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|CryoLife Fourth Quarter 2013 Revenues Increased 8 Percent to a Record $35.5 Million|
Net income for the fourth quarter of 2013 was
Net income for the full year of 2013 was
Product revenues were
Surgical sealant and hemostat revenues, which consisted primarily of sales of BioGlue and PerClot, were
HeRO Graft revenues were
Revascularization technologies revenues were
Preservation services revenues were
Preservation services revenues were
Total gross margins were 63 percent in the fourth quarter of 2013 compared to 64 percent in the fourth quarter of 2012. Product gross margins were 77 percent and 82 percent for the fourth quarters of 2013 and 2012, respectively. Preservation services gross margins were 46 percent and 43 percent in the fourth quarters of 2013 and 2012, respectively.
Total gross margins were 64 percent in the full year of 2013 compared to 65 percent in the full year of 2012. Product gross margins were 80 percent and 83 percent for the full year of 2013 and 2012, respectively. Preservation services gross margins were 45 percent in the full year of 2013 compared to 44 percent in the full year of 2012.
General, administrative, and marketing expenses for the fourth quarters of 2013 and 2012 were
General, administrative, and marketing expenses for the full year of 2013 and 2012 were
Research and development expenses were
During the full year of 2013, the Company purchased 253,000 shares of its common stock under the repurchase program at an average price of
The Company's 2014 financial guidance is summarized below.
The Company's earnings per share guidance excludes expenses related to potential future business development and litigation, and the effect of share repurchases, which cannot currently be estimated.
The Company's financial guidance for the full year of fiscal 2014 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.
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 our anticipated performance, generally; growth and margin expansion for our medical device products; the initiation of the PerClot IDE clinical trial; research and development spending levels; and our expected effective income tax rate for 2014. The risks and uncertainties affecting these statements include that the success of efforts related to any of our product lines 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 approvals. Competing products may be introduced into the market that may materially affect sales growth for our products. Our anticipated performance and expected effective income tax rate for the full year of fiscal 2014 are 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 most of the rest of the world, and competitors have obtained
Investors should consider this non-GAAP information in addition to, and not as a substitute for, financial measures prepared in accordance with U.S. GAAP. In addition, this non-GAAP financial information may not be the same as similar measures presented by other companies. Non-GAAP adjusted net income and adjusted income per common share excludes the gain on sale of Medafor investment, the other than temporary investment impairment related to ValveXchange, and expenses for business development activities, including the Company's transaction and integration costs primarily associated with the acquisition of Hemosphere. The above non-GAAP items have been calculated using an effective tax rate of 31% for all periods. The Company believes that this non-GAAP presentation provides useful information to investors regarding unusual non-operating transactions and the operating expense structure of the Company's existing and recently acquired operations, without regard to its ongoing efforts to acquire additional complementary products and businesses and the transaction costs incurred in connection with recently acquired businesses. The Company does, however, expect to incur similar types of business development expenses in the future, and this non-GAAP financial information should not be viewed as a promise or indication that these types of expenses will not recur.