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CryoLife's CEO Discusses Q3 2011 Results - Earnings Call Transcript

CryoLife, Inc. ( CFX)

Q3 2011 Earnings Call

October 27, 2011 10:30 am ET

Executives

Steve Anderson - President & CEO

Ashley Lee - CFO & EVP

Analysts

Matt Dolan - Roth Capital Partners

Raymond Myers - Benchmark

Joe Munda - Sidoti & Company

Presentation

Operator

Greetings, and welcome to the CryoLife Third Quarter 2011 Financial Results 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 third quarter 2011 conference call. With me today is Ashley Lee, CryoLife’s CFO and Executive Vice President.

This morning, we announced quarterly revenues of $29.7 million, a 4% increase over the same period last year. Our earnings for the third quarter were $0.07 compared to a loss of $0.11 in 2010.

BioGlue’s quarterly sales in Japan are ahead of our expectations again. As we previously communicated, we had predicted that we would sell $600,000 worth of BioGlue in Japan during its first 12 months on the market there. Instead, we had sold over $1 million of BioGlue in the first six months; it has been on the market in Japan. We were also pleased with sales of $2.1 million of the Cardiogenesis products during the quarter.

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