Integra LifeSciences Holdings Corp. (IART), a prominent player in the medical technology sector, announced its financial results for the third quarter on Monday. As part of this disclosure, the company revised its adjusted earnings and revenue guidance for the entire fiscal year 2024. Furthermore, it provided its expectations for the fourth quarter.
For fiscal year 2024, Integra maintains its forecast of adjusted earnings ranging from $2.41 to $2.49 per share, with anticipated revenues between $1.609 billion and $1.619 billion. This outlook reflects an expected organic revenue decline of 1.7 to 1.0 percent. This is a slight adjustment from its previous guidance, which anticipated adjusted earnings between $2.41 and $2.57 per share and revenues spanning from $1.609 billion to $1.629 billion.
Market analysts, surveyed by Thomson Reuters, have projected the company's earnings to be around $2.45 per share on revenues of approximately $1.61 billion for the year. Notably, analysts' estimates generally omit special items from their calculations.
Looking ahead to the fourth quarter, Integra anticipates adjusted earnings between $0.81 and $0.89 per share, with revenues projected to range from $441 million to $451 million. The company expects organic revenue growth to be between 2.0 and 4.5 percent. In contrast, Wall Street forecasts earnings of $0.87 per share on revenues estimated at $448.47 million for the quarter.
In the third quarter, Integra reported a net loss of $10.70 million or $0.14 per share, a significant shift from the net income of $19.50 million or $0.24 per share recorded in the corresponding quarter last year. When excluding specific items, the adjusted earnings stood at $0.41 per share, compared to $0.76 per share in the previous year.
The company's total revenues for the quarter experienced a slight decline of 0.4 percent, falling to $380.83 million from $382.42 million in the prior year. Despite this, organic revenue witnessed growth of 8.6 percent. Notably, revenues decreased by 10.3 percent on an organic basis when excluding the impact of Boston.
Analysts had anticipated earnings of $0.39 per share on revenues of $375.78 million for this period.
In addition, Integra announced the appointment of Mojdeh Poul as the incoming president, chief executive officer, and director, effective January 6, 2025. Poul will take over from Jan De Witte, who has previously indicated his plans to retire as president and CEO.
