| Over a week ago | ||||
Given the $28 million… Given the $28 million pre-tax patent litigation judgment gain in the third quarter 2020, GAAP operating income margin is expected to decline in the fourth quarter 2020. Adjusted Operating Income margin is projected to be 200 to 300 basis points higher than the third quarter 2020 | ||||
Reports Q3 revenue $236M,… Reports Q3 revenue $236M, consensus $240.23M. "Our third quarter results demonstrate improved profitability versus the second quarter, and we expect the fourth quarter to be even stronger, as sales begin to recover from the pandemic and the profit margin rate recovery accelerates", said Joseph Dziedzic, Integer's president and chief executive officer. "Our Manufacturing Excellence strategic imperative continues to deliver strong operational and financial results. We remain focused on executing our strategy and making the necessary investments to be our customers' partner of choice and deliver our financial objectives." | ||||
| Over a month ago | ||||
Integer Holdings received… Integer Holdings received approximately $28M following the Federal Court of Appeals for the Federal Circuit affirming, in all respects, the ruling in Integer's favor granted in the United States District Court for the District of Delaware for AVX Corporation's infringement of three patents. Integer used the funds to pay down approximately 4% of its net debt. | ||||
Catch up on today's… Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Integer (ITGR) downgraded to Hold from Buy at Argus with analyst Jasper Hellweg saying he sees "limited" near-term upside for stock as delays in elective surgical procedures have driven shares down by about 28% year-to-date. 2. Mettler-Toledo (MTD) downgraded to Sell from Neutral at UBS with analyst Dan Brennan saying that the risk-reward on the stock is "unfavorable" at current levels, noting that while shares have historically garnered a "deserved premium," Mettler-Toledo is currently near peak historic valuation. 3. Bandwidth (BAND) downgraded to Underweight from Equal Weight at Morgan Stanley with analyst Meta Marshall saying if Microsoft is providing more of the API platform, she would expect Bandwidth to take "more of a network-like margin." 4. Eidos Therapeutics (EIDX) downgraded to Neutral from Buy at Citi with analyst Joel Beatty saying he believes the offer announced by BridgeBio (BBIO) to acquire the remaining outstanding shares of Eidos for $73.26 per share is "fairly likely to materialize." 5. Southwest (LUV) downgraded to Underweight from Neutral at JPMorgan with analyst Jamie Baker saying the company has "ample liquidity" to endure the COVID-19 crisis, but risk/reward is more favorable in other airline stocks. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here. | ||||
Argus analyst Jasper… Argus analyst Jasper Hellweg downgraded Integer to Hold from Buy. The analyst sees "limited" near-term upside for stock as delays in elective surgical procedures have driven shares down by about 28% year-to-date. Hellweg expects this weakness to persist into Q1 and only sees sales returning to pre-pandemic levels in Q2 of 2021 "at the earliest". The analyst also lowers his FY20 EPS view to $2.65 from $3.22. | ||||
Argus analyst Jasper… Argus analyst Jasper Hellweg downgraded Integer to Hold from Buy. |
| Over a quarter ago | ||||
Reports Q2 revenue $240M,… Reports Q2 revenue $240M, consensus $241.9M. "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." | ||||
Integer Holdings… Integer Holdings announced that the United States Court of Appeals for the Federal Circuit affirmed, in all respects, the judgment in its favor granted in the United States District Court for the District of Delaware in the long-running patent infringement dispute with its competitor, AVX Corporation, and its subsidiary, AVX Filters Corporation. Integer's subsidiary, Greatbatch Ltd., was awarded a judgment in an amount exceeding $27M caused by AVX's infringement of three Greatbatch patents following four separate trials. The complaint, filed in April 2013, alleged that AVX had infringed Greatbatch patents by manufacturing and selling filtered feedthrough assemblies used in implantable pacemakers and cardioverter defibrillators that incorporate its patented technology. | ||||
Integer Holdings… Integer Holdings announced the opening of The Galway Research and Development, R&D, Innovation Centre in Ireland. The new facility will further enhance Integer's capability to provide high-quality medical devices and technologies that help sustain and save the lives of patients worldwide. The Galway R&D Innovation Centre will enable Integer to provide a collaborative environment where both Integer and our customers' teams can work together to ideate and develop new and innovative devices. "Integer continues to make key investments to help support our customers' innovation and growth," said Payman Khales, president of Integer's cardio and vascular business. "The Galway R&D Innovation Centre will allow us to enhance our current capabilities, while accelerating the development of a broad range of cardio and vascular products." Located in Claregalway, six kilometers from Integer's main Galway, Ireland, facility, the new, fully dedicated 8,500 square foot facility will support Integer's customers across the globe, including the significant medical device cluster in Ireland. The facility features a versatile workspace for the R&D team to collaborate with customers on innovative technical solutions that meet their evolving needs. There is also a significant increase in development lab space, providing the team room to grow and add capabilities, including space for a cleanroom pilot line. In addition, the opening of this new dedicated facility, frees up space allowing the Galway manufacturing site to expand, increase capacity and add new equipment as required to meet customers' needs. | ||||
Virtual Meeting to be… Virtual Meeting to be held on June 24 hosted by KeyBanc. | ||||