CryoLife advances strategy in second quarter of 2011
29 July 2011 00:00 in Medical Company Financials
CryoLife has stated that it is on track with the advancement of its growth strategy following a record-breaking second quarter.
The company's quarterly revenue total for the three months ending on June 30th 2011 came to a benchmark total of $29.4 million (18.1 million pounds), while its six-month figure of $59.6 million was also a new record.
CryoLife's second quarter was marked by the completion of its acquisition of Cardiogenesis, a move that has been followed by an integration process that includes training for sales staff pertaining to the expanded product line.
It has also been able to acquire distribution and manufacturing rights to the product PerClot and made an equity investment in ValveXchange.
This latter agreement will give CryoLife a commercial stake in the promising new Vitality Exchangeable Heart Valve System and includes an option to purchase the business.
Steven Anderson, president and chief executive officer for CryoLife, said the last quarter has shown "our commitment to leveraging our core business and infrastructure to selectively enter business transactions that create value for our shareholders".
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