Martek Biosciences Corp (
MATK) is one of the recent additions to the Focus List. The company has recently announced another earnings surprise and analysts continue to raise their estimates for the biotech company.
Company Description
Martek develops, manufactures and sells products made with micro-algae and other microbes. The products include nutritional supplements used in food, beverages, and baby formula. Martek also develops specialized bio-chemicals for drug development and other scientific areas. The company is based out of Columbia, Maryland, with over 500 employees, and a market cap of $1.1 billion.
Earnings Estimates Rising On Heels of Latest Announcement
On September 4th Martek announced third-quarter results for 2008 that included earnings per share of 28 cents. The consensus estimate was 24 cents, making this the fourth earnings surprise in as many quarters.
Within the past 30 days estimates for current quarter, next quarter, current year, and next year have all been increased. Most notably is the 29 cent increase for the next quarter.
Earnings growth for the current year and next year are 61.7% and 16.3%, respectively.
Positive Guidance
Martek also increased revenue and earnings guidance for 2008. The company now expects to revenue to increase approximately 15% since full-year 2007 to between $349 and $353 million.
Earnings per share is projected to spike 65% over last year, up to between $1.06 and $1.09.
The Chart
Shares of MATK are trading just above a key level of support near $33 per share. Take a look at the chart below.
