Shares in Integer Holdings (NYSE:INTGR) fell slightly today after the medical device maker topped earnings per share expectations and missed slightly on revenue for its 3rd quarter.
The Frisco, Texas-based company posted profits of $11.5 million, or 37¢ per share, on sales of $346.6 million for the 3 months ended September 30.
The company saw a huge swing from a minimal $22,000 in profits reported last year during the quarter, with sales increasing 136.3% compared with the same period last year.
After adjusting to exclude 1 time items, profits were at $25.8 million, 67.5% up from the same period last year. Adjusted earnings per share were 83¢, 4¢ above the consensus of The Street, though revenue missed the mark, with consensus putting the company at $347.9 million.
“Our 3rd quarter results demonstrate that the steps we have taken to stabilize our business are working. Our internal focus on reducing costs, improving working capital, and business process optimization is progressing well and has allowed us to stem the revenue and adjusted EBITDA declines we saw during the 1st half of the year. Our outlook for the remainder of the year further demonstrates this business stabilization. Integer’s value proposition remains intact and we are well-positioned within the medical technology market, with a broad suite of technologies, capabilities and product offerings to deliver innovative, cost-effective solutions to our customers in order to enrich the lives of patients worldwide,” prez & CEO Thomas Hook said in prepared remarks.
Shares dropped 2.2%, closing down 41¢ at $18.15 for the day.
Integer said it is maintaining its revenue, net income and diluted EPS guidance. The company said it expects to post adjusted EPS between $2.60 and $2.75, on sales of $1.38 and $1.4 billion for the full year.
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