Integra LifeSciences Announces Preliminary Fourth Quarter 2017 Financial Results
January 08 2018 - 6:30AM
Preliminary Fourth Quarter Highlights:
Integra LifeSciences Holdings Corporation (Nasdaq:IART), a leading
global medical technology company, announced today certain
unaudited preliminary fourth quarter 2017 financial results.
The company expects reported revenue for the fourth quarter 2017
to be approximately $365 million, an increase of over 40% compared
to $255.7 million for the fourth quarter of 2016. The strong
results in the fourth quarter were driven by outperformance in both
the Derma Sciences and Codman Neurosurgery acquisitions, as well as
higher than expected organic growth, including improved performance
in dural repair.
“We closed the year with strong performance in revenue and
adjusted earnings per share,” said Peter Arduini, Integra’s
president and chief executive officer. “This performance resulted
from higher organic sales growth in both of our divisions and a
faster recovery in our Puerto Rico manufacturing facility. We
expect that this top-line performance will result in adjusted
earnings per share above the high-end of our guidance range for the
fourth quarter.”
The company is scheduled to present at the 36th Annual J.P.
Morgan Healthcare Conference on Wednesday, January 10, 2018 at
3:30pm PT (6:30pm ET). A live audio webcast of the presentation
will be available on the Investor section of the company’s website
at www.integralife.com
The company will report its final, audited fourth quarter and
full year 2017 financial results during a conference call in late
February 2018. A press release with the date, time and webcast
information will be provided closer to the reporting date.
About IntegraIntegra LifeSciences (NASDAQ:IART)
is dedicated to limiting uncertainty for clinicians, so they can
concentrate on providing the best patient care. Integra offers
innovative solutions, including leading plastic and regenerative
technologies, in specialty surgical solutions, orthopedics and
tissue technologies. For more information, please visit
www.integralife.com.
This news release contains forward-looking statements within the
meaning of the federal securities law, including statements
regarding the company’s unaudited preliminary fourth quarter 2017
financial results. These forward-looking statements are
necessarily estimates reflecting the judgment of the company’s
management as of the date of this release and involve a number of
risks and uncertainties that could cause actual results to differ
materially from those suggested by the forward-looking
statements. Such risks and uncertainties include, but are not
limited to the following: the company's ability to execute its
operating plan effectively; the company’s ability to successfully
integrate the Codman Neurosurgery business and other acquired
businesses; the company's ability to successfully sustain
manufacturing operations at full capacity at our Puerto Rico
facility and the restoration of infrastructure and other essential
services in Puerto Rico; the company's ability to manufacture and
ship sufficient quantities of its products to meet its customers'
demands; the ability of third-party suppliers to supply us with raw
materials and finished products; global macroeconomic and political
conditions; the company's ability to manage its direct sales
channels effectively; the company's ability to maintain
relationships with customers of acquired entities and businesses;
physicians' willingness to adopt and third-party payors'
willingness to provide or maintain reimbursement for the company's
recently launched, planned and existing products; initiatives
launched by the company's competitors; downward pricing pressures
from customers; the company's ability to secure regulatory approval
for products in development; the company's ability to remediate
quality systems violations; fluctuations in hospitals’ spending for
capital equipment; the company's ability to comply with and obtain
approvals for products of human origin and comply with 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 impact of goodwill and intangible
asset impairment charges if future operating results of acquired
businesses are significantly less than the results anticipated at
the time of the acquisitions, 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 company’s ability to achieve
anticipated growth rates, margins and scale and execute its
strategy generally; 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 and
internationally; fluctuations in foreign currency exchange rates;
the amount of bank borrowings outstanding and other factors
influencing liquidity; 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,
2016 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 organic revenues and
adjusted earnings per diluted share. Organic revenues consist
of total revenues excluding the effects of currency exchange rates,
acquired revenues and product discontinuances. The adjusted
earnings per diluted share measure is calculated by dividing
adjusted net income attributable to diluted shares by adjusted
diluted weighted average shares outstanding. The measure of
adjusted net income consists of GAAP net income from continuing
operations, excluding: (i) global enterprise resource planning
("ERP") implementation charges; (ii) structural optimization
charges; (iii) certain employee severance charges; (iv)
acquisition-related charges; (v) convertible debt non-cash
interest; (vi) intangible asset amortization expense; and (vii)
discontinued product lines charges; (viii) income tax impact from
adjustments; and (ix) hurricane related expenses and other
items. The measure of adjusted diluted weighted average
shares outstanding is calculated by adding the economic benefit of
the convertible note hedge transactions relating to Integra's 2016
convertible notes.
The company believes that the presentation of organic revenues
and adjusted earnings per diluted share provide 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 news
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.
InvestorsMichael
Beaulieu609-750-2827michael.beaulieu@integralife.com
Media Laurene
Isip609-750-7984laurene.isip@integralife.com
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