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CryoLife Announces Preliminary 2005 Revenues PR NEWSWIRE ATLANTA, Jan. 10 /PRNewswire-FirstCall/ -- CryoLife, Inc. (NYSE: CRY), a biomaterials and biosurgical device company, announced today that revenues for 2005 were approximately $69.3 million compared to $62.4 million in 2004, an increase of 11%. Revenues for the fourth quarter of 2005 were approximately $18.0 million compared to $15.9 million in the fourth quarter of 2004, an increase of 13%. All references to 2005 revenues are preliminary and unaudited.
BioGlue(R) revenues were approximately $38.0 million for the full year of 2005 compared to $35.7 million in 2004, an increase of 6%. BioGlue revenues were approximately $9.6 million in the fourth quarter of 2005 compared to $9.2 million in the fourth quarter of 2004, an increase of 5%. BioGlue revenues in the fourth quarter of 2005 increased 8% over third quarter of 2005 revenues of $8.9 million.
Tissue processing revenues were approximately $30.3 million for the full year 2005 compared to $25.7 million in 2004, an increase of 18%. Tissue processing revenues were approximately $8.1 million in the fourth quarter of 2005 compared to $6.4 million in the fourth quarter of 2004, an increase of 26%.
"The 2005 fourth quarter revenues of $18.0 million represent our highest quarterly revenue performance since the third quarter of 2002. We expect continued growth in both BioGlue and tissue processing revenues in 2006," noted Steven G. Anderson, CryoLife President and Chief Executive Officer.
Based on the fourth quarter revenue performance and current business developments, the Company is raising its revenue guidance for the full year of 2006 from $72-$76 million to $74-$77 million.
The Company also noted that it had finalized the payment and settlement of the class action securities litigation during the fourth quarter of 2005.
Founded in 1984, CryoLife, Inc. is a leader in the processing and distribution of implantable living human tissues for use in cardiovascular, vascular, and orthopaedic 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 and is 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 distributes the CryoLife- O'Brien(R) stentless porcine heart valve and the SG Model #100 vascular graft, which are CE marked for distribution within the European Community.
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Emerging Growth Equities, Ltd. Upgrades CryoLife (NYSE: CRY) to BUY With a $6.00 Price Target PR NEWSWIRE KING OF PRUSSIA, Pa., Jan. 10 /PRNewswire/ -- Emerging Growth Equities, Ltd. Upgrades CryoLife (NYSE: CRY) to BUY with a 12-month price target of $6.00. This morning CryoLife announced 4Q revenue of $18m, exceeding earlier guidance provided in November. We believe strong tissue procurement and BioGlue sales fueled the 4Q upside surprise and expect the favorable procurement trend will continue to support revenue into 2006. Furthermore, we expect processing improvements will significantly improve tissue processing gross margin in the first half of 2006. Today's announcements provide comfort that CryoLife's core BioGlue and Tissue businesses can be made profitable. We are upgrading our rating of CryoLife shares to BUY from HOLD based on the stock's recently reduced valuation and more favorable outlook.
Emerging Growth Equities, Ltd. is a specialty brokerage and investment banking firm that provides high-quality distribution, research and trade execution for institutional and retail clients. Emerging Growth Equities, Ltd. specializes in fulfilling the capital requirements of well-managed emerging growth companies
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