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25.03.17
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CryoLife Reports Fourth Quarter and Full Year 2016 Financial Results

Mittwoch, 15.02.2017 23:25 von

PR Newswire

ATLANTA, Feb. 15, 2017 /PRNewswire/ --

Fourth Quarter Highlights:

  • Revenues Increased 13 Percent Year-over-Year to $45.0 Million; Non-GAAP Revenues Decreased Two Percent Year-over-Year
  • Gross Margins Increased to 69 Percent; Non-GAAP Gross Margins Increased to 71 Percent
  • GAAP Net Income was $2.9 Million, or $0.09 Per Fully Diluted Common Share; Non-GAAP Net Income was $4.1 Million, or $0.12 Per Fully Diluted Common Share

CryoLife, Inc. (NYSE: CRY), a leading medical device and tissue processing company focused on cardiac surgery, announced today its results for the fourth quarter and full year of 2016. 

Pat Mackin, Chairman, President, and Chief Executive Officer, said, "We continued to make meaningful progress on all of our key strategic initiatives in the fourth quarter.  Although our top line was slightly below our upwardly revised guidance, we are confident it was not due to competitive pressures or a decline in demand for our products as our business momentum remains strong.  Furthermore, we exceeded our net income guidance and posted a 69 percent gross margin in the quarter."    

Mr. Mackin added, "2016 was a transformational and highly successful year for CryoLife.  We effectively repositioned our product portfolio through the acquisition of On-X and divestiture of non-core technologies, which allowed us to combine three sales forces into a single U.S. cardiac surgery team and expand our direct presence in international markets.  We were able to expand our margins substantially over the course of the year and added to a highly experienced management team.  We expect our focused portfolio of industry leading technologies, combined with our active business development efforts, to positively impact our results in the future."      

Revenues for the fourth quarter of 2016 increased 13 percent to $45.0 million, compared to $39.8 million for the fourth quarter of 2015.  The increase was primarily driven by the acquisition of On-X Life Technologies (On-X) in January 2016, partially offset by a decrease in HeRO Graft and TMR revenues.  Non-GAAP revenues for the fourth quarter of 2016 decreased two percent compared to the fourth quarter of 2015.  A reconciliation of GAAP financial metrics to non-GAAP financial metrics is included as part of this press release.

Revenues for the full year of 2016 increased 24 percent to $180.4 million, compared to $145.9 million for the full year of 2015.  The increase was primarily driven by the acquisition of On-X, along with revenue increases in BioGlue, and cardiac and vascular tissues, partially offset by decreases in HeRO Graft and TMR revenues.  Non-GAAP revenues for the full year of 2016 increased five percent compared to the full year of 2015. 

GAAP net income for the fourth quarter of 2016 was $2.9 million, or $0.09 per basic and fully diluted common share, compared to net income of $2.6 million, or $0.09 per basic and fully diluted common share, for the fourth quarter of 2015.  Non-GAAP net income for the fourth quarter of 2016 was $4.1 million, or $0.12 per fully diluted common share, compared to non-GAAP net income of $3.9 million, or $0.13 per fully diluted common share for the fourth quarter of 2015. 

GAAP net income for the full year of 2016 was $10.8 million, or $0.33 per basic and $0.32 per fully diluted common share, compared to net income of $4.0 million, or $0.14 per basic and fully diluted common share, for the full year of 2015.  Non-GAAP net income for the full year of 2016 was $16.0 million, or $0.48 per fully diluted common share, compared to non-GAAP net income of $8.7 million, or $0.30 per fully diluted common share for the full year of 2015.  

The Company's 2017 financial guidance is summarized below. 

 

2017 Financial Guidance Summary

Total revenues

$188 million - $192 million

Product revenues

Year-over-year mid-single digits % non-GAAP revenue increase

Tissue processing revenues

Year-over-year mid-single digits % revenue increase

Gross margins

Between 68% - 69%

R&D expenses

$17.0 million - $19.0 million

Income tax rate

Low to Mid 30%

Non-GAAP income per common share

$0.40 - $0.43

 

All numbers in the table above are GAAP except where expressly referenced as non-GAAP.  The Company does not provide GAAP income per common share on a forward-looking basis because the Company is unable to predict with reasonable certainty business development and acquisition-related expenses, purchase accounting fair value adjustments, and any unusual gains and losses without unreasonable effort.  These items are uncertain, depend on various factors, and could be material to results computed in accordance with GAAP.

The Company's financial guidance for the full year of 2017 is subject to the risks identified below.  

Non-GAAP Financial Measures

This press release contains non-GAAP financial measures.  Investors should consider this non-GAAP information in addition to, and not as a substitute for, financial measures prepared in accordance with U.S. GAAP.  In addition, this non-GAAP financial information may not be the same as similar measures presented by other companies.  The Company's non-GAAP revenues include (as applicable) On-X revenues for the period in 2016 prior to the closing of the acquisition and On-X revenues for the comparable periods of 2015 and excludes revenues for the HeRO Graft and ProCol product lines for 2016 and 2015.  The Company's other non-GAAP results exclude (as applicable) business development expenses; gain on sale of business components; amortization expenses; acquisition inventory basis step-up expense; severance expenses associated with certain employee departures; the gain on sale of Medafor investment; the write-off of PerClot Topical inventory; and intangible impairment.  The Company believes that these non-GAAP presentations provide useful information to investors regarding unusual non-operating transactions and the operating expense structure of the Company's existing and recently acquired operations, without regard to its on-going efforts to acquire additional complementary products and businesses and the transaction and integration expenses incurred in connection with recently acquired and divested product lines.  The Company believes it is useful to exclude certain expenses because such amounts in any specific period may not directly correlate to the underlying performance of its business operations and can vary significantly between periods as a result of factors such as new acquisitions, non-cash expense related to amortization of previously acquired tangible and intangible assets, or unusual compensation expenses.  The Company does, however, expect to incur similar types of expenses in the future, and this non-GAAP financial information should not be viewed as a statement or indication that these types of expenses will not recur.

Webcast and Conference Call Information

The Company will hold a teleconference call and live webcast tomorrow at 8:00 a.m. Eastern Time to discuss the results followed by a question and answer session hosted by Mr. Mackin.

To listen to the live teleconference, please dial 201-689-8261 a few minutes prior to 8:00 a.m.  A replay of the teleconference will be available February 16 through February 22 and can be accessed by calling (toll free) 877-660-6853 or 201-612-7415.  The conference number for the replay is 13655099.

The live webcast and replay can be accessed by going to the Investor Relations section of the CryoLife website at www.cryolife.com and selecting the heading Webcasts & Presentations.

About CryoLife, Inc.

Headquartered in suburban Atlanta, Georgia, CryoLife is a leader in the manufacturing, processing, and distribution of medical devices and implantable tissues used in cardiac surgical procedures.  CryoLife markets and sells products in more than 80 countries worldwide.  For additional information about CryoLife, visit our website, www.cryolife.com

Statements made in this press release that look forward in time or that express management's beliefs, expectations, or hopes are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Such forward-looking statements reflect the views of management at the time such statements are made.  These statements include those regarding our financial guidance for 2017, and the impact of our focused portfolio of industry leading technologies and business development efforts on our 2017 results and beyond.  These forward-looking statements are subject to a number of risks, uncertainties, estimates, and assumptions that may cause actual results to differ materially from current expectations.  These risks and uncertainties include that the expected benefits of a larger sales force or our market opportunities due to our focus on the cardiac surgery market may be incorrect or may not be achieved; and our business development efforts may not be successful.  These risks and uncertainties include the risk factors detailed in our Securities and Exchange Commission filings, including our Form 10-K for the year ended December 31, 2015, and our subsequent filings with the SEC. CryoLife does not undertake to update its forward-looking statements.

 


CRYOLIFE, INC. AND SUBSIDIARIES

Financial Highlights

(In thousands, except per share data)







Three Months Ended


Twelve Months Ended



December 31,


December 31,



2016


2015


2016


2015

Revenues:












Products

$

28,925


$

23,913


$

113,992


$

83,081

Preservation services


16,104



15,925



66,388



62,817

Total revenues


45,029



39,838



180,380



145,898













Cost of products and preservation services:












Products


6,734



5,108



28,033



18,663

Preservation services


7,100



8,214



33,448



36,516

Total cost of products and












preservation services


13,834



13,322



61,481



55,179













Gross margin


31,195



26,516



118,899



90,719













Operating expenses:












General, administrative, and marketing


22,246



19,139



91,548



74,929

Research and development


3,844



2,540



13,446



10,436

Total operating expenses


26,090



21,679



104,994



85,365













Gain from sale of business components


--



--



(7,915)



--













Operating income


5,105



4,837



21,820



5,354













Interest expense


787



(44)



3,043



(62)

Interest income


(24)



(16)



(72)



(45)

Gain on sale of Medafor investment


--



--



--



(891)

Other expense, net


583



280



437



484













Income before income taxes


3,759



4,617



18,412



5,868

Income tax expense


862



1,981



7,634



1,863













Net income

$

2,897


$

2,636


$

10,778


$

4,005













Income per common share:












Basic

$

0.09


$

0.09


$

0.33


$

0.14

Diluted

$

0.09


$

0.09


$

0.32


$

0.14













Dividends declared per common share

$

--


$

0.0300


$

--


$

0.1200













Weighted-average common shares outstanding:












Basic


32,223



27,914



31,855



27,744

Diluted


33,443



28,687



32,822



28,542














 

 

CRYOLIFE, INC. AND SUBSIDIARIES

Financial Highlights

(In thousands)



Three Months Ended


Twelve Months Ended


December 31,


            December 31,


2016


2015


2016


2015

Products:












BioGlue and BioFoam

$

15,982


$

16,488


$

63,461


$

59,332

On-X


9,073



--



34,232



--

CardioGenesis cardiac laser therapy


2,367



3,487



7,864



9,419

PerClot


1,038



1,096



4,021



4,083

PhotoFix


465



437



1,871



1,396

HeRO Graft


--



2,008



2,325



7,546

ProCol


--



397



218



1,305

          Total products


28,925



23,913



113,992



83,081













Preservation services:












Cardiac tissue


7,442



6.970



29,697



28,059

Vascular tissue


8,662



8,955



36,691



34,758

Total preservation services


16,104



15,925



66,388



62,817













Total revenues

$

45,029


$

39,838


$

180,380


$

145,898













Revenues:












    U.S.

$

32,885


$

30,797


$

131,727


$

114,978

International


12,144



9,041



48,653



30,920

Total revenues

$

45,029


$

39,838


$

180,380


$

145,898

























 

 



December 31,


December 31,


2016


2015







Cash, cash equivalents, and restricted cash and securities

$

57,341


$

43,418

Total current assets


147,233



109,663

Total assets


316,140



181,179

Total current liabilities


30,102



19,605

Total liabilities


107,157



25,928

Shareholders' equity


208,983



155,251

 

 

CRYOLIFE, INC. AND SUBSIDIARIES

Reconciliation of GAAP to Non-GAAP

Net Income and Diluted Income per Common Share

(In thousands, except per share data)






    Three Months Ended


      Twelve Months Ended


December 31,


December 31,


2016


2015


2016


2015

GAAP:












Income before income taxes

$

3,759


$

4,617


$

18,412


$

5,868

Income tax expense


862



1,981



7,634



1,863

Net income

$

2,897


$

2,636


$

10,778


$

4,005













Diluted income per common share:

$

0.09


$

0.09


$

0.32


$

0.14













Diluted weighted-average common












shares outstanding:


33,443



28,687



32,822



28,542

























Reconciliation of income before income












taxes, GAAP to net income, non-GAAP:
























Income before income taxes, GAAP

$

3,759


$

4,617


$

18,412


$

5,868

Adjustments:












Business development expenses


832



1,126



7,880



3,006

Gain on sale of business components


--



--



(7,915)



--

Amortization expense


1,153



615



4,426



2,135

Acquisition inventory basis step-up expense


822



--



3,039



--

Severance expenses


--



--



--



2,965

Gain on sale of Medafor investment


--



--



--



(891)

Write-off of PerClot Topical inventory


--



--



--



498

Intangible impairment


--



--



--



457

Income before income taxes, non-GAAP


6,566



6,358



25,842



14,038













Income tax expense calculated at 38% normalized












tax rate


2,495



2,416



9,820



5,334

Net income, non-GAAP

$

4,071


$

3,942


$

16,022


$

8,704













Reconciliation of diluted income per












common share, GAAP to diluted income per












common share, non-GAAP:
























Diluted income per common share, GAAP:

$

0.09


$

0.09


$

0.32


$

0.14

Adjustments:












Business development expenses


0.02



0.04



0.24



0.10

Gain on sale of business components


--



--



(0.24)



--

Amortization expense


0.03



0.02



0.13



0.07

Acquisition inventory basis step-up expense


0.02



--



0.09



--

Severance expenses


--



--



--



0.10

Gain on sale of Medafor investment


--



--



--



(0.03)

Write-off of PerClot Topical inventory


--



--



--



0.02

Intangible impairment


--



--



--



0.02

Tax effect of non-GAAP adjustments


(0.02)



(0.02)



(0.08)



(0.11)

Effect of 38% normalized tax rate


(0.02)



--



0.02



(0.01)

Diluted income per common share,












 non-GAAP:

$

0.12


$

0.13


$

0.48


$

0.30













Diluted weighted-average common












shares outstanding:


33,443



28,687



32,822



28,542













 

 

CRYOLIFE, INC. AND SUBSIDIARIES

Reconciliation of GAAP to Non-GAAP

Revenues; Gross Margin; General, Administrative, and Marketing

(In thousands, except per share data)






Three Months Ended


Twelve Months Ended


December 31,


December 31,


2016


2015

Growth
Rate


2016


2015

Growth
Rate

Reconciliation of total revenues, GAAP














to total revenues, non-GAAP:














Total revenues, GAAP

$

45,029


$

39,838

13%


$

180,380


$

145,898

24%

Plus: On-X pre acquisition revenues


--



8,285




1,627



33,368


Less: HeRO revenues


--



(2,008)




(2,325)



(7,546)


Less: ProCol revenues


--



(397)




(218)



(1,305)


Total revenues, non-GAAP

$

45,029


$

45,718

(2%)


$

179,464


$

170,415

5%






























Three Months Ended



      Twelve Months Ended



December 31,



December 31,



2016


2015



2016


2015


Reconciliation of gross margin %,














GAAP to gross margin %,














non-GAAP:














Total revenues, GAAP

$

45,029


$

39,838



$

180,380


$

145,898


Gross margin, GAAP

$

31,195


$

26,516



$

118,899


$

90,719


Gross margin %, GAAP


69%



67%




66%



62%
















Gross margin, GAAP

$

31,195


$

26,516



$

118,899


$

90,719


Plus: Acquisition inventory basis step-














up expense


822



--




3,039



--


Gross margin, non-GAAP

$

32,017


$

26,516



$

121,938


$

90,719


Gross margin %, non-GAAP


71%



67%




68%



62%























Three Months Ended



Twelve Months Ended



December 31,



December 31,



2016


2015



2016


2015


Reconciliation of general,














administrative, and marketing,














expense, GAAP to general,














administrative, and marketing,














expense, non-GAAP














General, administrative, and marketing














expense, GAAP

$

22,246


$

19,139



$

91,548


$

74,929


Less: Business development














expenses


(832)



(1,126)




(7,880)



(3,006)


General, administrative, and














marketing expense,














non-GAAP

$

21,414


$

18,013



$

83,668


$

71,923
















 

 

Contacts:




CryoLife

The Ruth Group

D. Ashley Lee

Nick Laudico / Zack Kubow

Executive Vice President, Chief Financial Officer

646-536-7030 / 7020

and Chief Operating Officer

nlaudico@theruthgroup.com

Phone: 770-419-3355

zkubow@theruthgroup.com

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/cryolife-reports-fourth-quarter-and-full-year-2016-financial-results-300408276.html

SOURCE CryoLife, Inc.