Integer Holdings
(NYSE: ITGR)
stock is down today after the medtech contract manufacturing giant missed the Wall Street analyst consensus on its second-quarter revenue.
ITGR shares were down more than 5% to $117.58 apiece by midday trading today; MassDevice‘s MedTech 100 Index was down slightly.
Plano, Texas–based Integer earned $31.2 million, or 88¢ per share, off of $436 million in sales for the quarter that ended June 28, 2024. The results represented a 30% increase in the bottom line and a 9% boost to the top line year-over-year.
Adjusted to exclude one-time items, Integer’s EPS was $1.30 per share, beating the Wall Street analyst consensus of $1.25 per share by a nickel. However, revenue missed The Street’s $437.02 consensus.
Truist analysts noted that the revenue weakness was led by Cardio & Vascular, which saw revenue grow 11% year-over-year to $231 million but was still below the $237 million consensus for the business. According to the Truist report, Integer management blamed the revenue growth weakness on quarter-to-quarter ‘lumpiness” that’s due to Integer’s position in the supply chain.
Integer CEO Joseph Dziedzic described it as another strong quarter. In a news release, he said, “We continue to expect 2024 above-market sales growth of 9% to 11%, and we are raising our full-year adjusted operating income growth outlook to 14% to 21%. Our strong 2023 results and 2024 outlook demonstrate successful execution of our strategy.”
