Q1 revenues $368.9M (-3.1%); GAAP EPS $(0.04); adj. EPS $0.55; guidance raised on Acclarent

INTEGRA LIFESCIENCES HOLDINGS CORP

2024-Q1 EPS reported -$0.04 revenue$368,872,000

Q1 revenues $368.9M (-3.1% reported, -2.5% organic; +1.6% organic ex-Boston); GAAP net loss $3.3M ($(0.04)/share) vs net income $24.2M ($0.29) prior year.
Adjusted EPS $0.55 vs $0.74 prior year; adjusted EBITDA $71.8M (19.5% rev) vs $92.3M (24.2%).
Acclarent acquisition closed April 1; FY2024 revenue guidance raised to $1.672-1.687B, adj. EPS guidance $3.01-3.11.
Tissue Technologies revenue fell 15.3% driven by Boston recall; removing SurgiMend/PriMatrix relaunch from guidance due to audit findings.
Codman Specialty Surgical grew 3.3% reported (4.4% organic); Neurosurgery up 6.3% organically, Instruments down 2.0%.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

INTEGRA LIFESCIENCES HOLDINGS CORP reported the quarter ended March 31, 2024 results: revenue $368.9 million, net income $(3.3) million, EPS $(0.04) per diluted share. Guidance raised.

Period: the quarter ended March 31, 2024
Revenue: $368.9 million
Net income: $(3.3) million
EPS: $(0.04) per diluted share
Guidance: raised
Result: reported results

Exact text from the filing

Total reported revenues of $368.9 million declined 3.1% on a reported basis and declined 2.5% on an organic basis compared to the prior year. Organic growth excluding Boston was 1.6%. Revenue exceeded the outlook the Company provided in February. The Company reported GAAP gross margin of 56.1%, compared to 61.1% in the first quarter of 2023. Adjusted gross margin was 64.4%, compared to 67.3% in the prior year. Adjusted EBITDA for the first quarter of 2024 was $71.8 million, or 19.5% of revenue, compared to $92.3 million, or 24.2% of revenue, in the prior year. The Company reported a GAAP net loss of $(3.3) million, or $(0.04) per diluted share, in the first quarter of 2024, compared to a GAAP net income of $24.2 million, or $0.29 per diluted share, in the prior year.

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Source: SEC EDGAR

accession 0000917520-24-000059

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