Integer Holdings (NYSE:ITGR) posted second-quarter results today that beat the consensus forecast on Wall Street — boosting its 2021 sales outlook amid continued recovery from the COVID-19 pandemic.
The Plano, Texas–based medical device contract manufacturing giant reported profits of $29.4 million, or 89¢ per share, on sales of $312.0 million for the three months ended July 2, 2021. The results mark a major improvement over Q2 2020, when Integer earned $389,000 on sales of $240.1 million.
Adjusted to exclude one-time items, earnings per share were $1.07, 16¢ ahead of The Street, where analysts were looking for EPS of 91¢ on sales of $294.17 million.
“Integer delivered strong growth versus last year on continued recovery from the pandemic,” Integer CEO Joseph Dziedzic said in a news release. “These results demonstrate the resiliency of Integer’s associates to deliver for customers and patients despite the U.S. labor constraints and global supply chain disruptions. The strength of our second-quarter results supports another increase in our 2021 financial guidance as we continue to execute our strategy to generate a premium valuation for shareholders.”
Integer now expects $1.20–1.22 billion in sales this year, a 12–14% increase over last year. The company projects EPS of $2.45–2.82, a 5– 21% increase.
Investors reacted by sending ITGR shares up slightly to $99.46 apiece by midday trading today. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was also up slightly.