Integra LifeSciences Trims Outlook; Q2 Results Top Estimates; Names Mojdeh Poul As President And CEO

(RTTNews) - While reporting financial results for the third quarter on Monday, medical technology company Integra LifeSciences Holdings Corp. (IART) trimmed its adjusted earnings and revenue guidance for the full-year 2024. The company also issued outlook for the fourth quarter.

For fiscal 2024, the company continues to project adjusted earnings in a range of $2.41 to $2.49 per share on revenues between $1.609 billion and $1.619 billion, with organic revenue decline of 1.7 to 1.0 percent.

Previously, the company expected adjusted earnings in a range of $2.41 to $2.57 per share on revenues between $1.609 billion and $1.629 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $2.45 per share on revenues of $1.61 billion for the year. Analysts' estimates typically exclude special items.

For the fourth quarter, the company expects adjusted earnings in a range of $0.81 to $0.89 per share on revenues between $441 million and $451 million, with organic revenue growth of 2.0 to 4.5 percent.

The Street is looking for earnings of $0.87 per share on revenues of $448.47 million for the quarter.

For the third quarter, the Company reported a net loss of $10.70 million or $0.14 per share, compared to net income of $19.50 million or $0.24 per share in the prior-year quarter. Excluding items, adjusted earnings for the quarter was $0.41 per share, compared to $0.76 per share in the year-ago quarter.

Total revenues for the quarter edged down 0.4 percent to $380.83 million from $382.42 million in the same quarter last year. Organic revenue grew 8.6 percent. Revenue decreased 10.3 percent on an organic basis excluding Boston.

Analysts expected the company to report earnings of $0.39 per share on revenues of $375.78 million for the quarter.

Additionally, the Company appointed Mojdeh Poul as the new president, chief executive officer and director, effective January 6, 2025. Poul will succeed Jan De Witte, who previously announced he will retire as president and chief executive officer.

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