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Integra LifeSciences (NASDAQ:IART) reported upbeat second-quarter earnings and lowered its FY24 guidance below estimates on Monday.
Integra Lifesciences posted adjusted earnings of 63 cents per share, beating market estimates of 62 cents per share. The company's quarterly sales came in at $418.175 million topping expectations of $413.154 million, according to data from Benzinga Pro.
“Our second quarter financial performance continues to reflect the persistent market demand for our diversified portfolio and the commitment of our teams,” said Jan De Witte, Integra LifeSciences’ president and chief executive officer. “Using the learnings from our Boston facility, we are continuing a thorough analysis of our operations and are committed to enhancing the quality, reliability and resilience of our manufacturing operations and supply chain. The reduction in our full-year guidance reflects an updated view of our operational challenges and critical investments in our compliance improvement program that will allow our supply to meet our strong commercial demand strength over time.”
Integra LifeSciences said it sees FY24 revenue of $1.609 billion to $1.629 billion versus prior forecast of $1.672 billion to $1.687 billion. The company now sees adjusted earnings of $2.41 to $2.57 per share, versus previous outlook of $3.01 to $3.11 per share.
Integra LifeSciences shares fell 0.7% to trade at $25.25 on Tuesday.
These analysts made changes to their price targets on Integra LifeSciences following the announcement.
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Posted In: IART
