$AORT

CRYOLIFE INC

CIK:0000784199|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Total revenues	$ 125,757	$ 112,972	$ 242,094	$ 211,950
Cost of products and preservation services:
Total cost of products and preservation services	45,240	39,860	86,129	75,261
Gross margin	80,517	73,112	155,965	136,689
Operating expenses:
General, administrative, and marketing	79,826	57,665	140,646	112,369
Research and development	9,055	7,063	17,896	13,791
Total operating expenses	88,881	64,728	158,542	126,160
Operating (loss) income	(8,364)	8,384	(2,577)	10,529
Interest expense	7,253	7,270	12,620	14,933
Interest income	(367)	(68)	(572)	(212)
Losses on inducement/extinguishment of debt	0	2,664	0	2,664
Other income	(3,551)	(4,964)	(3,265)	(8,043)
(Loss) income before income taxes	(11,699)	3,482	(11,360)	1,187
Income tax expense	1,811	2,137	733	347
Net (loss) income	$ (13,510)	$ 1,345	$ (12,093)	$ 840
(Loss) income per share
Basic (in usd per share)	$ (0.28)	$ 0.03	$ (0.25)	$ 0.02
Diluted (in usd per share)	$ (0.28)	$ 0.03	$ (0.25)	$ 0.02
Weighted-average common shares outstanding:
Basic (in shares)	48,541	44,296	48,309	43,270
Diluted (in shares)	48,541	45,378	48,309	44,503
Net (loss) income	$ (13,510)	$ 1,345	$ (12,093)	$ 840
Other comprehensive (loss) income:
Foreign currency translation adjustments, net of tax	(911)	15,768	(9,757)	22,099
Comprehensive (loss) income	(14,421)	17,113	(21,850)	22,939
Products
Revenues:
Total revenues	99,905	87,444	191,347	166,242
Cost of products and preservation services:
Total cost of products and preservation services	33,991	28,315	63,688	53,578
Preservation services
Revenues:
Total revenues	25,852	25,528	50,747	45,708
Cost of products and preservation services:
Total cost of products and preservation services	$ 11,249	$ 11,545	$ 22,441	$ 21,683

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Net cash flows from operating activities:
Net (loss) income	$ (12,093)	$ 840
Adjustments to reconcile net (loss) income to net cash from operating activities:
Depreciation and amortization	13,088	10,984
Non-cash compensation	16,578	14,167
Non-cash lease expense	2,612	2,510
Write-down of inventories and deferred preservation costs	2,368	2,379
Deferred income taxes	(1,421)	(231)
Change in fair value of contingent consideration	9,710	(210)
Losses on inducement/extinguishment of debt	0	2,664
Other	(2,590)	(7,423)
Changes in operating assets and liabilities, net of acquisition:
Receivables	(7,971)	(9,660)
Inventories and deferred preservation costs	(10,752)	(5,521)
Prepaid expenses and other assets	(5,271)	(6,215)
Accounts payable, accrued expenses, and other liabilities	(4,370)	(6,226)
Net cash flows used in operating activities	(112)	(1,942)
Net cash flows from investing activities:
Capital expenditures	(18,751)	(6,925)
Acquisition of Endospan, net of cash acquired	(116,661)	0
Payments related to sale of non-financial assets	(1,500)	0
Other	(3,000)	0
Net cash flows used in investing activities	(139,912)	(6,925)
Net cash flows from financing activities:
Proceeds from issuance of long-term debt, net	148,875	0
Repayment of debt	0	(134)
Proceeds from exercise of stock options and issuance of common stock	2,625	4,459
Proceeds from financing insurance premiums	3,217	3,117
Principal payments on short-term notes payable	(1,440)	(554)
Other	(426)	(353)
Net cash flows provided by financing activities	152,851	6,535
Effect of exchange rate changes on cash and cash equivalents	(419)	2,345
Increase in cash and cash equivalents	12,408	13
Cash and cash equivalents beginning of period	64,908	53,463
Cash and cash equivalents end of period	$ 77,316	$ 53,476

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 77,316	$ 64,908
Trade receivables, net	97,928	89,758
Other receivables	12,835	13,921
Inventories	103,364	92,427
Deferred preservation costs	53,365	54,531
Prepaid expenses and other	26,572	42,537
Total current assets	371,380	358,082
Goodwill	349,862	254,091
Acquired technology, net	149,274	123,664
Operating lease right-of-use assets, net	36,580	34,701
Property and equipment, net	73,699	64,988
Other intangibles, net	74,696	32,831
Deferred tax assets, net	1,216	1,201
Other long-term assets	15,227	15,238
Total assets	1,071,934	884,796
Current liabilities:
Accounts payable	20,870	16,042
Accrued compensation	17,843	22,484
Accrued expenses	16,252	16,447
Accrued interest	6,526	4,815
Taxes payable	5,580	7,489
Accrued procurement fees	1,541	3,436
Current portion of contingent consideration	25,000	20,690
Current maturities of operating leases	5,058	4,649
Current portion of finance lease obligations	860	726
Other current liabilities	7,401	4,778
Total current liabilities	106,931	101,556
Long-term debt, net	363,423	215,114
Non-current contingent consideration	71,517	39,890
Non-current maturities of operating leases	35,824	34,427
Deferred tax liabilities, net	25,884	24,308
Deferred compensation liability	10,739	9,464
Non-current finance lease obligations	2,802	2,698
Other long-term liabilities	9,229	9,107
Total liabilities	626,349	436,564
Commitments and contingencies
Stockholders’ equity:
Preferred stock $0.01 par value per share, 5,000 shares authorized, no shares issued	0	0
Common stock $0.01 par value per share, 75,000 shares authorized, 50,179 and 49,330 shares issued as of June 30, 2026 and December 31, 2025, respectively	502	493
Additional paid-in capital	535,798	516,604
Retained deficit	(63,591)	(51,498)
Accumulated other comprehensive loss	(12,476)	(2,719)
Treasury stock, at cost, 1,487 shares as of June 30, 2026 ‎and December 31, 2025	(14,648)	(14,648)
Total stockholders’ equity	445,585	448,232
Total liabilities and stockholders’ equity	$ 1,071,934	$ 884,796