2017 Q4 Form 10-K Financial Statement

#000119312519051962 Filed on February 26, 2019

View on sec.gov

Income Statement

Concept 2017 Q4 2016 Q4 2016 Q3
Revenue $52.83M $45.03M $45.25M
YoY Change 17.32%
Cost Of Revenue
YoY Change
Gross Profit $36.36M $31.20M $29.78M
YoY Change 16.57%
Gross Profit Margin 68.84% 69.28% 65.81%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$3.007M $2.897M $2.993M
YoY Change -203.8%
Net Earnings / Revenue -5.69% 6.43% 6.61%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.09 $0.09 $0.09
COMMON SHARES
Basic Shares Outstanding 32.15M
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q4 2016 Q4 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $39.98M $57.34M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $46.68M
Prepaid Expenses
Receivables $47.53M
Other Receivables $3.916M
Total Short-Term Assets $179.3M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $33.58M
YoY Change
Goodwill $188.3M $78.29M
YoY Change 140.51%
Intangibles $130.4M
YoY Change
Long-Term Investments
YoY Change
Other Assets $7.489M
YoY Change
Total Long-Term Assets $410.4M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $179.3M
Total Long-Term Assets $410.4M
Total Assets $589.7M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.767M
YoY Change
Accrued Expenses $11.65M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due $718.0K
YoY Change
Total Short-Term Liabilities $42.94M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $218.2M
YoY Change
Other Long-Term Liabilities $7.887M
YoY Change
Total Long-Term Liabilities $226.1M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $42.94M
Total Long-Term Liabilities $226.1M
Total Liabilities $312.6M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings $37.61M
YoY Change
Common Stock $250.3M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $277.1M $209.0M
YoY Change
Total Liabilities & Shareholders Equity $589.7M
YoY Change

Cashflow Statement

Concept 2017 Q4 2016 Q4 2016 Q3
OPERATING ACTIVITIES
Net Income -$3.007M $2.897M $2.993M
YoY Change -203.8%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Advertising Costs</font> </p> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"><font style="display: inline;">The costs to develop, produce, and communicate our advertising are expensed as incurred and are classified as general, administrative, and marketing expenses.&nbsp;&nbsp;We record the cost to print or copy certain sales materials as a prepaid expense and amortize these costs as an advertising expense over the period they are expected to be used, typically </font><font style="display: inline;">six</font><font style="display: inline;"> months to </font><font style="display: inline;">one</font><font style="display: inline;"> year.&nbsp;&nbsp;The total amount of advertising expense included in our Consolidated Statements of Operations and Comprehensive</font><font style="display: inline;"> (Loss)</font><font style="display: inline;"> Income was </font><font style="display: inline;">$732,000</font><font style="display: inline;">, &nbsp;</font><font style="display: inline;">$606,000</font><font style="display: inline;">, and </font><font style="display: inline;">$384,000</font><font style="display: inline;"> for the years ended </font><font style="display: inline;">December 31, 2018</font><font style="display: inline;">, &nbsp;</font><font style="display: inline;">2017</font><font style="display: inline;">, and </font><font style="display: inline;">2016</font><font style="display: inline;">, respectively. </font></font> </p> <p><font size="1"> </font></p> </div> </div>
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<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Nature of Business</font> </p> <p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;">&#xFEFF;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">CryoLife, Inc. (&#x201C;CryoLife,&#x201D; the &#x201C;Company,&#x201D; &#x201C;we,&#x201D; or &#x201C;us&#x201D;), incorporated in 1984 in Florida, </font><font style="display: inline;color:#000000;">is a leader in the manufacturing, processing, and distribution of medical devices and implantable human tissues used in cardiac and vascular surgical procedures focused on aortic repair.&nbsp; </font><font style="display: inline;">Our medical devices and processed tissues primarily include four product families:&nbsp;&nbsp;BioGlue</font><font style="display: inline;font-size:5pt;vertical-align:super;line-height:100%">&#xAE;</font><font style="display: inline;"> Surgical Adhesive (&#x201C;BioGlue&#x201D;); On-X mechanical heart valves and surgical products; JOTEC endovascular and surgical products; </font><font style="display: inline;color:#000000;">and</font><font style="display: inline;"> cardiac and vascular human tissues including the CryoValve</font><font style="display: inline;font-size:5pt;vertical-align:super;line-height:100%">&#xAE;</font><font style="display: inline;"> SG pulmonary heart valve (&#x201C;CryoValve SGPV&#x201D;) and the CryoPatch</font><font style="display: inline;font-size:5pt;vertical-align:super;line-height:100%">&#xAE;</font><font style="display: inline;"> SG pulmonary cardiac patch (&#x201C;CryoPatch SG&#x201D;), both of which are processed using our proprietary SynerGraft</font><font style="display: inline;font-size:5pt;vertical-align:super;line-height:100%">&#xAE;</font><font style="display: inline;"> technology.</font> </p> <p><font size="1"> </font></p> </div> </div>
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CY2018 us-gaap Use Of Estimates
UseOfEstimates
<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Use of Estimates</font> </p> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"><font style="display: inline;">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.&nbsp;&nbsp;Actual results could differ from those estimates.&nbsp;&nbsp;Estimates and assumptions are used when accounting for investments, allowance for doubtful accounts, inventory, deferred preservation costs, acquired assets or businesses, long</font><font style="display: inline;">&#8209;lived tangible and 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), contingent consideration liability, and other items as appropriate.</font></font> </p> <p><font size="1"> </font></p> </div> </div>
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32822000
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34163000
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36412000
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31855000
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33008000

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