Integra LifeSciences down on Q2 sales miss

Shares in Integra LifeSciences (NSDQ:IART) fell today after the medical device maker missed sales expectations on Wall Street with its second quarter results.

The Plainsboro, N.J.-based company posted profits of $11.4 million, or 14¢ per share, on sales of $366.2 million for the three months ended June 30, for bottom-line growth of 5% while sales grew 29.8% compared with the same period during the previous year.

After adjusting to exclude one-time items, earnings per share were 60¢, just in line with consensus on Wall Street where analysts expected too see sales of $368.3 million, which the company just missed.

“We look forward to an acceleration in organic growth in the second half of 2018, as we realize the benefits of a larger sales organization, improved sales productivity and an expanded product portfolio. The successful integration of Codman and the completion of the hiring associated with our OTT channel expansion strategy increase our confidence for the second half of the year,” Integra prez & CEO Peter Arduini said in a press release.

Despite missing on revenue the company lifted the low end of its sales guidance for the year by $5 million, now expecting to post sales of between $1.475 billion and $1.49 billion. Integra also lifted the low end of its GAAP earnings per share guidance for the year to between 71¢ and 77¢, and adjusted EPS to between $2.36 and $2.42.

“We were pleased with the strong operational performance from both segments in the second quarter, which enabled us to achieve 40% growth in adjusted net income and 130 basis points of adjusted EBITDA margin expansion, compared to the prior year’s quarter. Given the strong momentum we expect in the second half of 2018, we are raising the low-end of our revenue and EPS guidance ranges,” CFO Glenn Coleman said in a prepared statement.

Shares in Integra LifeSciences are down 7% so far today, at $58.25 as of 12:16 p.m. EDT.

In May, Integra LifeSciences said it closed a $350 million offering of common stock, which included a fully exercised underwriter’s option.

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