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Cramer: Laggard about to play catch up?

(Click for video linked to a searchable transcript of this Mad Money segment)

Most stocks that ended 2013 in negative territory did so for a reason. However, sometimes reasons change.

That's something Jim Cramer always reminds himself as he attempts to determine where to put money to work.

And he thinks some of the reasons not to own Edwards Lifesciences are no longer as compelling as they once were.

Andy Ryan | The Image Bank | Getty Images

If you're not familiar with the company, Edwards was among the worst performing stocks in the S&P, losing 27% for the 12-month period ending December 31, 2013.

Largely the Street wasn't sure the valuation of this medical device maker was warranted after a rival said it was bringing a similar product to market much sooner than expected.

However, on Wednesday, new developments unfolded that suggest the landscape may be changing. Specifically, Edwards Lifesciences won a patent infringement lawsuit against rival Medtronic with a jury ruling the infringement was intentional.

"This was a decisive victory for our team," Mike Mussallem, the chairman and CEO of Edwards Lifesciences told Cramer during an interview on Mad Money.

Because Cramer believes share price is closely tied to new products developed by Edwards, he can't help but wonder if the fortunes of shareholders are about to take a turn for the better.

And he added there may be another potentially bullish catalyst.

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"Edwards slashed and burned its guidance last month, and when you get a total reset of the earnings expectations like that it can often be a sign that a buying opportunity is at hand," Cramer noted.

It's just these kinds of events that the Mad Money host looks for when he scours the market for new opportunity.

In circumstances such as these "I'm eager to reevaluate the story," Cramer said. "Writing off this stock as a loser may be a big mistake. I think they have good technology. It could become a very compelling story"

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