On Monday, Integra LifeSciences Holdings Corporation IART reported third-quarter adjusted EPS of $0.41, down from $0.76 a year ago, beating the consensus of $0.39.
The company reported sales of $380.83 million, beating the consensus of $375.78 million.
Third-quarter revenues of $380.8 million decreased 0.4% on a reported basis and 8.6% on an organic basis compared to the prior year. Revenue decreased by 10.3% on an organic basis, excluding Boston.
Codman Specialty Surgical segment sales increased 1% to $270.8 million, representing an organic decline of 10.7%. Tissue Technologies revenues were $110.1 million, representing a reported decline of 3.6% and an organic decline of 3.7%.
CEO Transition: Integra also announced Mojdeh Poul as Integra’s next president and chief executive officer.
Ms. Poul succeeds Jan De Witte, who previously announced he will retire as president and chief executive officer. Ms. Poul will join Integra on January 6, 2025.
Guidance: Integra LifeSciences revises its 2024 revenue outlook to $1.609 billion—$1.619 billion, compared to prior guidance of $1.609 billion—$1.629 billion and the consensus of $1.612 billion.
The company expects 2024 adjusted EPS of $2.41-$2.49, compared to prior guidance of $2.41-$2.57 and the consensus of $2.45.
Integra forecasts fourth-quarter 2024 revenue of $441 million—$451 million and adjusted EPS of $0.81-$0.89, versus the consensus of $448.5 million and $0.87, respectively.
Fourth-quarter guidance reflects the integration of Acclarent, stepped-up revenue from progress clearing the third-quarter shipping holds, and improved production for Integra Skin, partially offset by additional quality holds.
Price Action: IART stock is up 24.30% at $23.97 at the last check on Monday.
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