IART Posts 13.2% Second Quarter Sales Increase
Tracey Romero • Fri, July 28th, 2017
Integra LifeSciences Holdings Corporation (IART) announced on Wednesday, July 27, 2017, that sales for the second quarter 2017 rose 13.2% (4.6% when excluding currency and acquisitions). Sales for the quarter were $282.2 million, which is an increase of $32.9 million from the $249.3 million reported in the second quarter of 2016.
Integra LifeSciences is a leading global medical technology company headquartered in Plainsboro, New Jersey. The following table shows the sales details for second quarter 2017.
Derma Sciences contributed $23.8 million of revenue to second quarter sales.
“IART reported soft [second quarter 2017] topline organic growth and lowered its 2017 topline organic growth range to 6-7%,” said Glenn Novarro, an analyst with RBC Capital Markets, LLC, in his report.
“Revenue miss in [second quarter 2017] occurred in Speciality Surgical Solutions, partially offset by outperformance in Orthopedics & Tissue Technologies,” he added.
Larry Biegelsen, an analyst with Wells Fargo Securities, LLC, said in his report, “While we are disappointed in the [second quarter] results and the downward revision of [fiscal year 2017] growth guidance, we are encouraged that IART EPS [Earnings Per Share] expectations for 2017 and 2018 have not changed.”
“Profitability and cash flows were strong in the second quarter, while revenues came in at the low end of our guidance range,” Peter Arduini, Integra’s president and chief executive officer, said in a press release.
He added, “While Dural Repair underperformed, new product introductions and acquisitions performed well, giving us confidence that revenue growth will accelerate in the second half of this year. We also made significant progress on the planned acquisition of Codman Neurosurgery, and look forward to closing the transaction in the fourth quarter.”