CryoLife reports record financial results for fourth quarter of 2015

CryoLife has announced its financial results for the fourth quarter of 2015, during which it achieved a record-breaking revenue total of $39.8 million (27.84 million pounds).

This represented a year-on-year increase of seven percent, with its gross margin of 67 percent also representing a significant year-over-year and sequential improvement. This was primarily driven by growing demand for its CardioGenesis cardiac laser therapy, PhotoFix and ProCol brands.

For the full year, the company achieved a revenue total of $145.9 million, up by one percent on 2014. Key highlights of the year included the acquisition of On-X Life Technologies and the sale of the HeRO product line, moves that have strengthened its focus on cardiac surgery.

Patrick Mackin, chairman, president and chief executive officer of CryoLife, said: "2015 was a year of significant progress for CryoLife, with positive momentum on key strategic initiatives throughout the year."

For 2016, the company expects to generate total revenues of between $178 million and $180 million, representing a mid-single digit percentage pro-forma increase over 2015.