CryoLife’s Q3 sales, earnings miss forecast

CryoLife Inc. (NYSE:CRY) shares are down today after the medical device maker yesterday reported third-quarter results that missed expectations.

The Atlanta-area company posted profits of $1.6 million, or 4¢ per share, on sales of $64.6 million for the three months ended Sept. 30, for a bottom-line gain of 18.1% on sales growth of 46.8% compared with Q3 2017.

Adjusted to exclude one-time items, earnings per share were 8¢, 3¢ below the consensus on Wall Street, where analysts were looking for sales of $67.3 million.

“We had a very successful third quarter which included strong revenue growth, market share gains, new account growth and progress on our clinical and R&D programs,” chairman, president & CEO Pat Mackin said in prepared remarks. “Our On-X and JOTEC products continue to gain momentum as our direct salesforce is effectively conveying the differentiating attributes of these products. We expect our business momentum to continue and we are therefore updating our full year guidance. Looking ahead, we have many internal initiatives that we believe can drive substantial future growth. Given our highly experienced leadership team, we are confident we can deliver on our goals and objectives for 2018.”

CryoLife raised its outlook for the rest of 2018, saying it now expects to log adjusted EPS of 30¢ to 33¢ , up from 29¢ to 32¢ previously, on sales of $261.5 million to $262.5 million, compared with prior guidance of $256.0 million to $260.0 million. Fourth-quarter sales are pegged at $66.5 million to $67.5 million, the company said.

CRY shares were off by -1.5% at $30.51 in late-morning trading today.

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