Medtech contract manufacturing giant Integer
(NYSE: ITGR)
saw its stock jump more than 14% in value today on Street-beating third-quarter earnings and upped guidance.
Plano, Texas–based Integer also announced that it has spent $42 million to acquire certain assets of InNeuroCo to boost its neurovascular catheter capabilities. The deal, which closed Oct. 1, will add $5 million in revenue in the fourth quarter alone from manufacturing the catheters, which are used to treat ischemic stroke and intracranial aneurysms.
The company earned $27 million, or 81¢ per share, off of $405 million in sales for the quarter ended Sept. 29, 2023. The bottom line was up 70%, and the top line was up 18% compared with Q3 2022.
Adjusted to exclude one-time items, Integer’s EPS was $1.27. The result was 17¢ ahead of The Street, where analysts on average expected EPS of $1.10 and revenue of $376.71 million.
“Integer delivered another strong quarter with organic sales up 18% and adjusted operating income growth of 39%, more than twice the sales growth rate,” Integer CEO Joseph Dziedzic said in a news release.
“As we continue to see strong customer demand across our targeted growth markets, we are increasing our full-year sales outlook to 15% growth at the midpoint.”
Integer expects full-year sales to grow 14–16% to $1.575–1.595 billion and adjusted net income to grow 16–22% to $151–157 million ($4.47–4.67 per share).
