CryoLife achieves record results in second quarter

CryoLife has posted its financial results for the second quarter of the current fiscal year, highlighting some of its best-ever three-month performance figures.

The medical technology firm’s revenue totals rose by four per cent year-on-year to $29.3 million (18.4 million pounds), while net income also increased from $2.5 million to $2.9 million.

According to the firm’s financial report, this represented a second quarter record for CryoLife, as well as its 14th consecutive quarter of profitability.

Among the areas in which the company saw expansion was in product revenues, with sales of its BioGlue and HemoStase ranges a key driver, thanks to increased demand for the products in surgical applications.

Steven Anderson, president and chief executive officer of CryoLife, said: “We believe that our continuing strong operating performance, coupled with our ongoing stock repurchase plan and business development initiatives, will lead to enhanced shareholder value over the near and long term.”

Earlier this year, CryoLife announced that it had purchased a patent for a protein hydrogel product, from which it hopes to develop a new surgical glue.