CryoLife (CRY) is a $385M medical device company that also has preservation services. It designs, manufactures and sells surgical sealants, hemostats and specialized implants for cardiovascular repair.Shares trade 41.4X Earnings, 2.48X Sales, and 1.92X Book with a 1% dividend yield and cash-rich balance sheet. In Q1 CRY posted 27% Y/Y revenue growth, driven by the On-X acquisition. On-X is the best in class mechanical heart valve technology.CRY is undergoing a revamped product portfolio that is targeting accelerated growth in both revenues and margins the next few years. At 2.2X Sales, shares trade cheap to the mean of 3.7X for its peer group. CRY has also reorganized its entire sales rep force to improve results. CRY will be enrolling patients in PerClot IDE trial in the second half and also looking for China FDA approval of BioGlue, two potential positive catalysts for shares.

CRY has an average analyst target of $14.70, and on 6-15 Lake Street started coverage at Buy with a $15 target. On 4-13 Canaccord initiated coverage at Buy with a $14 target. Ladenburg and First Analysis are the only other firms covering CRY,

On the chart, CRY shares saw a strong push to $13 in April before pulling back and twice basing on its rising 20 week EMA, now looking to clear June highs of $12.50 for a move out of this pattern, and can target a measured move on the range break to $15.50.

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In closing, CRY is a small cap growth stock to consider at these levels, trading cheap to peers and in the midst of a strong transformation of not only its product portfolio, but also the sales force selling its products. Its smart acquisition strategy can help boost revenue growth and margins, and at just a $385M market cap, it could become a target for M&A with recent deals seen in the Cardiac space.