Integer: +68%The Plano, Texas–based medical device contract manufacturer – one of the largest in the world – handily beat the third quarter consensus forecast of analysts, powered by a whopping 733.3% bottom-line gain. Profits hit $114.1 million, or $3.54 per share, on sales of $305.1 million for the three months ended Sept. 28, for top-line growth of 6.6% compared with the same quarter a year ago.
Integer (NYSE:ITGR) raised its adjusted earnings per share guidance to $3.55 to $3.70, up from $3.35 to $3.65 previously, and boosted its revenue outlook to $1.197 billion to $1.212 billion, compared with $1.170 billion to $1.195 billion previously.
Integer also slashed its debt during the second quarter by completing the spinoff of its advanced surgical and orthopedics products lines to MedPlast (now Viant) for $600 million in cash. Announced in May, the deal bolstered the balance sheet for Integer, which missed expectations with its first-quarter earnings.