CRY - CryoLife: Upside Potential Via Operating Leverage But Liquidity Pressures Loom

• CryoLife has a resilient portfolio mix that is bolstered by upcoming regulatory catalysts.
• The company has decent upside potential through operations, however, this may already be reflected in valuations.
• Although we are long CRY shares, the company shouldn't command a premium, but should trade in line with peers.
• The company has potential liquidity challenges on the horizon amidst COVID-related headwinds in the near term.
• We see a price target of $25-$28 based on 24-28x EBITDA in the base and upside case, respectively.

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