Cryolife reports 13pc growth for 3Q
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.