CryoLife reports record third-quarter financial results

CryoLife has announced its financial results for the third quarter of 2013, a period that saw the company maintain its record-breaking business momentum.

The firm's three-month revenue total came to $36.3 million (22.55 million pounds), up by eight percent year on year, while its figure for the year to date came to a benchmark total of $105.3 million.

Positive trends for its BioGlue and revascularisation technologies businesses helped to drive this improvement, while the company also entered a new market for the HeRO Graft with its European launch in June.

Meanwhile, it has benefited financially from fellow healthcare firm Bard's recent decision to acquire Medafor, a haemostatic technology developer in which CryoLife previously held investments.

Steven Anderson, president and chief executive officer of CryoLife, said: "Due to our strong performance in the third quarter, as well as the receipt of $15.4 million in October for our shares in Medafor due to its acquisition, we have increased our EPS guidance."

For the full year, CryoLife expects to generate between $139 million and $141 million, which would represent a year-on-year improvement of six to seven percent.