Integra LifeSciences Stock Rises On Street-Beating Q3 Earnings, Raises FY21 EPS Guidance
- Integra LifeSciences Holdings Corporation (NASDAQ: IART) shares got a boost as Q3 adjusted EPS of $0.86 topped the consensus forecast of $0.72.
- Revenues increased 4.5% Y/Y (6.7% organically) to $386.9 million, beating the consensus of 384.58 million, due to higher sales from instruments and Wound Reconstruction & Care.
- “Strength across most of our product portfolio, driven by commercial and operational execution and a contribution from our recently launched CereLink ICP monitor, led to third-quarter results near the high end of our guidance range, despite ongoing COVID and supply challenges,” said Integra President & CEO Peter Arduini.
- The adjusted gross margin was 68.3%, compared to 68.6% in the prior year.
- The adjusted EBITDA reached $104.32 million, up from $103.15 million a year ago.
- Cash flow from operations of $82.8 million increased by 18.9%.
- Guidance: Integra raised its adjusted EPS projections for FY21 from $2.98 - $3.05 to $3.16 - $3.20 (consensus $$3.02).
- The Company also reaffirmed sales guidance of $1.54 billion - $1.55 billion, with expectations of coming in at the low end of the range.
- Price Action: IART shares closed higher by 8.88% at $73.25 on Tuesday.
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