Shares of CryoLife (CRY) surged 18% on market open when the company reported Q1 earnings. The company is a leader focusing on medical devices for cardiac and vascular surgery and aortic disease.
Despite the ongoing impact of COVID-19 on our business, we saw our business return to growth on both a GAAP and proforma constant currency basis in the first quarter. Growth was driven by our new product launches outside of the U.S., a recovery in procedure volume in the U.S., an improved JOTEC inventory position, and our international expansion efforts, evidenced by double digit revenue growth in both Asia and EuropePat Mackin, Chairman, President, and Chief Executive Officer.
Additionally, the company has made progress on regulatory strategy and are on-track to file PMAs for PerClot and PROACT Mitral later in 2021, which should help drive growth in 2022 and 2023.
They also made solid progress on enrollment in PROACT Xa clinical trial and advanced R&D programs that should deliver additional growth opportunities beginning in 2024. I am optimistic that the second half of 2021 will be the start of a prolonged period of growth for CryoLife.