Integer Q3 sales fall on lower cardio and vascular revenue
ITGR•Integer's third-quarter sales fell 3.9% to $450 million, below the $457.15 million analyst consensus, while adjusted EPS dropped 25% to $1.34, missing the $1.69 consensus. The company is not providing a financial outlook because of its pending acquisition by KKR.
1. Quarterly results
Integer reported third-quarter sales of $450 million, down 3.9% and below the $457.15 million analyst consensus. Adjusted EPS fell 25% to $1.34, below the $1.69 consensus; adjusted net income was $46 million, versus the $58.06 million estimate.
2. Sales drivers and outlook
The sales decline reflected lower Cardio & Vascular revenue and Integer's exit from the Portable Medical segment. The company said Cardio & Vascular sales were affected by two new Electrophysiology products, while growth in Cardiac Rhythm Management & Neuromodulation was partly offset by the impact of a new Neuromodulation product. Integer is not providing a financial outlook because of its pending acquisition by KKR.
