Medical device company CryoLife Inc (NYSE:CRY) disclosed on Monday that its net income was USD1.3m (USD0.04 per fully diluted common share) for the third quarter of 2017.
This marks a decline in earnings when compared with net income of USD3.0m (USD0.09 per fully diluted common share) for the third quarter of 2016.
Revenues of USD44.0m were generated for the third quarter of 2017, down 3% over revenues of USD45.3m for the third quarter of 2016.
The company said the decrease in revenues was primarily driven by a reversal of previous revenues resulting from its decision to terminate certain European distributors in connection with the proposed acquisition of JOTEC, an impact due to recent weather events as well as the lack of re-certification of the On-X AAP device.
Research and development (R&D) of USD4.28m were recorded in Q3 2017, a rise versus R&D of USD3.71m in the third quarter a year ago.
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