Blackrock Inc.’s 10.3% position in CryoLife (NYSE:CRY)

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New York-based investment manager Blackrock Inc. significantly increased its position in medical device and tissue processing company CryoLife Inc. (NYSE:CRY), according to a January 9 SEC filing.

Blackrock disclosed that it now beneficially owns 3.30 million shares in Cryolife for a 10.3% interest. This compares to just 3,672 shares held as of the end of the third quarter of 2016 representing a value of $64,000.

Solid Performer

CryoLife came off of strong performance in the third quarter of 2016, posting year-on-year increases in revenues and net income as it made progress in advancing its key initiatives.

Revenues for the period totaled $45.3 million, up 23% on a yearly basis, primarily driven by the company’s $130 million takeover of On-X Life Technologies Inc. in January 2016, coupled with revenue increases in BioGlue and in cardiac and vascular tissues.

Net income, meanwhile, rose to $3.0 million, or 9 cents per share, from $2.1 million, or 8 cents share reported in the year-ago period.

“Looking forward, we expect to finish the year with a solid fourth quarter and deliver meaningful revenue growth and additional margin expansion in 2017,” CryoLife Chairman, President and CEO

Patrick Mackin was quoted as saying in a press release dated October 26, 2016.

Busy 2016

Aside from the On-X transaction, CryoLife had a busy year restructuring its asset portfolio.

In February, CryoLife off-loaded its HeRO Graft Product line to Merit Medical Systems, Inc. (NASDAQ: MMSI) for $18.5 million, while in March, the company sold its ProCol Vascular Bioprosthesis distribution rights and purchase option to LeMaitre Vascular, Inc. (NASDAQ: LMAT).

In April, the company exercised the right to acquire from Genesee BioMedical, Inc. the PhotoFix bovine pericardium patch for $2.3 million. The distribution rights and purchase option for PhotoFix were acquired in August 2014.

Blackrock’s Top Equity Picks

The investment firm’s largest holding iShares S&P 500 Index (ETF) (NYSEARCA:IVV). As of the end of the third quarter of 2016, Blackrock held about 19.0 million shares in iShares valued at $4.13 billion. This position represented 5.93% of its portfolio.

Blackrock also holds 27.47 million shares in iShares MSCI EAFE Index Fund (ETF) (NYSEARCA:EFA) valued at $1.62 billion as of the end of the three-month period. This position comprised 2.33% of its portfolio.

Shares in CryoLife In Tuesday’s trading, close the day at $19.35.


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