Integer Holdings Corp (ITGR) Misses Q4 EPS by 7c, Revenues Beat; Offers FY21 EPS/Revenue Guidance, Provides 1Q Revenue Outlook

February 18, 2021 8:06 AM EST

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Integer Holdings Corp (NYSE: ITGR) reported Q4 EPS of $0.54, $0.07 worse than the analyst estimate of $0.61. Revenue for the quarter came in at $269 million versus the consensus estimate of $263.77 million.

Fourth Quarter 2020 Financial Results (compared to fourth quarter 2019, except as noted)

  • Integer delivered fourth quarter sales at the high end of guidance and profit above guidance.
  • Strong sequential improvement versus the third quarter including margin expansion on sales recovery and continued operating efficiencies.
  • Sales declined 17% to $269 million.
  • GAAP net income grew $4 million to $15 million, an increase of 40%. Adjusted net income declined $18 million to $23 million, a decrease of 43%.
  • Adjusted EBITDA declined $24 million to $49 million, a decrease of 33%.
  • GAAP diluted EPS grew $0.14 per share to $0.47 per share, an increase of 42%. Adjusted EPS declined $0.54 per share to $0.71 per share, a decrease of 43%.
  • Net total debt decreased $59 million from the end of the third quarter 2020 to $689 million.

“Our fourth quarter results reflect the beginning of the recovery from the pandemic as both sales and profit improved significantly from the third quarter,” said Joseph Dziedzic, Integer’s president and CEO. “Integer’s dedicated associates continued to deliver for our customers and their patients while executing our strategy to achieve excellence in everything we do. Our strong operational performance and continued strong cash generation last year enabled Integer to increase investments in our strategy versus 2019. During 2020, Integer improved our manufacturing processes, enhanced our customer relationships, built and added leadership capability and strengthened our culture, positioning 2021 to be a return to profitable growth on our Journey to Excellence.”

GUIDANCE:

Integer Holdings Corp sees Q1 2021 revenue of $280-290 million, versus the consensus of $285 million.

Integer Holdings Corp sees FY2021 EPS of $3.40-$3.90, versus the consensus of $3.50. Integer Holdings Corp sees FY2021 revenue of $1.16-1.2 billion, versus the consensus of $1.19 billion.

Our full year 2021 financial outlook reflects an expected recovery of the industry with year-over-year sales growth projected to be 8% to 12%. Integer’s first quarter sales are projected to be sequentially better than the fourth quarter of 2020 and we believe the second quarter should be similar or slightly better than the first quarter. We expect the improvement in the second half of 2021 to be determined by the pace of COVID-19 recovery.

We expect our operating income to reflect the increase in sales and the continued execution of our manufacturing excellence strategic imperative. We project to generate $90 to $110 of free cash flow, with an equivalent amount of net total debt reduction.

For earnings history and earnings-related data on Integer Holdings Corp (ITGR) click here.



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