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Integer Holdings Corporation (ITGR - Free Report) recently announced preliminary revenues for the fourth quarter and full-year 2022. The preliminary results drove down the shares of the company by 5.6% in the after-hours trading session.
The company is scheduled to release fourth-quarter results on Feb 16, before the opening bell.
Per the preliminary report, fourth-quarter 2022 revenues are estimated to be within $370 million- $372 million, reflecting an increase of 18-19% year over year on a reported basis. The Zacks Consensus Estimate of $361.5 million lies below the preliminary figure.
This compares to our projection of fourth-quarter revenues of $361.6 million, representing an uptick of 15.5%.
On an organic basis (reported sales growth adjusted for the impact of foreign currency and the contribution of acquisitions), fourth-quarter revenues are estimated to reflect an uptick of 12-13% year over year.
Adjusted earnings per share (EPS) is estimated to be within $1.08-$1.11, reflecting an uptick of 9-12%. The Zacks Consensus Estimate of $1.00 lies below the preliminary figure.
This compares to our projection of fourth-quarter EPS of $1.00, representing an uptick of 0.9%.
Per management, the to-be-reported quarter’s solid preliminary results were at the high-end of 2022 earnings guidance despite navigating a challenging supply-chain environment. This raises our optimism about the stock.
Full-Year Prelim Results
Per Integer Holdings, its full-year total revenues are likely to be within $1.374 billion-$1.376 billion, reflecting an increase of 13% over comparable 2021 figures on a reported basis. The Zacks Consensus Estimate of $1.37 billion is in line with the preliminary figure.
This compares to our projection of full-year revenues of $1.37 billion, representing an uptick of 11.8%.
On an organic basis, full-year revenues are estimated to reflect an uptick of 6% year over year.
Adjusted EPS is estimated to be within $3.86-$3.88, reflecting a decline of 5%. The Zacks Consensus Estimate of $3.77 lies below the preliminary figure.
This compares to our projection of full-year EPS of $3.77, representing a fall of 7.6%.
2023 Guidance
Integer Holdings has confirmed its revenue outlook for 2023, which was previously communicated during its third-quarter 2022 earnings call in October 2022.
The company had anticipated its total sales to be within $1,350 billion-$1,380 billion, representing an expected growth of approximately 11-13% over comparable 2022 reported figures. The Zacks Consensus Estimate for the same is currently pegged at $1.47 billion.
This compares to our projection of full-year revenues of $1.47 billion, representing an uptick of 7.3%.
On an organic basis, full-year sales growth is estimated to reflect an uptick of 4-6% year over year.
A Brief Q4 Analysis
During its third-quarter 2022 earnings call, Integer Holdings’ management confirmed that it had eliminated additional sales risk related to the two medical component suppliers as it had already received all the material needed to meet its fourth-quarter outlook. The company used a dual-sourcing strategy for critical components and had direct access to component supply for its non-medical products line thanks to more consistent supplier performance. Per management, Integer Holdings has been continuing to intensify its management of the supply chain to reduce operational risk. These activities raise our optimism about the stock.
During the same call, management also confirmed that it had been witnessing strong customer demand. We anticipate Integer Holdings to continue to gain from accretive growth resulting from the Oscor and Aran acquisitions and new product introductions concentrated in electrophysiology, structural heart and neuromodulation. These also look promising for the stock.
The company’s preliminary projection of robust improvement in revenues on the back of strength in its business lifts our confidence about the stock.
Price Performance
Shares of the company have gained 10% between Oct 1, 2022 and Dec 31, 2022 compared with the industry’s 14.1% rise and the S&P 500’s 6.3% growth.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Currently, Integer Holdings carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the broader medical space are AMN Healthcare Services, Inc. (AMN - Free Report) , Cardinal Health, Inc. (CAH - Free Report) and Merit Medical Systems, Inc. (MMSI - Free Report) .
AMN Healthcare, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 3.3%. AMN’s earnings surpassed the Zacks Consensus Estimate in all the trailing four quarters, the average beat being 10.9%.
AMN Healthcare has lost 2.9% against the industry’s 4.9% rise between Oct 1, 2022 and Dec 31, 2022.
Cardinal Health, carrying a Zacks Rank #2 at present, has an estimated long-term growth rate of 11.7%. CAH’s earnings surpassed estimates in two of the trailing four quarters and missed the same in the other two, the average beat being 3%.
Cardinal Health has gained 15.3% compared with the industry’s 12.5% rise between Oct 1, 2022 and Dec 31, 2022.
Merit Medical, sporting a Zacks Rank #1 at present, has an estimated long-term growth rate of 11%. MMSI’s earnings surpassed estimates in all the trailing four quarters, the average beat being 25.4%.
Merit Medical has gained 24.9% compared with the industry’s 12.5% rise between Oct 1, 2022 and Dec 31, 2022.
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Integer Holdings (ITGR) Announces Solid Preliminary Q4 Revenues
Integer Holdings Corporation (ITGR - Free Report) recently announced preliminary revenues for the fourth quarter and full-year 2022. The preliminary results drove down the shares of the company by 5.6% in the after-hours trading session.
The company is scheduled to release fourth-quarter results on Feb 16, before the opening bell.
Per the preliminary report, fourth-quarter 2022 revenues are estimated to be within $370 million- $372 million, reflecting an increase of 18-19% year over year on a reported basis. The Zacks Consensus Estimate of $361.5 million lies below the preliminary figure.
This compares to our projection of fourth-quarter revenues of $361.6 million, representing an uptick of 15.5%.
On an organic basis (reported sales growth adjusted for the impact of foreign currency and the contribution of acquisitions), fourth-quarter revenues are estimated to reflect an uptick of 12-13% year over year.
Adjusted earnings per share (EPS) is estimated to be within $1.08-$1.11, reflecting an uptick of 9-12%. The Zacks Consensus Estimate of $1.00 lies below the preliminary figure.
This compares to our projection of fourth-quarter EPS of $1.00, representing an uptick of 0.9%.
Per management, the to-be-reported quarter’s solid preliminary results were at the high-end of 2022 earnings guidance despite navigating a challenging supply-chain environment. This raises our optimism about the stock.
Full-Year Prelim Results
Per Integer Holdings, its full-year total revenues are likely to be within $1.374 billion-$1.376 billion, reflecting an increase of 13% over comparable 2021 figures on a reported basis. The Zacks Consensus Estimate of $1.37 billion is in line with the preliminary figure.
This compares to our projection of full-year revenues of $1.37 billion, representing an uptick of 11.8%.
On an organic basis, full-year revenues are estimated to reflect an uptick of 6% year over year.
Adjusted EPS is estimated to be within $3.86-$3.88, reflecting a decline of 5%. The Zacks Consensus Estimate of $3.77 lies below the preliminary figure.
This compares to our projection of full-year EPS of $3.77, representing a fall of 7.6%.
2023 Guidance
Integer Holdings has confirmed its revenue outlook for 2023, which was previously communicated during its third-quarter 2022 earnings call in October 2022.
The company had anticipated its total sales to be within $1,350 billion-$1,380 billion, representing an expected growth of approximately 11-13% over comparable 2022 reported figures. The Zacks Consensus Estimate for the same is currently pegged at $1.47 billion.
This compares to our projection of full-year revenues of $1.47 billion, representing an uptick of 7.3%.
On an organic basis, full-year sales growth is estimated to reflect an uptick of 4-6% year over year.
A Brief Q4 Analysis
During its third-quarter 2022 earnings call, Integer Holdings’ management confirmed that it had eliminated additional sales risk related to the two medical component suppliers as it had already received all the material needed to meet its fourth-quarter outlook. The company used a dual-sourcing strategy for critical components and had direct access to component supply for its non-medical products line thanks to more consistent supplier performance. Per management, Integer Holdings has been continuing to intensify its management of the supply chain to reduce operational risk. These activities raise our optimism about the stock.
During the same call, management also confirmed that it had been witnessing strong customer demand. We anticipate Integer Holdings to continue to gain from accretive growth resulting from the Oscor and Aran acquisitions and new product introductions concentrated in electrophysiology, structural heart and neuromodulation. These also look promising for the stock.
The company’s preliminary projection of robust improvement in revenues on the back of strength in its business lifts our confidence about the stock.
Price Performance
Shares of the company have gained 10% between Oct 1, 2022 and Dec 31, 2022 compared with the industry’s 14.1% rise and the S&P 500’s 6.3% growth.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Currently, Integer Holdings carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the broader medical space are AMN Healthcare Services, Inc. (AMN - Free Report) , Cardinal Health, Inc. (CAH - Free Report) and Merit Medical Systems, Inc. (MMSI - Free Report) .
AMN Healthcare, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 3.3%. AMN’s earnings surpassed the Zacks Consensus Estimate in all the trailing four quarters, the average beat being 10.9%.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
AMN Healthcare has lost 2.9% against the industry’s 4.9% rise between Oct 1, 2022 and Dec 31, 2022.
Cardinal Health, carrying a Zacks Rank #2 at present, has an estimated long-term growth rate of 11.7%. CAH’s earnings surpassed estimates in two of the trailing four quarters and missed the same in the other two, the average beat being 3%.
Cardinal Health has gained 15.3% compared with the industry’s 12.5% rise between Oct 1, 2022 and Dec 31, 2022.
Merit Medical, sporting a Zacks Rank #1 at present, has an estimated long-term growth rate of 11%. MMSI’s earnings surpassed estimates in all the trailing four quarters, the average beat being 25.4%.
Merit Medical has gained 24.9% compared with the industry’s 12.5% rise between Oct 1, 2022 and Dec 31, 2022.