Synergetics (SURG +9.3%) gets a lift from an upgrade to Buy at Wunderlich Securities on a coverage transfer. Wunderlich says SURG carries a solid balance sheet with no debt, with revenue from its disposable VersaPACK surgical pack driving growth in FY14. Additionally, the company has strong new product visibility with its launch of the VersaVIT vitrectomy system for retinal surgery in both the U.S. and Europe.
More on Synergetics (SURG): FQ3 beats across the board as revenue jumped 11.6% Y/Y. OEM sales increased 24.1% Y/Y, while Ophthalmic sales increased 3.1% over the same period. Domestic sales rose 13.8% and International sales increased 5.3%. Shares +5.4% AH.
Synergetics (SURG -28%) gets pummelled today after reporting disappointing FQ2 results after the close yesterday. Revenues were well below estimates, though it included a one-time write down. Wunderlich cut the shares to Hold on the report, saying that revenues were disappointing pretty much across the board, though were especially impacted by inventory adjustments from SURG's OEM partners.
Stephens gives a boost to a couple medical instrument stocks today, initiating Synergetics (SURG +15.6%) and Uroplasty (UPI +5.6%) both with Overweight ratings (I, II). SURG designs microsurgical instruments primarily for ophthalmology and neurosurgery markets, while UPI is a medical device company that develops, manufactures and markets products for the treatment of voiding dysfunctions.