Artivion eyes biggest gain in 3 years after Q1 beat

Artivion

07/05/2024 15:15

** Shares of medical device maker Artivion  AORT.N  up 14%
at $24.01 and among top S&P 1500 index  .SPSUP  performers on
Tues after Q1 results top consensus
    ** AORT on track for biggest one-day pct gain since Apr 30,
2021, and hits highest since Sept 2021
    ** Cardiac and vascular surgery co focused on aortic disease
late Mon said Q1 rev grew 16% on non-GAAP constant currency
basis to $97.4 mln, above LSEG estimate of $92 mln
    ** Co posted net income of $2.6 mln while Street had called
for net loss of $4.7 mln
    ** Given strong Q1 performance, co said it raised lower end
of FY 2024 rev forecast to $386-$396 mln from prior projection
of $382-$396 mln
    ** Reacting to report, Stifel hikes PT to $25 from $22,
while Needham boosts PT to $30 from $25
    ** All 5 brokerages covering stock are bullish including 3
"strong buy" ratings and their median PT is $25.75 - LSEG
    ** With move on the session, AORT up 34% YTD and nearly 65%
over the past 12 months

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))