Integer's Q3 Beats Street View; Announces Oscor Acquisition For $220M

Integer Holdings Corporation ITGR posted Q3 sales of $305.57 million, +30% Y/Y, beating the consensus of $303.23 million. Q3 adjusted EPS more than doubled to $1.05, ahead of the consensus of $0.84.
Adjusted operating income expanded 86% to $47 million, while adjusted EBITDA improved 63% to $60 million.
Integer also agreed to acquire Oscor Inc, a privately held medical device company, for $220 million. Oscor broadens Integer's product portfolio, expands its R&D capabilities, and adds low-cost manufacturing capacity.
The transaction is expected to be accretive EPS in 2022, increasing Integer's EPS growth rate by low-single-digit.
Integer announced the construction of a manufacturing facility in Ireland. The Company expects to spend approximately $30 million over five years on the facility.
Guidance: Integer expects FY21 sales of $1.205 billion - $1.22 billion, compared to earlier guidance of $1.20 billion - $1.22 billion.
The Company raised adjusted EPS guidance to $3.90 - $4.15 (consensus $3.88) from $3.66 - $4.03 expected earlier.
Price Action: ITGR shares are up 2.30% at $93.60 during the market session on the last check Thursday.

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