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CryoLife (CRY) Raised to Strong Buy on Solid Q2 Results
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On Aug 12, Zacks Investment Research upgraded CryoLife Inc. to a Zacks Rank #1 (Strong Buy).
Why the Upgrade?
The upgrade primarily came on the back of strong second-quarter 2016 results. Adjusted earnings of 13 cents per share outpaced the Zacks Consensus Estimate by 11 cents (550%).
Adjusted revenues increased almost 9% year over year to $46.2 million. On an adjusted basis, On-X revenues increased 7% to $9.5 million.
Tissue processing business (also known as Total Preservation Services) revenues increased 9.2%, driven by strong demand for CryoLife’s vascular tissue products. Total BioGlue and BioFoam revenues increased 11.4% in the quarter.
The strong second quarter results exhibited strength in CryoLife’s expanding product portfolio. The acquisitions of On-X and PhotoFix have been good additions in this respect.
CryoLife raised its full-year 2016 guidance. Total revenues are now forecasted to grow in the mid to upper single digit percentage range and the figure is estimated to be $180 million–$182 million.
Adjusted earnings are projected to be in the range of 32-34 cents, up from previous guidance range of 29-32 cents.
Estimate Revisions
The Zacks Consensus Estimate for full-year 2016 is currently pegged at 22 cents per share, which moved up a penny over the last 30 days.
Meanwhile, the Zacks Consensus Estimate for full-year 2017 has remained stable at 31 cents per share.
Other Stocks to Consider
One may also consider other favorably ranked stocks like IDEXX Laboratories (IDXX - Free Report) , Masimo Corp. (MASI - Free Report) and Natus Medical in the same space. All the three stocks sport a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
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CryoLife (CRY) Raised to Strong Buy on Solid Q2 Results
On Aug 12, Zacks Investment Research upgraded CryoLife Inc. to a Zacks Rank #1 (Strong Buy).
Why the Upgrade?
The upgrade primarily came on the back of strong second-quarter 2016 results. Adjusted earnings of 13 cents per share outpaced the Zacks Consensus Estimate by 11 cents (550%).
Adjusted revenues increased almost 9% year over year to $46.2 million. On an adjusted basis, On-X revenues increased 7% to $9.5 million.
CRYOLIFE INC Price and Consensus
CRYOLIFE INC Price and Consensus | CRYOLIFE INC Quote
Tissue processing business (also known as Total Preservation Services) revenues increased 9.2%, driven by strong demand for CryoLife’s vascular tissue products. Total BioGlue and BioFoam revenues increased 11.4% in the quarter.
The strong second quarter results exhibited strength in CryoLife’s expanding product portfolio. The acquisitions of On-X and PhotoFix have been good additions in this respect.
CryoLife raised its full-year 2016 guidance. Total revenues are now forecasted to grow in the mid to upper single digit percentage range and the figure is estimated to be $180 million–$182 million.
Adjusted earnings are projected to be in the range of 32-34 cents, up from previous guidance range of 29-32 cents.
Estimate Revisions
The Zacks Consensus Estimate for full-year 2016 is currently pegged at 22 cents per share, which moved up a penny over the last 30 days.
Meanwhile, the Zacks Consensus Estimate for full-year 2017 has remained stable at 31 cents per share.
Other Stocks to Consider
One may also consider other favorably ranked stocks like IDEXX Laboratories (IDXX - Free Report) , Masimo Corp. (MASI - Free Report) and Natus Medical in the same space. All the three stocks sport a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>