joining Lynn, for everybody, and afternoon, and good thanks Thanks, Okay. us.
healthcare I who frontlines about COVID-XX Before for decades, Having this about dedication. acknowledge the surprised and on their achievements past are express worked talk our during these fighting to gratitude in like impressive individuals I'd the sincere quarter, CryoLife's this with to pandemic. providers I'm not
outstanding want filled whose is others calling with is people our partners thank to also Our employees at need. industry I to help and in CryoLife.
provide on On the and to lives I'll an people current year available COVID-XX save the to every objectives. call, of on during making to are progress performance our effort world. or the is ensure date pandemic that update team products our our anticipated Our around improve today's
up our our CFO, open liquidity. structure closing and questions. loan will regarding and first-quarter Lee, details remarks then results call and will the for make I Ashley provide your financial our review
affected doubt pandemic except is achieve to CryoLife temporary company other disruption to this is however, pandemic. by the in by higher and Let the Nothing, spending that changed, the that there has every while me saying strategy, that has world. for more COVID-XX growth growth no begin almost our caused that support about
worst far able cautiously relatively objectives pandemic, foreseeable optimistic, to ensure because we've operations, the long-term fund projects of been achieve so normal liquidity to key the through and We the support for continue growth opportunities, future. R&D remain important
In addition, even used products our many of world. postponed procedures are a that be COVID-XX in cannot in
nicely first off CE achievements, quarter, our was It Mark a beyond more the solid progressing COVID-XX on started regions began for to restored we to in to hit quarter. year start to until impact we see China. first in In Turning were the We our of AAP. the the March.
supply. We CE improved OPEN E-vita Mark also received JOTEC NEO. We for
basis. as exciting, addressing a Even felt mid-March, effect trials for QX though on less opportunities a constant reflected were And of we which our X% XXXX and advancing to be the versus the than of clinical anticipated. revenues in growth currency first-quarter $XX.X decrease X% large million, of pandemic decrease achieved began
X% and growth basis. weather X% we are believe first our quarter year I constant on rate TMR, for exclude to first have COVID-XX been currency approximately XXXX. a you a over If and the the well-positioned would XXXX in strong storm of quarter the have
few us over it's the so that will to important close, perform but certain to know do discuss not a you Normally we COVID-XX what based sharing we by with so today. start anticipate you we believe that how of quarters. now expect picture our on moving XXXX forward of quarter will have next better the we in I financial I our business aspects beyond how performance would impact
unpredictable. be, believe the has weakest been, and will mark and course, virus for economy likely that its mark will our quarter-over-quarter on XXXX impact year-over-year performance, Of continue the QX weakest to will monthly we global performance. But this likely April and
down results believe XXXX, our sequentially that why continue While versus for was show are revenue April in two May XX% believe in well not April improve QX QX. our will approximately and June, are will they our versus completely performance finalized, of as principal as this. to revenue QX total and There we improve reasons and will we
of months, the at in procedures are used last pandemic business two cannot up of to long. even delayed First, strong, postponed be our the simply non-elective the that XX% over because our remained or very height products
for reimbursement, XX% the of U.S excuse surgical procedures. be agency which main are should pandemic, our procedures regarding these recommendations me, performed In government should a approximately be or sales not of product hospital types performed fact, CMS, from issued and March, during responsible in --
For as patients. E-vita Type heart well salvage in infective used limb OPEN saphenous as pediatric, used instance, acute in our used tissue, valve BioGlue dissections. valve tissue Vascular and also is are is vein, in A like And operations.
supporting estimates the estimate ensure procedures XX% devices, of we We XX% as they've solutions recommendation, employing and person that reflected of of performance. past been CMS been sales and during our procedures globe during two creative our the use be our our been have to April. saw these in and patient results given care. that continued conservative, not to productivity team, months, revenue would appear supply very April products And our Using the March service to in sharing emergency postponed around the some and both our they've virtually, customer busy the and
revenue Second, expect forward. going we improve to
we the in our which was excuse in the U.S. April a appears -- have and me, Europe time, the our XX% the reduction CMS based than predicted. been to saw business during in model the weak the of about as the this point been recommendation better on lockdown peak of lockdown U.S.
schedule already In type elective hospitals cases. to we're in starting and Europe U.S., Asia addition, seeing the more
as diseases due valve and nature. procedures nature stenosis, the The XX% the in are long. delayed that so not aortic very for April such progressive cannot in aneurysms But or to these were of cases of treat, devices be elective our performed more our
the As the a our the we result, quarter it remainder do improvement sequential revenue pandemic, accuracy, marked to have we the regarding in and second of May with and June for performance impossible around thereafter. given while will our believe is forecast uncertainties for a revenue
we front, significant have expense increase pandemic CryoLife. reduce worst we the steps believe the part be to and On which taken QX for QX, expenses through of the and will liquidity
for and short-term growth protecting liquidity pandemic, also We the are when but investing the subsides. pandemic during cash
invest their in of the comments, will In XXXX. particular specific Ashley such, have continued As revenue XXXX you for that and the the company. and expense We R&D without business. have details expected will impact we our in long-term taken and prospects expenses in and actions his to impacting on that deliver programs, anticipate the will the that those revenues provide we adversely near-term these cuts reduce
Moving on to manufacturing.
place demand in have on into must impact ensure the have chain capacity at year manufacturing pandemic, during come of put have to who work we our talked from imposed previous every continued sites. for each calls, sites mid-March At of almost In no this full revenue supply and We had running during office all our the home mandatory disruptions safety challenges about employees we the have date, to meeting this three we our been performance. at pandemic products significant earnings day. JOTEC these even since when protocols and sites, the
and quarter the will inventory our them that the next our that to due expect We position in over surgeries the Notwithstanding believe supplier the XX will slowdown pandemic increase of also source likelihood sewing days. fourth JOTEC to we production second with the pandemic, year. elective to our are improve JOTEC by contribute this the proceeding
on. the steps your common improve As crisis, asked we the took during Moving to are our how we is liquidity. of question liquidity? announced crisis previously A beginning at being companies this is
precautionary facility. maintenance of under a as we the Solely down covenant under $XX into for drew facility our million remainder our XXXX. We've of the and credit also measure, our XXXX credit line renegotiated
the covenant assume facility. not this we liquidity, combined balance certain During our only to credit on payments period, a fall on requirement undrawn below our availability of under or restricted and sheet we business for revolving facility. becomes our million if time, that at generally of credit measures projections balance will take fall $XX covenant we Based short do if further the in and cash ensure compliance amended current and we we even this cash we anticipate the this make no
goal even are products, of deliver new Next, next-generation our we to the introducing taking making the NEXUS a the through pandemic, steps be in position three our in to EU. products growth. on we progress are with in JOTEC Beginning
for E-vita resumption to still E-nside, limited inventory. up launch we gearing NEO, physicians, support and as E-nya, In the for are we to train the NEXUS. as three we launches, the teams market the supply and of full releases building are of well plan and have NEXUS sufficient product XXXX, for OPEN Our
us available XXXX. with in and With products full we'll to product, surgeon in training XXXX launches and inventory these for very be sell well-positioned each behind
for received OPEN designation Endospan This connection same In NEXUS E-vita in E-vita NEO. received IDE. for likely elephant recognizes recently recently designation And in designation are patients both from Device NEO certain are OPEN and NEXUS NEO available. that next-generation addition, FDA FDA frozen speed trunk, and we diseases that the to our for with the obtain can access Breakthrough likewise NEXUS help be to its its than hopefully that also aortic more OPEN more the of commercialization these products effective to It treatments up should other currently evaluation devices. so and U.S. E-vita sooner the
XXXX we meeting Turning to first the quarter of virtually. than more PROACT participating Xa conducted investigator's sites during XX our successfully trial, the with
primary valves. segment prospective, aortic from if the patients believe is leader maintained endpoint, existing As safely effectively to aortic it bioprosthetic on also the valves trial's a mechanical could that in with On-X and versus will determine be On-X aortic this We become the this warfarin. Eliquis market valve its successful, meets a randomized reminder, trial take and clinical if that valve share
likely work. contract with approvals eager make to Our In the be COVID-XX investigators and is pandemic to ability delayed begin to trial meantime, hospitals' impacted clinical to the adversely however, we negotiations. as somewhat enrollment conduct has are enrollment, progress IRB continue
indicated aortic damaged valves gains. root again to diseased, competitive in renewed in of heart aortic treatment CE of in the we February On-X known aneurysm. aortic our We share aortic position products portfolio valve malfunctioning us as prosthesis AAP as complete had replacements. available involving of once the is last, which These Mark ascending AAP, market XX% in drive and or prosthetic the for a diseases a native have allowing as for suspended present received further more or late be And Europe, been associated many XXXX. since the aortic all ascending
that, to detailed With are over financial now our turn for We of Ashley bag. I'll the a back delighted in call the have review this product to quarter.
Ashley?
