Industry: Medical Devices Sector: INDUSTRIAL CryoLife helps save lives. The company processes human tissue -- including heart valves, blood vessels, limb tendons, and cartilage -- and preserves and stores it in liquid nitrogen (cryopreservation) for use in transplant procedures. The body parts CryoLife uses come from deceased volunteer donors. The company receives donor tissue from tissue banks and organ procurement agencies. CryoLife specializes in vascular products such as heart valves and conduits, but it also provides tendons and cartilage used in orthopedic procedures. The company also develops bioadhesive products such as FDA-approved BioGlue, used in place of stitches in some cardiac procedures.
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So basically they profit from other peoples donated organs. LOL! Only in america. The ticker symbol says it all. I realize the end result is still lives saved, but I wonder how many of these donors would still donate their organs if they knew that a company was profiting from it. Kind of defeats the term "donated". Also I wonder how much of this would be corrupt. Like a high demand organ such as a kindey. I wonder if someone on a state medical plan whom may be on the list might be passed up to sell the kidney through CryoLife? Just a thought.
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Updated:2006-04-06 09:57:29 CryoLife to Conduct Annual Cardiac Surgery Fellows Program PR NEWSWIRE ATLANTA, April 6 /PRNewswire-FirstCall/ -- CryoLife, Inc. (NYSE: CRY), a biomaterials and biosurgical device company, announced today that it will conduct its annual Cardiac Surgery Fellows Program on April 7, 2006, at the company's corporate headquarters training facility in Kennesaw, Ga. The program will include discussions and demonstrations of aortic valve replacement techniques using allografts. In addition, there will be demonstrations of complex ascending and thoracic aortic repair, as well as a practical laboratory to demonstrate and practice the techniques for proper implant site preparation and allograft implantation.
The keynote speaker will be Donald B. Doty, M.D., Department of Surgery, Research and Education, LDS Hospital in Salt Lake City, Utah. Dr. Doty is the Chairman of the Missionary Department Health Services for The Church of Jesus Christ of Latter-Day Saints. The program will be attended by 21 surgery fellows from major U.S. surgical training institutions, and will be directed by Ronald C. Elkins, M.D., Professor Emeritus, Thoracic and Cardiovascular Surgery, University of Oklahoma Health Science Center in Oklahoma City, Okla.
Six additional distinguished cardiovascular surgeons complete the faculty of this program: Emile A. Bacha, M.D., Associate Professor of Surgery, Harvard Medical School and Senior Associate, Cardiac Surgery, Children's Hospital Boston, Boston, Mass.; John R. Doty, M.D., Department of Cardiothoracic Surgery, LDS Hospital, Salt Lake City, Utah; John Fehrenbacher, M.D., Department of Cardiothoracic Surgery, CORVASC, Indianapolis, Ind.; Jose A. Navia, M.D., Department of Thoracic and Cardiovascular Surgery, The Cleveland Clinic Heart Center, Cleveland, Ohio; Francis Robicsek, M.D., Ph.D., Chairman, Department of Thoracic and Cardiovascular Surgery, Carolinas Medical Center, Charlotte, N.C.; Kenton J. Zehr, M.D., Chief of Cardiac Surgery, University of Pittsburgh Medical Center, Pittsburgh, Pa.
"Participants who have attended the CryoLife Cardiac Surgery Fellows Program have found it to be an invaluable opportunity to discuss complex surgical procedures and practice the latest surgical techniques with leading cardiovascular surgeons," said Dr. Elkins. "The CryoLife Fellows Program provides an excellent educational experience for these future cardiovascular surgeons."
About CryoLife
Founded in 1984, CryoLife, Inc. is a leader in the processing and distribution of implantable living human tissues for use in cardiovascular and vascular surgeries throughout the United States and Canada. The Company's BioGlue(R) Surgical Adhesive is FDA approved as an adjunct to sutures and staples for use in adult patients in open surgical repair of large vessels, CE marked in the European Community and approved in Canada for use in soft tissue repair, and approved in Australia for use in vascular and pulmonary sealing and repair. The Company also manufactures the SG Model #100 vascular graft, which is CE marked for distribution within the European Community.
For additional information about the Company, visit CryoLife's Web site: http://www.cryolife.com
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Updated:2006-04-13 10:41:13 CryoLife Sees 1Q Revenue Up 10 Percent AP ATLANTA (AP) - CryoLife Inc., a processor of human tissue for transplants, said Thursday it expects to report a 10 percent gain in revenue and raised its revenue outlook for the full year.
The company is forecasting first-quarter revenue of $19.4 million, up from $17.7 million a year ago.
Tissue processing revenue increased 24 percent from the prior year, and revenue from the company's bioadhesive product BioGlue fell one percent.
"We are very pleased with our quarterly revenue performance and expect continued financial improvement throughout 2006," chief executive Steven Anderson said in a statement.
CryoLife raised its full-year revenue expectations to a range of $76 million to $80 million, up from its previous forecast of $74 million to $77 million.
CryoLife shares rose 46 cents, or 10.3 percent, to $4.93 in morning trading on the New York Stock Exchange.
Updated:2006-04-26 10:23:35 CryoLife Announces Interim Results of European BioDisc(TM) Spinal Disc Repair System Study at Britspine PR NEWSWIRE ATLANTA, April 26 /PRNewswire-FirstCall/ -- CryoLife, Inc. (NYSE: CRY), a biomaterials and biosurgical device company, today announced that preliminary results of a BioDisc(TM) clinical study show that patients experienced significantly reduced back pain and improved function after spinal disc repair with the protein hydrogel. These interim results are detailed in a poster entitled "Early clinical results of an in situ polymerizing nuclear repair system," presented today in Cardiff, Wales, at Britspine, a combined meeting of Britain's four major spinal medical associations.
The study, underway at a hospital in Aberdeen, Scotland, targets patients suffering from disc herniations in the lumbar spine at the L4/L5 and L5/S1 intervertebral levels, and is designed to gather basic safety and performance data. Nine patients were assessed at six weeks and three months, post- surgery, and will be evaluated again at six months, one year and two years after surgery.
"We are very pleased with the early results of the BioDisc study," said Steven G. Anderson, President and CEO of CryoLife, Inc. "It is gratifying that patients, to date, are experiencing such significant relief and improved quality of life after a BioDisc implant. We believe BioDisc may help prevent re-herniation, improve spinal stability, and preserve disc height, potentially improving range of motion for thousands of patients suffering from herniated discs."
The human spinal disc is comprised of the nucleus pulposus and the surrounding fibrous tissue, known as the annulus. The nucleus pulposus is a gelatinous material that acts as a cushion or shock absorber to the spinal column. Weakening of the spinal disc can be caused by both injury and the natural aging process. When the outer layers of the disc become weak, a herniation (bulging of the nucleus pulposus outside of the natural border of the annulus fibrosus) can occur. These herniations often become a source of debilitating back and leg pain. A discectomy, or surgical removal of the herniation, leaves a void within the spinal disc that may lead to spinal instability, loss of disc height and risk of recurrent herniation.
"The patients in the study underwent BioDisc implantation after a standard discectomy," said Mr. Douglas Wardlaw, orthopaedic surgeon and principal investigator for the BioDisc study. "BioDisc offers an exciting addition to existing surgical treatments of disc herniations, and I am encouraged that the BioDisc implants have been well tolerated by the patients in this early study."
BioDisc, made of fast-setting polymerizing protein hydrogel, is designed for easy, simple delivery into the spinal void to prevent or reduce these complications. With more than 300,000 discectomies performed in the U.S. and approximately 120,000 in Europe each year, the annual worldwide market for this spinal disc repair system is estimated at about $800 million.
CryoLife, one of the few companies with a nucleus pulposus replacement device in development for the lumbar spine, anticipates filing for a CE Mark in the fourth quarter of 2006.
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Updated:2006-05-03 09:57:17 CryoLife Reports First Quarter 2006 Financial Results PR NEWSWIRE ATLANTA, May 3 /PRNewswire-FirstCall/ -- CryoLife, Inc. (NYSE: CRY), a biomaterials and biosurgical device company, announced today that revenues for the first quarter of 2006 increased 10 percent to $19.4 million compared to $17.7 million in the first quarter of 2005. The net loss in the first quarter of 2006 was $1.8 million, or $0.08 per basic and fully diluted common share, compared to a net loss of $1.4 million, or $0.06 per basic and fully diluted common share in the first quarter of 2005.
Excluding a $244,000 charge related to stock based compensation, and a $248,000 income tax charge for the adjustment of the income tax valuation related to foreign deferred tax liabilities, the adjusted net loss for the first quarter of 2006 was $1.3 million, or $0.06 per basic and fully diluted common share.
Steven G. Anderson, President and CEO of CryoLife, Inc., stated, "We continue to see evidence of the Company's recovery in our top line performance and in improved tissue processing gross margins. With the anticipated improvement in BioGlue revenues, and with the expected continuation of favorable trends in the tissue processing area, we expect to be profitable in the first or second quarter of 2007."
BioGlue revenues were approximately $9.8 million for the first quarter of 2006 compared to $9.9 million in the first quarter of 2005, a decrease of one percent. U.S. BioGlue sales were $7.4 million and $7.7 million in the first quarter of 2006 and 2005, respectively. International BioGlue sales were $2.4 million and $2.2 million in the first quarter of 2006 and 2005, respectively.
Tissue processing revenues in the first quarter of 2006 increased 24 percent to $9.3 million compared to $7.5 million in the first quarter of 2005. Tissue processing revenues increased primarily due to an increase in tissue procurement and an improvement in processing yields, which resulted in an increased number of allografts available for distribution.
Total product and tissue processing gross margins were 55 percent in the first quarter of 2006 and 2005. Tissue processing gross margins in the first quarter of 2006 were 28 percent compared to 22 percent in the first quarter of 2005. Tissue processing gross margins improved in 2006 compared to 2005, primarily as a result of price increases and the improvement in tissue processing yields.
General, administrative and marketing expenses in the first quarter of 2006 were $11.3 million compared to $10.1 million in the first quarter of 2005. General, administrative and marketing expenses for the first quarter of 2006 include $244,000 for stock based compensation.
R&D expenses were approximately $900,000 in the first quarters of 2006 and 2005, respectively.
As of March 31, 2006, the Company had approximately $11.3 million in cash, cash equivalents, marketable securities (at market) and restricted securities.
2006 Guidance
As previously announced, the Company has raised its revenue guidance from early January 2006. The Company expects tissue processing and product revenues to increase to between $76.0 and $80.0 million for the full year 2006. The Company expects BioGlue revenues to be $39.0 to $41.0 million, and tissue processing revenues to be $36.0 to $38.0 million for the full year 2006. Bioprosthetic cardiovascular and vascular device revenues are expected to be approximately $1.0 million in 2006.
General, administrative and marketing expenses are expected to be $44.0 to $48.0 million for the full year of 2006. Research and development expenses are expected to be approximately $5.0 to $6.0 million for the full year 2006.
The Company will hold a teleconference call and live webcast at 11:15 a.m. Eastern Time, May 3, 2006, to discuss first quarter 2006 financial results, followed by a question and answer session hosted by Steven G. Anderson, President and Chief Executive Officer.
To listen to the live teleconference, please dial 201-689-8349 a few minutes prior to 11:15 a.m. A replay of the teleconference will be available May 3 through May 9 and can be accessed by calling (toll free) 877-660-6853 or 201-612-7415. The account number for the replay is 244 and the conference number is 200083.
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