Integra LifeSciences (Nasdaq:IART) shares fell slightly today despite fourth-quarter results that topped the consensus forecast.
Shares of IART dipped 1.25% to $56 apiece in mid-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — rose 8.7%.
The Princeton, New Jersey-based surgical and medical instrument maker posted profits of $52.9 million. That amounts to 63¢ per share on sales of $398.022 million for the three months ended Dec. 31, 2022.
Integra recorded a 16.7% bottom-line gain on a sales decline of 1.8%.
Adjusted to exclude one-time items, earnings per share totaled 94¢. That landed 4¢ ahead of Wall Street. Revenues narrowly topped expectations as analysts projected sales of $397.95 million.
“We made key advances in strengthening our strategic path. We met our organic growth and exceeded our adjusted EPS guidance for the year. I am proud of our colleagues for being responsible stewards of our business in a challenging macro and supply environment. We remained focused on doing right by our customers and patients, while delivering on our financial commitments to our shareholders,” said Jan De Witte, Integra president and CEO. “Looking to 2023, our efforts have positioned us well to further accelerate our growth and investments in our strategic priorities as we move beyond the impacts of COVID-19 and supply challenges.”
Integra said its 2023 guidance reflects recovery to “pre-COVID” levels, plus improvements in supply. The company also expects to relaunch its CereLink in the first half of the year and factored in its acquisition of Surgical Innovation Associates.