Integra Lifesciences (NSDQ:IART) posted first-quarter results that beat the overall consensus on Wall Street.
The Princeton, N.J.-based surgical and medical instrument company reported profits of $32.9 million, or 39¢ per share, on sales of $376.6 million for the three months ended March 31, for a bottom-line loss of 27.5% on sales growth of 4.6% compared with Q1 2021.
Adjusted to exclude one-time items, earnings per share were 74¢, 6¢ ahead of The Street, where analysts were looking for sales of $362 million.
“I am pleased with the resilience shown by Integra colleagues as we navigated the COVID-19 Omicron wave early in the quarter,” CEO Jan De Witte said in a news release. “With global procedure volumes improving in March, our strong execution enabled us to deliver better-than-expected first-quarter revenue with organic growth exceeding 5%.”
Integra Lifesciences in Q1 also announced the launch of its NeuraGen 3D nerve guide matrix, a resorbable implant to repair peripheral nerve discontinuities. The company says the NeuraGen 3D is the only nerve repair product specifically engineered to create an optimized environment for mid-gap nerve regeneration, compared with hollow nerve conduits alone.
Integra Lifescience expects reported revenues for Q2 2022 to be in the range of $392 million to $400 million to represent reported growth of 0.5% to 2.5% and organic growth of 2.8% to 4.8%. Adjusted EPS is expected to be in the range of 78¢ to 82¢.
Shares in IART were up more than 4% to $63.60 apiece in morning trading. MassDevice’s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was down slightly.