Integra Life Slides to May Lows as Tissue Reconstruction Drags Q3 Revenue Below Consensus
IART sits 43% above its 52-week low of $8.7.
Summary
Q3 revenue of $411.2M came in $0.9M light of consensus, with a $7M hit from the Cincinnati flood and a ~2% decline in Tissue Reconstruction to $107.1M. Gross margin dropped 500 bps to 51%, and adjusted EPS of $0.59 beat by $0.03 — the top line is the problem, not the bottom. Q4 guidance of $413M-$433M revenue and $0.61-$0.71 EPS sits below consensus of $432.21M and $0.73, so the miss carries into the current quarter. Full-year outlook was left unchanged at $1.634B-$1.654B revenue and $2.30-$2.40 EPS, consistent with the preliminary numbers from October 2. Shares are at their lowest since May, extending the pressure from the guidance cut earlier this month and the $450M 9.500% notes refinancing that closed October 19.
At the time of this announcement, IART was trading at $12.43 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $966.7M. The 52-week trading range was $8.70 to $20.49. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Seeking Alpha.