Integra LifeSciences (NSDQ:IART) shares ticked up today despite first-quarter results that came up short of the consensus forecast.
The Princeton, N.J.-based company posted profits of $9.2 million, or 11¢ per share, on sales of $354.3 million for the three months ended March 31, 2020, for a -71.9% bottom-line slide on a sales decline of -1.5%.
Adjusted to exclude one-time items, earnings per share were 48¢, 16¢ behind Wall Street, where analysts were looking for sales of $363.2 million.
According to a news release, Integra’s earnings decline is largely attributable to the impact of the COVID-19 pandemic. The medtech company anticipates that the negative revenue impact from the deferral of elective procedures related to COVID-19 during the second half of March will be between $20 million and $25 million.
Integra said its 2020 financial guidance remains withdrawn due to the continued uncertainty regarding surgical procedures during the pandemic.
IART shares were up 1.1% at $52.07 per share in early-afternoon trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 1.9%.