Shares of Integra LifeSciences Holdings spiked 6.3% on Wednesday after the medical device maker released 3Q preliminary sales results, which exceeded its previous guidance.
On October 6, Integra LifeSciences (IART) said that it projects to report 3Q revenues between $368 million and $370 million, representing a year-over-year decline of 2.7% on a reported basis. Back in August, the company had forecasted a year-on-year decline in the range of 5% to 15%.
Integra LifeSciences said, “These results exceeded the Company’s third quarter revenue outlook range provided in August during the second quarter conference call and represent a significant recovery from the second quarter decline of 32.6%. The sales improvement in the third quarter was broad-based across the Company’s major franchises.” (See IART stock analysis on TipRanks)
Following the company’s preliminary results, BTIG analyst Ryan Zimmerman reiterated his Buy rating and a price target of $59 (13.7% upside potential). In a note to investors, Zimmerman wrote, “We believe IART has numerous drivers of improved and sustainable growth that may last on a multi-quarter basis, specifically a combination of the larger CSS (Codman Specialty Surgical) sales force with significant more products to sell, a full product pipeline, product registrations OUS (MediHoney Wound & Burn Dressing), and an expanded and reorganized OTT (Orthopedics and Tissue Technologies) sales force for deeper channel depth.”
Currently, the Street has a cautiously optimistic outlook on the stock. The Moderate Buy analyst consensus is based on 5 Buys and 3 Holds. With shares down nearly 11% year-to-date, the average price target of $57.83 implies upside potential of about 11.5% to current levels.
Related News:
Eli Lilly Files For FDA Emergency Use Of COVID-19 Antibody Treatment
Vir Biotechnology Kicks Off Covid-19 Treatment Trial; Shares Rise 6.1%
ChromaDex Pops 28% On Anti-Ageing Supplement Covid-19 Study
