Integra Lifesciences (NSDQ:IART) today posted third-quarter results that beat the overall consensus on Wall Street.
The surgical and medical instrument maker reported profits of $49.9 million, or 60¢ per share, on sales of $385.2 million for the three months ended Sept. 30, 2022. The Q3 results represent a bottom-line gain of 15.5% on a sales loss of 0.43%.
Adjusted to exclude one-time items, earnings per share were 86¢, 14¢ ahead of The Street, where analysts were looking for sales of $378.32 million.
“We are pleased with our sales performance in the third quarter. Our diverse portfolio continues to deliver solid, profitable growth for our shareholders,” CEO Jan De Witte said in a news release. “We continue to see strong demand for our products globally and are focused on our execution in achieving our short- and long-term targets.”
Integra Lifesciences reaffirmed its full-year revenue expectations with a tightened range of $1.551 billion to $1.563 billion. For the fourth quarter, the company expects reported revenues in the range of $391 million to $403 million. The Q4 revenue would equal reported growth of -3.5% to -0.6% and organic growth of 1.3% to 4.3%.
BTIG analysts kept their Neutral rating of IART shares. Ryan Zimmerman and Sam Durno at BTIG said that Integra’s expense controls and first-half performance appear to have cushioned macroeconomic effects on full-year guidance.
Shares in IART were up 6.59% to $47.54 apiece at market open. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was up more than 3%.
