Symmetry Medical (SMA): Share price defines bullish 'flag'

Filed under: Earnings reports, Technical Analysis, Stocks to Buy

Symmetry Medical (NYSE: SMA) makes implants and related instruments for orthopedic device manufacturers, primarily in the United States and the United Kingdom. Its devices are used in reconstructive surgeries to replace or repair hips, knees, shoulders, ankles and elbows. The company also designs, develops and produces products for companies in other segments of the medical device market, including arthroscopy, dentistry, laparoscopy and endoscopy. As a sideline, the firm manufactures aerofoils and aircraft engine parts for a few aerospace customers.

Symmetry pleased the Street earlier in the week, when it announced Q1 EPS of 20 cents and revenues of $101.9 million. Analysts had been expecting 14 cents and $88.4 million. The CEO attributed success to increased demand across the orthopedic market and the