Integra Lifesciences slips on missed Q3 expectations

Integra LifeSciences (NSDQ:IART) shares are off today after it missed expectations with its third-quarter results and lowered its full-year earnings outlook. The Plainsboro, N.J.-based medical device company posted profits of $3.2 million, or 4¢ per share, on sales of $278.8 million for the three months ended Sept. 30, for a -84.3% bottom-line slide on sales growth of 11.4% compared with Q3 2016. Adjusted to exclude one-time items, earnings per share were 45¢, 2¢ below the consensus forecast on Wall Street, where analysts were looking for sales of $286.1 million. “Despite the challenges that we encountered during the third quarter, we were able to mitigate much of the impact on adjusted earnings per share with tighter expense controls, resulting in better-than-expected cash flows,” president & CEO Peter Arduini said in prepared remarks. “We are pleased to have closed the acquisition of Codman Neurosurgery and look forward to the increased scale and profitability that this strategic deal enables.” Integra lowered its full-year adjusted EPS guidance to $1.83 to $1.87, down from $1.88 to $1.94 previously, “entirely because of storm-related disruptions.” But 2017 sales are now expected to be between $1.165 billion and $1.175 billion, compared with prior guidance of $1.125 billion to $1.140 billion, largely due to contributions from the Codman Neuro business. “We expect some storm-related disruptions to continue to impact revenues ...
Source: Mass Device - Category: Medical Devices Authors: Tags: MassDevice Earnings Roundup Wall Street Beat integralifesciences Source Type: news