Sunday, November 7, 2010

CryoLife Slips To Loss In Q3

(RTTNews) - CryoLife Inc. (CRY: News), an implantable biological medical device and cardiovascular tissue processing company, Thursday reported a loss for the third quarter, compared to a profit last year, mainly reflecting higher expenses.
CryoLife's net loss for the quarter was $3.03 million or $0.11 per share compared to a net income of $1.86 million or $0.07 per share last year.
For the recent third quarter, the company recorded charges of $3.7 million for acquired in-process research and development related to the Starch Medical transaction, $3.6 million related to the impairment of its investment in Medafor common stock and $1.6 million related to HemoStase inventory that the company does not believe that it will be able to distribute.
Excluding these charges, adjusted net income for the quarter was $2.6 million or $0.09 per share. On average, three analysts polled by Thomson Reuters expected the company to earn $0.09 per share in the quarter. Analysts' estimates typically excludes special items.
The Kennesaw, Georgia-based company's total revenues improved slightly to $28.44 million from $28.22 million in the comparable quarter last year. Three analysts were looking for a revenue of $29.30 million.
Total gross margins decreased to 54% from 60% last year, mainly due to the charge related to the write-off of the HemoStase inventory.

Effects of an absorbable polysaccharide hemostat PerClot(r) on fracture healing of the cranial bone

No comments: