UPDATE 1-CryoLife Q3 profit falls, sees lower FY09 earnings

* Sees FY09 EPS lower than 2008

* Sees FY09 rev at lower end of $112-116 mln outlook range

* Q3 EPS $0.07 vs $0.12 yr ago

* Q3 revenue up 5 pct to $28.2 mln

* Shares fall as much as 8 pct

Oct 29 (Reuters) - CryoLife Inc (CRY.N), a maker of implantable devices, posted a lower quarterly profit, and said its 2009 earnings would be lower than a year ago when it recognized significant income tax benefits, sending its shares down as much as 8 percent.

For the full year, the company expects revenue to be near the lower end of its prior outlook range of $112 million to $116 million.

For the third quarter, the company posted net income of $1.9 million, or 7 cents a share, compared with $3.6 million, or 12 cents a share, a year earlier. Excluding a tax benefit, net income in the year-ago quarter would have been 8 cents a share.

Revenue rose 5 percent to $28.2 million.

Shares of the company were down 7 percent at $6.40 in morning trade Thursday on Nasdaq. They had touched a low of $6.32 earlier in the session. (Reporting by Shailesh Kuber in Bangalore; Editing by Vinu Pilakkott)