CryoLife reports further growth during second quarter of 2017

Medical Company Financials

CryoLife has announced its financial results for the second quarter of 2017, during which it delivered a three-month revenue total of $47.8 million (36.35 million pounds).

This represents a year-on-year increase of two percent, meaning the company was able to exceed its guidance for the period, despite challenging market conditions.

“CryoLife has experienced further growth in the second quarter of 2017, driven by strong sales of its On-X, BioGlue and tissue processing brands.“

Its On-X brand experienced a strong quarter, particularly in North America, where revenue surged by 19 percent, while in tissue processing, a second consecutive quarter of double-digit growth in cardiac tissue was achieved. The BioGlue business was also highlighted as a strong performer.

Another highlight of the second quarter was the initiation of CryoLife's transition to direct sales in Canada, Belgium, the Netherlands and Luxembourg, which further expanded its direct operations in Europe.

Pat Mackin, chairman, president and chief executive officer of CryoLife, said: "We are on track to achieve our 2017 financial guidance and remain confident our strategy will continue to transform CryoLife into a higher growth, higher margin company."

The firm expects a revenue total of between $188 million and $192 million for the full year.

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