Cry­olife re­ports 13pc growth for 3Q

The Pak Banker - - Front Page -

AT­LANTA

Cry­oLife Inc, a lead­ing tis­sue pro­cess­ing and med­i­cal de­vice com­pany fo­cused on car­diac and vas­cu­lar surgery, an­nounced to­day its re­sults for the third quar­ter and first nine months of 2012. Rev­enues for the third quar­ter of 2012 in­creased 13 per­cent to a record $33.4 mil­lion com­pared to $29.7 mil­lion for the third quar­ter of 2011.

Rev­enues for the first nine months of 2012 in­creased 11 per­cent to a record $98.9 mil­lion com­pared to $89.2 mil­lion for the first nine months of 2011.

Steven G. An­der­son, pres­i­dent and chief ex­ec­u­tive of­fi­cer, said, "We achieved an­other quar­ter of dou­ble-digit rev­enue growth which, cou­pled with our im­prov­ing oper­at­ing struc­ture, con­trib­uted to strong cash flow gen­er­a­tion and solid bot­tom line re­sults.

Dur­ing the quar­ter we ini­ti­ated a cash div­i­dend, demon­strat­ing the con­sis­tency of our cash flow and our com­mit­ment to in­creas­ing share­holder value. We made good progress in the in­te­gra­tion of the He­mo­sphere ac­qui­si­tion, and we continue to see a sig­nif­i­cant op­por­tu­nity to grow this busi­ness as part of Cry­oLife.

In ad­di­tion, our tis­sue pro- cess­ing seg­ment re­sults came in ahead of our ex­pec­ta­tions. Ac­cord­ingly, we have raised our full year rev­enue and EPS guid­ance for the sec­ond time this year, with top line growth now expected to be 10 to 11 per­cent and EPS expected to be in the range of $0.25 to $0.27 cents."

Net in­come for the third quar­ter of 2012 was $1.5 mil­lion, or $0.06 per ba­sic and fully di­luted com­mon share, com­pared to net in­come of $2.0 mil­lion, or $0.07 per ba­sic and fully di­luted com­mon share, for the third quar­ter of 2011. Net in­come for the third quar­ter of 2012 in­cluded $796,000 in busi­ness de­vel­op­ment and in­te­gra­tion charges pri­mar­ily re­lated to the ac­qui­si­tion of He­mo­sphere and $130,000 re­lated to lit­i­ga­tion ex­pense.

Ex­clud­ing these charges, pro­forma non-GAAP earn­ings per share would have been $0.08 in the third quar­ter of 2012. Net in­come for the third quar­ter of 2011 in­cluded $1.1 mil­lion in costs re­lated to busi­ness de­vel­op­ment and in­te­gra­tion, and $881,000 re­lated to lit­i­ga­tion ex­penses.

Ex­clud­ing these charges, pro­forma non-GAAP earn­ings per share would have been $0.09 in the third quar­ter of 2011.

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