BUZZ-Artivion eyes biggest gain in 3 years after Q1 beat

Reuters05-07

** Shares of medical device maker Artivion up 14% at $24.01 and among top S&P 1500 index performers on Tues after Q1 results top consensus

** AORT on track for biggest one-day pct gain since Apr 30, 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))

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