CryoLife, Inc. Reports Record Revenues for Second Quarter; Increasing Interest in New Products.ATLANTA--(BW HealthWire)--July 20, 1999-- CryoLife, Inc. (NYSE NYSE See: New York Stock Exchange :CRY), the leader in the development and commercialization of living human tissue implantable devices and a manufacturer and distributor of stentless heart valves Heart valves Valves that regulate blood flow into and out of the heart chambers. Mentioned in: Heart Failure and surgical adhesives, announced record revenues for the second quarter and six months ended June 30, 1999. This represents the seventh consecutive year that the Company has recorded record revenues for the first six months of the year. The Company also noted that the increasing interest of surgeons in its newer products such as BioGlue(R) surgical adhesive and OA (Osteoarticular) grafts substantiates the validity of the Company's product diversification strategy, which is proceeding on schedule. Revenues for the second quarter of 1999 were $17.4 million, an increase of 12% over the previous year's second quarter record of $15.6 million. Net income for the quarter ended June 30, 1999, was $1.7 million compared with $2.0 million in the second quarter of 1998. Earnings per common share for the second quarter of 1999 were $0.14 basic and diluted on 12.3 and 12.5 million shares, respectively, versus $0.16 basic and diluted on 12.7 and 13.0 million shares, respectively, in the same period in 1998. Earnings for the second quarter of 1998 were favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. affected by the divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). of the vascular port product line for the total price of $570,000. If adjusted for this amount, the per share earnings from operations for the second quarter of 1998 and 1999 would be comparable. Revenues for the first half of 1999 were $33.7 million, an increase of 12% as compared with revenues of $30.1 million in the six-month period ended June 30, 1998. Net income for the six months ended June 30, 1999, was $3.1 million compared with $3.2 million in the first half of 1998. Earnings per common share for the six months ended June 30, 1999, were $0.25 basic and diluted on 12.4 and 12.6 million shares, respectively, versus $0.29 basic and $0.28 diluted on 11.2 and 11.6 million shares, respectively, in the same period in 1998. These amounts are not adjusted for the sale of the vascular port product line. Steven G. Anderson, President and Chief Executive Officer of CryoLife, said, "We are pleased that second quarter 1999 allograft allograft: see transplantation, medical. heart valve preservation revenues increased 15% over allograft heart valve revenues in the first quarter of the year. Also, our vascular tissue preservation revenues and orthopaedic tissue preservation revenues increased substantially by 26% and 31%, respectively, over the second quarter of last year. In addition, revenues from foreign sales of BioGlue increased 90% to $409,000 in the second quarter vs. $215,000 in the same period last year. We believe our BioGlue products hold great promise for the Company in the surgical adhesive market, which is estimated to have worldwide potential in excess of $9 billion. For the six months ended in June 1999, BioGlue revenues increased 208% to $663,000 from $215,000 for the six-month period in 1998." Mr. Anderson Mr. Anderson can refer to several fictional characters:
HDE Humanitarian Device Exemption HDE Heavy-Duty Engine HDE Holdrege, Nebraska (airport code) ) from the FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. for the use of our BioGlue surgical adhesive in acute aortic dissections Aortic Dissection Definition Aortic dissection is a rare, but potentially fatal, condition in which blood passes through the inner lining and between the layers of the aorta. in the U.S. We are awaiting news from the FDA regarding the status of this application." Founded in 1984, CryoLife, Inc. is the leader in the development and commercialization of living human tissue implantable devices for use in cardiovascular, vascular and orthopaedic surgeries throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Canada. The Company's BioGlue(R) surgical adhesive, CE marked in the European Union European Union (EU), name given since the ratification (Nov., 1993) of the Treaty of European Union, or Maastricht Treaty, to the European Community for use in vascular and pulmonary sealing and repair, is distributed throughout Europe. The Company also manufactures CryoLife-O'Brien(R) and CryoLife-Ross(TM) stentless porcine porcine /por·cine/ (por´sin) pertaining to swine. porcine pertaining to pig. See also hog (1), swine. porcine circovirus 1 a nonpathogenic virus. heart valves which are distributed within the European Community European Community: see European Union. European Community (EC) Organization formed in 1967 with the merger of the European Economic Community, European Coal and Steel Community, and European Atomic Energy Community. . Statements made in this press release which look forward in time involve risks and uncertainties and are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such risks and uncertainties include the risk that the Company may not be able to continue to diversify its product and service mix, or even if successful, that the Company may continue to be dependent on one or more lines of business, that BioGlue surgical adhesive or the SynerGraft technology will not perform in humans as it has in animals or that unforeseen complications may arise subsequent to the application of BioGlue surgical adhesive or the implementation of a SynerGraft device, the possibility that the application of BioGlue surgical adhesive to coronary bypasses coronary bypass Surgical treatment for coronary heart disease to relieve angina pectoris and prevent heart attacks. It became widely used in the 1960s. One or more blood vessels—usually an artery in the chest or a vein from the leg—are transplanted to create in humans could involve unanticipated costs and greater skill levels or more invasive procedures Invasive procedure may refer to:
A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 1998. The Company web site is: http://www.cryolife.com. -0-
CRYOLIFE, INC.
Unaudited Financial Highlights
(In thousands, except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
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1999 1998 1999 1998
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Revenues $17,395 $15,554 $33,720 $30,115
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Costs and expenses:
Cryopreservation and products 8,235 6,345 15,611 11,826
General, administrative
and marketing 5,937 5,841 12,102 11,707
Research and development 883 1,256 1,957 2,267
Interest expense 89 118 208 509
Interest income (367) (399) (792) (399)
Other 40 (708) (4) (772)
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Total costs and expenses 14,817 12,453 29,082 25,138
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Income before income taxes 2,578 3,101 4,638 4,977
Income tax expense (benefit) 851 1,053 1,531 1,757
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Net income $1,727 $2,048 $3,107 $3,220
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Earnings per share:
Basic $0.14 $0.16 $0.25 $0.29
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Diluted $0.14 $0.16 $0.25 $0.28
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Weighted average shares
outstanding:
Basic 12,344 12,709 12,422 11,219
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Diluted 12,527 13,033 12,606 11,577
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