Integer Holdings (NYSE: ITGR) stock is down — a day after the medtech contract manufacturing giant released preliminary fourth-quarter numbers.
ITGR shares were down more than 7% to $65.30 apiece by midday today. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was up more than 9%.
Plano, Texas–based Integer said it expects fourth-quarter 2022 sales in the $370–372 million range, an increase of 18–19%. Adjusted to exclude one-time items, EPS were 1.08–1.11.
The results would beat the expectations of Wall Street analysts, who were expecting EPS of $1.01 and sales of $356.45 million.
“Integer delivered fourth quarter and full year 2022 preliminary sales and profit at the high-end of 2022 earnings guidance, while continuing to improve its ability to manage a challenging supply chain environment and deliver results for our customers and the patients they serve,” Integer CEO Joseph Dziedzic said in a news release.
Integer is sticking with previously communicated 2023 guidance of above-market revenue growth of 7–9%, with
margin expansion.
Also yesterday, Integer said it plans to offer, subject to market and other conditions, $375 million aggregate principal amount of its convertible senior notes due 2028. In connection with the pricing of the convertible notes, the company plans to enter into privately negotiated capped call transactions with one or more of the initial convertible now purchasers and their respective affiliates or other financial institutions.