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Bull of the Day: CryoLife (CRY)

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While the name may bring to mind some sort of futuristic technology, today’s Bull of the Day probably doesn’t do what you think it does. Though it is in the medical instruments field, it’s got nothing to do with freezing tissues. According to its investor relations page, CryoLife (CRY - Free Report) is a leader in medical device manufacturing and distribution and in the processing and distribution of implantable living human tissues for use in cardiac and vascular surgeries.  It operates throughout the U.S. and internationally.  CryoLife manufactures and distributes BioGlue® Surgical Adhesive, an FDA-approved adjunct to sutures and staples for use in adult patients in open surgical repair of large vessels.  BioGlue is also CE marked in Europe for use in soft tissue repair and has received additional marketing approvals in several other countries throughout the world.  CryoLife’s BioFoam® Surgical Matrix is CE marked in Europe for use as an adjunct to hemostasis in cardiovascular surgery and on abdominal parenchymal tissues (liver and spleen) when control of bleeding by ligature or conventional methods is ineffective or impractical.  CryoLife distributes PerClot®, a powdered hemostat, in Europe and other select international countries.

A big reason for the Zacks Rank #1 (Strong Buy) here is three analysts have increased their earnings estimates for the current year while 2 have done so for next year. The bullish sentiment has pushed up the Zacks Consensus Estimate for the current year from 21 cents to 34 cents and increased next year’s number from 31 cents to 38 cents.

The stock has been on an absolute tear since breaking out on earnings the end of July. Since then, the price has gone from $12 to over $18. The selling pressure over the last couple of days has only brought shares back to $17.82, keeping the longer term bullish trend line very much intact. The commodity channel index has come down from an overbought position to just above the zero line at 24.31.

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