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CryoLife (CRY) Earnings Beat Estimates, Revenues Lag in Q4

Zacks

Leading medical device and tissue processing company, CryoLife, Inc. CRY posted fourth-quarter 2016 adjusted earnings per share of 12 cents, beating the Zacks Consensus Estimate of 8 cents. However, adjusted earnings came in a penny lower than the year-ago quarter.

Revenues of $45 million missed the Zacks Consensus Estimate of $47 million and were up 13% on a year-over-year basis. The increase was primarily driven by the acquisition of On-X Life Technologies in Jan 2016. This was partially offset by a decline in HeRO Graft and TMR revenues.

Stock Performance

The price performance of the stock has been unfavorable over the last three months. CryoLife registered a paltry return of 0.77%, lower than the Zacks classified Medical Instruments sub-industry’s gain of almost 3.49%.

CryoLife, Inc. Price, Consensus and EPS Surprise

CryoLife, Inc. Price, Consensus and EPS Surprise | CryoLife, Inc. Quote


Quarterly Highlights

Product revenues came in at $28.9 million during the reported quarter compared with $23.9 million in the year-ago quarter. Of this, BioGlue and BioFoam contributed $16 million while On-X’s share was $9.1 million. Of the rest, CardioGenesis cardiac laser therapy contributed $2.4 million, PerClot’s share was $1 million and PhotoFix’s share was $0.5 million.

Preservation services revenues came in at $16.1 million compared with $15.9 million in the year-ago quarter. Of this, Cardiac tissue contributed $7.4 million, while the rest came from by Vascular tissue.

Net income for the fourth quarter of 2016 was $2.9 million compared with $2.6 million for the fourth quarter of 2015.



Guidance

For the full year, CryoLife expects revenues in the range of $188–$192 million. Adjusted earnings are expected in the band of 40 cents to 43 cents.

Stocks to Consider

Currently, Cryolife has a Zacks Rank #3 (Hold).

Better-ranked stocks in the broader medical sector include Glaukos Corporation GKOS, Avinger, Inc. AVGR and Fluidigm Corporation FLDM. Notably, Glaukos sports a Zacks Rank #1 (Strong Buy) while Avinger and Fluidigm carry a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.

Glaukos Corporation has a long-term expected earnings growth rate of approximately 25%. Notably, the stock registered an impressive one-year return of 180.8%.

Avinger projects sales growth of 30.7% for the current year. Additionally, the company posted a positive earnings surprise of 27% last quarter.

Fluidigm Corporation has a long-term expected earnings growth rate of 25%. The stock has added 12.1% over the last three months.

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