer and Chief Financial Officer |
-4-
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 |
CryoLife Reports Record Quarterly Revenues in First Quarter of 2012
Product Segment Revenues Grew 14 Percent Year-over-year to $16.5 million, including 14
Percent BioGlue® Revenue Growth
Reiterates Full Year 2012 Revenue and EPS Guidance
ATLANTA, GA (April 26, 2012) CryoLife, Inc. (NYSE: CRY), a leading tissue processing and medical device company focused on cardiac and vascular surgery, announced today its results for the first quarter of 2012. Revenues for the first quarter of 2012 increased 7 percent to a record $32.3 million compared to $30.2 million for the first quarter of 2011.
Steven G. Anderson, president and chief executive officer, said, We achieved solid financial results in the first quarter of 2012, driven by 14 percent year-over-year and 6 percent sequential sales growth in our product segment. As a result, gross margin improved to 66 percent, demonstrating the high margin potential of our growth oriented products including BioGlue, PerClot®, and revascularization technologies. We also made progress on our strategic initiatives to further expand the market opportunity for these products, including the significant U.S. opportunity for PerClot. We have resubmitted our PerClot IDE application to the FDA and expect to begin enrolling our pivotal clinical trial during the third quarter, positioning the Company for potential FDA approval and launch in 2014.
Net income for the first quarter of 2012 was $1.0 million, or $0.04 per basic and fully diluted common share, compared to net income of $1.7 million, or $0.06 per basic and fully diluted common share, for the first quarter of 2011. Net income for the first quarter of 2012 included approximately $1.7 million in litigation expenses and an increase in reserves for lawsuits. Net income for the first quarter of 2011 included $371,000 in costs related to litigation expenses.
Product segment revenues were $16.5 million for the first quarter of 2012, up 14 percent from $14.4 million in the first quarter of 2011.
Surgical sealant and hemostat revenues, which consist primarily of sales of BioGlue and PerClot in 2012, were $14.3 million for the first quarter of 2012 compared to $14.4 million for the first quarter of 2011, a decrease of 1 percent. The decrease in surgical sealant and hemostat revenues was primarily due to the lack of HemoStase revenues in the first quarter of 2012, mostly offset by a 14 percent increase in BioGlue revenues. The increase in BioGlue revenues was primarily attributable to shipments into Japan. The Company discontinued U.S. and international sales of HemoStase at the end of the first quarter of 2011 and began distributing PerClot in international markets in the fourth quarter of 2010.
Revascularization technologies revenues were $2.1 million for the first quarter of 2012 as a result of the Companys acquisition of Cardiogenesis in May 2011.
Preservation services revenues were $15.7 million for both of the first quarters of 2012 and 2011. Cardiac preservation services revenues increased for the first quarter of 2012 due to an increase in shipments of cardiac tissues and an increase in average preservation service fees. Vascular preservation service revenues decreased due to a decrease in shipments of vascular tissues, and a decrease in average preservation service fees.
Total gross margins increased to 66 percent in the first quarter of 2012, up from 61 percent in the first quarter of 2011, driven by higher gross margins from the Companys existing products, the acquisition of the Cardiogenesis product line, and the loss of lower margin HemoStase revenues. Preservation services gross margins were 46 percent and 41 percent for the first quarters of 2012 and 2011, respectively. Product gross margins were 85 percent and 83 percent for the first quarters of 2012 and 2011, respectively.
General, administrative, and marketing expenses for the first quarter of 2012 were $18.0 million compared to $14.3 million for the first quarter of 2011. General, administrative, and marketing expenses for the first quarter of 2012 increased compared to 2011 due to an increase in marketing expenses, including costs of the Companys expanded sales staff and increases in spending on advertising, and an increase in litigation expenses offset by a decrease in business development expenses. General, administrative, and marketing expenses for the first quarter of 2012 included approximately $1.7 million in costs related to ongoing litigation and an increase in reserves for lawsuits.
Research and development expenses were $1.7 million and $1.8 million for the first quarters of 2012 and 2011, respectively. Research and development spending in the first quarter of 2012 was primarily focused on PerClot, BioFoam Surgical Matrix, and SynerGraft® tissues and products.
During the first quarter of 2012, the Company purchased 282,000 shares of the Companys common stock at an average price of $5.24, resulting in aggregate purchases of $1.5 million.
Page 2 of 8
As of March 31, 2012, the Company had $26.5 million in cash, cash equivalents, and restricted securities, compared to $27.0 million at December 31, 2011. Of this $26.5 million in cash, cash equivalents, and restricted securities, $1.1 million was received from the U.S. Department of Defense as advance funding for the development of BioFoam protein hydrogel technology, and $5.0 million was designated as restricted securities primarily due to a financial covenant requirement under the Companys credit agreement. The Companys net cash flows provided by operations were $1.8 million for the first quarter of 2012 and $3.9 million for the first quarter of 2011.
2012 Financial Guidance
The Company is reiterating its guidance for the full year of 2012. The Company expects total revenues for the full year of 2012 to be between $126.0 million and $129.0 million, which include revenues of approximately $500,000 related to the use of funds received from the U.S. Department of Defense in connection with the development of BioFoam. This represents annual total revenue growth of 5 percent to 8 percent. The Company expects tissue processing revenues to be flat for the full year of 2012 compared to 2011. Revenues from the Companys higher margin product segment are expected to grow between 10 percent and 15 percent for the full year of 2012. This includes expectations for BioGlue and BioFoam revenues to increase in the low to mid-single digits on a percentage basis in 2012 compared to 2011, and PerClot revenues to be between $3.5 million and $4.5 million. The Company expects revenues from revascularization technologies to be between $10.5 million and $11.5 million in 2012. Research and development expenses are expected to be between $10.0 million and $12.0 million in 2012 as a result of the Companys investments in its U.S. clinical trials for Perclot and BioFoam, along with its European pilot study for TMR with biologics. The Company expects earnings per share of between $0.14 and $0.18 in 2012, which includes the increased research and development expenses described above, along with increased legal expenses related to the Companys ongoing litigation with Medafor. The Companys earnings per share guidance excludes expenses related to business development and potential share repurchases, which cannot currently be estimated. The Company has estimated litigation expense conservatively on the high end of the anticipated range of between $5.0 million and $6.0 million, because litigation expenses are extremely variable and are not easily predicted.
The Company expects the effective income tax rate for 2012 to be in the mid thirty percent range.
The Companys financial guidance for the full year of fiscal 2012 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 10:00 a.m. Eastern Time to discuss the results followed by a question and answer session hosted by Mr. Anderson.
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 from April 26 through May 3 and can be accessed by calling 877-660-6853 (toll free) or 201-612-7415. The account number for the replay is 244 and the conference number is 392509.
Page 3 of 8
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
Founded in 1984, CryoLife, Inc. is a leader in the processing and distribution of implantable living human tissues for use in cardiac and vascular surgeries throughout the U.S., certain countries in Europa, and Canada. CryoLifes CryoValve® SG pulmonary heart valve, processed using CryoLifes proprietary SynerGraft® technology, has FDA 510(k) clearance for the replacement of diseased, damaged, malformed, or malfunctioning native or prosthetic pulmonary valves. CryoLifes CryoPatch® SG pulmonary cardiac patch has FDA 510(k) clearance for the repair or reconstruction of the right ventricular outflow tract (RVOT), which is a surgery commonly performed in children with congenital heart defects, such as Tetralogy of Fallot, Truncus Arteriosus, and Pulmonary Atresia. CryoPatch SG is distributed in three anatomic configurations: pulmonary hemi-artery, pulmonary trunk, and pulmonary branch. CryoLifes 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. BioGlue is also CE marked in the European Community for use in soft tissue repair and was recently approved in Japan for use in the repair of aortic dissections. Additional marketing approvals for BioGlue have been granted in several other countries throughout the world. CryoLife, through its subsidiary Cardiogenesis Corporation, specializes in the treatment of cardiovascular disease and the sale of devices that treat severe angina. Its market leading FDA-approved Holmium: YAG laser system and single use fiber-optic delivery systems are used to perform a surgical procedure known as Transmyocardial Revascularization (TMR). CryoLife distributes PerClot®, an absorbable powder hemostat, in the European Community. CryoLifes BioFoam Surgical Matrix is CE marked in the European Community for use as an adjunct in the sealing of abdominal parenchymal tissues (liver and spleen) when cessation of bleeding by ligature or other conventional methods is ineffective or impractical.
For additional information about CryoLife, visit CryoLifes website, www.cryolife.com.
Statements made in this press release that look forward in time or that express managements 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 high margin potential of our growth oriented products including PerClot, BioGlue and TMR, the significant U.S. opportunity for PerClot, and our expectation that we will begin enrolling our pivotal clinical trial for PerClot during the third quarter, positioning the Company for potential FDA approval and launch in 2014. These statements also include our anticipated performance and expected effective income tax rate for the full year of fiscal 2012. These risks and uncertainties include that we will not experience growth from PerClot, BioGlue and TMR, and/or that margins may decrease for these products. The successful development of our products, particularly our newer products, is dependent on a number of factors beyond our control, including physician and patient acceptance. Competing products may be marketed or developed that reduce our market share, and in such instances, we may see revenue growth slow or even decline. BioGlue is a mature product in
Page 4 of 8
comparison to our other products and, as such, continued or accelerated revenue growth may be difficult to obtain for BioGlue. Margins may decrease if we are not able to efficiently produce and distribute our products, and factors beyond our control may impact the underlying cost for each product. Each of our products is subject to domestic and/or foreign regulation, and the success of our products is dependent on our ability to maintain current regulatory approvals and, in some instances, obtain new regulatory approvals. We will not be able to distribute PerClot domestically until we receive FDA approval, and management may decide to delay or cease our clinical or regulatory efforts with respect to PerClot at any time. Timing with respect to regulatory approvals is difficult to predict and we may experience delays due to factors beyond our control, which would prevent us from beginning PerClot distribution in the U.S. in a timely fashion, if at all. Even if PerClot receives FDA approval, the success of our U.S. sales efforts for PerClot will be based on certain factors that are beyond our control, including physician and patient acceptance and the introduction of competing products into the market. CryoLife has also inherited certain risks and uncertainties related to its 2011 acquisition of Cardiogenesis business. These risks and uncertainties include that CryoLifes ability to maintain revenues and achieve growth in revenues from Cardiogenesis revascularization technology in the future is dependent upon physician awareness of this technology as a safe, efficacious, and appropriate treatment for their patients, we will continue to purchase some of Cardiogenesis key product components from single suppliers, and the loss of these suppliers could prevent or delay shipments of its products, delay clinical trials, or otherwise adversely affect our business, if Cardiogenesis independent contract manufacturers fail to timely deliver sufficient quantities of some of Cardiogenesis products and components, our Cardiogenesis operations may be harmed, Cardiogenesis contract manufacturers are at locations that may be at risk from earthquakes or other natural disasters, Cardiogenesis may have liability for actions that occurred prior to our acquisition of Cardiogenesis which could adversely affect us, and Cardiogenesis internal controls over financial reporting may not have been effective prior to the merger, which could impact the value of our investment in Cardiogenesis and potentially lead to lawsuits from former Cardiogenesis shareholders, which could have a significant and adverse effect on CryoLife. Cardiogenesis has been named as a defendant in a patent infringement lawsuit, and costly litigation may be necessary to protect or defend its intellectual property rights and an adverse judgment in this litigation could materially adversely impact our financial position, profitability or cash flows. These risks and uncertainties related to Cardiogenesis business that CryoLife has inherited also include the risk factors detailed in Cardiogenesis Securities and Exchange Commission filings, including its Form 10-K filing for the year ended December 31, 2010, and Cardiogenesis other SEC filings. Our anticipated performance and expected effective income tax rate for the full year of fiscal 2012 is subject to the general risks associated with our business, including that we are significantly dependent on our revenues from BioGlue and are subject to a variety of risks affecting this product, including that a German Patent Court has nullified our main BioGlue patent in Germany, and if the ruling is upheld on appeal, we would be prevented from suing to prevent third parties from infringing the main BioGlue patent in Germany, the continued introduction into the market of products that compete with BioGlue could have an irreversible adverse impact on our sales of BioGlue, our BioGlue patent expires in the U.S. in mid-2012 and in the rest of the world in mid-2013, we are currently involved in significant litigation with Medafor and that litigation cost has had, and is likely to continue to have, a material adverse impact on our profitability, our tissues and products allegedly have caused, and may in the future cause, injury to patients, and we have been, and may in the future be, exposed to tissue processing and product liability claims, including one currently outstanding product liability lawsuit, and additional regulatory scrutiny as a result, our investment in Medafor has been impaired due to Medafors termination of our exclusive distribution agreement with Medafor and our investment could be further impaired by risks associated with Medafors business or by Medafors actions, which could have a material adverse impact on our financial condition and profitability, Medafor has filed counter-claims against us with respect to our lawsuit against Medafor, and if Medafor is successful in its claims, our revenues and profitability may be materially, adversely impacted, we will not fully realize the benefit of our investment in our distribution and license and manufacturing agreements with Starch Medical, Inc. unless we are able to obtain FDA approval for PerClot in the U.S., which will require an additional commitment of funds, the FDA rejected
Page 5 of 8
our initial IDE application for PerClot and we are working to address its concerns, but there is no guarantee that we can do so on a timely or cost efficient basis, if at all, the receipt of impaired materials or supplies that do not meet our standards or the recall of materials or supplies by our vendors or suppliers could have a material adverse impact on our revenues, financial condition, profitability, and cash flows, our sales are impacted by challenging domestic and international economic conditions and their constraining effect on hospital budgets and demand for our tissues and products could decrease in the future, which could have a material adverse impact on our business, healthcare policy changes, including recent federal legislation to reform the U.S. healthcare system, may have a material adverse impact on us, the loss of any of our sole-source suppliers could have a material adverse impact on our revenues, financial condition, profitability, and cash flows, we may be unsuccessful in our efforts to market and sell PerClot in the U.S. and internationally, we may expand through acquisitions, or licenses of, or investments in, other companies or technologies, which may result in additional dilution to our stockholders and consume resources that may be necessary to sustain our business, we may not realize the anticipated benefits from acquisitions and we may find it difficult to integrate recent or potential future acquisitions of technology or business combinations, which could disrupt our business, dilute stockholder value, and adversely impact our operating results, we are subject to stringent domestic and foreign regulation which may impede the approval process of our tissues and products, hinder our development activities and manufacturing processes, and, in some cases, result in the recall or seizure of previously cleared or approved tissues and products, our HemoStase sales ceased in late March 2011, and we will not be able to participate in the hemostats market in the U.S. or other markets where we lack regulatory approval unless we can obtain FDA or other regulatory approval for PerClot, we may not be successful in obtaining necessary clinical results and regulatory approvals for services and products in development, and our new services and products may not achieve market acceptance, uncertainties related to patents and protection of proprietary technology may adversely impact the value of our intellectual property, intense competition may impact our ability to operate profitably, if we are not successful in expanding our business activities in international markets, we may be unable to increase our revenues, we are dependent on the availability of sufficient quantities of tissue from human donors, key growth strategies may not generate the anticipated benefits, investments in new technologies and acquisitions of products or distribution rights may not be successful, regulatory action outside of the U.S. has affected our business in the past and may affect our business in the future, consolidation in the healthcare industry could continue to result in demands for price concessions, limits on the use of our tissues and products, and limitations on our ability to sell to certain of our significant market segments, extensive government regulations may adversely impact our ability to develop and market services and products, the success of many of our tissues and products depends upon strong relationships with physicians, our existing insurance policies may not be sufficient to cover our actual claims liability, we may be unable to obtain adequate insurance at a reasonable cost, if at all, we are not insured against all potential losses, and natural disasters or other catastrophes could adversely impact our business, financial condition, and profitability, our credit facility, which expires in October of 2014, limits our ability to pursue significant acquisitions, our ability to borrow under our credit facility may be limited, continued fluctuation of foreign currencies relative to the U.S. dollar could materially adversely impact our business, rapid technological change could cause our services and products to become obsolete, our CryoValve SGPV post-clearance study may not provide expected results, our investment in ValveXchange, Inc. may become impaired, which could have a material adverse impact on our earnings, and we are dependent on our key personnel. Our expectations regarding earnings per share for 2012 include anticipated 2012 expenses for research and development and litigation. Actual 2012 expenses for research and development and litigation may vary significantly from our current expectations, based in part on factors beyond our control. In the event that research and development expenses and/or legal expenses are higher than expected, our actual 2012 earnings per share would be lower than projected. 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, 2011. CryoLife does not undertake to update its forward-looking statements.
Page 6 of 8
CRYOLIFE, INC. AND SUBSIDIARIES
Financial Highlights
(In thousands, except per share data)
Three Months Ended March 31, |
||||||||
2012 | 2011 | |||||||
(Unaudited) | ||||||||
Revenues: |
||||||||
Preservation services |
$ | 15,659 | $ | 15,674 | ||||
Products |
16,454 | 14,429 | ||||||
Other |
188 | 93 | ||||||
|
|
|
|
|||||
Total revenues |
32,301 | 30,196 | ||||||
|
|
|
|
|||||
Cost of preservation services and products: |
||||||||
Preservation services |
8,496 | 9,196 | ||||||
Products |
2,513 | 2,496 | ||||||
|
|
|
|
|||||
Total cost of preservation services and products |
11,009 | 11,692 | ||||||
|
|
|
|
|||||
Gross margin |
21,292 | 18,504 | ||||||
|
|
|
|
|||||
Operating expenses: |
||||||||
General, administrative, and marketing |
17,970 | 14,291 | ||||||
Research and development |
1,693 | 1,766 | ||||||
|
|
|
|
|||||
Total operating expenses |
19,663 | 16,057 | ||||||
|
|
|
|
|||||
Operating income |
1,629 | 2,447 | ||||||
|
|
|
|
|||||
Interest expense |
65 | 30 | ||||||
Interest income |
(2 | ) | (9 | ) | ||||
Other income, net |
(15 | ) | (109 | ) | ||||
|
|
|
|
|||||
Income before income taxes |
1,581 | 2,535 | ||||||
Income tax expense |
590 | 869 | ||||||
|
|
|
|
|||||
Net income |
$ | 991 | $ | 1,666 | ||||
|
|
|
|
|||||
Income per common share: |
||||||||
Basic |
$ | 0.04 | $ | 0.06 | ||||
|
|
|
|
|||||
Diluted |
$ | 0.04 | $ | 0.06 | ||||
|
|
|
|
|||||
Weighted-average common shares outstanding: |
||||||||
Basic |
27,180 | 27,385 | ||||||
Diluted |
27,530 | 27,720 |
Page 7 of 8
CRYOLIFE, INC. AND SUBSIDIARIES
Financial Highlights
(In thousands)
Three Months Ended March 31, |
||||||||
2012 | 2011 | |||||||
(Unaudited) | ||||||||
Preservation services: |
||||||||
Cardiac tissue |
$ | 7,080 | $ | 6,534 | ||||
Vascular tissue |
8,579 | 9,140 | ||||||
|
|
|
|
|||||
Total preservation services |
15,659 | 15,674 | ||||||
|
|
|
|
|||||
Products: |
||||||||
BioGlue and BioFoam |
13,696 | 11,974 | ||||||
PerClot |
644 | 660 | ||||||
HemoStase |
| 1,795 | ||||||
Revascularization technologies |
2,114 | | ||||||
|
|
|
|
|||||
Total products |
16,454 | 14,429 | ||||||
|
|
|
|
|||||
Other |
188 | 93 | ||||||
|
|
|
|
|||||
Total revenues |
$ | 32,301 | $ | 30,196 | ||||
|
|
|
|
|||||
Revenues: |
||||||||
U.S. |
$ | 25,287 | $ | 24,421 | ||||
International |
7,014 | 5,775 | ||||||
|
|
|
|
|||||
Total revenues |
$ | 32,301 | $ | 30,196 | ||||
|
|
|
|
March 31, 2012 |
December 31, 2011 |
|||||||
(Unaudited) | ||||||||
Cash, cash equivalents, and restricted securities |
$ | 26,464 | $ | 27,017 | ||||
Receivables, net |
18,208 | 17,505 | ||||||
Deferred preservation costs |
29,215 | 29,039 | ||||||
Inventories |
7,932 | 7,320 | ||||||
Investment in equity securities |
6,248 | 6,248 | ||||||
Total assets |
147,874 | 147,864 | ||||||
Shareholders equity |
121,772 | 121,538 |
Page 8 of 8
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