The Princeton, N.J.-based medtech company posted losses of -$369,000, or $0.00 per share, on sales of $258.7 million for the three months ended June 30, 2020, for a bottom-line slide into the red on a sales decline of -32.6%.
Adjusted to exclude one-time items, earnings per share were 33¢, 23¢ ahead of Wall Street, where analysts were looking for sales of $242.8 million.
Integra attributed its revenue dip to the ongoing COVID-19 pandemic and the resulting reduction of non-emergent surgical procedures.
Integra’s full-year 2020 financial guidance remains withdrawn as a result of the uncertainties caused by the COVID-19 pandemic.
IART shares were up 6.8% at $52.72 per share in early-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.2%.