Integra LifeSciences Holdings Corporation (Nasdaq:IART) today
reported its financial results for the fourth quarter and full year
ending December 31, 2010. Total revenues for the fourth quarter
were $194.1 million, reflecting an increase of $10.6 million, or
6%, over the fourth quarter of 2009. Total revenues in the full
year of 2010 were $732.1 million, reflecting an increase of $49.6
million, or 7%, over the full year of 2009. Excluding the impact of
currency exchange rates, revenues increased 7% over the fourth
quarter of 2009 and 7% over the full year 2009. We present revenues
by product category in a table at the end of this press release.
"We successfully navigated the continued challenges presented by
the economy in 2010. Our financial results highlight the strength
of our diverse revenue base," said Integra's Chief Executive
Officer, Stuart Essig. "We believe the investments we made
throughout 2010 position our company well for long-term
growth."
The Company reported GAAP net income of $18.8 million, or $0.63
per diluted share, for the fourth quarter of 2010, compared to GAAP
net income of $15.7 million, or $0.53 per diluted share, for the
fourth quarter of 2009. The Company reported GAAP net income of
$65.7 million, or $2.17 per diluted share, for the full year 2010,
compared to GAAP net income of $51.0 million, or $1.74 per diluted
share in 2009.
Adjusted net income for the fourth quarter of 2010, computed
with the adjustments to GAAP reporting set forth in the attached
reconciliation, was $24.0 million, or $0.80 per diluted share,
compared to $21.0 million, or $0.71 per diluted share, in the
fourth quarter of 2009. Adjusted net income for the full year 2010,
computed with the adjustments to GAAP reporting set forth in the
attached reconciliation, was $89.9 million, or $2.97 per diluted
share, compared to $76.5 million, or $2.61 per diluted share in
2009.
Integra generated $28.4 million in cash flows from operations
and used $18.2 million of cash on capital expenditures in the
fourth quarter of 2010. For the full year ended December 31, 2010,
Integra's cash flows from operations totaled $105.6 million. The
Company used $37.1 million of cash on capital expenditures during
the year.
Adjusted EBITDA for the fourth quarter of 2010, computed with
the adjustments to GAAP reporting set forth in the attached
reconciliation, was $41.5 million, flat compared to the same period
last year. Adjusted EBITDA for the full year 2010, computed with
the adjustments to GAAP reporting set forth in the attached
reconciliation, was $151.0 million, an increase of 4% compared to
the full year 2009.
Adjusted EBITDA excluding stock-based compensation for the
fourth quarter of 2010, computed with the adjustments to GAAP
reporting set forth in the attached reconciliation, was $45.8
million, an increase of 1% compared to the same period last year.
Adjusted EBITDA excluding stock-based compensation for the full
year 2010, computed with the adjustments to GAAP reporting set
forth in the attached reconciliation, was $166.7 million, an
increase of 4% compared to the same period last year.
Outlook for 2011
The Company is providing revenues and earnings per share
guidance for the full year 2011. The Company anticipates revenues
between $765 million and $780 million, at current exchange rates.
As has been the case in the past, we expect revenues in the first
quarter of 2011 to be 7% to 8% lower than the fourth quarter of
2010, and earnings to be disproportionately lower, and that the
fourth quarter of 2011 will be the strongest quarter of the year.
The Company is guiding to GAAP earnings per diluted share of
between $1.97 and $2.12 and to adjusted earnings per diluted share
of between $2.87 and $3.02. In accordance with our usual practice,
expectations for financial performance do not include the impact of
acquisitions or other strategic corporate transactions that have
not yet closed.
In the future, the Company may record, or expects to record,
certain additional revenues, gains, expenses or charges as
described in the Discussion of Adjusted Financial measures below
that it will exclude in the calculation of adjusted EBITDA and
adjusted earnings per share for historical periods and in providing
adjusted earnings per share guidance.
Conference Call
Integra has scheduled a conference call for 8:30 AM ET on
Thursday, February 24, 2011 to discuss financial results for the
fourth quarter and full year 2010 and forward-looking financial
guidance. The conference call will be hosted by Integra's
senior management team and will be open to all listeners.
Additional forward-looking information may be discussed in a
question and answer session following the call.
Access to the live call is available by dialing 719-457-2693 and
using the passcode 2097741. The call can also be accessed through a
webcast via a link provided on the Investor Relations homepage of
Integra's website at www.integralife.com. Access to the replay is
available through March 10, 2011 by dialing 719-457-0820 and using
the passcode 2097741. The webcast will also be archived on the
website.
Integra LifeSciences, a world leader in medical devices, is
dedicated to limiting uncertainty for surgeons, so they can
concentrate on providing the best patient care. Integra offers
innovative solutions in orthopedics, neurosurgery, spine,
reconstructive and general surgery. For more information, please
visit www.integralife.com.
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
that involve risks, uncertainties and reflect the Company's
judgment as of the date of this release. Forward-looking
statements include, but are not limited to, statements concerning
future financial performance, including projections for revenues,
GAAP and adjusted net income, GAAP and adjusted earnings per
diluted share, stock-based compensation, non-GAAP adjustments such
as system implementations charges, acquisition-related charges,
non-cash amortization of imputed interest as a result of the
adoption of the current convertible debt accounting, intangible
asset amortization, and income tax expense (benefit) related to
non-GAAP adjustments. Such forward-looking statements involve
risks and uncertainties that could cause actual results to differ
materially from predicted or expected results. Such risks and
uncertainties include, but are not limited to: the Company's
ability to maintain relationships with customers of acquired
entities; physicians' willingness to adopt and third-party payors'
willingness to provide reimbursement for the Company's recently
launched and planned products; the Company's ability to manufacture
sufficient quantities of its products to meet its customers'
demand; initiatives launched by the Company's competitors; the
Company's ability to secure regulatory approval for products in
development; fluctuations in hospital spending for capital
equipment; the Company's ability to comply with and obtain
approvals for products of human origin and comply with recently
enacted regulations regarding products containing materials derived
from animal sources; difficulties in controlling expenses,
including costs to procure and manufacture our products; the impact
of changes in management or staff levels; the Company's ability to
integrate acquired businesses; the Company's ability to leverage
its existing selling organizations and administrative
infrastructure; the Company's ability to increase product sales and
gross margins, and control non-product costs; the amount and timing
of acquisition and integration related costs; the geographic
distribution of where the Company generates its taxable income; the
effect of legislation effecting healthcare reform in the United
States; the timing and amount of share-based awards granted to
employees; fluctuations in foreign currency exchange rates; the
amount of our convertible notes and bank borrowings outstanding,
and the economic, competitive, governmental, technological and
other risk factors and uncertainties identified under the heading
"Risk Factors" included in Item 1A of Integra's Annual Report on
Form 10-K for the year ended December 31, 2010 and information
contained in subsequent filings with the Securities and Exchange
Commission. These forward-looking statements are made only as
of the date hereof, and the Company undertakes no obligation to
update or revise the forward-looking statements, whether as a
result of new information, future events or otherwise.
Discussion of Adjusted Financial Measures
In addition to our GAAP results, we provide adjusted revenues,
adjusted earnings before interest, taxes, depreciation and
amortization (EBITDA), adjusted EBITDA excluding stock-based
compensation, adjusted net income and adjusted earnings per diluted
share. Adjusted revenues consist of growth in total revenues
excluding the effects of currency exchange rates on the current
period's revenues. The various measures of adjusted EBITDA consist
of GAAP net income, excluding: (i) depreciation and amortization,
(ii) other income (expense), net, (iii) interest income and
expense, (iv) income taxes, (v) those operating expenses also
excluded from adjusted net income and, as appropriate (vi)
stock-based compensation expense. The measure of adjusted net
income consists of GAAP net income, excluding: (i)
acquisition-related charges; (ii) certain employee termination and
related costs; (iii) intangible asset impairment charges; (iv)
charges associated with discontinued or withdrawn product lines;
(v) systems implementation charges; (vi) facility consolidation,
manufacturing and distribution transfer charges; (vii) incremental
professional and bank fees related to the possibility of obtaining
a waiver under our revolving credit facility; (viii) charges
related to restructuring our European subsidiaries; (ix) charges
related to our Chief Operating Officer's fully-vested equity and
cash signing bonus compensation and other expenses related to his
joining the Company; (x) charges or gains related to litigation
matters or disputes; (xi) gains and losses related to the early
extinguishment of convertible notes; (xii) non-cash amortization of
imputed interest as a result of the adoption of the current
convertible debt accounting; (xiii) intangible asset amortization
expense; (xiv) quarterly adjustments to income tax expense/benefit
related to the cumulative impact of changes in estimated tax rates
and certain infrequently occurring items; and (xv) the income tax
expense/benefit related to these adjustments. The adjusted
earnings per diluted share measure is calculated by dividing
adjusted net income attributable to diluted shares by diluted
weighted average shares outstanding. Reconciliations of GAAP
revenues to adjusted revenues for the quarter and year ended
December 31, 2010 and GAAP net income to adjusted EBITDA, adjusted
EBITDA excluding stock-based compensation and adjusted net income,
and GAAP earnings per diluted share to adjusted earnings per
diluted share for the quarters and years ended December 31, 2010
and 2009 appear in the financial tables in this release.
Integra believes that the presentation of adjusted revenues and
the various adjusted EBITDA, adjusted net income, and adjusted
earnings per diluted share measures provides important supplemental
information to management and investors regarding financial and
business trends relating to the Company's financial condition and
results of operations. For further information regarding why
Integra believes that these non-GAAP financial measures provide
useful information to investors, the specific manner in which
management uses these measures, and some of the limitations
associated with the use of these measures, please refer to the
Company's Current Report on Form 8-K regarding this earnings press
release filed today with the Securities and Exchange
Commission. This Current Report on Form 8-K is available on
the SEC's website at www.sec.gov or on our website at
www.integralife.com.
INTEGRA LIFESCIENCES HOLDINGS
CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED) |
|
(In thousands, except per share
amounts) |
|
|
|
Three Months Ended December
31, |
Twelve Months Ended December
31, |
|
2010 |
2009 |
2010 |
2009 |
Total revenues |
$194,134 |
$183,526 |
$732,068 |
$682,487 |
|
|
|
|
|
Costs and expenses: |
|
|
|
|
Cost of product revenues |
71,306 |
63,944 |
268,188 |
244,918 |
Research and development |
13,331 |
11,810 |
48,114 |
44,280 |
Selling, general and administrative |
82,590 |
76,484 |
305,055 |
281,102 |
Intangible asset amortization |
2,744 |
3,441 |
12,017 |
14,363 |
|
|
|
|
|
Total costs and expenses |
169,971 |
155,679 |
633,374 |
584,663 |
|
|
|
|
|
Operating income |
24,163 |
27,847 |
98,694 |
97,824 |
Interest income |
53 |
53 |
225 |
631 |
Interest expense |
(5,125) |
(4,876) |
(18,356) |
(23,227) |
Other income (expense), net |
349 |
(347) |
1,551 |
(2,076) |
|
|
|
|
|
Income before income taxes |
19,440 |
22,677 |
82,114 |
73,152 |
|
|
|
|
|
Income tax expense (benefit) |
633 |
6,946 |
16,445 |
22,197 |
|
|
|
|
|
Net income |
18,807 |
15,731 |
65,669 |
50,955 |
|
|
|
|
|
Diluted net income per share* |
$ 0.63 |
$ 0.53 |
$ 2.17 |
$ 1.74 |
|
|
|
|
|
Weighted average common shares |
|
|
|
|
outstanding for diluted net |
|
|
|
|
income per share |
29,935 |
29,540 |
30,149 |
29,292 |
|
|
|
|
|
*In accordance with the
authoritative guidance related to determining whether instruments
issued in share-based payment transactions are participating
securities, certain of the Company's unvested restricted share
units contain rights to receive non-forfeitable dividends, and
thus, are participating securities requiring the two-class method
of computing earnings per share. The calculation of earnings per
share for common stock shown above excludes the income attributable
to the unvested restricted share units with dividend rights from
the numerator and excludes the dilutive impact of those units from
the denominator. This had an insignificant impact (impacts the
rounding by $0.01 or less per share) on diluted net income per
share for all periods shown above. |
Listed below are the items included in GAAP revenues and GAAP
net income that management excludes in computing the adjusted
financial measures referred to in the text of this press release
and further described under Discussion of Adjusted Financial
Measures.
Growth in total revenues
excluding the effects of currency exchange rates (In
thousands) |
|
|
Three Months Ended |
Twelve Months Ended |
|
December 31, |
December 31, |
|
2010 |
2009 |
Change |
2010 |
2009 |
Change |
Orthopedics |
$ 74,074 |
$ 68,505 |
8% |
$ 290,050 |
$ 262,170 |
11% |
Neurosurgery |
$ 74,150 |
$ 68,137 |
9% |
$ 275,046 |
$ 256,544 |
7% |
Instruments |
$ 45,910 |
$ 46,884 |
-2% |
$ 166,972 |
$ 163,773 |
2% |
Total revenues |
$194,134 |
$183,526 |
6% |
$732,068 |
$682,487 |
7% |
|
|
|
|
|
|
|
Impact of changes in |
|
|
|
|
|
|
currency exchange rates |
($ 1,350) |
-- |
|
($ 715) |
-- |
|
Growth in total revenues |
|
|
|
|
|
|
excluding the effects of |
|
|
|
|
|
|
currency exchange rates |
$195,484 |
$183,526 |
7% |
$732,783 |
$682,487 |
7% |
|
|
|
|
|
|
Items included in GAAP net income (In
thousands) |
|
|
|
Three Months Ended
December 31, |
Twelve Months Ended
December 31, |
|
2010 |
2009 |
2010 |
2009 |
|
|
|
|
|
Acquisition-related charges (a) |
$425 |
$632 |
$2,509 |
$5,598 |
|
|
|
|
|
Certain employee termination and related |
|
|
|
|
charges (b) |
339 |
28 |
1,498 |
674 |
|
|
|
|
|
Intangible asset impairment charges (c) |
-- |
-- |
856 |
1,519 |
|
|
|
|
|
Charges associated with discontinued |
|
|
|
|
or withdrawn product lines
(d) |
432 |
-- |
506 |
246 |
|
|
|
|
|
Systems implementation charges (e) |
1,673 |
-- |
3,462 |
-- |
|
|
|
|
|
Facility consolidation, manufacturing |
|
|
|
|
and distribution transfer charges
(f) |
872 |
280 |
1,676 |
768 |
|
|
|
|
|
Incremental professional and bank fees
related to |
|
|
|
|
the possibility of obtaining a
waiver under our |
|
|
|
|
revolving credit facility (g) |
-- |
-- |
-- |
350 |
|
|
|
|
|
Charges related to restructuring |
|
|
|
|
European entities (h) |
934 |
-- |
1,329 |
1,876 |
|
|
|
|
|
Charges related to our Chief Operating
Officer's |
|
|
|
|
fully-vested equity and cash
signing bonus |
|
|
|
|
compensation and other expenses
related to |
|
|
|
|
his joining the Company (i) |
2,188 |
-- |
2,188 |
-- |
|
|
|
|
|
Litigation settlement (gain) and |
|
|
|
|
related charges (j) |
-- |
-- |
-- |
(253) |
|
|
|
|
|
Loss (gain) related to early
extinguishment |
|
|
|
|
of convertible notes (k) |
-- |
448 |
-- |
(469) |
|
|
|
|
|
Non-cash amortization of imputed interest as
a |
|
|
|
|
result of the adoption of the
current convertible |
|
|
|
|
debt accounting (l) |
1,606 |
2,038 |
7,125 |
9,900 |
|
|
|
|
|
Intangible asset amortization expense** |
4,200 |
4,854 |
17,019 |
19,404 |
|
|
|
|
|
Income tax expense related to above |
|
|
|
|
adjustments, quarterly
adjustments |
|
|
|
|
to income tax expense related
to the |
|
|
|
|
cumulative impact of changes
in |
|
|
|
|
estimated tax rates and
certain |
|
|
|
|
infrequently occurring items
that |
|
|
|
|
affected the reported tax rate |
(7,483) |
(2,986) |
(13,957) |
(14,052) |
|
|
|
|
|
Stock-based compensation expense* |
4,256 |
4,058 |
15,709 |
15,580 |
|
|
|
|
|
Depreciation expense |
6,304 |
7,720 |
21,298 |
18,766 |
|
(a) Q4 2010 -- $364 recorded
in cost of product revenues, $61 recorded in selling general and
administrative; FY 2010 -- $1,760 recorded in cost of product
revenues, $673 recorded in selling general and administrative, $76
included in research and development. Q4 2009 -- $215 recorded in
cost of product revenues, $134 recorded in research and
development, $283 recorded in selling general and administrative;
FY 2009 -- $4,787 recorded in cost of product revenues, $410
recorded in research and development, $401 recorded in selling
general and administrative. (b) Q4 2010 -- $205 recorded in
cost of product revenues; $134 recorded in selling general and
administrative; FY 2010 -- $555 recorded in cost of product
revenues; $943 recorded in selling general and administrative. Q4
2009 – all recorded in cost of product revenues; FY 2009 -- $117
recorded in cost of product revenues, $160 recorded in research and
development, $397 recorded in selling general and administrative.
(c) FY 2010 – all recorded in intangible asset amortization.
FY 2009 - all recorded in cost of product revenues. (d) Q4
2010 -- $317 recorded in cost of product revenues, $115 recorded in
selling general and administrative; FY 2010 -- $391 recorded in
cost of product revenues, $115 recorded in selling general and
administrative. FY 2009 - all recorded in cost of product revenues.
(e) All recorded in selling general and administrative.
(f) Q4 2010 -- $202 recorded in cost of product revenues, $670
recorded in selling general and administrative; FY 2010 -- $936
recorded in cost of product revenues; $714 recorded in selling
general and administrative; $26 recorded in research and
development. Q4 2009 – all recorded in cost of product revenues;
FY 2009 -- $531 recorded in cost of product revenues, $237
recorded in selling general and administrative. (g) FY 2009 –
$200 recorded in selling general and administrative, $150 recorded
in interest expense. (h) FY 2010 – all recorded in selling
general and administrative. FY 2009 – all recorded in other expense
(income). (i) All recorded in selling general and
administrative. (j) FY 2009 - All recorded in other expense
(income). (k) All recorded in other expense (income).
(l) All recorded in interest expense. * Q4 2010
and FY 2010 – This amount excludes $1,500 of stock-based
compensation expense included in item (i) above. ** FY 2010 –
This amount excludes $856 of intangible asset amortization expense
included in item (c) above; FY 2009 – This amount excludes $1,519
of intangible asset amortization expense included in item (c)
above. |
INTEGRA LIFESCIENCES HOLDINGS
CORPORATION RECONCILIATION OF NON-GAAP ADJUSTMENTS – GAAP NET
INCOME TO ADJUSTED EBITDA AND ADJUSTED EBITDA EXCLUDING STOCK BASED
COMPENSATION (UNAUDITED) |
|
(In thousands) |
|
Three Months Ended
December 31, |
Twelve Months Ended
December 31, |
|
2010 |
2009 |
2010 |
2009 |
|
|
|
|
|
GAAP net income |
$18,807 |
$15,731 |
$65,669 |
$50,955 |
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
Depreciation and intangible asset |
|
|
|
|
amortization expense |
10,504 |
12,574 |
38,317 |
38,170 |
|
|
|
|
|
Other (income) expense, net |
(349) |
347 |
(1,551) |
2,076 |
|
|
|
|
|
Interest (income) expense, net |
5,072 |
4,823 |
18,131 |
22,596 |
|
|
|
|
|
Income tax expense |
633 |
6,946 |
16,445 |
22,197 |
|
|
|
|
|
Acquisition-related charges |
425 |
632 |
2,509 |
5,598 |
|
|
|
|
|
Certain employee termination and related |
|
|
|
|
charges |
339 |
28 |
1,498 |
674 |
|
|
|
|
|
Intangible asset impairment charges |
-- |
-- |
856 |
1,519 |
|
|
|
|
|
Charges associated with discontinued |
|
|
|
|
or withdrawn product
lines |
432 |
-- |
506 |
246 |
|
|
|
|
|
Systems implementation charges |
1,673 |
-- |
3,462 |
-- |
|
|
|
|
|
Facility consolidation, manufacturing |
|
|
|
|
and distribution transfer
charges |
872 |
280 |
1,676 |
768 |
|
|
|
|
|
Incremental professional and bank fees |
|
|
|
|
related to the possibility of
obtaining a |
|
|
|
|
waiver under our revolving credit
facility |
-- |
-- |
-- |
200 |
|
|
|
|
|
Charges related to restructuring |
|
|
|
|
European entities |
934 |
-- |
1,329 |
-- |
|
|
|
|
|
Charges related to our Chief Operating |
|
|
|
|
Officer's fully-vested equity and
cash signing |
|
|
|
|
bonus compensation and other
expenses |
|
|
|
|
related to his joining the
Company |
2,188 |
-- |
2,188 |
-- |
|
|
|
|
|
Total of non-GAAP adjustments |
22,723 |
25,630 |
85,366 |
94,044 |
|
|
|
|
|
Adjusted EBITDA |
$41,530 |
$41,361 |
$151,035 |
$144,999 |
|
|
|
|
|
Stock-based compensation expense |
4,256 |
4,058 |
15,709 |
15,580 |
|
|
|
|
|
Adjusted EBITDA excluding stock-based |
|
|
|
|
compensation |
$45,786 |
$45,419 |
$166,744 |
$160,579 |
|
|
|
|
|
INTEGRA LIFESCIENCES HOLDINGS
CORPORATION RECONCILIATION OF NON-GAAP ADJUSTMENTS – GAAP NET
INCOME TO MEASURES OF ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER
SHARE (UNAUDITED) |
|
(In thousands, except per share
amounts) |
|
Three Months Ended
December 31, |
Twelve Months Ended
December 31, |
|
2010 |
2009 |
2010 |
2009 |
|
|
|
|
|
GAAP net income |
$18,807 |
$15,731 |
$65,669 |
$50,955 |
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
Acquisition-related charges |
425 |
632 |
2,509 |
5,598 |
|
|
|
|
|
Certain employee termination and related |
|
|
|
|
charges |
339 |
28 |
1,498 |
674 |
|
|
|
|
|
Intangible asset impairment charges |
-- |
-- |
856 |
1,519 |
|
|
|
|
|
Charges associated with discontinued |
|
|
|
|
or withdrawn product
lines |
432 |
-- |
506 |
246 |
|
|
|
|
|
Systems implementation charges |
1,673 |
-- |
3,462 |
-- |
|
|
|
|
|
Facility consolidation, manufacturing |
|
|
|
|
and distribution transfer
charges |
872 |
280 |
1,676 |
768 |
|
|
|
|
|
Incremental professional and bank fees
related to |
|
|
|
|
the possibility of obtaining a
waiver under our |
|
|
|
|
revolving credit facility |
-- |
-- |
-- |
350 |
|
|
|
|
|
Charges related to restructuring |
|
|
|
|
European entities |
934 |
-- |
1,329 |
1,876 |
|
|
|
|
|
Charges related to our Chief Operating
Officer's |
|
|
|
|
fully-vested equity and cash
signing bonus |
|
|
|
|
compensation and other expenses
related to |
|
|
|
|
his joining the Company |
2,188 |
-- |
2,188 |
-- |
|
|
|
|
|
Litigation settlement (gain) and |
|
|
|
|
related charges |
-- |
-- |
-- |
(253) |
|
|
|
|
|
Loss (gain) related to early
extinguishment |
|
|
|
|
of convertible notes |
-- |
448 |
-- |
(469) |
|
|
|
|
|
Non-cash amortization of imputed interest as
a |
|
|
|
|
result of the adoption of the
current convertible |
|
|
|
|
debt accounting |
1,606 |
2,038 |
7,125 |
9,900 |
|
|
|
|
|
Intangible asset amortization expense |
4,200 |
4,854 |
17,019 |
19,404 |
|
|
|
|
|
Income tax expense related to above |
|
|
|
|
adjustments, quarterly
adjustments |
|
|
|
|
to income tax expense related to
the |
|
|
|
|
cumulative impact of changes
in |
|
|
|
|
estimated tax rates and
certain |
|
|
|
|
infrequently occurring items
that |
|
|
|
|
affected the reported tax rate |
(7,483) |
(2,986) |
(13,957) |
(14,052) |
|
|
|
|
|
Total of non-GAAP adjustments |
5,186 |
5,294 |
24,211 |
25,561 |
|
|
|
|
|
Adjusted net income |
$23,993 |
$21,025 |
$89,880 |
$76,516 |
|
|
|
|
|
Adjusted diluted net income per share * |
$0.80 |
$0.71 |
$2.97 |
$2.61 |
|
|
|
|
|
Weighted average common shares
outstanding |
|
|
|
|
for diluted net income per
share |
29,935 |
29,540 |
30,149 |
29,292 |
|
|
|
|
|
|
|
|
|
|
* In accordance with the
authoritative guidance related to determining whether instruments
issued in share-based payment transactions are participating
securities, certain of the Company's unvested restricted share
units contain rights to receive non-forfeitable dividends, and
thus, are participating securities requiring the two-class method
of computing earnings per share. The calculation of earnings per
share for common stock shown above excludes the income attributable
to the unvested restricted share units with dividend rights from
the numerator and excludes the dilutive impact of those units from
the denominator. This had an insignificant impact (impacts the
rounding by $0.01 or less per share) on diluted net income per
share for all periods shown above. |
INTEGRA LIFESCIENCES HOLDINGS
CORPORATION CONDENSED BALANCE SHEET DATA (UNAUDITED) |
|
(In thousands) |
|
|
|
December 31, |
December 31, |
|
2010 |
2009 |
|
|
|
Cash and cash equivalents |
$128,763 |
$71,891 |
Accounts receivable, net |
106,005 |
103,228 |
Inventory, net |
146,928 |
140,240 |
|
|
|
Term loan |
148,126 |
-- |
Bank line of credit |
100,000 |
160,000 |
Convertible securities |
155,154 |
225,514 |
|
|
|
Stockholders' equity |
499,963 |
444,885 |
|
|
INTEGRA LIFESCIENCES HOLDINGS
CORPORATION RECONCILIATION OF NON-GAAP ADJUSTMENTS – GUIDANCE |
|
|
(In thousands, except per share
amounts) |
|
|
Projected Year Ended |
|
December 31, 2011 |
|
Low |
High |
GAAP net income |
$59,700 |
$64,200 |
|
|
|
Non-GAAP adjustments: |
|
|
|
|
|
Acquisition-related charges |
3,290 |
3,290 |
|
|
|
Systems implementation charges |
14,000 |
14,000 |
|
|
|
Facility consolidation, manufacturing |
|
|
and distribution transfer
charges |
2,230 |
2,230 |
|
|
|
Expenses related to our Chief Operating |
|
|
Officer joining the
Company |
300 |
300 |
|
|
|
Non-cash amortization of imputed interest as
a result of the |
|
|
adoption of the current
convertible debt accounting |
6,710 |
6,710 |
|
|
|
Intangible asset amortization expense |
16,960 |
16,960 |
|
|
|
Income tax expense related |
|
|
to above adjustments and
certain |
|
|
infrequently occurring items |
(16,190) |
(16,190) |
|
|
|
Total of non-GAAP adjustments |
27,300 |
27,300 |
|
|
|
Adjusted net income |
$87,000 |
$91,500 |
|
|
|
GAAP diluted net income per share |
$1.97 |
$2.12 |
|
|
|
Non-GAAP adjustments detailed above |
|
|
(per share) |
$0.90 |
$0.90 |
|
|
|
Adjusted diluted net income per share |
$2.87 |
$3.02 |
|
|
|
Weighted average common shares |
|
|
outstanding for diluted net |
|
|
income per share |
30,300 |
30,300 |
|
|
|
IART-F
CONTACT: John B. Henneman, III
Executive Vice President,
Finance and Administration,
and Chief Financial Officer
(609) 275-0500
jack.henneman@integralife.com
Investor Relations:
Angela Steinway
(609) 936-2268
angela.steinway@integralife.com
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