ATLANTA, Oct. 31, 2018 /PRNewswire/ -- CryoLife,
Inc. (NYSE: CRY), a leading cardiac and vascular surgery
company focused on aortic disease, announced today its financial
results for the third quarter ended September 30, 2018.
Third Quarter and Recent Business Highlights:
- Total revenues increased 47 percent to $64.6 million in the third quarter of 2018
compared to the third quarter of 2017
- Non-GAAP total revenues increased 17 percent in the third
quarter of 2018 compared to the third quarter of 2017; Non-GAAP
total revenues increased 17 percent on a constant currency
basis
- On-X® revenues increased 36 percent in the third
quarter of 2018 compared to the third quarter of 2017
- JOTEC® revenues were $15.0
million in the third quarter of 2018, a 32 percent increase
on a Non-GAAP basis compared to the third quarter of 2017
- Net income was $1.6 million or
$0.04 per fully diluted common share;
Non-GAAP net income was $3.1 million,
or $0.08 per fully diluted common
share
"We had a very successful third quarter which included strong
revenue growth, market share gains, new account growth and progress
on our clinical and R&D programs," said Pat Mackin, Chairman, President, and Chief
Executive Officer. "Our On-X and JOTEC products continue to
gain momentum as our direct salesforce is effectively conveying the
differentiating attributes of these products. We expect our
business momentum to continue and we are therefore updating our
full year guidance. Looking ahead, we have many internal
initiatives that we believe can drive substantial future growth.
Given our highly experienced leadership team, we are
confident we can deliver on our goals and objectives for 2018."
Third Quarter 2018 Financial Results
Total revenues
for the third quarter of 2018 increased 47 percent to $64.6 million, compared to $44.0 million for the third quarter of
2017. The increase was primarily driven by $15.0 million in revenues from JOTEC and strong
revenue growth from On-X and tissue processing. Non-GAAP
total revenues for the third quarter of 2018 increased 17 percent,
compared to the third quarter of 2017, a 17 percent increase on a
constant currency basis.
Net income for the third quarter of 2018 was $1.6 million, or $0.04 per fully diluted common share, compared to
net income of $1.3 million, or
$0.04 per fully diluted common share
for the third quarter of 2017. Non-GAAP net income for the
third quarter of 2018 was $3.1
million, or $0.08 per fully
diluted common share, compared to non-GAAP net income of
$3.1 million, or $0.09 per fully diluted common share for the
third quarter of 2017.
2018 Financial Outlook
The Company is updating its full-year 2018 financial guidance, as
summarized below, and expects total revenues in the fourth quarter
of 2018 to be between $66.5 million
and $67.5 million.
|
Previous
|
Revised
|
Total
Revenues
|
$256.0 million -
$260.0 million
|
$261.5 million -
$262.5 million
|
Gross
Margins
|
65.5% -
66.5%
(includes $3.5
million non-cash charges related to acquired JOTEC inventory and
distributor inventory buy backs)
|
65.5% -
66.5%
(includes $2.8
million non-cash charges related to acquired JOTEC inventory and
distributor inventory buy backs)
|
R&D
Expenses
|
$23.0 million - $25.0
million
|
$22.0 million - $23.0
million
|
Non-GAAP Tax
Rate
|
Mid 20%
(excludes effect of
nondeductible transaction costs and the tax effect of stock
compensation expenses)
|
same
|
Non-GAAP
EPS
|
$0.29 -
$0.32
(assumes
approximately 37.5 million fully diluted shares outstanding and 25%
effective tax rate)
|
$0.30 -
$0.33
(assumes
approximately 37.5 million fully diluted shares outstanding and 25%
effective tax rate)
|
All numbers are presented on a GAAP basis 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 2018 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 JOTEC revenues for the same nine-month period in 2017 prior
to the closing of the acquisition of JOTEC on December 1, 2017. The Company did not own
JOTEC during the nine-month period ended September 30, 2017, so the Company is unable to
report its GAAP revenue growth for the nine-month period ended
September 30, 2018 compared to the
same period in 2017. The Company's other non-GAAP results
exclude (as applicable) business development and integration
expenses, amortization expense, and inventory basis step-up
expense. 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 or can vary
significantly between periods as a result of factors such as
acquisitions, or non-cash expense related to amortization of
previously acquired tangible and intangible assets. 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,
November 1, 2018 at 8:30 a.m. ET to discuss the results followed by a
question and answer session. To listen to the live
teleconference, please dial 201-689-8261. A replay of the
teleconference will be available through November 8, 2018 and can be accessed by calling
(toll free) 877-660-6853 or 201-612-7415. The Conference ID
for the replay is 13684106.
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 and
vascular surgical procedures focused on aortic repair.
CryoLife markets and sells products in more than 100 countries
worldwide. For additional information about CryoLife, visit
our website, www.cryolife.com.
Forward Looking Statements
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
our forecasted revenues, gross margins, R&D expenses,
non-GAAP income tax rate and non-GAAP earnings per share; and our
beliefs that our On-X and JOTEC products continue to gain momentum
as our direct salesforce is effectively conveying the
differentiating attributes of these products, that we expect our
business momentum to continue, that we have many internal
initiatives that we believe can drive substantial future growth and
that we are confident we can deliver on our goals and objectives
for 2018. 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 the risk
factors detailed in our Securities and Exchange Commission filings,
including our Form 10-K for year ended December 31, 2017. CryoLife does not
undertake to update its forward-looking statements, whether as a
result of new information, future events, or otherwise.
CRYOLIFE, INC. AND
SUBSIDIARIES
|
Financial
Highlights
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Products
|
$
|
45,152
|
|
$
|
27,029
|
|
$
|
138,063
|
|
$
|
84,519
|
Preservation
services
|
|
19,446
|
|
|
16,970
|
|
|
56,979
|
|
|
52,357
|
Total
revenues
|
|
64,598
|
|
|
43,999
|
|
|
195,042
|
|
|
136,876
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of products
and preservation
services:
|
|
|
|
|
|
|
|
|
|
|
|
Products
|
|
12,459
|
|
|
6,220
|
|
|
40,166
|
|
|
21,196
|
Preservation
services
|
|
9,425
|
|
|
7,917
|
|
|
27,083
|
|
|
23,401
|
Total cost of
products and
|
|
|
|
|
|
|
|
|
|
|
|
preservation
services
|
|
21,884
|
|
|
14,137
|
|
|
67,249
|
|
|
44,597
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
margin
|
|
42,714
|
|
|
29,862
|
|
|
127,793
|
|
|
92,279
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
General,
administrative, and marketing
|
|
32,871
|
|
|
24,756
|
|
|
104,946
|
|
|
71,016
|
Research and
development
|
|
5,225
|
|
|
4,277
|
|
|
16,314
|
|
|
13,098
|
Total operating
expenses
|
|
38,096
|
|
|
29,033
|
|
|
121,260
|
|
|
84,114
|
Operating
income
|
|
4,618
|
|
|
829
|
|
|
6,533
|
|
|
8,165
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
4,104
|
|
|
851
|
|
|
11,863
|
|
|
2,486
|
Interest
income
|
|
(52)
|
|
|
(64)
|
|
|
(141)
|
|
|
(159)
|
Other (income)
expense, net
|
|
(1,542)
|
|
|
21
|
|
|
(257)
|
|
|
(70)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
before income taxes
|
|
2,108
|
|
|
21
|
|
|
(4,932)
|
|
|
5,908
|
Income tax expense
(benefit)
|
|
543
|
|
|
(1,304)
|
|
|
(2,868)
|
|
|
(803)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
1,565
|
|
$
|
1,325
|
|
$
|
(2,064)
|
|
$
|
6,711
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per
common share:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.04
|
|
$
|
0.04
|
|
$
|
(0.06)
|
|
$
|
0.20
|
Diluted
|
$
|
0.04
|
|
$
|
0.04
|
|
$
|
(0.06)
|
|
$
|
0.19
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
common shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
36,526
|
|
|
32,887
|
|
|
36,331
|
|
|
32,665
|
Diluted
|
|
37,610
|
|
|
34,057
|
|
|
36,331
|
|
|
33,851
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CRYOLIFE, INC. AND
SUBSIDIARIES
|
Financial
Highlights
|
(In
thousands)
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Products:
|
|
|
|
|
|
|
|
|
|
|
|
BioGlue and
BioFoam
|
$
|
15,646
|
|
$
|
15,730
|
|
$
|
48,685
|
|
$
|
48,094
|
JOTEC
|
|
15,004
|
|
|
--
|
|
|
46,669
|
|
|
--
|
On-X
|
|
11,298
|
|
|
8,326
|
|
|
33,495
|
|
|
27,048
|
CardioGenesis cardiac
laser therapy
|
|
1,590
|
|
|
1,489
|
|
|
4,514
|
|
|
5,130
|
PerClot
|
|
882
|
|
|
886
|
|
|
2,822
|
|
|
2,641
|
PhotoFix
|
|
732
|
|
|
598
|
|
|
1,878
|
|
|
1,606
|
Total products
|
|
45,152
|
|
|
27,029
|
|
|
138,063
|
|
|
84,519
|
|
|
|
|
|
|
|
|
|
|
|
|
Preservation
services:
|
|
|
|
|
|
|
|
|
|
|
|
Cardiac
tissue
|
|
9,502
|
|
|
7,932
|
|
|
26,660
|
|
|
23,911
|
Vascular
tissue
|
|
9,944
|
|
|
9,038
|
|
|
30,319
|
|
|
28,446
|
Total preservation
services
|
|
19,446
|
|
|
16,970
|
|
|
56,979
|
|
|
52,357
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
$
|
64,598
|
|
$
|
43,999
|
|
$
|
195,042
|
|
$
|
136,876
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
$
|
36,516
|
|
$
|
32,208
|
|
$
|
108,123
|
|
$
|
100,454
|
International
|
|
28,082
|
|
|
11,791
|
|
|
86,919
|
|
|
36,422
|
Total
revenues
|
$
|
64,598
|
|
$
|
43,999
|
|
$
|
195,042
|
|
$
|
136,876
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
September
30,
|
|
December
31,
|
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
Cash, cash
equivalents, and restricted securities
|
$
|
35,311
|
|
$
|
40,753
|
|
Total current
assets
|
|
173,952
|
|
|
179,280
|
|
Total
assets
|
|
569,695
|
|
|
589,693
|
|
Total current
liabilities
|
|
30,749
|
|
|
42,940
|
|
Total
liabilities
|
|
292,888
|
|
|
312,635
|
|
Shareholders'
equity
|
|
276,807
|
|
|
277,058
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CRYOLIFE, INC. AND
SUBSIDIARIES
|
Reconciliation of
GAAP to Non-GAAP
|
Net Income (Loss)
and Diluted Income (Loss) per Common Share
|
(In thousands,
except per share data)
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
GAAP:
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
before income taxes
|
$
|
2,108
|
|
$
|
21
|
|
$
|
(4,932)
|
|
$
|
5,908
|
Income tax expense
(benefit)
|
|
543
|
|
|
(1,304)
|
|
|
(2,868)
|
|
|
(803)
|
Net income
(loss)
|
$
|
1,565
|
|
$
|
1,325
|
|
$
|
(2,064)
|
|
$
|
6,711
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted income
(loss) per common share:
|
$
|
0.04
|
|
$
|
0.04
|
|
$
|
(0.06)
|
|
$
|
0.19
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
weighted-average common
|
|
|
|
|
|
|
|
|
|
|
|
shares
outstanding
|
|
37,610
|
|
|
34,057
|
|
|
36,331
|
|
|
33,851
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of income (loss) before income
|
|
|
|
|
|
|
|
|
|
|
|
taxes, GAAP to
adjusted net income, non-GAAP:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
before income taxes, GAAP
|
$
|
2,108
|
|
$
|
21
|
|
$
|
(4,932)
|
|
$
|
5,908
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Business development
and integration expenses
|
|
1,917
|
|
|
2,998
|
|
|
6,933
|
|
|
4,380
|
Amortization
expense
|
|
2,707
|
|
|
1,140
|
|
|
8,195
|
|
|
3,423
|
Gain on On-X escrow
settlement
|
|
(2,675)
|
|
|
--
|
|
|
(2,675)
|
|
|
--
|
Inventory basis
step-up expense
|
|
62
|
|
|
32
|
|
|
2,805
|
|
|
2,144
|
Adjusted income
before income taxes,
|
|
|
|
|
|
|
|
|
|
|
|
non-GAAP
|
|
4,119
|
|
|
4,191
|
|
|
10,326
|
|
|
15,855
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
calculated at 25% pro forma
|
|
|
|
|
|
|
|
|
|
|
|
tax rate
|
|
1,030
|
|
|
1,048
|
|
|
2,582
|
|
|
3,964
|
Adjusted net
income, non-GAAP
|
$
|
3,089
|
|
$
|
3,143
|
|
$
|
7,744
|
|
$
|
11,891
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of diluted income (loss) per
|
|
|
|
|
|
|
|
|
|
|
|
common share,
GAAP to adjusted diluted
income per common share, non-GAAP:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted income
(loss) per common share, GAAP:
|
$
|
0.04
|
|
$
|
0.04
|
|
$
|
(0.06)
|
|
$
|
0.19
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Amortization
expense
|
|
0.08
|
|
|
0.04
|
|
|
0.22
|
|
|
0.10
|
Business development
and integration expenses
|
|
0.05
|
|
|
0.09
|
|
|
0.19
|
|
|
0.13
|
Gain on On-X escrow
settlement
|
|
(0.07)
|
|
|
--
|
|
|
(0.07)
|
|
|
--
|
Inventory basis
step-up expense
|
|
--
|
|
|
--
|
|
|
0.07
|
|
|
0.06
|
Tax effect of non-GAAP
adjustments
|
|
(0.02)
|
|
|
(0.04)
|
|
|
(0.10)
|
|
|
(0.07)
|
Effect of 25% pro
forma tax rate
|
|
--
|
|
|
(0.04)
|
|
|
(0.04)
|
|
|
(0.07)
|
Adjusted diluted
income per common share,
|
|
|
|
|
|
|
|
|
|
|
|
non-GAAP:
|
$
|
0.08
|
|
$
|
0.09
|
|
$
|
0.21
|
|
$
|
0.34
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
weighted-average common
|
|
|
|
|
|
|
|
|
|
|
|
shares
outstanding
|
|
37,610
|
|
|
34,057
|
|
|
37,351
|
|
|
33,851
|
|
|
|
|
|
|
|
|
|
|
|
|
CRYOLIFE, INC. AND
SUBSIDIARIES
|
Reconciliation of
GAAP to Non-GAAP
|
Revenues; Gross
Margin; General, Administrative, and Marketing
|
(In thousands,
except per share data)
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2018
|
|
2017
|
Growth
Rate
|
|
2018
|
|
2017
|
Growth
Rate
|
Reconciliation
of total revenues, GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to total
revenues, non-GAAP:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues,
GAAP
|
$
|
64,598
|
|
$
|
43,999
|
47%
|
|
$
|
195,042
|
|
$
|
136,876
|
42%
|
Plus: JOTEC
pre-acquisition revenues
|
|
--
|
|
|
11,339
|
|
|
|
--
|
|
|
36,439
|
|
Total revenues,
non-GAAP
|
$
|
64,598
|
|
$
|
55,338
|
17%
|
|
$
|
195,042
|
|
$
|
173,315
|
13%
|
Impact of changes in
currency exchange
|
|
--
|
|
|
(203)
|
|
|
|
--
|
|
|
3,625
|
|
Total constant
currency
revenues, non-GAAP
|
$
|
64,598
|
|
$
|
55,135
|
17%
|
|
$
|
195,042
|
|
$
|
176,940
|
10%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
|
September
30,
|
|
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
Reconciliation
of gross margin %,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP to gross
margin %,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
non-GAAP:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues,
GAAP
|
$
|
64,598
|
|
$
|
43,999
|
|
|
$
|
195,042
|
|
$
|
136,876
|
|
Gross margin,
GAAP
|
$
|
42,714
|
|
$
|
29,862
|
|
|
$
|
127,793
|
|
$
|
92,279
|
|
Gross margin %,
GAAP
|
|
66%
|
|
|
68%
|
|
|
|
66%
|
|
|
67%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin,
GAAP
|
$
|
42,714
|
|
$
|
29,862
|
|
|
$
|
127,793
|
|
$
|
92,279
|
|
Plus: Inventory basis
step- up
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense
|
|
62
|
|
|
32
|
|
|
|
2,805
|
|
|
2,144
|
|
Gross margin,
non-GAAP
|
$
|
42,776
|
|
$
|
29,894
|
|
|
$
|
130,598
|
|
$
|
94,423
|
|
Gross margin %,
non-GAAP
|
|
66%
|
|
|
68%
|
|
|
|
67%
|
|
|
69%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
|
September
30,
|
|
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
Reconciliation
of general,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
administrative,
and marketing,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP to general,
administrative,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and marketing,
non-GAAP:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General,
administrative, and marketing,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
|
$
|
32,871
|
|
$
|
24,756
|
|
|
$
|
104,946
|
|
$
|
71,016
|
|
Less: Business
development and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
integration
expenses
|
|
(1,917)
|
|
|
(2,998)
|
|
|
|
(6,933)
|
|
|
(4,380)
|
|
General,
administrative, and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
marketing,
non-GAAP
|
$
|
30,954
|
|
$
|
21,758
|
|
|
$
|
98,013
|
|
$
|
66,636
|
|
CRYOLIFE, INC. AND
SUBSIDIARIES
|
Reconciliation of
GAAP to Non-GAAP
|
Net Income (Loss)
to Adjusted EBITDA
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
|
September
30,
|
|
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
Reconciliation
of net income (loss),
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP to adjusted
EBITDA,
non-GAAP:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss),
GAAP
|
$
|
1,565
|
|
$
|
1,325
|
|
|
$
|
(2,064)
|
|
$
|
6,711
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
(52)
|
|
|
(64)
|
|
|
|
(141)
|
|
|
(159)
|
|
Interest
expense
|
|
4,104
|
|
|
851
|
|
|
|
11,863
|
|
|
2,486
|
|
Income tax expense
(benefit)
|
|
543
|
|
|
(1,304)
|
|
|
|
(2,868)
|
|
|
(803)
|
|
Depreciation and
amortization expense
|
|
4,530
|
|
|
2,331
|
|
|
|
13,636
|
|
|
6,683
|
|
Loss (gain) on foreign
currency
revaluation
|
|
683
|
|
|
21
|
|
|
|
2,141
|
|
|
(78)
|
|
Business development
and integration
expenses
|
|
1,917
|
|
|
2,998
|
|
|
|
6,933
|
|
|
4,380
|
|
Gain on On-X escrow
settlement
|
|
(2,675)
|
|
|
--
|
|
|
|
(2,675)
|
|
|
--
|
|
Inventory basis
step-up expense
|
|
62
|
|
|
32
|
|
|
|
2,805
|
|
|
2,144
|
|
Stock-based
compensation expense
|
|
1,565
|
|
|
1,856
|
|
|
|
4,685
|
|
|
5,652
|
|
Adjusted EBITDA,
non-GAAP
|
$
|
12,242
|
|
$
|
8,046
|
|
|
$
|
34,315
|
|
$
|
27,016
|
|
Contacts:
|
|
|
|
CryoLife
|
Gilmartin Group
LLC
|
D. Ashley
Lee
|
Greg Chodaczek / Lynn
Lewis
|
Executive Vice
President, Chief Financial Officer
|
Phone:
646-924-1769
|
and Chief Operating
Officer
|
investors@cryolife.com
|
Phone:
770-419-3355
|
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/cryolife-reports-third-quarter-2018-results-300741663.html
SOURCE CryoLife, Inc.