Integra LifeSciences Holdings Corporation, a medical device manufacturer, reported a loss in the first quarter of this year, a stark contrast to last year's profit. This has been attributed to a decrease in revenues and an increase in the cost of goods sold. However, when excluding certain factors, the company's earnings met consensus estimates. Consequently, Integra LifeSciences has increased its revenue outlook for the full year, while simultaneously decreasing its earnings guidance.
The company registered a net loss of $3.3 million, or $0.04 per share, in the first quarter. This contrasts with the profit of $24.2 million, or $0.29 per share, in the same period the previous year.
When excluding one-time items, earnings fell to $42.95 million, or $0.55 per share, from $60.72 million or $0.74 per share the previous year. This matched the consensus estimate of $0.55 per share by 12 analysts, as gathered by Thomson-Reuters. These estimates usually exclude special items.
The company's earnings were more positive on the revenue front, as revenue declined only by 3.1 percent to $368.9 million in the quarter, surpassing the consensus estimate of $361.96 million.
For the upcoming year, Integra LifeSciences has revised its revenue expectations, now forecasting a range of $1.672 billion to $1.687 billion, an increase from the previously guided range of $1.603 billion to $1.618 billion. Conversely, the company reduced its earnings outlook for the year to between $3.01 and $3.11 from the previous $3.15 to $3.25.
At present, analysts predict the company will report earnings of $3.19 per share on annual revenue of $1.62 billion.
