CryoLife reports first-quarter 2006 revenues up 10% from previous year, guidance raised

By Lisa Kerner

Erie, Pa., April 13 - CryoLife, Inc. said revenues for the first quarter of 2006 were approximately $19.4 million, compared to $17.7 million in the first quarter of 2005, an increase of 10%.

Revenues for the first quarter of 2006 increased 8% over fourth quarter of 2005 revenues of $18 million, according to a company news release.

Tissue processing revenues were up 24% at $9.3 million for the first-quarter 2006, compared to $7.5 million for the same period in 2005.

CryoLife said BioGlue decreased 1% to $9.8 million in the first-quarter 2006, versus $9.9 million in the first quarter of 2005.

"The 2006 first-quarter revenues of $19.4 million represent our highest quarterly revenue performance since the second quarter of 2002 and an 8% quarterly sequential revenue increase," president and chief executive officer Steven G. Anderson said in the release.

"We are very pleased with our quarterly revenue performance and expect continued financial improvement throughout 2006."

The company raised its revenue guidance for the full year of 2006 to the $76 million to $80 million range, from the range of $74 million to $77 million.

Atlanta-based CryoLife processes and distributes implantable living human tissues for use in cardiovascular, vascular and orthopedic surgeries throughout the United States and Canada.

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