ATLANTA, July 29, 2021 /PRNewswire/ --
Second Quarter and Recent Business Highlights:
- Achieved total revenues of $76.1
million in the second quarter 2021 versus $53.8 million in the second quarter of 2020, an
increase of 42% on a GAAP basis and 35% on a non-GAAP proforma
constant currency basis
- Net loss was ($2.2) million, or
($0.06) per share, in the second
quarter of 2021
- Non-GAAP net income was $4.8
million, or $0.12 per share,
in the second quarter of 2021
CryoLife, Inc. (NYSE: CRY), a leading cardiac and
vascular surgery company focused on aortic disease, announced today
its financial results for the second quarter ended June 30, 2021.
"For the second consecutive quarter we saw revenue growth on
both a GAAP and pro forma constant currency basis compared to the
prior year, and more importantly compared to 2019. Growth was
driven by our new product launches outside of the U.S., a
normalization in procedure volumes in the U.S., continued recovery
in Europe, and strength in our
U.S. On-X business," commented Pat
Mackin, Chairman, President, and Chief Executive
Officer.
"Additionally, we continued to advance our regulatory strategy
and are on track to file PMAs for PerClot and PROACT Mitral in the
third quarter. PROACT Mitral, if approved, is expected to drive
growth in 2022 and 2023. We also made solid progress on enrollment
in our PROACT Xa clinical trial while advancing R&D programs
designed to fuel growth beginning in 2024."
Second Quarter 2021 Financial Results
Total revenues
for the second quarter of 2021 were $76.1 million, reflecting an increase of 42%
on a GAAP basis and 35% on a non-GAAP proforma constant currency
basis, both compared to the second quarter of 2020.
Net loss for the second quarter of 2021 was ($2.2) million, or ($0.06) per fully diluted common share, compared
to net loss of ($3.7) million,
or ($0.10) per fully diluted common
share for the second quarter of 2020. Non-GAAP net income for the
second quarter of 2021 was $4.8 million, or $0.12 per fully diluted common share, compared to
non-GAAP net loss of ($525,000), or
($0.01) per fully diluted common
share for the second quarter of 2020.
The financial results reported in this earnings release are
preliminary pending the Company's filing of its quarterly report on
Form 10-Q, which it expects to file on July
30, 2021.
2021 Financial Outlook
The Company expects revenue in the second half of 2021 to increase
7% – 10% on a pro forma constant currency basis compared to the
second half of 2019, which excludes PerClot, resulting in full year
2021 revenues of between $296.0
million and $300.0 million at
a EUR/USD exchange rate of 1.20. Revenues for the third
quarter of 2021 are expected to be between $71.0 million and $73.0
million. This forecast is based on our estimates of the
current and anticipated impact of Covid-19 on our business and
contemplates minimal contribution from PerClot in the second half
of 2021 due to the sale of our PerClot product line and Baxter's
assumption of distribution for SMI PerClot outside of the U.S.
The Company's financial performance for the remainder of 2021
and future periods is subject to the risks identified below.
Non-GAAP Financial Measures
This press release contains non-GAAP financial measures. Investors
should consider this non-GAAP information in addition to, and not
as a substitute for, financial measures prepared in accordance with
U.S. GAAP. In addition, this non-GAAP financial information may not
be the same as similar measures presented by other companies. The
Company's non-GAAP net income, non-GAAP EBITDA, and non-GAAP
adjusted operating income results exclude (as applicable) business
development, integration, and severance expense; depreciation and
amortization expense; interest income and expense; non-cash
interest expense; gain on foreign currency revaluation; stock-based
compensation expense; corporate rebranding expense; and income tax
expense (benefit). The Company believes that these non-GAAP
presentations provide useful information to investors regarding
unusual non-operating transactions; the operating expense structure
of the Company's existing and recently acquired operations, without
regard to its on-going efforts to acquire additional complementary
products and businesses and the transaction and integration
expenses incurred in connection with recently acquired and divested
product lines; and the operating expense structure excluding
fluctuations resulting from foreign currency revaluation and
stock-based compensation expense. The Company believes it is
useful to exclude certain expenses because such amounts in any
specific period may not directly correlate to the underlying
performance of its business operations or can vary significantly
between periods as a result of factors such as acquisitions, or
non-cash expense related to amortization of previously acquired
tangible and intangible assets. The Company has excluded the
impact of changes in currency exchange from certain revenues to
evaluate growth rates on a constant currency basis. The Company
does, however, expect to incur similar types of expenses and
currency exchange impacts in the future, and this non-GAAP
financial information should not be viewed as a statement or
indication that these types of expenses will not recur.
Webcast and Conference Call Information
The Company
will hold a teleconference call and live webcast later today,
July 29, 2021 at 4:30 p.m. ET to
discuss the results followed by a question and answer session. To
listen to the live teleconference, please dial 201-689-8261. A
replay of the teleconference will be available through
August 5, 2021 and can be accessed by calling (toll free)
877-660-6853 or 201-612-7415. The Conference ID for the replay is
13721548.
The live webcast and replay can be accessed by going to the
Investor Relations section of the CryoLife website at
www.cryolife.com and selecting the heading Webcasts &
Presentations.
About CryoLife, Inc.
Headquartered in suburban
Atlanta, Georgia, CryoLife is a
leader in the manufacturing, processing, and distribution of
medical devices and implantable tissues used in cardiac and
vascular surgical procedures focused on aortic repair. CryoLife
markets and sells products in more than 100 countries worldwide.
For additional information about CryoLife, visit our website,
www.cryolife.com.
Forward Looking Statements
Statements made in this
press release that look forward in time or that
express management's beliefs, expectations, or hopes are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which are made as of the date of this press release and
reflect the view of management as of the date of this press
release. Such forward-looking statements reflect the views of
management at the time such statements are made. These
statements include our belief that PROACT Mitral should help drive
our growth in 2022 and 2023; our expectation that the PROACT Xa
clinical trial and advanced R&D programs will deliver
additional growth opportunities for us beginning in 2024; our
forecasted revenue growth of 7%-10% for the second half of 2021
compared to the second half of 2019 (on a pro forma constant
currency basis), resulting in forecasted full year revenues of
between $296.0 million and
$300.0 million at a EUR/USD exchange
rate of 1.20; our forecast of third quarter 2021 revenues of
between $71.0 million and
$73.0 million; and our estimates of
the current and anticipated impact of COVID-19 on our business for
the second half of 2021. These forward-looking statements are
subject to a number of risks, uncertainties, estimates, and
assumptions that may cause actual results to differ materially from
current expectations, including that the benefits anticipated from
the Ascyrus Medical LLC transaction and Endospan distribution
agreement may not be achieved, that our product candidates may not
receive regulatory approval, that our products that obtain
regulatory approval may not be accepted by the market, and the
continued effects of COVID-19, including decelerating vaccination
or vaccine adoption rates, or government mandates implemented to
address the effects of the pandemic could adversely impact our
results. These risks and uncertainties include the risk
factors detailed in our Securities and Exchange Commission filings,
including our Form 10-K for year ended December 31, 2020.
CryoLife does not assume any obligation, and expressly
disclaims any duty to update any of its forward-looking statements,
whether as a result of new information, future events, or
otherwise.
Contacts:
|
|
|
|
CryoLife
|
Gilmartin Group
LLC
|
D. Ashley
Lee
|
Brian Johnston / Lynn
Lewis
|
Executive Vice
President, Chief Financial Officer and
|
Phone:
631-807-1986
|
Chief Operating
Officer
|
investors@cryolife.com
|
Phone:
770-419-3355
|
|
CryoLife, Inc. and
Subsidiaries
Condensed
Consolidated Statements of Operations and Comprehensive
Income/(Loss)
(In thousands,
except per share data)
(Unaudited)
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Products
|
$
|
56,076
|
|
$
|
37,268
|
|
$
|
109,421
|
|
$
|
83,688
|
Preservation
services
|
|
20,072
|
|
|
16,503
|
|
|
37,814
|
|
|
36,512
|
Total
revenues
|
|
76,148
|
|
|
53,771
|
|
|
147,235
|
|
|
120,200
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of products
and preservation services:
|
|
|
|
|
|
|
|
|
|
|
|
Products
|
|
16,178
|
|
|
10,040
|
|
|
31,089
|
|
|
23,080
|
Preservation
services
|
|
9,457
|
|
|
7,841
|
|
|
17,795
|
|
|
17,059
|
Total cost of
products and preservation services
|
|
25,635
|
|
|
17,881
|
|
|
48,884
|
|
|
40,139
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
margin
|
|
50,513
|
|
|
35,890
|
|
|
98,351
|
|
|
80,061
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
General,
administrative, and marketing
|
|
40,830
|
|
|
32,288
|
|
|
79,468
|
|
|
71,290
|
Research and
development
|
|
8,360
|
|
|
5,522
|
|
|
16,114
|
|
|
11,878
|
Total operating
expenses
|
|
49,190
|
|
|
37,810
|
|
|
95,582
|
|
|
83,168
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
1,323
|
|
|
(1,920)
|
|
|
2,769
|
|
|
(3,107)
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
4,855
|
|
|
3,652
|
|
|
8,895
|
|
|
7,040
|
Interest
income
|
|
(18)
|
|
|
(66)
|
|
|
(42)
|
|
|
(168)
|
Other (income)
expense, net
|
|
(1,331)
|
|
|
(740)
|
|
|
600
|
|
|
2,922
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income
taxes
|
|
(2,183)
|
|
|
(4,766)
|
|
|
(6,684)
|
|
|
(12,901)
|
Income tax
benefit
|
|
(5)
|
|
|
(1,077)
|
|
|
(1,368)
|
|
|
(2,547)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
$
|
(2,178)
|
|
$
|
(3,689)
|
|
$
|
(5,316)
|
|
$
|
(10,354)
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per common
share:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
(0.06)
|
|
$
|
(0.10)
|
|
$
|
(0.14)
|
|
$
|
(0.27)
|
Diluted
|
$
|
(0.06)
|
|
$
|
(0.10)
|
|
$
|
(0.14)
|
|
$
|
(0.27)
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
38,943
|
|
|
37,520
|
|
|
38,841
|
|
|
37,455
|
Diluted
|
|
38,943
|
|
|
37,520
|
|
|
38,841
|
|
|
37,455
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
$
|
(2,178)
|
|
$
|
(3,689)
|
|
$
|
(5,316)
|
|
$
|
(10,354)
|
Other
comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
|
2,973
|
|
|
4,434
|
|
|
(7,317)
|
|
|
(29)
|
Comprehensive
income (loss)
|
$
|
795
|
|
$
|
745
|
|
$
|
(12,633)
|
|
$
|
(10,383)
|
CryoLife, Inc. and
Subsidiaries
Condensed
Consolidated Balance Sheets
(In
thousands)
|
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
2021
|
|
2020
|
|
(Unaudited)
|
|
|
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
50,473
|
|
$
|
61,412
|
Restricted
securities
|
|
554
|
|
|
546
|
Trade receivables,
net
|
|
49,672
|
|
|
45,964
|
Other
receivables
|
|
3,612
|
|
|
2,788
|
Inventories,
net
|
|
76,362
|
|
|
73,038
|
Deferred preservation
costs
|
|
41,276
|
|
|
36,546
|
Prepaid expenses and
other
|
|
16,105
|
|
|
14,295
|
Total current
assets
|
|
238,054
|
|
|
234,589
|
|
|
|
|
|
|
Goodwill
|
|
255,484
|
|
|
260,061
|
Acquired technology,
net
|
|
177,023
|
|
|
186,091
|
Operating lease
right-of-use assets, net
|
|
48,359
|
|
|
18,571
|
Other intangibles,
net
|
|
38,817
|
|
|
40,966
|
Property and
equipment, net
|
|
36,417
|
|
|
33,077
|
Deferred income
taxes
|
|
1,681
|
|
|
1,446
|
Other
assets
|
|
14,662
|
|
|
14,603
|
Total
assets
|
$
|
810,497
|
|
$
|
789,404
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Current portion of
contingent consideration
|
$
|
17,300
|
|
$
|
16,430
|
Accounts
payable
|
|
10,773
|
|
|
9,623
|
Accrued
compensation
|
|
9,808
|
|
|
10,192
|
Accrued
expenses
|
|
7,625
|
|
|
7,472
|
Accrued procurement
fees
|
|
4,013
|
|
|
3,619
|
Taxes
payable
|
|
3,338
|
|
|
2,808
|
Current maturities of
operating leases
|
|
2,473
|
|
|
5,763
|
Current portion of
long-term debt
|
|
1,652
|
|
|
1,195
|
Other
liabilities
|
|
1,962
|
|
|
3,366
|
Total current
liabilities
|
|
58,944
|
|
|
60,468
|
|
|
|
|
|
|
Long-term
debt
|
|
308,050
|
|
|
290,468
|
Non-current
maturities of operating leases
|
|
47,440
|
|
|
14,034
|
Contingent
consideration
|
|
46,900
|
|
|
43,500
|
Deferred income
taxes
|
|
29,583
|
|
|
34,713
|
Deferred compensation
liability
|
|
5,503
|
|
|
5,518
|
Other
liabilities
|
|
12,242
|
|
|
11,990
|
Total
liabilities
|
$
|
508,662
|
|
$
|
460,691
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
Preferred
stock
|
|
--
|
|
|
--
|
Common stock (issued
shares of 40,742 in 2021 and 40,394 in 2020)
|
|
407
|
|
|
404
|
Additional paid-in
capital
|
|
305,157
|
|
|
316,192
|
Retained
earnings
|
|
11,493
|
|
|
20,022
|
Accumulated other
comprehensive (loss) income
|
|
(574)
|
|
|
6,743
|
Treasury stock, at
cost, 1,487 shares as of June 30, 2021
and December 31, 2020, respectively
|
|
(14,648)
|
|
|
(14,648)
|
Total shareholders'
equity
|
|
301,835
|
|
|
328,713
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
$
|
810,497
|
|
$
|
789,404
|
CryoLife, Inc. and
Subsidiaries
Condensed
Consolidated Statement of Cash Flows
(In
thousands)
(Unaudited)
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
June
30,
|
|
|
2021
|
|
|
2020
|
Net cash flows
from operating activities:
|
|
|
|
|
|
Net loss
|
$
|
(5,316)
|
|
$
|
(10,354)
|
|
|
|
|
|
|
Adjustments to
reconcile net loss to net cash from operating
activities:
|
|
|
|
|
|
Depreciation and
amortization
|
|
11,999
|
|
|
9,642
|
Non-cash
compensation
|
|
4,595
|
|
|
5,074
|
Change in fair value
of contingent consideration
|
|
4,270
|
|
|
--
|
Non-cash lease
expense
|
|
3,575
|
|
|
3,518
|
Write-down of
inventories and deferred preservation costs
|
|
2,988
|
|
|
1,217
|
Deferred income
taxes
|
|
(4,269)
|
|
|
(1,894)
|
Other
|
|
2,174
|
|
|
859
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
Accounts payable,
accrued expenses, and other liabilities
|
|
(1,166)
|
|
|
(142)
|
Prepaid expenses and
other assets
|
|
(2,076)
|
|
|
(3,422)
|
Receivables
|
|
(5,454)
|
|
|
7,644
|
Inventories and
deferred preservation costs
|
|
(11,712)
|
|
|
(12,902)
|
Net cash flows used
in operating activities
|
|
(392)
|
|
|
(760)
|
|
|
|
|
|
|
Net cash flows
from investing activities:
|
|
|
|
|
|
Capital
expenditures
|
|
(7,249)
|
|
|
(3,776)
|
Other
|
|
205
|
|
|
(705)
|
Net cash flows used
in investing activities
|
|
(7,044)
|
|
|
(4,481)
|
|
|
|
|
|
|
Net cash flows
from financing activities:
|
|
|
|
|
|
Proceeds from exercise
of stock options and issuance of common stock
|
|
2,321
|
|
|
1,175
|
Proceeds from issuance
of convertible debt
|
|
--
|
|
|
100,000
|
Proceeds from
revolving line of credit
|
|
--
|
|
|
30,000
|
Proceeds from
financing insurance premiums
|
|
--
|
|
|
2,816
|
Repayment of revolving
line of credit
|
|
--
|
|
|
(30,000)
|
Payment of debt
issuance costs
|
|
(2,219)
|
|
|
(3,647)
|
Redemption and
repurchase of stock to cover tax withholdings
|
|
(1,831)
|
|
|
(1,728)
|
Repayment of term
loan
|
|
(1,405)
|
|
|
(1,389)
|
Other
|
|
(603)
|
|
|
(1,041)
|
Net cash flows
(used in) provided by financing activities
|
|
(3,737)
|
|
|
96,186
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash, cash equivalents, and restricted
securities
|
|
242
|
|
|
879
|
(Decrease)
increase in cash, cash equivalents, and restricted
securities
|
|
(10,931)
|
|
|
91,824
|
|
|
|
|
|
|
Cash, cash
equivalents, and restricted securities beginning of
period
|
|
61,958
|
|
|
34,294
|
Cash, cash
equivalents, and restricted securities end of period
|
$
|
51,027
|
|
$
|
126,118
|
CryoLife, Inc. and
Subsidiaries
Financial
Highlights
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Products:
|
|
|
|
|
|
|
|
|
|
|
|
Aortic stents and
stent grafts
|
$
|
21,064
|
|
$
|
13,174
|
|
$
|
41,269
|
|
$
|
28,642
|
Surgical
sealants
|
|
17,864
|
|
|
12,437
|
|
|
35,692
|
|
|
29,174
|
On-X
|
|
14,726
|
|
|
10,116
|
|
|
27,821
|
|
|
22,318
|
Other
|
|
2,422
|
|
|
1,541
|
|
|
4,639
|
|
|
3,554
|
Total
products
|
|
56,076
|
|
|
37,268
|
|
|
109,421
|
|
|
83,688
|
|
|
|
|
|
|
|
|
|
|
|
|
Preservation
services
|
|
20,072
|
|
|
16,503
|
|
|
37,814
|
|
|
36,512
|
Total
revenues
|
$
|
76,148
|
|
$
|
53,771
|
|
$
|
147,235
|
|
$
|
120,200
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
U.S.
|
$
|
39,006
|
|
$
|
30,392
|
|
$
|
75,324
|
|
$
|
66,839
|
International
|
|
37,142
|
|
|
23,379
|
|
|
71,911
|
|
|
53,361
|
Total
revenues
|
$
|
76,148
|
|
$
|
53,771
|
|
$
|
147,235
|
|
$
|
120,200
|
CryoLife, Inc. and
Subsidiaries
Reconciliation of
GAAP to Non-GAAP
Revenues and
Adjusted EBITDA
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
2021
|
|
2020
|
Growth
Rate
|
|
2021
|
|
2020
|
Growth
Rate
|
Reconciliation
of total revenues, GAAP to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
total revenues,
non-GAAP:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues,
GAAP
|
$
|
76,148
|
|
$
|
53,771
|
42%
|
|
$
|
147,235
|
|
$
|
120,200
|
22%
|
Including AMDS prior to
acquisition
|
|
--
|
|
|
699
|
|
|
|
--
|
|
|
1,397
|
|
Total GAAP revenues
including
AMDS
|
|
76,148
|
|
|
54,470
|
40%
|
|
|
147,235
|
|
|
121,597
|
21%
|
Impact of changes in
currency exchange
|
|
--
|
|
|
1,810
|
|
|
|
--
|
|
|
3,534
|
|
Total constant
currency revenues including
AMDS, non-GAAP
|
$
|
76,148
|
|
$
|
56,280
|
35%
|
|
$
|
147,235
|
|
$
|
125,131
|
18%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
Three Months
Ended
|
|
|
Six Months
Ended
|
|
June
30,
|
|
|
June
30,
|
|
2021
|
|
2020
|
|
|
2021
|
|
2020
|
Reconciliation
of operating income (loss), GAAP to
|
|
|
|
|
|
|
|
|
|
|
|
|
adjusted
operating income, non-GAAP:
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
$
|
1,323
|
|
$
|
(1,920)
|
|
|
$
|
2,769
|
|
$
|
(3,107)
|
Amortization
expense
|
|
4,238
|
|
|
3,000
|
|
|
|
8,498
|
|
|
6,033
|
Business development,
integration, and severance expense
|
|
3,359
|
|
|
653
|
|
|
|
4,829
|
|
|
1,476
|
Corporate rebranding
expense
|
|
47
|
|
|
--
|
|
|
|
62
|
|
|
321
|
Adjusted operating
income, non-GAAP
|
$
|
8,967
|
|
$
|
1,733
|
|
|
$
|
16,158
|
|
$
|
4,723
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
Three Months
Ended
|
|
|
Six Months
Ended
|
|
June
30,
|
|
|
June
30,
|
|
2021
|
|
2020
|
|
|
2021
|
|
2020
|
Reconciliation
of net loss, GAAP to
|
|
|
|
|
|
|
|
|
|
|
|
|
adjusted EBITDA,
non-GAAP:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss,
GAAP
|
$
|
(2,178)
|
|
$
|
(3,689)
|
|
|
$
|
(5,316)
|
|
$
|
(10,354)
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization expense
|
|
5,993
|
|
|
4,743
|
|
|
|
11,999
|
|
|
9,642
|
Interest
expense
|
|
4,855
|
|
|
3,652
|
|
|
|
8,895
|
|
|
7,040
|
Business development,
integration, and severance expense
|
|
3,359
|
|
|
653
|
|
|
|
4,829
|
|
|
1,476
|
Stock-based
compensation expense
|
|
2,115
|
|
|
2,510
|
|
|
|
4,595
|
|
|
5,074
|
Corporate rebranding
expense
|
|
47
|
|
|
--
|
|
|
|
62
|
|
|
321
|
Income tax
benefit
|
|
(5)
|
|
|
(1,077)
|
|
|
|
(1,368)
|
|
|
(2,547)
|
Interest
income
|
|
(18)
|
|
|
(66)
|
|
|
|
(42)
|
|
|
(168)
|
(Gain) loss on foreign
currency revaluation
|
|
(1,364)
|
|
|
(744)
|
|
|
|
522
|
|
|
2,919
|
Adjusted EBITDA,
non-GAAP
|
$
|
12,804
|
|
$
|
5,982
|
|
|
$
|
24,176
|
|
$
|
13,403
|
CryoLife, Inc. and
Subsidiaries
Reconciliation of
GAAP to Non-GAAP
Net Income (Loss)
and Diluted Income (Loss) Per Common Share
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
GAAP:
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income
taxes
|
$
|
(2,183)
|
|
$
|
(4,766)
|
|
$
|
(6,684)
|
|
$
|
(12,901)
|
Income tax
benefit
|
|
(5)
|
|
|
(1,077)
|
|
|
(1,368)
|
|
|
(2,547)
|
Net
loss
|
$
|
(2,178)
|
|
$
|
(3,689)
|
|
$
|
(5,316)
|
|
$
|
(10,354)
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted loss per
common share:
|
$
|
(0.06)
|
|
$
|
(0.10)
|
|
$
|
(0.14)
|
|
$
|
(0.27)
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
weighted-average common shares outstanding
|
|
38,943
|
|
|
37,520
|
|
|
38,841
|
|
|
37,455
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of loss before income taxes,
|
|
|
|
|
|
|
|
|
|
|
|
GAAP to adjusted
income (loss), non-GAAP
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income
taxes, GAAP:
|
$
|
(2,183)
|
|
$
|
(4,766)
|
|
$
|
(6,684)
|
|
$
|
(12,901)
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Amortization
expense
|
|
4,238
|
|
|
3,000
|
|
|
8,498
|
|
|
6,033
|
Business development,
integration, and severance expense
|
|
3,359
|
|
|
653
|
|
|
4,829
|
|
|
1,476
|
Non-cash interest
expense
|
|
1,004
|
|
|
413
|
|
|
1,572
|
|
|
818
|
Corporate rebranding
expense
|
|
47
|
|
|
--
|
|
|
62
|
|
|
321
|
Adjusted income
(loss) before income taxes,
|
|
|
|
|
|
|
|
|
|
|
|
non-GAAP
|
|
6,465
|
|
|
(700)
|
|
|
8,277
|
|
|
(4,253)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
(benefit) calculated at a
|
|
|
|
|
|
|
|
|
|
|
|
pro forma tax rate of
25%
|
|
1,616
|
|
|
(175)
|
|
|
2,069
|
|
|
(1,063)
|
Adjusted net income
(loss), non-GAAP
|
$
|
4,849
|
|
$
|
(525)
|
|
$
|
6,208
|
|
$
|
(3,190)
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of diluted loss per common share, GAAP
|
|
|
|
|
|
|
|
|
|
|
|
to adjusted
diluted loss per common share, non-GAAP:
|
|
|
|
|
|
|
|
|
|
|
|
Diluted loss per
common share, GAAP:
|
$
|
(0.06)
|
|
$
|
(0.10)
|
|
$
|
(0.14)
|
|
$
|
(0.27)
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Amortization
expense
|
|
0.11
|
|
|
0.09
|
|
|
0.22
|
|
|
0.16
|
Business development,
integration, and severance expense
|
|
0.08
|
|
|
0.02
|
|
|
0.12
|
|
|
0.04
|
Non-cash interest
expense
|
|
0.03
|
|
|
0.01
|
|
|
0.04
|
|
|
0.02
|
Corporate rebranding
expense
|
|
--
|
|
|
--
|
|
|
--
|
|
|
0.01
|
Tax effect of non-GAAP
adjustments
|
|
(0.05)
|
|
|
(0.03)
|
|
|
(0.09)
|
|
|
(0.06)
|
Effect of 25% pro forma
tax rate
|
|
0.01
|
|
|
--
|
|
|
0.01
|
|
|
0.02
|
Adjusted diluted
income (loss) per common share,
|
|
|
|
|
|
|
|
|
|
|
|
non-GAAP
|
$
|
0.12
|
|
$
|
(0.01)
|
|
$
|
0.16
|
|
$
|
(0.08)
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of diluted weighted-average common shares
outstanding
|
|
|
|
|
|
|
|
|
|
|
|
GAAP to
diluted weighted-average common shares outstanding,
non-GAAP:
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
weighted-average common shares outstanding, GAAP:
|
|
38,943
|
|
|
37,520
|
|
|
38,841
|
|
|
37,455
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Stock
options
|
|
325
|
|
|
--
|
|
|
326
|
|
|
--
|
Contingently returnable
shares
|
|
229
|
|
|
--
|
|
|
273
|
|
|
--
|
Diluted
weighted-average common shares outstanding,
non-GAAP1
|
|
39,497
|
|
|
37,520
|
|
|
39,440
|
|
|
37,455
|
1- Diluted
weighted-average common shares outstanding, non-GAAP does not
include the dilutive impact of
the Senior Convertible Notes
|
|
|
|
|
|
|
|
|
|
|
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/cryolife-reports-second-quarter-2021-financial-results-301344652.html
SOURCE CryoLife, Inc.