CryoLife achieves record performance in Q1 2012

CryoLife has published its financial results for the first quarter of 2012, highlighting a record-breaking performance in terms of three-month revenues.

Sales for the period came to a record $32.3 million (19.92 million pounds), an increase of seven percent compared to Q1 2011, which was driven by 14 percent year-over-year and six percent sequential sales growth in its product segment.

Over the rest of the year, CryoLife is aiming to lay the foundations for further expansion by progressing its discussions with the US Food and Drug Administration (FDA) over the planned US launch of its PerClot device.

Steven Anderson, president and chief executive officer of CryoLife, said: "We have resubmitted our PerClot investigational device exemption application to the FDA and expect to begin enrolling our pivotal clinical trial during the third quarter, positioning the company for potential FDA approval and launch in 2014."

The firm continues to expect to achieve a revenue total of between $126 million and $129 million for the full year, which would be an increase of between five and eight percent.

It would represent an advance on the record-breaking annual sales total of $119.6 million achieved last year.