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Integer Holdings Corporation (ITGR - Free Report) recently announced preliminary revenues for the fourth quarter and full-year 2023. The robust preliminary results drove up the company’s shares by 1.1% in the after-hours trading session.
The company is scheduled to release fourth-quarter results on Feb 15, before the opening bell.
Per the preliminary report, fourth-quarter 2023 revenues are estimated to be within $411 million-$413 million, reflecting an increase of 10-11% year over year. The Zacks Consensus Estimate of $397.7 million lies below the preliminary figure.
Per Integer Holdings, its full-year total revenues are likely to be within $1.595 billion-$1.597 billion, reflecting an increase of 16% over comparable 2022 figures. The Zacks Consensus Estimate of $1.58 billion lies below the preliminary figure.
During the fourth quarter, Integer Holdings announced the acquisition of a privately-held technology, engineering and contract manufacturing company, Pulse Technologies, Inc. The transaction closed in early January 2024.
Per management, the buyout is consistent with its tuck-in acquisition strategy and is expected to increase Integer Holdings’ end-to-end development capabilities and manufacturing footprint in targeted growth markets. It will also likely provide customers with expanded capabilities, capacity and resources to accelerate products time to market.
The latest buyout is expected to add value to Integer Holdings’ Cardio & Vascular segment.
Financial Implications of the Acquisition
Pulse Technologies’ full-year 2023 sales are estimated to be $42 million, with 2023 adjusted EBITDA expected to be approximately $11 million. Integer Holdings expects Pulse Technologies’ sales growth and adjusted EBITDA margin to be accretive.
Integer Holdings is expected to provide further details about the buyout during its fourth-quarter 2023 earnings release and conference call.
A Brief Q4 Analysis
During its third-quarter 2023 earnings call in October, Integer Holdings’ management confirmed that it had completed the acquisition of certain assets of InNeuroCo, a company specializing in neurovascular catheters, early that month. The buyout was expected to boost its existing pipeline of neurovascular catheter products. The transaction was immediately accretive to Integer Holdings’ third-quarter earnings per share. The company is likely to have benefited from the acquisition in the fourth quarter as well, thereby driving up its quarterly revenues.
The continued strong customer demand across Integer Holdings’ targeted growth markets and the ongoing improvements in the supply chain environment also look promising for the stock.
We anticipate Integer Holdings to continue to gain from accretive growth resulting from the Oscor and Aran acquisitions and new product ramps in electrophysiology and structural heart, along with increasing demand for neurovascular catheter outsourcing.
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 26.3% between Oct 1 and Dec 31, 2023, compared with the industry’s 10.1% rise and the S&P 500’s 10.6% growth.
Image Source: Zacks Investment Research
Zacks Rank & Other Key Picks
Currently, Integer Holdings flaunts a Zacks Rank #1 (Strong Buy).
A few other top-ranked stocks in the broader medical space are DaVita Inc. (DVA - Free Report) , Merit Medical Systems, Inc. (MMSI - Free Report) and Cardinal Health, Inc. (CAH - Free Report) .
DaVita, sporting a Zacks Rank #1, has an estimated long-term growth rate of 17.3%. DVA’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 36.6%. You can see the complete list of today’s Zacks #1 Rank stocks here.
DaVita has gained 10.8% compared with the industry’s 11.9% rise between Oct 1 and Dec 31, 2023.
Merit Medical, carrying a Zacks Rank of 2 (Buy) at present, has an estimated long-term growth rate of 11.5%. MMSI’s earnings surpassed estimates in each of the trailing four quarters, with the average being 14.4%.
Merit Medical has gained 10.1% compared with the industry’s 2.1% rise between Oct 1 and Dec 31, 2023.
Cardinal Health, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 15.3%. CAH’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 15.7%.
Cardinal Health has gained 16.1% compared with the industry’s 2.1% rise between Oct 1 and Dec 31, 2023.
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Integer Holdings (ITGR) Reports Solid Preliminary Q4 Revenues
Integer Holdings Corporation (ITGR - Free Report) recently announced preliminary revenues for the fourth quarter and full-year 2023. The robust preliminary results drove up the company’s shares by 1.1% in the after-hours trading session.
The company is scheduled to release fourth-quarter results on Feb 15, before the opening bell.
Per the preliminary report, fourth-quarter 2023 revenues are estimated to be within $411 million-$413 million, reflecting an increase of 10-11% year over year. The Zacks Consensus Estimate of $397.7 million lies below the preliminary figure.
Per Integer Holdings, its full-year total revenues are likely to be within $1.595 billion-$1.597 billion, reflecting an increase of 16% over comparable 2022 figures. The Zacks Consensus Estimate of $1.58 billion lies below the preliminary figure.
During the fourth quarter, Integer Holdings announced the acquisition of a privately-held technology, engineering and contract manufacturing company, Pulse Technologies, Inc. The transaction closed in early January 2024.
Per management, the buyout is consistent with its tuck-in acquisition strategy and is expected to increase Integer Holdings’ end-to-end development capabilities and manufacturing footprint in targeted growth markets. It will also likely provide customers with expanded capabilities, capacity and resources to accelerate products time to market.
The latest buyout is expected to add value to Integer Holdings’ Cardio & Vascular segment.
Financial Implications of the Acquisition
Pulse Technologies’ full-year 2023 sales are estimated to be $42 million, with 2023 adjusted EBITDA expected to be approximately $11 million. Integer Holdings expects Pulse Technologies’ sales growth and adjusted EBITDA margin to be accretive.
Integer Holdings is expected to provide further details about the buyout during its fourth-quarter 2023 earnings release and conference call.
A Brief Q4 Analysis
During its third-quarter 2023 earnings call in October, Integer Holdings’ management confirmed that it had completed the acquisition of certain assets of InNeuroCo, a company specializing in neurovascular catheters, early that month. The buyout was expected to boost its existing pipeline of neurovascular catheter products. The transaction was immediately accretive to Integer Holdings’ third-quarter earnings per share. The company is likely to have benefited from the acquisition in the fourth quarter as well, thereby driving up its quarterly revenues.
The continued strong customer demand across Integer Holdings’ targeted growth markets and the ongoing improvements in the supply chain environment also look promising for the stock.
We anticipate Integer Holdings to continue to gain from accretive growth resulting from the Oscor and Aran acquisitions and new product ramps in electrophysiology and structural heart, along with increasing demand for neurovascular catheter outsourcing.
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 26.3% between Oct 1 and Dec 31, 2023, compared with the industry’s 10.1% rise and the S&P 500’s 10.6% growth.
Image Source: Zacks Investment Research
Zacks Rank & Other Key Picks
Currently, Integer Holdings flaunts a Zacks Rank #1 (Strong Buy).
A few other top-ranked stocks in the broader medical space are DaVita Inc. (DVA - Free Report) , Merit Medical Systems, Inc. (MMSI - Free Report) and Cardinal Health, Inc. (CAH - Free Report) .
DaVita, sporting a Zacks Rank #1, has an estimated long-term growth rate of 17.3%. DVA’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 36.6%. You can see the complete list of today’s Zacks #1 Rank stocks here.
DaVita has gained 10.8% compared with the industry’s 11.9% rise between Oct 1 and Dec 31, 2023.
Merit Medical, carrying a Zacks Rank of 2 (Buy) at present, has an estimated long-term growth rate of 11.5%. MMSI’s earnings surpassed estimates in each of the trailing four quarters, with the average being 14.4%.
Merit Medical has gained 10.1% compared with the industry’s 2.1% rise between Oct 1 and Dec 31, 2023.
Cardinal Health, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 15.3%. CAH’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 15.7%.
Cardinal Health has gained 16.1% compared with the industry’s 2.1% rise between Oct 1 and Dec 31, 2023.