Cryolife Litigation: The Money Trail

The Money Trail

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The human tissue industry has experienced explosive financial growth in the last decade. Cryolife, is the self-proclaimed “leader in the development and commercialization of implantable living human tissues for use in cardiovascular, vascular and orthopaedic surgeries throughout the United States and Canada.” Cryolife’s annual revenue in the past 6 years has increased over 300%. This growth led Cryolife to be included in 2001 in the Forbes magazine list of 200 Best Small Companies.
Since between 1992 and 2000, the human tissue industry as whole has seen revenue of growth of 2500% from an estimated $20,000,000.00 in 1992 to $500,000,000.00 in 2000 according to published reports. It is estimated by 2003 that industry revenues will reach $1,000,000,000. Cryolife itself estimates that by 2007, the market for human cell and tissue engineering therapies will reach $20,000,000,000.00. The industry’s growth has been so dramatic, that Cryolife’s 2001 revenues are nearly equal to the entire tissue industry’s revenues in 1994.
Steven G. Anderson is the President, Chief Executive Officer and Chairman of the Board of Directors of Cryolife, Inc. Mr. Anderson’s total cash compensation (excluding stock options) from Cryolife, as reflected in shareholder proxy statements filed with the SEC has slightly outpaced revenue growth, increasing by 335% between 1994 and 2001. His total cash compensation excluding the value of stock options in 2001 reached nearly $1,000,000.00. Mr. Anderson is also the largest individual shareholder in Cryolife, the most recent available reports show that Mr. Anderson directly owns 1,514,681 shares of Cryolife stock which had a value of $47,424,662.21 as of the close of trading on May 3, 2002.
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