CryoLife shares down despite Q2 EPS beat

CryoLife Inc. (NYSE:CRY) saw shares fall today despite the medical device maker meeting earnings per share expectations on Wall Street with its 2nd quarter earnings results.

The Atlanta-based company posted profits of $3.2 million, or 9¢ per share, on sales of $47.8 million for the 3 months ended June 30 for bottom-line growth of 34.8% while sales grew 1.6% compared with the same period in the previous fiscal year.

After adjusting to exclude 1-time items, earnings per share were 12¢, ahead of consensus on Wall Street where analysts were looking for EPS of 10¢.

“We had a solid 2nd quarter and exceeded our guidance despite facing certain headwinds in the quarter.  On-X, BioGlue and tissue processing all posted revenue growth.  This was highlighted by another positive quarter for On-X, particularly in North America where On-X revenue grew 19 percent excluding the OEM business.  In tissue processing, we delivered our second consecutive quarter of double-digit growth in cardiac tissue.  During the quarter we also initiated the transition to direct sales in Canada, Belgium, the Netherlands and Luxembourg, further expanding our direct operations in Europe. We are on track to achieve our 2017 financial guidance and remain confident our strategy will continue to transform CryoLife into a higher growth, higher margin company,” prez & CEO Pat Mackin said in a press release.

The company also updated its outlook for the 2017 fiscal year, expecting to post adjusted EPS of between 40¢ and 43¢ on sales of between $188 million and $192 million for the year.

CryoLife shares are down 1.5% so far today, at $19.40 as of 1:54 p.m. EDT.

The post CryoLife shares down despite Q2 EPS beat appeared first on MassDevice.

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