Integer Q3 sales fall on lower cardio and vascular revenue 

Overview

• Medical device contract manufacturer's Q3 sales fell 3.9%, missing analyst expectations

• Adjusted EPS for Q3 dropped 25%, missing analyst expectations

• Sales decline driven by lower Cardio & Vascular revenue and exit from Portable Medical market

Outlook

• Integer is not providing a financial outlook due to its pending acquisition by KKR

Result Drivers

• ELECTROPHYSIOLOGY PRODUCTS - Co said Cardio & Vascular sales decline reflected impact from two new Electrophysiology products

• PORTABLE MEDICAL EXIT - Co attributed decline in Other Markets sales to exit from Portable Medical segment

• NEUROMODULATION PRODUCT - Co said growth in Cardiac Rhythm Management & Neuromodulation was partially offset by impact from new Neuromodulation product

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 10 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the advanced medical equipment & technology peer group is "buy."

• Wall Street's median 12-month price target for Integer Holdings Corp is $127.00, about 0.4% above its October 28 closing price of $126.55

• The stock recently traded at 19 times the next 12-month earnings vs. a P/E of 14 three months ago

Reuters Recommended Reads

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• Oct 27 - Pulmonx Q3 revenue beats analyst estimates on US sales growth

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)