CryoLife ($CRY) celebrates a robust 2012 third quarter this week, thanks to double-digit revenue growth. Net income dipped, though that was largely due to M&A-related expenses for the Atlanta-based medical device and tissue processing company.
Third quarter revenue jumped 13% to $33.4 million, versus $29.7 million in the fiscal 2011 (representing earnings per share of about 6 cents). Net income reached $1.5 million, a dip from $2 million in income over the same period a year ago. But that number took a hit because of expenses related to CryoLife's $17 million-plus acquisition of Hemosphere in May, which gave it access to that company's graft to treat end-stage renal disease.
CryoLife said it generated steady sales gains in product segments including surgical sealant and hemostat. But sales for revascularization tech remained flat compared to the 2011 third quarter. For the first nine months of the year, however, they nearly doubled (to $6.1 million from $3.3 million in 2011) because of the company's $22 million acquisition of Cardiogenesis in 2011.
As of Sept. 30, CryoLife reported just more than $13 million in cash and equivalents on hand, versus $27 million as of Dec. 31, 2011. For the full year, CryoLife predicts between $131 million and $133 million in revenue, up between 10% and 11% from 2011--slightly higher than previous 2012 guidance.
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