Integer Holdings Corp (NYSE: ITGR) reported Q2 EPS of $0.32, $0.08 worse than the analyst estimate of $0.40. Revenue for the quarter came in at $240 million versus the consensus estimate of $241.9 million.

Second Quarter 2020 Highlights (compared to Second Quarter 2019)

• Sales declined $74 million to $240 million, a decrease of 24%.
• The COVID-19 driven sales decline of 24% was better than the estimated industry decline, as expected.
• GAAP income declined $28 million to $0.4 million, a decrease of 99%. Non-GAAP adjusted income declined $30 million to $10 million, a decrease of 74%.
• Income declined as variable costs were managed to match lower volumes and infrastructure maintained to support the return of sales post-COVID-19 and continue executing our strategy.
• Adjusted EBITDA declined $42 million to $33 million, a decrease of 56%.
• GAAP diluted EPS declined $0.84 per share to $0.01 per share, a decrease of 99%. Non-GAAP adjusted diluted EPS decreased $0.91 per share to $0.32 per share, a decrease of 74%.
• Net total debt decreased $33 million from the end of the first quarter 2020 to $770 million.
• Early in the third quarter, the United States Court of Appeals affirmed the $27 million judgment in Integer’s favor in the patent infringement dispute with its competitor.

“I want to recognize the sacrifice our associates have made during the pandemic to continue delivering the products our customers and patients need,” said Joseph Dziedzic, Integer’s president and chief executive officer. “We have implemented the necessary measures to manage in the new normal while continuing to execute our strategy. Our financial strength, ample liquidity and improved bank covenant cushion, positions us to continue making strategic investments to earn the valuation premium we expect in the long term.”

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