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CryoLife CEO Discusses Q3 2010 Results - Earnings Call Transcript

We generated cash flow from operations of 3.8 million in the quarter and 13.8 million for the nine months ended September 30. We expect to continue to generate significant cash flow from operations going forward which will allow us to continue our efforts on the business development front.

Net income before items for the third quarter of 2010 was 2.6 million or $0.09 per basic and fully diluted common share, including pre-tax charges of 3.7 million for acquired in-process R&D related the Starch Medical transaction. 3.6 million for the impairment of our investment in Medafor common stock and 1.6 million related to the write-down of HemoStase inventory.

GAAP net loss for the third quarter of 2010 was 3 million or $0.11 per fully diluted share. We also recorded pre-tax charges in the third quarter of 2010 of approximately 283,000 and cost associated with our litigation with Medafor and recorded a $143,000 gain on valuation of the derivative related to the investment in Medafor common stock. Net income before items for the first nine months of 2010 was $7.5 million or $0.27 per basic and $0.26 for fully diluted common share including charges of $3.7 million for acquired-in-process R&D related to the Starch Medical transaction, $3.6 million for the impairment of our investment in Medafor common stock and $1.6 million related to the write-down of HemoStase inventory, GAAP net income for the first nine months of 2010 was $1.8 million or $0.06 per fully diluted share. We recorded pre-tax charges in the first nine month of 2010 of 729,000 in connection with a write off of capitalized legal expenses associated with our BioGlue intellectual property rights in Germany.

And approximately $1.1 million in costs associated with our litigation with Medafor. Additionally, we recorded a $1.3 million gain on valuation of the derivative related to the investment in Medafor common stock. Cardiac revenues for the third quarter of 2010 decreased 2% compared to the corresponding period of 2009 and increased 8% for the first nine months of 2010 compared to the corresponding period in 2009.

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