IART
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PRINCETON – Integra LifeSciences Holdings Corporation (NASDAQ:IART) has reported its financial results for the fourth quarter ended December 31, 2023.
The company announced a slight decline in revenue, posting $397 million compared to the $399.35 million analyst consensus. Adjusted earnings per share (EPS) for the quarter were $0.89, falling short of the consensus estimate by one cent.
Following the results, the stock tumbled 12.9% in early Wednesday trading.
The company’s fourth-quarter revenue represents a marginal 0.2% decrease from the same quarter last year. On an organic basis, revenue decreased by 1.2%. However, excluding the impact of the Boston product line, organic revenue increased by 3.6%. Integra LifeSciences reported a GAAP earnings per diluted share of $0.25, a significant decrease from $0.63 in the fourth quarter of 2022.
Looking ahead, Integra LifeSciences provided guidance for the first quarter of 2024, expecting an EPS range of $0.53 to $0.57, which is below the analyst consensus of $0.75. Revenue forecasts for Q1 2024 are projected to be between $360 million and $365 million, also trailing the consensus of $380.9 million.
For the full year of 2024, the company anticipates revenues to range from $1,603 million to $1,618 million, compared to the consensus estimate of $1,623 million. The expected adjusted EPS for the year is set between $3.15 and $3.25, below the analyst consensus of $3.44.
Jan De Witte, president and CEO, commented on the resilience of the company’s product portfolio and the operational challenges faced in 2023. He expressed pride in the team’s focus on growth and operational excellence, and their commitment to customers and patients.
The company’s financial performance reflects the stability of its markets and the demand for its differentiated portfolio, along with the anticipated gradual improvement in supply and international expansion. The 2024 guidance also accounts for the expected relaunch of the Boston portfolio late in the second quarter.
Investors should note that the company’s guidance excludes the pending acquisition of the Acclarent ENT business. The forward-looking guidance provided by Integra LifeSciences does not include a reconciliation to GAAP earnings per share due to the unpredictable nature of certain GAAP expense items.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Source: Investing.com
