CryoLife Inc. announced earnings results for the first quarter ended March 31, 2016. For the quarter, the company reported total revenues of $43,016,000 compared with $33,831,000 for the same period a year ago. Operating income was $6,653,000 compared with operating loss of $1,554,000 for the same period a year ago. Income before tax was $6,057,000 compared with loss before tax of $1,773,000 for the same period a year ago. Net income was $2,541,000 or $0.08 per basic and diluted share compared with net loss of $274,000 or $0.01 per basic and diluted share for the same period a year ago. Adjusted net income was $3,247,000 or $0.10 per diluted share compared with $230,000 or $0.01 per diluted share for the same period a year ago. The increase was primarily driven by the acquisition of On-X, and revenue increases in vascular tissues and BioGlue®. Pro forma revenues for the first quarter of 2016 increased 9% compared to the first quarter of 2015.

The company reiterated earnings guidance for the full year of 2016. For the full year of 2016, the company expects to report total revenues in the range of $178 million to $180 million, gross margins approximately 63%, R&D expenses in the range of $13.0 million to $15.0 million and non-GAAP adjusted income per common share in the range of $0.29 to $0.32.

For the balance of the year, The company expects quarterly effective tax rate to range from the upper 30% to mid-40% range.