Integra Beats on the Bottom Line
Surgical technology specialist Integra LifeSciences is operating to overcome market challenges in its spine division, reporting third-quarter results yesterday after the market closed showing it posted net sales of $213.2 million, a meager 1.5% gain from the $210.1 million in the same period the previous year, and pretty much in-line with the $213.9 million Capital IQ consensus estimate.
However, adjusted net income came in at $20.4 million, or $0.72 per share, down 17% from $24.6 million, or $0.85 per share in the same period in 2012, but $0.02 per share better than the CapIQ estimates of $0.70 per share.
Integra is experiencing pressure from the spine market due to payors pushing back on utilization of certain types of procedures as well as on reimbursement rates and pricing.
The surgical technology specialist lowered both its top and bottom end guidance for the full year, believing it will now generate between $838 million and $843 million in revenues compared to its previous estimates of $840 million to $852 million, while also tightening its adjusted per-share profit expectations to between $2.50 and $2.60 per share from its previous range of between $2.40 and $2.70 per share.
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