CryoLife (CRY) Q4 2019 Earnings Call Transcript

CryoLife (CRY) Q4 2019 Earnings Call Transcript

Before we begin, I'd like to discuss the positive developments that took place in the quarter that are not only readily apparent by reviewing our fourth-quarter financial results, which were affected by supply chain headwinds.. Our pipeline is one of the most compelling reasons to consider CryoLife as an investment as it has the potential to increase our growth rate and in our addressable market opportunity at the same time.. We entered into collaboration with Misonix, under which Misonix will have exclusive U.S. commercialization rights for NeoPatch, our amniotic membrane tissue product, to treat a broad range of indications outside of cardiac and vascular surgery.. Moving to our fourth-quarter financial results, total revenue for the quarter was $69.7 million, reflecting year-over-year growth of roughly 4% on a non-GAAP constant-currency basis.. We recorded strong On-X and cardiac tissue revenue growth in the quarter.. If we've been able to meet the demand for JOTEC products and sell TMR handpieces, our financial results this quarter would tell a different story.. Turning first to On-X, revenue increased 18% on a GAAP and non-GAAP constant-currency basis, driven by the strength from aortic valves, which were up 17% in the quarter.. Revenue in North Americas grew