Cryolife Inc.’s (CRY) MACD indicator has moved into bearish territory with a reading of -0.0770. The Zacks #4 Rank (“Sell") stock has declined more than 1% to $7.36 in afternoon trade. Analysts, on average, see the company’s full-year earnings reducing by 31.5% to 31 cents per share."CRY" Free Stock Analysis: Buy? Sell? Hold?Zacks Investment Research

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CryoLife, Inc. (CRY) reported Q2 EPS that beat our estimate by $0.05 on revenue that also exceeded our forecast. We again increased our FY08 revenue and EPS estimates. We also increased our FY09 revenue and EPS estimates. The management revised its FY08 guidance.

CRYÂ’s operations continue to show signs of improvement due to growing BioGlue sales, the continued growth in the tissue business and favorable margin and cost trends. Our target price of $16 is based on roughly 3.7x our FY09 revenue estimate.

The management anticipates that BioGlue sales in 2008 will continue to increase due to growth in domestic and international markets. In 2008, BioGlue revenue is expected to grow to a range of $47-$49 million from $43.9 million in 2007.

Further, product sales growth is expected from the distribution agreement with MAST to distribute CardioWrap starting in the first quarter 2007 and the release of a surgical patch (ProPatch)

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Cryolife, Inc. (CRY), headquartered in both Atlanta, Georgia and San Mateo, California, processes and distributes implantable living human tissues for use in cardiac and vascular surgeries throughout the United States and Canada. The company recently announced the receipt of a CE Mark for the use of CryoLife’s BioGlue Surgical Adhesive for periosteal fixation following a brow lift. The CE Mark approval is a visible declaration by the manufacturer or representative that the equipment complies with all the requirements of the applicable European Union (EU) directives.

The adhesive will be distributed by the company’s partner, BioForm Medical, for use in approved cosmetic and reconstructive plastic surgery in the EU. The product will be marketed under the name “BioGlue Aesthetic™ Medical Adhesive.” CryoLife will be the exclusive supplier of BioGlue for all cosmetic and plastic surgery applications under the terms of the agreement with BioForm.

According to Steven Basta, chief

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