Benzinga - by Vandana Singh, Benzinga Editor.
Monday, Integra LifeSciences Holdings Corporation (NASDAQ:IART) reported first-quarter revenues of $368.9 million, down 3.1% Y/Y on a reported basis and 2.5% on an organic basis, beating the consensus of $361.96 million and the management guidance of $360 million to $365 million.
Revenue increased by 1.6% on an organic basis, excluding Boston.
Integra Lifesciences reported an adjusted EPS of $0.55, which is in line with the consensus and lower than $0.74 a year ago. The management had forecasted first-quarter adjusted EPS of $0.53-$0.57.
The company reported adjusted gross margin of 64.4%, compared to 67.3% in the prior year.
Adjusted EBITDA for the first quarter of 2024 was $71.8 million, or 19.5% of revenue, compared to $92.3 million, or 24.2% of revenue, in the prior year.
Codman Specialty Surgical revenues were $256.4 million, representing reported growth of 3.3% and organic growth of 4.4% Y/Y.
Tissue Technologies revenues were $112.4 million, down 15.3% on a reported and organic basis, primarily driven by the impact of the Boston product recall.
Tissue Technologies sales were down 4.4%, excluding Boston.
The company is evaluating the timeline to address the findings related to the Boston facility product recall and resume commercial production.
Guidance: Integra LifeSciences expects second-quarter revenue of $411 million-$416 million versus the consensus of $395.8 million, representing reported growth of 7.8%-9.1% and organic growth of 1.3%-2.6%, reflecting the better than expected first quarter performance and the completion of the Acclarent acquisition.
The company forecasts adjusted EPS of $0.60-$0.65 versus the consensus of $0.75.
For fiscal year 2024, the company is updating its revenue and adjusted EPS expectations to $1.672 billion-$1.687 billion and $3.01 to $3.11, respectively.
Integra LifeSciences updates its fiscal year 2024 revenue guidance to $1.672 billion-$1.687 billion compared to prior guidance of $1.603 billion-$1.618 billion and the consensus of $1.616 billion.
The company lowered adjusted EPS forecast of $3.01-$3.11 (prior $3.15-$3.25) versus the consensus of $3.19.
The revenue range represents reported growth of 8.4% to 9.4%, with organic growth of 3.3% to 4.3%, reflecting the completion of the Acclarent acquisition and the removal of approximately $10 million of revenue from the relaunch of SurgiMend and PriMatrix beginning in the second half.
Price Action: IART shares are down 17.40% at $23.87 at last check Monday.
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