Integer Holdings (GB) has reported 51,981.82 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $11.46 million in the quarter, compared with $0.02 million for the same period last year. On the other hand, adjusted net income for the quarter stood at $25.80 million, or $0.83 a share compared with $15.40 million or $0.58 a share, a year ago.
Revenue during the quarter surged 136.34 percent to $346.57 million from $146.64 million in the previous year period. Gross margin for the quarter contracted 697 basis points over the previous year period to 28.25 percent. Total expenses were 89.36 percent of quarterly revenues, down from 99.19 percent for the same period last year. This has led to an improvement of 982 basis points in operating margin to 10.64 percent.
Operating income for the quarter was $36.86 million, compared with $1.20 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $75.02 million compared with $31.40 million in the prior year period. At the same time, adjusted EBITDA margin improved 23 basis points in the quarter to 21.65 percent from 21.41 percent in the last year period.
"Our third quarter results demonstrate that the steps we have taken to stabilize our business are working," said Thomas J. Hook, Integer’s president and chief executive officer. "Our internal focus on reducing costs, improving working capital, and business process optimization is progressing well and has allowed us to stem the revenue and adjusted EBITDA declines we saw during the first half of the year. Our outlook for the remainder of the year further demonstrates this business stabilization. Integer’s value proposition remains intact and we are well-positioned within the medical technology market, with a broad suite of technologies, capabilities and product offerings to deliver innovative, cost-effective solutions to our customers in order to enrich the lives of patients worldwide."
Working capital increases sharplyInteger Holdings has recorded an increase in the working capital over the last year. It stood at $325.25 million as at Sep. 30, 2016, up 31.77 percent or $78.43 million from $246.82 million on Oct. 02, 2015. Current ratio was at 2.63 as on Sep. 30, 2016, down from 3.10 on Oct. 02, 2015. Cash conversion cycle (CCC) has decreased to 65 days for the quarter from 171 days for the last year period. Days sales outstanding went down to 41 days for the quarter compared with 73 days for the same period last year.
Days inventory outstanding has decreased to 48 days for the quarter compared with 146 days for the previous year period. At the same time, days payable outstanding went down to 24 days for the quarter from 48 for the same period last year.
Debt increases substantiallyInteger Holdings has witnessed an increase in total debt over the last one year. It stood at $1,746.16 million as on Sep. 30, 2016, up 870.09 percent or $1,566.16 million from $180 million on Oct. 02, 2015. Total debt was 60.51 percent of total assets as on Sep. 30, 2016, compared with 18.30 percent on Oct. 02, 2015. Debt to equity ratio was at 2.36 as on Sep. 30, 2016, up from 0.28 as on Oct. 02, 2015. Interest coverage ratio improved to 1.32 for the quarter from 0.21 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
