CryoLife has announced its financial results for the first quarter of 2017, during which it delivered a revenue total of $45.1 million (34.99 million pounds).
This represents a year-on-year increase of five percent, an encouraging growth rate that the company attributed to its decision to increase its focus on select markets of particular strategic value.
“CryoLife has reported year-on-year revenue growth of five percent for the first quarter of 2017.“
The firm's On-X revenues were up 12 percent, excluding the OEM business, while its tissue processing business delivered revenue growth of ten percent to robust demand for cardiac tissues and the successful re-engagement of vascular tissue customers.Â
Although these achievements were offset somewhat by the absence of HeRO and ProCol revenues, and a decrease in transmyocardial revascularisation earnings, the quarter nevertheless met CryoLife's expectations.
Revenues in the second quarter of 2017 are expected to be between $46.5 million and $47 million.
Patrick Mackin, chairman, president and chief executive officer of CryoLife, said: "Given our strong performance in the first quarter, we remain confident in our ability to achieve our 2017 strategic and financial goals."
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