After U.S. financial markets closed for trading yesterday, cardiac and vascular surgery company CryoLife Inc. (CRY:NYSE), which specializes in aortic disease, announced financial results for the first quarter of 2021 ended March 31, 2021.
CryoLife's President and CEO Pat Mackin remarked, "Despite the ongoing impact of COVID-19 on our business, we saw our business return to growth on both a GAAP and proforma constant currency basis in the first quarter. Growth was driven by our new product launches outside of the U.S., a recovery in procedure volume in the U.S., an improved JOTEC inventory position and our international expansion efforts, evidenced by double digit revenue growth in both Asia and Europe."
"Additionally, we made progress on our regulatory strategy and are on-track to file PMAs for PerClot and PROACT Mitral later in 2021, which should help drive growth in 2022 and 2023. We also made solid progress on enrollment in our PROACT Xa clinical trial and advanced R&D programs that should deliver additional growth opportunities beginning in 2024. We are optimistic that the second half of 2021 will be the start of a prolonged period of growth for CryoLife," CEO Mackin added.
The company reported that total revenues in Q1/21 increased by 7% on a GAAP basis and 3% on a non-GAAP proforma constant currency basis to $71.087 million, compared to $66.429 million in Q1/20.
The firm posted a net loss of $3.1 million, or $0.08 per fully diluted common share, in Q1/21, versus a net loss of $6.7 million, or $0.18 per fully diluted common share during Q1/20. During the same time period CryoLife advised that non-GAAP net income in Q1/21 was $1.4 million, or $0.03 per fully diluted common share, compared to a non-GAAP net loss of $2.7 million, or $0.07 per fully diluted common share in Q1/20.
The company noted that the revenue and earnings data presented in the release was preliminary and that it plans to submit the final data in its Form 10-Q on April 30, 2021.
The company stated that at this time it is not prepared to issue any FY/21 financial guidance due uncertainties that still exist from the COVID-19 global pandemic, especially in Europe.
CryoLife manufactures, processes and distributes medical devices and implantable tissues that are then utilized during cardiac and vascular surgeries primarily involving aortic repair. In addition to providing preserved human cardiac and vascular tissues, the firm's product line includes cardiac lasers, prosthetic heart valves, surgical adhesives and sealants and other related medical devices. The company is based the Atlanta, Ga., metro area and markets its and sells its products in over 100 countries. CryoLife claims on its website that it has helped more than 1 million patients worldwide since its inception in 1984. The firm stated that in total 56,629 of its cardiac valves have been implanted and over 2 million Bio Glue procedures have been performed worldwide.
CryoLife started off the day with a market cap of around $918.9 million with approximately 39.1 million shares outstanding and a short interest of about 9.3%. CRY shares opened almost 5% higher today at $24.61 (+$1.12, +4.77%) over yesterday's $23.49 closing price and reached a new 52-week high price this morning of $29.09. The stock has traded today between $24.58 and $29.09 per share and at present is trading at $27.64 (+$4.15, +17.67%).
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