Cramer's 'Mad Money' Recap: Tide's Right at I-Flow

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It's time to buy I-Flow(IFLO), Jim Cramer told viewers of his "Mad Money" TV show Friday.

The medical device company has a great concept and there are good reasons to buy the stock, he said, but those reasons really have begun to matter only now.

"It has a great story, but it didn't become compelling until it got a major haircut and became a bargain hunter's dream," he said.

I-Flow has a product that hospitals, patients and doctors all liked, but the stock has been too expensive, he said.

But then the company missed the consensus Wall Street revenue estimate by 4% and the stock dropped to $13.50. Cramer called the results a little disappointing, but not enough to justify the sharp drop in price.

I-Flow wasn't owned by growth junkies or people who could take a small revenue miss in stride, he said. "They panicked, plain and simple ... a terrible way to invest and a terrific way to lose money."

Cramer said that now could be the time for investors with cooler heads to buy I-Flow, whose main product is a pump called the ON-Q pain relief system. This post-operative device automatically delivers a continuous infusion of a local anesthetic for up to five hours directly to the treatment area, and it's being used with just about every type of procedure, he said.

This means that the patient is out of the hospital earlier, which hospitals and insurance companies like, he added.