Integra LifeSciences (NSDQ:IART) shares took a dive today after the medical device company missed expectations for its third-quarter sales and lowered its top-line outlook for the rest of the year.
Plainsboro, N.J.-based Integra posted profits of $13.3 million, or 15¢ per share, on sales of $365.9 million for the three months ended Sept. 30, amounting to bottom-line growth of 320.9% on sales growth of 31.2% compared with Q3 2017.
Adjusted to exclude one-time items, earnings per share were 59¢, dead even with the average forecast on Wall Street, where analysts were looking for sales of $370.4 million.
“Despite some revenue softness in the second half of the year, we continue to make solid progress with the Codman integration and the channel expansion efforts, particularly in regenerative technologies,” president & CEO Peter Arduini said in prepared remarks. “We remain confident that 2019 organic sales will grow within our targeted long-term range of 5% to 7% and accelerate from our full-year 2018 results.”
Integra said it still expects to report adjusted EPS of $2.36 to $2.42, but cut its revenue outlook to $1.467 billion to $1.472 billion, down from $1.475 billion to $1.490 billion previously.
IART shares were off some -13.2% at $54.08 apiece today in late-morning activity.
