Integra LifeSciences Turns To Net Loss In Q1; Adj. Profit In Line; Revises Annual Guidance

(RTTNews) - Integra LifeSciences Holdings Corporation (IART), a medical device manufacturing company, Monday reported a loss in the first quarter, compared with profit last year, primarily due to lower revenues as well as increase in cost of goods sold. Excluding items, the company posted earnings in line with the consensus estimate. for the full year, Integra LifeSciences raised its revenue outlook while cutting earnings guidance.

The company posted net loss of $3.3 million or $0.04 per share for the first quarter, compared with profit of $24.2 million, or $0.29 per share in the same quarter a year ago.

Excluding one-time items, earnings were $42.95 million, or $0.55 per share, down from $60.72 million or $0.74 per share last year. On average, 12 analysts polled by Thomson-Reuters expected earnings of $0.55 per share. Analysts' estimates typically exclude special items.

Revenue for the quarter declined 3.1 percent to $368.9 million, but beat the consensus estimate of $361.96 million.

Looking ahead, the company now expects revenue in the range of $1.672 billion - $1.687 billion for the full year, up $1.603 billion - $1.618 billion, guided earlier. Earning outlook for the year has been lowered to $3.01 to $3.11 from $3.15 - $3.25.

Analysts expect the company to report earnings of $3.19 per share on revenue of $1.62 billion for the year.