The Plainsboro, N.J.-based company posted profits of $6.4 million, or 8¢ per share, on sales of $258.6 million for the 3 months ended March 31, for a bottom-line slide of 52.4% while sales grew 9.2% compared with the same period last year.
After adjusting to exclude 1-time items, earnings per share were 39¢, significantly below the 61¢ consensus on The Street, where analysts were looking for sales of $332.8 million for the quarter.
“We are off to a solid start in 2017, which gives us increased confidence in delivering on our full-year 2017 financial guidance. We completed the acquisition of Derma Sciences, launched several new products that will drive growth in the second half of the year, and remain on track to complete the planned acquisition of Codman Neurosurgery in the fourth quarter of 2017,” prez & CEO Peter Arduini said in a prepared statement.
Integer said it will maintain its outlook for the full year, expecting to see revenue between $1.12 and $1.14 billion, with non-GAAP earnings per share between $1.88 and $1.94.
“Based on our first quarter results and the sequential improvements that we expect over the course of the year, we remain confident that we will achieve our full-year projections. We also successfully executed and secured an extension of our term loan facility with favorable terms, which we will use to pay for the planned acquisition of Codman Neurosurgery later this year,” CFO Glenn Coleman said in a press release.
Shares have dropped roughly 1% so far in trading today, down 40¢ at $36.60 as of 12:49 p.m. EST.