Piper Jaffray reiterated an Overweight rating and $16.00 price target on CryoLife (NYSE: CRY) following the company's 2Q earnings report. CRY reported revenue of $47.1M, driven by recently acquired On-X, improvements to the vascular tissue business, and strong BioGlue sales. Adjusted cash EPS of $0.13 beat the consensus of $0.07.

Analyst Brooks West commented, "CryoLife reported 2Q16 revenues of $47.1M (+33% y/y; +9% organic) vs. consensus of $44.2M and adjusted cash EPS of $0.13 vs. consensus of $0.07. The beat was driven by improved performance in BioGlue and strong sales in recently acquired On-X mechanical heart valves. Despite the strong start to the year, FY16 revenue guidance was only raised by $2M to $180-$182M from $178-180M (vs. consensus $179.8M) and adjusted cash EPS to $0.32-$0.34 from $0.29-$0.32 prior (vs. consensus $0.31). Management appears to have CRY ahead of schedule in its turnaround efforts on several fronts including the continued integration of On-X, the recent consolidation of its three sales teams and operational improvements in the legacy tissue business where CRY was able to deliver HSD organic rev growth and operating leverage—trends we expect to continue. Reiterate OW, $16PT."

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Shares of CryoLife closed at $12.02 yesterday.