Integra LifeSciences
(Nasdaq:IART)
shares dipped today despite first-quarter results that beat the consensus revenue forecast.
Shares of IART slid 8.5% to $53.84 apiece as the market opened today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — fell 1.4%.
BTIG analyst Ryan Zimmerman said an implied set-up for the remainder of the year may be viewed as “challenging” by investors. Any reservations over Integra’s ability to hit its goals this year could be responsible for the stock dip.
The Princeton, New Jersey-based surgical and medical instrument maker posted profits of $24.2 million. That amounts to 29¢ per share on sales of $380.8 million for the three months ended March 31, 2023.
Integra posted a 26.4% bottom-line slide on sales growth of 1.1%. Codman specialty surgical segment sales grew by 0.3% while tissue technologies grew by 2.6%. The two segments make up 65% and 35% of revenues, respectively.
A recall of the CereLink ICP monitor and ongoing supply issues offset some sales growth, Integra said.
Adjusted to exclude one-time items, earnings per share came in at 74¢. That equaled expectations on Wall Street, where analysts projected sales of $373.2 million.
Integra reaffirmed its financial guidance for 2023. It expects sales between $1.602 million and $1.62 million and adjusted EPS between $3.43 and $3.51. The sales guidance represents growth of between 2.9% and 4% year over year.
