Traders optimism in IntriCon (NASDAQ:IIN) future fundamentals pushed its stock price to the highest level of $42 a share at present. Its stock price rally accelerated significantly in the last three months, driven by robust financial numbers for the first quarter and stable outlook for the rest of the year.
The company’s expansion strategies and new product launches have also been adding to trader’s confidence.
Source Image: finviz.com
It has recently completed phase one introduction of the NXP® Semiconductor’s NxH2003 Bluetooth Low Energy (BLE) audio streaming SoC into IntriCon’s Lumen™ 155 product family. IntriCon has also leased additional space to expand its manufacturing activities.
First Quarter Results Were Impressive
IntriCon’s revenue and earnings exceeded analysts’ consensus estimates for the first quarter by $2 million and $0.08 per share. Its revenue of $25 million in the first quarter grew 19% from the year-ago period, thanks to the ongoing production of wireless continuous glucose monitoring (CGM) systems.
“Our medical, direct-to-end-consumer and indirect-to-end-consumer value hearing health businesses continue to drive strong top- and bottom-line performance, leading to another quarter of record sales,” said Mark S. Gorder, president and chief executive officer of IntriCon.
Order backlog remains at a record level at the end of the first quarter, which indicates that the company is well positioned to sustain revenue growth in the following quarters. Its Hearing Help Express (HHE) hearing aid orders rose 186% in Q1 from the year-ago period.
Buy IntriCon Stock Albeit Recent Gains
Several rating agencies, including B. Riley, and ValuEngine, have issued ‘Buy’ rating for IntriCon stock, citing further upside potential due to record order backlog and massive growth in financial numbers. B. Riley has set its price target at $45 per share. Barchart.com analysts say the company is worth $21.67M more after it reached the firm’s price target of $42 a share.
Featured Image: Facebook
