Integra LifeSciences – IART – Earnings came in stronger than expected
Integra LifeSciences Holdings Corporation (Nasdaq:IART) reported its financial results for the third quarter ending September 30, 2012. Total revenues for the third quarter were $210.1 million, reflecting an increase of $7.9 million, or 4%, over the third quarter of 2011. Excluding the impact of currency exchange rates, revenues increased 5% over the third quarter of 2011.
The Company reported GAAP net income of $13.2 million, or $0.46 per diluted share, for the third quarter of 2012, compared to GAAP net income of $11.2 million, or $0.39 per diluted share, for the third quarter of 2011.
Net income for the third quarter of 2012 computed with the adjustments to GAAP reporting set forth in the attached reconciliation, was $24.6 million, or $0.85 per diluted share, compared to adjusted net income of $22.3 million, or $0.77 per diluted share, in the third quarter of 2011.
“We are pleased with our results notwithstanding the challenging environment,” said Peter Arduini, President and Chief Executive Officer. “We executed well in our operations and controlled expenses, resulting in stronger earnings.”
EBITDA for the third quarter of 2012, computed with the adjustments to GAAP reporting set forth in the attached reconciliation, was $46.0 million, an increase of 11% compared to the third quarter last year. Adjusted EBITDA excluding stock-based compensation for the third quarter of 2012, computed with the adjustments to GAAP reporting set forth in the attached reconciliation, was $48.3 million, an increase of 9% compared to the third quarter last year.
Integra generated $27.9 million in cash flows from operations and invested $19.7 million in capital expenditures during the quarter.
IART – Outlook for 2012
The Company reiterated its expectations for the full year 2012 revenues of $828 – $838 million. The Company revised its GAAP earnings per diluted share for the full year to between $1.37 and $1.42 and for adjusted earnings per diluted share of between $3.04 and $3.09.
“Our earnings came in stronger than expected, giving us the confidence to raise our adjusted earnings guidance for the year,” said Jack Henneman, Chief Financial Officer. “We expect higher expenses than originally planned in the remaining quarter of the year, particularly around our major initiatives. In addition, we plan somewhat lower adjusted gross margins in the fourth quarter because of manufacturing variances that occurred earlier in the year.”
About Integra LifeSciences – IART
Integra LifeSciences (IART), a world leader in medical devices, is dedicated to limiting uncertainty for surgeons, so they can concentrate on providing the best patient care. IART offers innovative solutions in orthopedics, neurosurgery, spine, reconstructive and general surgery.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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