The Plainsboro, N.J.-based medical device company posted profits of $3.2 million, or 4¢ per share, on sales of $278.8 million for the three months ended Sept. 30, for a -84.3% bottom-line slide on sales growth of 11.4% compared with Q3 2016.
Adjusted to exclude one-time items, earnings per share were 45¢, 2¢ below the consensus forecast on Wall Street, where analysts were looking for sales of $286.1 million.
“Despite the challenges that we encountered during the third quarter, we were able to mitigate much of the impact on adjusted earnings per share with tighter expense controls, resulting in better-than-expected cash flows,” president & CEO Peter Arduini said in prepared remarks. “We are pleased to have closed the acquisition of Codman Neurosurgery and look forward to the increased scale and profitability that this strategic deal enables.”
Integra lowered its full-year adjusted EPS guidance to $1.83 to $1.87, down from $1.88 to $1.94 previously, “entirely because of storm-related disruptions.” But 2017 sales are now expected to be between $1.165 billion and $1.175 billion, compared with prior guidance of $1.125 billion to $1.140 billion, largely due to contributions from the Codman Neuro business.
“We expect some storm-related disruptions to continue to impact revenues in the fourth quarter as production at our manufacturing facility and local infrastructure in Puerto Rico gradually return to full operating capacity,” added CFO Glenn Coleman. “Full-year 2017 organic revenue growth is now expected to be about 4%, which reflects the impact from the storms and slower run rates in our dural repair and SurgiMend product lines.”
The news sent IART shares down -5.8% to $48.00 even in pre-market trading today.
The post Integra Lifesciences slips on missed Q3 expectations appeared first on MassDevice.
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