People at CRY read this message board. I bet SA himself has read some of it. Therefore, SA has been effectively asked this question several times.
CRY is IMO really quite amazing. The preservation services cost center, roughly 50% of sales, appears to operate at an operating loss. I would guess that all of the other cost centers, with the exception of BioGlue, operate at an operating loss as well. My reason for thinking this is because the other cost centers don't have sufficient volumes yet to contribute much (if anything) to operating income. If I'm correct, this would mean that the ONLY COST CENTER GENERATING OPERATING INCOME would be the BioGlue cost center. The BioGlue cost center appears safe for now, as I don't see where the competitive sales would come from. This could change should somebody else decide to come after their BioGlue market. But this would require FDA approval of a competitor's product. Also, right now it doesn't appear that the FDA is doing much of anything for anybody. They are approving things very slowly not only for CRY, but for other companies as well. The FDA seems to more or less be equally slow across the board.
By late 2013, a lot more will be known about CRY's latest acquisition. By Q3 2013 and Q4 2013, the sales growth for these newly acquired products better be hitting at least 6% growth QoQ, and that is on the low end. Otherwise the acquisition will prove to have been a mistake. They might reach profitable growth targets, it is just too early to know that yet.
As for PerClot, I think this cost center will operate at an operating loss for 2-3 years yet. Probably until CRY receives FDA approval (looking more like 2015 to me). Then the patent fight will need to be fought and CRY will either win it, or lose it. Remember though, Medafor owns a patent. To my knowledge CRY does not. So who knows what the outcome will be. But no doubt about it, CRY does have a substantial risk of losing. CRY may prevail though. Nobody knows with certainty the outcome of this, so I consider it a crap shoot.