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CRY

CryoLife

$27.95

0.62 (2.27%)

16:10
09/11/19
09/11
16:10
09/11/19
16:10

CryoLife signs distribution agreement and purchase option with Endospan

CryoLife has entered into distribution and credit facility agreements with Endospan, as well as an option agreement to purchase Endospan. Endospan is an Israeli-based, privately-held developer of Nexus, the only endovascular stent graft system approved for the repair of both aneurysms and dissections in the aortic arch. The company believes the transaction provides CryoLife with exclusive European distribution rights to Nexus; cross-selling opportunities with CryoLife's existing JOTEC stent graft portfolio; immediate access to the $150M European endovascular aortic arch repair market; access to potential $800M overall global market opportunity for endovascular aortic arch repair pending regulatory approvals; and positions it for accelerating revenue and non-GAAP earnings growth over the next five years even without exercising the option to purchase Endospan. Aortic arch disease patients with aneurysms or dissections who receive treatment have had little choice but to undergo open-chest surgery with its associated invasiveness and risks. CryoLife will acquire the European distribution rights for Nexus and an option to purchase Endospan for a total upfront payment of $10M. Additionally, CryoLife will provide up to $15M in additional debt financing to Endospan subject to Endospan's progress on its U.S. clinical trial in support of an FDA approval for Nexus. CryoLife expects to finance the acquisition of the distribution and option rights and debt financing out of available cash on hand. CryoLife has the right to acquire Endospan at any time until 90 days after receiving notice of FDA approval of the Nexus stent graft system for a total consideration of $250M, plus a guaranteed $100M payment and up to an additional $100M based upon commercial success of NEXUS in the first year post-option exercise. The agreements have been approved by both companies' boards of directors and Endospan's Security Holders. The company does not anticipate the transaction with Endospan to have a material impact on its 2019 financial guidance.

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CRY CryoLife
$27.95

0.62 (2.27%)

02/27/19
NEED
02/27/19
INITIATION
NEED
Hold
CryoLife initiated with a Hold at Needham
02/28/19
02/28/19
INITIATION

Hold
CryoLife initiated with a Hold at Needham
As previously reported, Needham analyst Mike Matson initiated CryoLife with a Hold rating. The analyst says the company has undergone a transition after its two acquisitions in 2015 and has a full pipeline that includes 13 new products, but also believes that these assets will not "begin to translate to stronger revenue growth until 2020". Matson sees 2019 as a "transition year" for Cryolife's earnings and margins, stating that its current valuation is fair.
05/01/19
ADAM
05/01/19
NO CHANGE
Target $35
ADAM
Buy
CryoLife price target raised to $35 from $32 at Canaccord
Canaccord analyst Jason Mills raised his price target for CryoLife to $35 from $32 and maintained a Buy rating following the company's "solid" Q1 results, telling investors that he sees a positive setup -- for the firm and stock -- going into an important, "transformative" period for CryLife, beginning in the second half of the year and continuing over the next few years. CryLife's product pipeline positions the firm to deliver accelerating top-line growth, margin expansion and increasing profitability over the next 2-3 years that could potentially exceed management's target of 7-9% top-line growth per year and 500bps of margin expansion over the next five years, Mills contends.
07/31/19
ADAM
07/31/19
NO CHANGE
Target $35
ADAM
Buy
CryoLife weakness a buying opportunity, says Canaccord
Canaccord analyst Jason Mills said he would be a buyer of CryoLife shares on any pullback following its inline Q2 report. The analyst sees a myriad of drivers to kick in during the second half of the year that will drive top-line acceleration and further leverage in the model in the second half of the year. Mills reiterated his Buy rating and $35 price target on CryoLife shares.

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