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CryoLife's CEO Discusses Q2 2012 Results - Earnings Transcript

This morning we reported our results for the second quarter and first six months of 2012. We achieved strong financial results for the second quarter and further positioned the company for long-term revenue and earnings growth. Here are some of the highlights.

We achieved an all-time quarterly revenue record of $33.2 million driven by year-over-year increases in all lines of business and by the recent acquisition of Hemosphere. We settled three outstanding lawsuits with Medafor, CardioFocus and Tenaxis which eliminated our ongoing legal exposure and expenses related to these lawsuits.

And we completed the acquisition of Hemosphere, a company that has the only currently approved fully subcutaneous product to bypass central venous stenosis and end-stage renal disease patients undergoing hemodialysis.

As I previously mentioned, we set an all-time quarterly revenue record of 33.2 million, up 13% year-over-year. The following factors influenced our revenue performance.

Total international revenues were up 16% in the second quarter compared to the prior year. Total product revenues grew 15% to $16.7 million. Total tissue processing revenues grew 11% to $16.3 million. Worldwide BioGlue revenues were up 5% for the second quarter. This was driven by volume increases in international markets, primarily Japan. PerClot Sales for the second quarter were $691,000, which represents our best quarter since we launched the product in the fourth quarter of 2010.

We have recently made some personnel changes in certain areas in the EU as well as concentrated our EU sales efforts in our direct sales markets. We believe that these efforts are beginning to pay off with our best sales quarter for PerClot and we expect better results in future quarters.

We are also broadening our EU sales focus beyond cardiac and vascular surgery. Steve will provide details on the U.S. PerClot timeline in his remarkings.

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