CryoLife (CRY) Misses Q1 EPS by 10c

CryoLife (NYSE: CRY) reported Q1 EPS of ($0.08), $0.10 worse than the analyst estimate of $0.02. Revenue for the quarter came in at $66.4 million versus the consensus estimate of $66.01 million.

"During these challenging times, we are focused on protecting our employees' health and safety while continuing to supply our customers and patients who depend on our life saving and life sustaining products," commented Pat Mackin, Chairman, President, and Chief Executive Officer. "Our business is well suited to weather the impact of this global pandemic given the nature of the procedures in which our products are used. Our manufacturing facilities have been running at near capacity and our supply chain remained largely intact. We have continued to fund R&D programs related to products that could deliver revenue in 2021 and 2022, including our U.S. PerClot PMA, BioGlue China and PROACT Mitral. Further, we renegotiated our Credit Facility covenant to have greater financial flexibility, if necessary. Given our recent device approvals, and the ongoing progress made on our key growth initiatives, we expect 2021 to be a strong year for CryoLife."

GUIDANCE:

As previously reported on April 1, 2020, the Company has withdrawn its 2020 financial guidance due to uncertainties resulting from the COVID-19 pandemic.

For earnings history and earnings-related data on CryoLife (CRY) click here.

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