CryoLife hails ‘solid’ financial performance in 2014

CryoLife has announced its financial results for the 2014 business year, during which it achieved a revenue total of $144.6 million (93.68 million pounds).

This represented a year-on-year increase of three percent, with product revenues rising by seven percent during the year. For the fourth quarter alone, its revenues advanced by five percent to $37.2 million.

Strong double-digit growth was seen within its key BioGlue, HeRO and PerClot brands, offsetting a decline in tissue processing revenues. The company was also able to bolster its future earning capability with the launches of its latest offerings, ProCol and PhotoFix.

CryoLife remains on track to begin enrollment for its new PerClot IDE clinical trial in the first quarter of 2015, though it first needs to resolve a number of legal issues pertaining to the PerClot brand.

Pat Mackin, president and chief executive officer of CryoLife, said: "While these initiatives will impact our revenue growth and profitability in 2015, we believe they strongly position the company for improved performance beginning in 2016."

The firm's portfolio includes preserved human cardiac and vascular tissues, surgical adhesives and sealants, cardiac lasers and implantable end-stage renal disease access grafts. It employs around 500 people worldwide.