Integer (NYSE:ITGR) posted second-quarter results today that beat the overall consensus forecast on Wall Street.
The Plano, Texas–based medical device outsource manufacturer reported profits of $20.8 million, or 62¢ per share, on sales of $350 million for the three months ended July 1, for a bottom-line slide of 29.2% on sales growth of 12.2% compared with Q2 2021.
Adjusted to exclude one-time items, earnings per share were $1.04, 8¢ ahead of The Street, where analysts were looking for sales of $343.57 million.
“Integer delivered second quarter 2022 financial results consistent with our expectations, as sales grew 13% versus the first quarter 2022 and 12% versus prior year. Integer’s associates around the globe remain focused on delivering products for our customers and the patients they serve, while managing the challenges of the ongoing labor and supply chain dynamics,” CEO Joseph Dziedzic said in a news release.
Cardio and vascular sales rose 25% in Q2 and were driven by the company’s Oscor and Aran acquisitions earlier this year. The Oscor acquisition has exceeded Integer’s expectations and has increased the company’s sales outlook by $5 million, to $71 million, according to the company.
Integer expects revenue growth to accelerate in the second half of the fiscal year through new product launches in the electrophysiology, structural heart and neuromodulation markets.
The company upped its revenue projections for the year, saying it expects organic sales growth to be 6% to 8%. It expects $1.37 billion to $1.395 billion in sales for the 2022 fiscal year, slightly ahead of Wall Street expectations. Integer, however, cut its 2022 earnings outlook to $83–93 million from a previous $87–97 million range.
Shares in ITGR were down more than 2% to $68.72 apiece in morning trading. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was up slightly.
