PRINCETON, N.J. - Integra LifeSciences Holdings Corporation (NASDAQ:IART), a prominent global medical technology company, reported its financial outcomes for the first quarter ending March 31, 2024.
The company's first-quarter revenue reached $368.9 million, a 3.1% decline on a reported basis and a 2.5% decline on an organic basis compared to the previous year. Despite this, the revenue figure surpassed the consensus estimate of $362.05 million, signaling a better-than-expected performance. Adjusted earnings per share (EPS) stood at $0.55, precisely in line with analyst expectations.
The company's president and CEO, Jan De Witte, commented on the results, "We are pleased with our strong first quarter financial performance, which reflects the strength of our diversified portfolio and the unwavering commitment of our colleagues worldwide to our customers and patients."
He further emphasized the company's focus on enhancing manufacturing operations and supply chain resilience, advancing the product pipeline, and integrating the newly acquired Acclarent business.
The quarter's performance was influenced by a 15.3% organic decline in Tissue Technologies revenue, primarily due to the impact of the Boston product recall. However, excluding the Boston recall, Tissue Technologies sales were down only 4.4%. Codman Specialty Surgical, which accounts for approximately 70% of revenues, saw a 3.3% reported growth and a 4.4% organic growth compared to the first quarter of 2023.
Looking ahead, Integra LifeSciences has updated its full-year 2024 revenue guidance to a range of $1.672 billion to $1.687 billion, reflecting the Acclarent acquisition and a revised expectation for the relaunch of SurgiMend® and PriMatrix®. This guidance indicates a reported growth of 8.4% to 9.4% and an organic growth of 3.3% to 4.3%. However, the forecasted EPS range of $3.01 to $3.11 falls short of the analyst consensus of $3.19.
For the second quarter of 2024, the company anticipates reported revenues between $411 million and $416 million, which is above the consensus estimate of $395.8 million. The projected adjusted EPS range of $0.60 to $0.65 for the second quarter is below the analyst consensus of $0.74.
Integra LifeSciences' financial position remains robust, with cash flow from operations totaling $15.8 million in the quarter and a consolidated total leverage ratio of 3.2x. The company's total liquidity is approximately $1.54 billion, including cash, short-term investments, and available credit.
The company's strategic focus remains on strong demand for its diverse portfolio, successful market uptake of products like CereLink®, and international growth. The acquisition of Acclarent is expected to build a leadership position in the ENT segment and provide immediate scale and accretive growth.
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