CryoLife achieves further growth in first quarter of 2011

CryoLife has announced its financial results for the first quarter of 2011, during which it achieved a record quarterly revenue rate.

The medical technology firm's revenue total for the three-month period came to $30.2 million (18.32 million pounds), up by two percent on the first quarter of last year, while strength was also noted in its operating cash flow.

Product revenues rose primarily thanks to the addition of PerClot to its portfolio, following the acquisition of the brand last year.

The company has also been able to agree a deal for the takeover of fellow medical device firm Cardiogenesis, while extensive investments have been made in pipeline research and development and new strategic business opportunities.

Steven Anderson, president and chief executive officer of CryoLife, said: "We are repositioning the company for accelerated revenue and earnings growth."

This builds upon the record-breaking performance experienced by the company in recent times, with annual revenues rising to a benchmark-setting $116.6 million last year.