Integra LifeSciences Reaffirms FY22 Adj. EPS, Revenue Outlook; Q1 Results Top Estimates

(RTTNews) - While reporting financial results for the first quarter on Wednesday, medical technology company Integra LifeSciences Holdings Corp. (IART) reaffirmed its adjusted earnings and revenue guidance for the full-year 2022. The company also issued outlook for the third quarter.

For fiscal 2022, the company continues to project adjusted earnings in a range of $3.27 to $3.35 per share on revenues between $1.58 billion and $1.60 billion, with revenue growth of 2.5 to 3.5 percent.

Organic revenue growth is now expected to be 3.8 to 5.2 percent, up from the prior growth range of 3.5 to 5.0 percent, based on better than expected first quarter financial performance.

On average, 13 analysts polled by Thomson Reuters expect the company to report earnings of $3.31 per share on revenues of $1.59 billion for the year. Analysts' estimates typically exclude special items.

For the second quarter, the company expects adjusted earnings in a range of $0.78 to $0.82 per share on revenues between $392 million and $400 million, with revenue growth of 0.5 to 2.5 percent and organic revenue growth of 2.8 to 4.8 percent.

The Street is looking for earnings of $0.80 per share on revenues of $394.32 million for the quarter.

For the first quarter, the Company reported net income of $32.9 million or $0.39 per share, down from $45.4 million or $0.53 per share in the prior-year quarter. Excluding items, adjusted earnings for the quarter was $0.74 per share, compared to $0.69 per share in the year-ago quarter.

Total revenues for the quarter increased 4.6 percent to $376.64 million from $360.07 million in the same quarter last year. Organic revenue grew 5.6 percent.

Analysts expected the company to report earnings of $0.68 per share on revenues of $362.04 million for the quarter.

On Tuesday, the Board of Directors authorized the Company to repurchase up to $225 million of the Company's common stock. The repurchase authorization expires in December 2024.