CryoLife higher as Q3 profit rises
Shares of CryoLife Inc. (Nasdaq: CRY) are higher following news before the start of trading that maker of biomaterials and implantable medical devices reported a rise in third-quarter profit.
Net income for the most recent three-month period was $2.5 million, or $0.09 per share, compared with a profit of $0.17 million, or $0.00 per share, during the third quarter of 2006. Two analysts polled by Thomson Financial were anticipating smaller earnings of $0.04 per share.
Revenues increased 11% to $22.2 million from $20 million a year earlier, which is a whisper above Wall Street’s projected revenue of $22 million.
“The increase in non-GAAP earnings in the third quarter reflects our continued growth in our core cardiac and vascular tissue processing business,” said president and CEO Steven Anderson.
Atlanta-based CryoLife specializes in devices for the preservation of human cardiac and vascular cells and tissues, as well as developing surgical adhesives that allow surgeons to repair cardiac and vascular anomalies.
At 3:31 p.m. ET, shares of CryoLife (CRY) were up $0.76, or 11%, to $7.51. That’s far from the 52-week high of $15.20, which was touched on June 1. The 52-week low of $5.89 was set on Nov. 1, 2006.
