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CryoLife (CRY) Raised to Strong Buy on Estimate Revisions
On Jun 11, Zacks Investment Research raised CryoLife Inc. to a Zacks Rank #1 (Strong Buy).
Why the Upgrade?
The upgrade was primarily driven by solid estimate revisions over the last 60 days.
The Zacks Consensus Estimate for full-year 2016 is currently pegged at 23 cents per share, which moved up 14 cents over the time frame, as most of the analysts revised their estimates upward.
Meanwhile, the Zacks Consensus Estimate for full-year 2017 has been revised upward by 36% (9 cents) to 34 cents per share.
CRYOLIFE INC Price and Consensus
CRYOLIFE INC Price and Consensus | CRYOLIFE INC Quote
Key Growth Factors
The estimate revisions were primarily driven by CryoLife’s strong first-quarter 2016 results. Adjusted earnings of a dime in the quarter outpaced the Zacks Consensus Estimate by 8 cents (400.0%).
Adjusted revenues increased 9% from the year-ago quarter to $43 million. This figure included revenues from the On-X acquisition as well as divestitures of HeRo and ProCol. On an adjusted basis, On-X revenues increased 7% year over year to $8.3 million.
Moreover, tissue processing business revenues increased 11%, driven by strong demand for CryoLife’s vascular tissue products. Total BioGlue revenues increased 9% in the quarter.
The ongoing clinical trial for PerClot IDE is a key catalyst for CryoLife. The company is currently in discussion with the FDA to change the trial protocol. CryoLife expects to resume enrolling patients in the trial during the second half of the year.
CryoLife is also continuing its clinical trial in order to gain FDA approval in China for the BioGlue product.
Moreover, the acquisitions of On-X and PhotoFix expand the company’s product portfolio. On the other hand, the divestitures of the HeRo and ProCol products will help the company focus on its core business.
Other Stocks to Consider
One may also consider other favorably ranked stocks like Iradimed Corp (IRMD - Free Report) , Masimo Corporation (MASI - Free Report) and Mesa Labs Inc (MLAB - Free Report) in the same space. All the three stocks sport a Zacks Rank #1 (Strong Buy).
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