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CryoLife Inc. Message Board

  • dlhild@ymail.com dlhild Feb 10, 2013 11:28 AM Flag

    Article: Are You Missing Something Easy at CryoLife?

    This seemed to me to be CRY's PR firm at work again, because IMO the substance of this article was at best mediocre. It is like CRY's PR firm is coming out with one forced regurgitation article after another.

    I tried to do this correctly, buy you need to check things for yourself.

    CY 2008 Sales = $105,000,000 and Gross Margin = 64.5%
    CY 2009 Sales = $111,700,000 and Gross Margin = 62.5%
    CY 2010 Sales = $116,645,000 and Gross Margin = 58.6%
    CY 2011 Sales = $119,626,000 and Gross Margin = 63.4%
    Q1-2012 Sales = $32,301,000 and Gross Margin = 65.9%
    Q2-2012 Sales = $33,188,000 and Gross Margin = 64.4%
    Q3-2012 Sales = $33,429,000 and Gross Margin = 63.8%
    Q4-2012 Sales = $33,930,000 and Gross Margin = 64.1% - PROJECTION
    CY 2012 Sales = $132,848,000 and Gross Margin = 64.5% - PROJECTION

    The real question is why hasn't CRY (e.g. SA) worked harder and and done better at expanding the gross margin in the past?

    On the plus side, CRY is presently attempting to expand margins by expanding sales in higher gross margin cost centers. This might work, but we won't know for a while yet.

    The tissue cost center drags down the overall margins too.

    I do think the above, which I consider a rather sordid margin story over the past 5 years, goes to the heart of SA being (for what ever reason) an ineffective manager.

    I've been watching CRY's margins for 4 years, to see if the margins start to show a long term improvement. So far though I don't see anything I consider convincing.

    Unrelated: It's February, the month when CRY usually dishes out free shares to officers, so we have that to look forward to as well.

    Just my point of view on things. You are responsible for doing your own due diligence.

 
CRY
9.70-0.05(-0.51%)Jul 28 4:03 PMEDT

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