CryoLife Raises 2016 Guidance - Quick Facts

(RTTNews) - CryoLife, Inc. (CRY), a medical device and tissue processing company focused on cardiac surgery, announced, for 2016, the company now expects non-GAAP income per share in a range of $0.32 - $0.34, compared to prior guidance range of $0.29 - $0.32. The company now projects 2016 total revenues in a range of $180 million - $182 million, compared to previous range of $178 million - $180 million.

GAAP net income for the second quarter of 2016 was $2.3 million, or $0.07 per share, compared to a net loss of $502 thousand, or $0.02 per share, for the second quarter of 2015. Non-GAAP net income for the second quarter of 2016 was $4.3 million, or $0.13 per share, compared to $1.3 million, or $0.04 per share for the second quarter of 2015.

Revenues for the second quarter of 2016 increased 33 percent to $47.1 million, compared to $35.5 million for the second quarter of 2015. The company said the increase was primarily driven by the acquisition of On-X Life Technologies (On-X) in January 2016, along with revenue increases in cardiac and vascular tissues and BioGlue. Non-GAAP revenues for the second quarter of 2016 increased nine percent compared to the second quarter of 2015.