Micrus Endovascular Corp (MEND) is setting new 52-week highs after a huge earnings surprise.

Company Description

Micrus develops, manufactures, and markets implantable and disposable devices for that treat cerebral vascular diseases. The company’s footprint extends across the Americas, Europe, and Asia.

Strong Sequential Growth

On Nov 05 Micrus reported second-quarter results for fiscal 2010 that included net income of $3.6 million, compared to a $2.7 million loss last year. Earnings came in at 22 cents, more than triple the 6 cents that analysts were anticipating.

CEO Speaks

John Kilcoyne, Chairman and CEO said, “Our growth was fueled by new products such as DeltaPaq(TM) and our ability to sell into new accounts. We continued to make significant progress toward full-year profitability by effectively managing operating expenses while growing revenues and we have $24.3 million in total cash after our third consecutive quarter of positive cash flow from operations.”

Estimates Jump

Following the earnings surprise and comments from the CEO, analysts raised full-year estimates. The Zacks Consensus Estimate is now 49 cents for this year, up from 34 cents. Next year’s projections are averaging 54 cents, up 10 cents. Compare these estimates to the 70 cent loss last year.

The Chart

Since the report, shares have punched through the resistance level and are setting new 52-week highs. Take a look at the chart below.

Zacks Investment Research

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