CryoLife Reports Record Quarterly Revenues of $28.2 Million

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ATLANTA, July 30 /PRNewswire-FirstCall/ — CryoLife, Inc. (NYSE: CRY), an implantable biological medical device and cardiovascular tissue processing company, announced today that revenues for the second quarter of 2009 increased 4 percent to a quarterly record of $28.2 million compared to $27.2 million for the second quarter of 2008. Excluding orthopaedic tissue processing revenues of $44,000 and $297,000 for the second quarters of 2009 and 2008, respectively, revenues increased 5 percent for the second quarter of 2009.

Operating income for each of the second quarters of 2009 and 2008 was $4.2 million. Operating margin was 15 percent for each of the second quarters of 2009 and 2008.

Net income for the second quarter of 2009 was $2.5 million, or $0.09 per basic and fully diluted common share, compared to $3.9 million, or $0.14 per basic and fully diluted common share for the second quarter of 2008. The Company’s effective income tax rate was 41 percent for the second quarter of 2009, compared to 6 percent for the second quarter of 2008. The Company’s effective income tax rate was lower in 2008 due to the valuation allowance on the Company’s deferred tax assets during 2008. If the Company had recorded 2008 income taxes at a normalized 41 percent effective tax rate, net income for the second quarter of 2008 would have been $2.4 million and fully diluted earnings per share would have been $0.09.

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