CryoLife (NYSE: CRY), which processes, freezes and distributes human tissue for transplants, said fourth-quarter revenue was flat compared with a year ago.

CRY shares increased more than 17 percent on the news, gaining almost $1 to $6.72 in afternoon trading. It did trade as high as $7, still short of its 52-week high of almost $11.

The Atlanta-based company said fourth-quarter revenue was $12.8 million versus $12.2 million a year earlier.

CryoLife says it expects an increase in revenue of 12-18 percent for 2004 based on sales of human tissue for transplants and its BioGlue surgery adhesive.

For the year, the company expects revenue of $66 million to $70 million in 2004, up from $59.6 million in 2003.

CryoLife, which is still dealing with the effects of a 2002 recall of some of its tissue products, said it has submitted responses to FDA recommendations about its method of processing human tissue and assuring it is not contaminated.

CryoLife: www.cryolife.com