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|CryoLife 2013 First Quarter Revenues Grew 10 Percent to a Record $35.5 Million|
Net income for the first quarter of 2013 was
Product revenues were
Surgical sealant and hemostat revenues, which consisted primarily of sales of BioGlue® and PerClot®, were
Revascularization technologies revenues were
HeRO Graft revenues were
Preservation services revenues were
Total gross margins were 65 percent in the first quarter of 2013 compared to 66 percent in the first quarter of 2012. Preservation services gross margins were 44 percent and 46 percent in the first quarters of 2013 and 2012, respectively. Product gross margins were 82 percent and 85 percent for the first quarters of 2013 and 2012, respectively.
General, administrative, and marketing expenses for the first quarters of 2013 and 2012 were
Research and development expenses were
During the first quarter of 2013, the Company purchased 199,000 shares of the Company's common stock under the repurchase program at an average price of
2013 Financial Guidance
The Company is reiterating its total full year 2013 revenue and earnings guidance. The Company expects total revenues for the full year of 2013 to be between
Research and development expenses are expected to be between
The Company expects earnings per share of between
The Company expects the effective income tax rate for the remainder of 2013 to be in the mid thirty percent range.
The Company's financial guidance for the full year of fiscal 2013 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
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
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.
Founded in 1984,
Statements made in this press release and during the accompanying earnings webcast 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. 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 long-term outlook for the HeRO Graft product line, PerClot, and revascularization technologies, our belief that we remain well positioned to continue growing our business and leverage our strong cash flow to the benefit of our shareholders, our opportunities and initiatives to expand our market opportunity with higher growth, higher margin products, and our strategy to focus on increasing recurring per procedure handpiece and accessory revenues. These statements also include our anticipated performance and expected effective income tax rate for 2013. The risks and uncertainties impacting these statements include that the success of efforts related to any of our product lines, including the HeRO Graft and our handpieces and accessories related to revascularization technologies, is subject to factors beyond our control, including general economic conditions, physician and patient acceptance of our products, our potential inability to maintain reimbursement approvals and maintain and expand reimbursement rates, and regulatory approval. Competing products may be introduced into the market that may materially impact sales growth for our products. Integration efforts with respect to newly acquired products may be more costly and take longer than expected. Our anticipated performance and expected effective income tax rate for the full year of fiscal 2013 is subject to the general risks associated with our business, which, in addition to those discussed above, include that we are significantly dependent on our revenues from BioGlue and are subject to a variety of risks affecting this product, including the risk that BioGlue may be the subject of adverse developments with regard to its safety, efficacy, or reimbursement practices, our BioGlue patent has expired in the U.S., and will expire in the rest of the world in mid-2013, and competitors have obtained
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