Integra LifeSciences Q2 Results Beat Expectations

(RTTNews) - Integra LifeSciences Holdings Corporation (IART), a medical technology company, Thursday reported net loss of $484.07 million or $6.31 per share for the second quarter, significantly higher than $12.40 million or $0.16 per share loss in the same quarter a year ago, primary due to a goodwill impairment charge of $511.37 million.

Excluding one-time items, the company posted adjusted earnings of $34.37 million or $0.45 per share, down from $49.01 million or $0.63 per share in the prior year.

On average, 10 analysts expected earnings of $0.43 per share. Analysts' estimates typically exclude special items.

Operating loss widened to $512.67 million from $3.03 million loss last year.

Adjusted EBITDA, or adjusted earnings before interest, taxes, depreciation, and amortization decreased to $71.22 million from $83.76 million a year ago.

Revenue for the quarter slightly declined to $415.61 million from $418.18 million in the previous year. The consensus estimate was for $395.06 million.

For the third quarter, the company expects revenues to be in the range of $410 million to $420 million, a growth of 7.7% - 10.3%. Adjusted EPS is expected between $0.40 and $0.45. Analysts expect the company to report earnings of $0.58 per share on revenue of $418.83 million.

For the full year, Integra LifeSciences is updating its revenue guidance to $1.655 billion - $1.680 billion form the previous $1.650 billion - $1.715 billion. It has confirmed its adjusted EPS outlook of $2.19 - $2.29. The Street is looking for earnings of $2.24 per share with revenue of $1.67 billion.