CryoLife reports record performance in Q3 2012

CryoLife has achieved its best ever financial performance during the third quarter of 2012, continuing its record performance for the year-to-date.

The medical technology firm's revenues rose by 13 percent year over year during the quarter to reach a record $33.4 million (20.73 million pounds), bringing its total for the first nine months of 2012 to a benchmark $98.9 million.

According to the company's latest financial statement, this growth can be attributed to its improved efficiency and the successful integration of Hemosphere, which it acquired in May 2012.

By purchasing the Minnesota-based business, the firm has been able to add the HeRO Graft for catheter dependent haemodialysis patients to its portfolio.

Thanks to these factors, plus a better-than-expected performance for its tissue processing division, CryoLife now expects to generate revenues of between $131 million and $133 million for the full year.

Steven Anderson, president and chief executive officer of CryoLife, said: "We achieved another quarter of double-digit revenue growth which, coupled with our improving operating structure, contributed to strong cash flow generation and solid bottom line results."