2020 Form 10-K Financial Statement

#000078419921000037 Filed on February 23, 2021

View on sec.gov

Income Statement

Concept 2020 2019 Q4 2019
Revenue $253.2M $69.70M $276.2M
YoY Change -8.32% 2.8% 5.09%
Cost Of Revenue $85.44M $93.21M
YoY Change -8.33% 3.73%
Gross Profit $167.8M $46.55M $183.0M
YoY Change -8.32% 3.01% 5.8%
Gross Profit Margin 66.26% 66.79% 66.26%
Selling, General & Admin $141.1M $143.0M
YoY Change -1.31% 1.73%
% of Gross Profit 84.12% 78.14%
Research & Development $24.21M $22.96M
YoY Change 5.43% -0.6%
% of Gross Profit 14.43% 12.55%
Depreciation & Amortization $20.71M $18.32M
YoY Change 13.08% 1.23%
% of Gross Profit 12.34% 10.01%
Operating Expenses $165.3M $166.0M
YoY Change -0.38% 1.4%
Operating Profit $2.441M $17.04M
YoY Change -85.68% 83.01%
Interest Expense $16.70M $14.90M
YoY Change 12.08% -5.7%
% of Operating Profit 684.15% 87.43%
Other Income/Expense, Net -$3.134M -$1.250M
YoY Change 150.72% 786.52%
Pretax Income -$17.17M $1.644M
YoY Change -1144.65% -63.95%
Income Tax -$492.0K -$76.00K
% Of Pretax Income -4.62%
Net Earnings -$16.68M -$681.0K $1.720M
YoY Change -1069.88% -12.24% -160.56%
Net Earnings / Revenue -6.59% -0.98% 0.62%
Basic Earnings Per Share -$0.44 $0.05
Diluted Earnings Per Share -$0.44 -$0.02 $0.05
COMMON SHARES
Basic Shares Outstanding 37.86M 37.50M 37.12M
Diluted Shares Outstanding 37.86M 37.86M

Balance Sheet

Concept 2020 2019 Q4 2019
SHORT-TERM ASSETS
Cash & Short-Term Investments $61.41M $33.77M
YoY Change 81.88% -18.61%
Cash & Equivalents $61.41M $33.77M $33.77M
Short-Term Investments
Other Short-Term Assets $51.39M $44.69M
YoY Change 14.98% 9.62%
Inventory $73.04M $53.07M $53.07M
Prepaid Expenses
Receivables $45.96M $52.94M $52.94M
Other Receivables $2.788M $2.921M $2.921M
Total Short-Term Assets $234.6M $187.4M $187.4M
YoY Change 25.19% 4.59% 4.59%
LONG-TERM ASSETS
Property, Plant & Equipment $51.65M $32.15M $54.14M
YoY Change -4.61% 3.62% 74.5%
Goodwill $186.7M
YoY Change -1.1%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $16.05M $14.21M $19.69M
YoY Change -18.49% 79.35% 63.63%
Total Long-Term Assets $554.8M $418.3M $418.3M
YoY Change 32.65% 6.72% 6.72%
TOTAL ASSETS
Total Short-Term Assets $234.6M $187.4M $187.4M
Total Long-Term Assets $554.8M $418.3M $418.3M
Total Assets $789.4M $605.7M $605.7M
YoY Change 30.34% 6.05% 6.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.623M $9.796M $9.796M
YoY Change -1.77% 29.8% 29.8%
Accrued Expenses $27.05M $6.733M $28.84M
YoY Change -6.23% -6.4% 35.83%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.809M $1.164M $1.761M
YoY Change 2.73% 0.34% -6.78%
Total Short-Term Liabilities $60.47M $45.20M $45.20M
YoY Change 33.79% 30.91% 30.91%
LONG-TERM LIABILITIES
Long-Term Debt $295.8M $214.6M $220.0M
YoY Change 34.45% -0.53% -0.75%
Other Long-Term Liabilities $69.74M $6.581M $28.93M
YoY Change 141.05% -4.19% 130.07%
Total Long-Term Liabilities $365.5M $221.2M $248.9M
YoY Change 46.84% -0.65% 6.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $60.47M $45.20M $45.20M
Total Long-Term Liabilities $365.5M $221.2M $248.9M
Total Liabilities $460.7M $320.0M $320.0M
YoY Change 43.98% 8.09% 8.09%
SHAREHOLDERS EQUITY
Retained Earnings $36.70M
YoY Change 4.92%
Common Stock $272.2M
YoY Change 4.38%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $328.7M $285.7M $285.7M
YoY Change
Total Liabilities & Shareholders Equity $789.4M $605.7M $605.7M
YoY Change 30.34% 6.05% 6.05%

Cashflow Statement

Concept 2020 2019 Q4 2019
OPERATING ACTIVITIES
Net Income -$16.68M -$681.0K $1.720M
YoY Change -1069.88% -12.24% -160.56%
Depreciation, Depletion And Amortization $20.71M $18.32M
YoY Change 13.08% 1.23%
Cash From Operating Activities $12.37M $15.83M
YoY Change -21.85% 60.18%
INVESTING ACTIVITIES
Capital Expenditures $7.328M $8.072M
YoY Change -9.22% 39.51%
Acquisitions $59.12M
YoY Change
Other Investing Activities $1.681M $871.0K
YoY Change 93.0% -6.24%
Cash From Investing Activities -$73.13M -$23.94M
YoY Change 205.43% 256.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.432M $4.758M
YoY Change -48.89% 23.46%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 93.61M -1.493M
YoY Change -6369.79% -41.73%
NET CHANGE
Cash From Operating Activities 12.37M 15.83M
Cash From Investing Activities -73.13M -23.94M
Cash From Financing Activities 93.61M -1.493M
Net Change In Cash 27.66M -7.942M
YoY Change -448.33% -635.54%
FREE CASH FLOW
Cash From Operating Activities $12.37M $15.83M
Capital Expenditures $7.328M $8.072M
Free Cash Flow $5.041M $7.755M
YoY Change -35.0% 89.38%

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CY2020 us-gaap Nature Of Operations
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<span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: italic;font-weight: bold;margin: 0;padding: 0;">Nature of Business</span><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 0;text-indent: 0.25in;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">CryoLife, Inc. (“CryoLife,” the “Company,” “we,” or “us”) </span><span style="white-space:pre-wrap; color: #000000;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">is a leader in the manufacturing, processing, and distribution of medical devices and implantable human tissues used in cardiac and vascular surgical procedures for patients with aortic disease. </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">We have four major product families: BioGlue Surgical Adhesive (“BioGlue”) products, aortic stents and stent grafts, On-X mechanical heart valves and related surgical products, </span><span style="white-space:pre-wrap; color: #000000;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">and</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> implantable cardiac and vascular human tissues. Aortic stents and stent grafts include JOTEC stent grafts and surgical products, </span><span style="white-space:pre-wrap; color: #000000;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Ascyrus Medical Dissection Stent (“AMDS”) hybrid prosthesis</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">, and </span><span style="white-space:pre-wrap; color: #000000;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">NEXUS endovascular stent graft system (“NEXUS”)</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">.</span><span style="white-space:pre-wrap; color: #000000;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> In addition to these four major product families, we sell or distribute PhotoFix bovine surgical patch, PerClot hemostatic powder, CardioGenesis cardiac laser therapy, and NeoPatch chorioamniotic allograft. </span></p>
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<span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: italic;font-weight: bold;margin: 0;padding: 0;">Use of Estimates</span><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 0;text-indent: 0.25in;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">The preparation of the accompanying consolidated financial statements in conformity with accounting principles generally accepted in the U.S. requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Estimates and assumptions are used when accounting for allowance for doubtful accounts, inventory, deferred preservation costs, acquired assets or businesses, intangible assets, deferred income taxes, commitments and contingencies (including product and tissue processing liability claims, claims incurred but not reported, and amounts recoverable from insurance companies), stock based compensation, certain accrued liabilities (including accrued procurement fees, income taxes, and financial instruments), and other items as appropriate.</span></p>
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CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
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CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
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CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
2334000
CY2020 cry Number Of Performance Stock Unit Grants
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2
CY2019 cry Percentage Of Target Number Of Shares Of Common Stock Granted As Performance Stock Units
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0.83
CY2020 us-gaap Pension Expense Reversal Of Expense Noncash
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1900000
CY2018 cry Percentage Of Target Number Of Shares Of Common Stock Granted As Performance Stock Units
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0.80
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
6700000
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
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CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
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CY2020 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
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83000
CY2019 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
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61000
CY2018 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
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CY2018 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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1708000
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CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
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CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
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CY2020 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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592000
CY2019 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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CY2019 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
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12000
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CY2020 us-gaap Net Income Loss Available To Common Stockholders Diluted
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2
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253227000
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CY2020 us-gaap Gross Profit
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262841000

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