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CryoLife's CEO Discusses Q2 2011 Results - Earnings Call Transcript

CryoLife, Inc. (CRY)

Q2 2011 Earnings Call

July 28, 2011 10:00 am ET

Executives

Steve Anderson - CEO

Ashley Lee- EVP, CFO and COO

Analysts

Brooks West - Piper Jaffray

Matt Dolan - Roth Capital Partners

Raymond Myers - Benchmark

Joe Mondillo - Sidoti & Company

Presentation

Operator

Greetings and welcome to the CryoLife Second Quarter 2011 Financial Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. (Operator instructions) As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Steve Anderson, President and CEO for CryoLife. Thank you. Mr. Anderson, you may begin.

Steve Anderson

Good morning, everyone. This is Steve Anderson, CryoLife’s CEO, and I would like to welcome you to CryoLife’s Second Quarter Conference Call. With me today is Ashley Lee, the company’s Executive Vice President, Chief Financial Officer and Chief Operating Officer.

This morning we announced CryoLife's second quarter 2011 operating results. Revenues were a record $29.4 million. These results are in line with our expectation, importantly our growth was led by our new recently acquired and launch product. During the quarter, we also continued to execute on our new products initiatives and made strong progress on the integration on Cardiogenesis, positioning as well for on going success.

The agenda for the call this morning is as follows: Ashley will review this morning’s press release and with discuss revenues by product. He will also discuss the recent investment that the company made in ValveXchange, an early stage prosthetic heart valve company. I will discuss the first full quarter of BioGlue sales in Japan. I will also discuss our early sales progress with PerClot the powdered hemostat that we licenses from Starch Medical late last year and that is approved for sale in Europe. I will also discuss our recent acquisition of Cardiogenesis and the integration of that company into CryoLife. After my comments are completed Ashley will return to give you some financial guidance for the rest of the year. After Ashley’s guidance comments are completed, we will open the call up for questions.

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