Now... onto more important issues.
Integra posted its second quarter 2022 results overnight.
A reasonableperformance, led by its tissue technology division with 5.1% organic growthcompared with second quarter 2021. Interestingly this is less than estimatedCAGR; and at a time when hospitals have opened up again. Sales were led by Integra Dermal Matrices and SurgiMend. Its other division (specialty surgical) was flat with 0.4% growth. Interestingly, the growth came from private label sales.
Total net revenue for the quarter was 397.5M and COGS was 148.4 (62.6% GM), leading to an operating income of 15%. This is a good guild as to how profitable PNV will be once we gain our fair share. The extra 30% GM will eventually end up on the bottom line.
I read the results as hospitals are opening up again. Six months sales numbers 2022 vs 2021 showed growth of 3.2% but all of that and more were in this second quarter (5.6% growth compared to Q1 2022). This supports the hypothesis that PNV will have had a good quarter. Maybe a great quarter…
The market also thought is was an OK performance. The stock fell a bit over 1% overnight.
Lets all get back to the business of making a buck !
Fes
Competitors to PNV, page-139
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$2.43 |
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