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CryoLife Inc. Message Board

  • dlhild Nov 5, 2013 10:28 PM Flag

    Q3 2013 Conference Call:

    A pretty good quarter. However, nothing to be euphoric about. CRY still has a lot of unknowns.

    The Q4 Medafor payment was a plus, putting CRY’s cash position at $40 million presently. CRY will likely to receive another $8.4 million pre-tax, probably in Q3 of 2015.

    CRY got a slight plus from a combination of increased cardiac sales coupled with a mid-single digit increase in tissue revenues. It is about time CRY started to bump up the price of tissue products. Fundamentally though, tissue is still a low margin high fixed cost product, so is not worth much.

    BioGlue revenues were up 12% y-o-y. This product continues to show growth (probably coming mainly from international markets). Remember though that this product is now off patent, so completion could spring up. BAX may have a competing product. Tenaxis Medical has a competing product, but so far I see no evidence of them mounting an effective marketing campaign. This bears watching.

    q-o-q PerClot sales dropped $58,000. This story plays out in 2015-2016 when the patent is litigated. Also, BCR’s is likely to have a second generation product in the market then too. If CRY can’t sell PerClot in the US, PerClot is a nickel dime item IMO. SA puffs a story here, but he never talks about patent issues…prefers to talk about water. Time will tell. I’m guessing BCR bought Medafor in large measure for the patent. So either SA or BCR is wrong. My money is on BCR.

    Revascular Techlogy sales increased $60,000 q-o-q, not exactly gang busters. SA preferred to frame it 14% y-o-y. This will take more time to sort out.

    HeroGraft sales dropped $54,000 q-o-q. This may turn out to be a worthwhile product, but CRY needs to develop the market. Also, this is a small market, but perhaps big enough to be meaningful to CRY.

    Do your own due diligence.

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