ATLANTA, Dec. 1 /PRNewswire-FirstCall/ -- CryoLife, Inc. , an implantable biological medical device and cardiovascular tissue processing company, announced its initial financial guidance for 2010.
The Company expects earnings per share of between $0.36 and $0.40 for 2010, which reflects several process improvements, expense control and cost cutting initiatives that the Company implemented during the fourth quarter of 2009, including a reduction in workforce that is expected to reduce costs and expenses in excess of $2 million in 2010. The reduction in workforce and attrition results in an approximate 10% decrease in number of employees since the beginning of 2009. The Company expects to record a charge of approximately $400,000 in the fourth quarter of 2009 in connection with these actions.
Webcast of Presentation at Piper Jaffray Annual Health Care Conference
CryoLife’s live presentation may be accessed through its Web site, www.cryolife.com, on the Investor Relations page. An archived copy of the presentation will be available for 30 days on the same Web site.
Founded in 1984, CryoLife, Inc. is a leader in the processing and distribution of implantable living human tissues for use in cardiac and vascular surgeries throughout the U.S. and Canada. The Company’s CryoValve(R) SG pulmonary heart valve, processed using CryoLife’s proprietary SynerGraft(R) technology, has FDA 510(k) clearance for the replacement of diseased, damaged, malformed, or malfunctioning native or prosthetic pulmonary valves. The Company’s CryoPatch(R) SG pulmonary cardiac patch has FDA 510(k) clearance for the repair or reconstruction of the right ventricular outflow tract (RVOT), which is a surgery commonly performed in children with congenital heart defects, such as Tetralogy of Fallot, Truncus Arteriosus, and Pulmonary Atresia. CryoPatch SG is distributed in three anatomic configurations: pulmonary hemi-artery, pulmonary trunk, and pulmonary branch. The Company’s BioGlue(R) Surgical Adhesive is FDA approved as an adjunct to sutures and staples for use in adult patients in open surgical repair of large vessels. BioGlue is also CE marked in the European Community and approved in Canada and Australia for use in soft tissue repair. The Company’s BioFoam(R) Surgical Matrix is CE marked in the European Community for use as an adjunct in the sealing of abdominal parenchymal tissues (liver and spleen) when cessation of bleeding by ligature or other conventional methods is ineffective or impractical. BIOGLUE Aesthetic(TM) Medical Adhesive is CE marked in the European Community for periosteal fixation following endoscopic browplasty (brow lift) in reconstructive plastic surgery and is distributed by a third party for this indication. CryoLife distributes HemoStase(TM), a hemostatic agent, in much of the U.S. for use in cardiac and vascular surgery and in the European Community and Canada for cardiac, vascular, and general surgery, subject to certain exclusions.
For additional information about the company, visit CryoLife’s Web site:
www.cryolife.com.
CONTACT: D. Ashley Lee, Executive Vice President, Chief Financial Officer
and Chief Operating Officer, +1-770-419-3355
Web site: http://www.cryolife.com/
