Plainsboro, N.J.-based Integra posted profits of $32.8 million, or 38¢ per share, on sales of $359.7 million for the three months ended March 31, for bottom-line growth of 198.0% on flat sales growth compared with Q1 2018.
Adjusted to exclude one-time items, earnings per share were 65¢, 4¢ ahead of Wall Street, where analysts were expecting sales of $360.4 million.
“We met our total revenue target and delivered better-than-expected profitability in the first quarter, while also achieving several significant milestones related to the Codman integration,” president & CEO Peter Arduini said in prepared remarks. “We expect sequential improvements in our top line growth as we move past the disruption associated with the integration and ERP conversion and begin to benefit from multiple new product introductions.”
Integra stood pat on its prior guidance for the year, saying it still expects to log adjusted EPS of $2.65 to $2.72 on sales of $1.52 billion to $1.53 billion
“The strength of our gross margins contributed to adjusted earnings per share exceeding the high-end of our first quarter guidance range, and gives us increased confidence in our full-year 2019 targets,” added CFO Glenn Coleman.
IART shares, which closed up 2.4% at $53.02 apiece yesterday, gained half a point to $53.30 today before the open.