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ITGR Shares May Gain on the Completion of Irish Facility Expansions
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Integer Holdings Corporation (ITGR - Free Report) recently announced the completion of its facility expansions in Ireland. The expansions were marked with the official opening of Integer Holdings’ new European medical device innovation and manufacturing center in Galway, Ireland, on Sept. 20. This announcement followed the official opening of an 80,000 sq. ft. expansion of Integer Holdings guidewire manufacturing facility in New Ross, County Wexford, Ireland, earlier in September.
These expansion investments are likely to help ensure Integer Holdings’ continued ability to serve its customers both locally and globally, as well as expand capacity to meet increasing customer demand for guidewires, catheters, medical textiles and delivery systems.
Likely Trend of ITGR Stock Following the News
Following the announcement, shares of the company closed nearly flat at $128.39 on Monday.
Integer Holdings’ expansions in Ireland provide it with the capacity and differentiated capabilities to amplify its customers’ innovation and help them bring products to market faster. Accordingly, we anticipate the stock to gain investors’ optimism around this latest facility expansion news.
Meanwhile, ITGR currently has a market capitalization of $4.34 billion. It has an earnings yield of 4.11%, much higher than the industry’s negative yield of 4.83%. In the last reported quarter, ITGR delivered an earnings surprise of 4.84%.
More on the ITGR’s Expansion News & Its Benefits
Integer Holdings' presence in Ireland spans 30 years. The company has continuously made investments in its personnel, technology, and infrastructure over the said time. This trend is continued by the recent facility expansions and the acquisition of Aran Biomedical, which demonstrates Integer Holdings' dedication to its Irish business and customers.
In addition to providing extra capacity for catheters, medical textiles, and delivery systems, Integer Holdings’ new $30 million, 67,000 square feet facility in Galway's Parkmore East area is also likely to meet the growing demand for regional research and development, as well as manufacturing. The significant manufacturing space in the same facility allows a seamless transition of new products from development to manufacturing, further enabling the company’s ability to help customers bring products to market faster.
Although the company's current needs are met by this first phase of development, it has secured planning permission for a total of 147,000 square feet at the Parkmore East location. With this permission, the facility can expand its manufacturing footprint to 300,000 square feet.
In addition to the new facility in Galway, Integer Holdings has also recently completed a $60 million capital project at its location in New Ross, County Wexford. In addition to adding 80,000 square feet to the existing facility and increasing the total square footage to 215,000, this investment boosts manufacturing capacity at the New Ross location by more than 70% and incorporates brand-new, cutting-edge manufacturing equipment to support clients' long-term growth.
Integer Holdings also continues to increase employment in Ireland, with more than 1,700 currently employed in the region. In Galway, the company is on track with its previously announced commitment to increase jobs by 100-200 in the coming years. In New Ross, Integer Holdings has increased its number of employees by 25% since 2020. It is expected this trend will continue in line with customer demand.
.ITGR’s Price Performance
For the past six months, ITGR shares have rallied 12.3% compared with the industry’s rise of 2.6%. The S&P 500 increased 9.7% in the same time frame.
Universal Health Service has an estimated long-term growth rate of 19%. UHS’ earnings surpassed estimates in each of the trailing four quarters, with the average being 14.58%.
Universal Health Service has gained 41.1% so far this year compared with the industry's 34.8% rise.
Quest Diagnostics has an estimated long-term growth rate of 6.20%. DGX’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 3.31%.
Quest Diagnostics shares have gained 3.7% so far this year compared with the industry’s 10.2% rise.
ABM Industries’ earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 7.34%.
ABM's shares have risen 24.1% so far this year compared with the industry’s 11.9% growth.
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ITGR Shares May Gain on the Completion of Irish Facility Expansions
Integer Holdings Corporation (ITGR - Free Report) recently announced the completion of its facility expansions in Ireland. The expansions were marked with the official opening of Integer Holdings’ new European medical device innovation and manufacturing center in Galway, Ireland, on Sept. 20. This announcement followed the official opening of an 80,000 sq. ft. expansion of Integer Holdings guidewire manufacturing facility in New Ross, County Wexford, Ireland, earlier in September.
These expansion investments are likely to help ensure Integer Holdings’ continued ability to serve its customers both locally and globally, as well as expand capacity to meet increasing customer demand for guidewires, catheters, medical textiles and delivery systems.
Likely Trend of ITGR Stock Following the News
Following the announcement, shares of the company closed nearly flat at $128.39 on Monday.
Integer Holdings’ expansions in Ireland provide it with the capacity and differentiated capabilities to amplify its customers’ innovation and help them bring products to market faster. Accordingly, we anticipate the stock to gain investors’ optimism around this latest facility expansion news.
Meanwhile, ITGR currently has a market capitalization of $4.34 billion. It has an earnings yield of 4.11%, much higher than the industry’s negative yield of 4.83%. In the last reported quarter, ITGR delivered an earnings surprise of 4.84%.
More on the ITGR’s Expansion News & Its Benefits
Integer Holdings' presence in Ireland spans 30 years. The company has continuously made investments in its personnel, technology, and infrastructure over the said time. This trend is continued by the recent facility expansions and the acquisition of Aran Biomedical, which demonstrates Integer Holdings' dedication to its Irish business and customers.
In addition to providing extra capacity for catheters, medical textiles, and delivery systems, Integer Holdings’ new $30 million, 67,000 square feet facility in Galway's Parkmore East area is also likely to meet the growing demand for regional research and development, as well as manufacturing. The significant manufacturing space in the same facility allows a seamless transition of new products from development to manufacturing, further enabling the company’s ability to help customers bring products to market faster.
Although the company's current needs are met by this first phase of development, it has secured planning permission for a total of 147,000 square feet at the Parkmore East location. With this permission, the facility can expand its manufacturing footprint to 300,000 square feet.
In addition to the new facility in Galway, Integer Holdings has also recently completed a $60 million capital project at its location in New Ross, County Wexford. In addition to adding 80,000 square feet to the existing facility and increasing the total square footage to 215,000, this investment boosts manufacturing capacity at the New Ross location by more than 70% and incorporates brand-new, cutting-edge manufacturing equipment to support clients' long-term growth.
Integer Holdings also continues to increase employment in Ireland, with more than 1,700 currently employed in the region. In Galway, the company is on track with its previously announced commitment to increase jobs by 100-200 in the coming years. In New Ross, Integer Holdings has increased its number of employees by 25% since 2020. It is expected this trend will continue in line with customer demand.
.ITGR’s Price Performance
For the past six months, ITGR shares have rallied 12.3% compared with the industry’s rise of 2.6%. The S&P 500 increased 9.7% in the same time frame.
Image Source: Zacks Investment Research
ITGR’s Zacks Rank & Other Stocks to Consider
ITGR carries a Zacks Rank #2 (Buy) at present.
Some other top-ranked stocks in the broader medical space are Universal Health Service (UHS - Free Report) , Quest Diagnostics (DGX - Free Report) and ABM Industries (ABM - Free Report) . While Universal Health Service sports a Zacks Rank #1 (Strong Buy), Quest Diagnostics and ABM Industries carry a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Universal Health Service has an estimated long-term growth rate of 19%. UHS’ earnings surpassed estimates in each of the trailing four quarters, with the average being 14.58%.
Universal Health Service has gained 41.1% so far this year compared with the industry's 34.8% rise.
Quest Diagnostics has an estimated long-term growth rate of 6.20%. DGX’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 3.31%.
Quest Diagnostics shares have gained 3.7% so far this year compared with the industry’s 10.2% rise.
ABM Industries’ earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 7.34%.
ABM's shares have risen 24.1% so far this year compared with the industry’s 11.9% growth.