CryoLife hails record-breaking 2011 performance

CryoLife has underlined the success of its business performance in 2011, a year which saw the company deliver its best ever financial results.

The firm's revenue total for the year came to $119.6 million (75.5 million pounds), up by three percent, with a record $30.4 million sales performance in the fourth quarter contributing to this.

Key contributors to this growth included a new shift in strategy by the business towards earlier stage growth-oriented products, with offerings such as PerClot, BioGlue and TMR seeing expanded adoption.

Initiatives planned for 2012 include the initiation of new clinical studies for PerClot and BioFoam, as well as further efforts to improve sales of existing products in Europe and other areas.

Steven Anderson, president and chief executive officer of CryoLife, said: "We believe that our portfolio of complementary high-margin products has the potential to significantly expand our market opportunity, leverage our core infrastructure and build value for the company and its shareholders."

This comes after the company strengthened its leadership last month with the appointment of David Lang and Dr David Gale to vice-presidential roles.