Plainsboro, N.J-based Integra reported profits of $11.0 million, or 14¢ per share, on sales of $357.1 million for the three months ended March 31, for a bottom-line gain of 71.9% on sales growth of 38.1%, fueled largely by its $1.05 billion acquisition of Johnson & Johnson (NYSE:JNJ) subsidiary Codman Neurosurgery last October.
Adjusted to exclude one-time items, earnings per share were 58¢, nearly a dime ahead of Wall Street, where analysts were looking for sales of $349.1 million.
“We are off to a strong start in 2018, which gives us the confidence to increase our full-year 2018 financial guidance,” president & CEO Peter Arduini said in prepared remarks. “We are pleased with the progress of the Codman integration and continued progress in the OTT channel expansion. We expect to see organic growth accelerate in the remainder of the year.”
“In addition to the strong revenue performance in the quarter, we were pleased with the significant improvement in EBITDA margin and strong operating cash flow,” added CFO Glenn Coleman. “This puts us on track to achieve the high-end of our full-year guidance for these metrics for the remainder of this year.”
Integra raised its outlook for 2018, saying it now expects to report adjusted EPS of $2.34 to $2.42, up from prior guidance of $2.26 to $2.34. Full-year revenues are now pegged at $1.47 billion to $1.49 billion, compared with $1.46 billion to $1.48 billion previously.