The Plano, Texas–based medical device contract manufacturing giant reported profits of $31 million, or 29¢ per share, off sales of $328 million for the quarter ended April 3, 2020, for a bottom-line gain of 46% off 4% sales growth.
Adjusted to exclude one-time items, earnings per share were $1.25, 19¢ ahead of Wall Street, where analysts were looking for sales of $298.9 million.
Because of the ongoing COVID-19 pandemic, Integer has suspended its 2020 guidance. Company officials expect the sales and profits reduction from the pandemic to be temporary and are taking a balanced approach to cost management. But the company also executed a drawdown of its full revolver to protect against the possibility of a prolonged pandemic, as well as financial market illiquidity.
“We are taking the necessary actions in our manufacturing sites to protect our associates and continue operations. Our strong first-quarter results were largely unaffected by COVID-19 and we are working closely with our customers and suppliers to manage changes in demand,” Integer CEO Joseph Dziedzic said in a news release yesterday evening.
ITGR shares are up 0.63% to $78.47 apiece in late morning trading. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.7%.