INTEGRA LIFESCIENCES HOLDINGS CORP (IART): restructuring charge — Integra LifeSciences initiates global product recall due to endotoxin issues, cuts guidance

INTEGRA LIFESCIENCES HOLDINGS CORP

Voluntary recall of SurgiMend, PriMatrix, Revize, TissueMend from Boston facility (March 2018 – May 2023).
Expects $22M inventory impairment charge in Q2 ending June 30, 2023; no cash impact.
Q2 2023 guidance revised: revenue $372M-$376M, adjusted EPS $0.55-$0.59.
If stoppage continues through 2023, full-year revenue impact ~$60M, EPS ~$0.35.
Boston facility products represent ~5% of consolidated revenues; manufacturing halt extended.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

INTEGRA LIFESCIENCES HOLDINGS CORP announced a impairment with charges of approximately $22 million affecting Boston, Massachusetts facility.

Type: impairment
Charge: approximately $22 million
Affected area: Boston, Massachusetts facility

Exact text from the filing

Integra LifeSciences Holdings Corporation (the “Company”), after consultation with the U.S. Food and Drug Administration (the “FDA”), initiated a voluntary global recall of all products manufactured in its Boston, Massachusetts facility (the “Boston facility”) distributed between March 1, 2018 and May 22, 2023 (the “voluntary recall”). As a result, the Company concluded on May 22, 2023 that it expects it will incur an impairment charge related to the write-off of inventories, net, of approximately $22 million.

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Source: SEC EDGAR

accession 0000917520-23-000035

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