CryoLife Inc. (NYSE:CRY) shares got a jump today after the medical device maker slashed its losses, beat the consensus sales forecast and confirmed its outlook on the rest of the year.
Atlanta-based CryoLife reported losses of -$297,000, or -1¢ per share, on sales of $67.5 million for the three months ended March 31, reducing its red ink by -92.3% on a sales gain of 9.0% compared with Q1 2018.
Adjusted to exclude one-time items, earnings per share were 4¢, in line with the consensus on Wall Street, where analysts were looking for sales of $66.4 million.
“We had a successful start to the year, posting solid financial results and advancing our clinical and R&D programs. Our strategy of differentiated products focused on select markets, supported by a well-trained direct sales force, is allowing us to continue to take market share,” chairman, president & CEO Pat Mackin said in prepared remarks. “Given our strong performance in the first quarter and the expected launch of the initial phase of our next generation products, we remain on track to deliver high-single-digit top-line growth in 2019. Our pipeline programs have increased our addressable market opportunity to $3.5 billion, positioning the company for substantial growth in the coming years.”
CryoLife said it still expects to report full-year adjusted EPS of 28¢ to 32¢ on sales of $280 million to $284 million.
CRY shares were up 4.1% to $31.92 apiece today in late-morning trading.
