Integer Holdings (NYSE:ITGR) earnings for the second quarter fell below Wall Street estimates.
The Frisco, Texas-based medical device contract manufacturer posted profits of $23 million or 70¢ per share, on sales of $314 million for the three months ended June 29. Earnings per share were 18¢ behind the average estimate on Wall Street, where analysts were looking for sales of $379 million.
The results were adjusted to exclude one-time items such as the $600 million sale in July of its advanced surgical and orthopedics product lines to Viant (formerly MedPlast, LLC). The AS&O divestiture enabled the company to pay down debt by $548 million.
“Integer delivered another strong quarter of sales growth and even stronger net income, which enabled continued debt reduction,” said Joseph Dziedzic, Integer’s president and CEO. “Our second quarter results were consistent with our prior full year guidance. Non-GAAP EPS guidance increase of 15¢ is a direct result of the AS&O divestiture as our full year interest expense savings exceeds the divested AS&O operating profit.”
ITGR shares increased 5% to $75 apiece today in mid-day trading.
