CryoLife sees record first quarter revenues

CryoLife has published its financial report for the first quarter of 2010, during which the company experienced its best ever three-month revenue total.

The medical device firm’s revenues for the period increased by 11 per cent compared to the corresponding quarter of 2009 to a record-high $29.7 million (19.3 million pounds).

Product sales were driven primarily by the company’s BioGlue surgical adhesive and HemoStase absorbable haemostatic particles, with the latter becoming more widely used in cardiac, vascular and general surgery applications.

Steven Anderson, president and chief executive officer, also praised the company’s ability to increase its cash balance despite the impact of “very difficult” economic conditions.

He added: “We are very excited to start a new year by reporting record revenues and our 13th consecutive quarter of profitability.”

This comes after a strong 2009 for CryoLife in revenue terms, with the device manufacturer having also established a new 12-month benchmark last year with its final $111.7 million total.