Integer Holdings (NYSE:ITGR) today reported first-quarter earnings that beat the Wall Street consensus forecast on earnings and revenue.
The Plano, Texas–based medical device contract manufacturing giant reported profits of $32 million, or 65¢ per share, off sales of $290 million for the quarter ended April Oct. 2, 2021, for a bottom-line drop of 22% and a top-line decline of 12% compared with Q1 2020.
Adjusted to exclude one-time items, earnings per share were 97¢, 24¢ ahead of Wall Street, where analysts were looking for sales of $284.2 million.
“Our first-quarter results reflect the continuation of the recovery from the pandemic as both sales and profit improved significantly versus the fourth quarter of 2020,” said Integer president and CEO Joseph Dziedzic in a news release. “Integer’s dedicated associates continue to deliver for customers and patients, as industry demand increases and the execution of our strategy continues to yield strong results. The strength of our first quarter supports our increased 2021 financial guidance and continued debt reduction. We remain focused on executing our strategy to generate a premium valuation to shareholders.”
First-quarter sales sequentially decreased 15%, compared to the fourth quarter of 2020 because of a portable medical sales decline after high demand for ventilator and patient monitoring components in prior periods due to the pandemic.
Integer expects second-quarter sales to be modestly better than those of the first quarter, and boosted its full-year 2021 financial outlook, projecting year-over-year sales growth now to be 10% to 12%.
Investors reacted by sending ITGR shares up 1.97% to $97.79 apiece in trading today. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, is down slightly.