littlefish- IART
I go by adjusted non gaap eps, and the company kept guidance at $2.19-$2.29 for the year. As far as the loan, no one can know the new interest rate at this point. I'm sure the company knows more than me, and they didn't lower eps for the year. Revenues are being stunted for the supply holds, as they get through their quality compliance plan, however they said things are going well, and they still expect to be through all this by 2026, with fewer supply hold issue as time passes. They also said in the CC, that the two old tissue devices, which were recalled in 2022, are coming back on the market in 2026, made at their new Bambridge MA factory. Overall I felt the quarter was an improvement, as it was plain less bad, with no decreases in earnings being guided for. So bottom line for me is, that they are selling for a 5 PE going forward, while expecting to make a strong comeback in both revenues and earnings in 2026. In the meantime, the medical device sector is averaging a 25-27 PE going forward, so obviously IART is being priced like they may totally fail and go bankrupt. Buying at present levels IMO, is simply betting the company doesn't go under.
By the way, R59 & others hated HZNP back in 2020, as it's gaap numbers stunk, while it's non gaap adjusted earnings looked decent. I always liked the company, based on my assumptions about non gaap eps going forward, especially after the FDA approval of Tepezza(for thyroid eye disease) bought the stock at $20 in 2020, and sold in at $120+ within a year(I had around 7K shares). They ended up getting bought out for around the same price.
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