Integra Stock Dips on Lowered Guidance After Q3 Sales Miss
Integra LifeSciences (Nasdaq: IART) shares declined after reporting third-quarter results that fell short of consensus forecasts.
Shares of IART dropped over 8% to $14.15 after the market opened. The company reported a loss of $5.4 million, or 7¢ per share, on sales of $402.1 million for the quarter ended September.
Despite a 50% bottom-line gain and a 5.6% sales increase, adjusted earnings per share of 54¢ exceeded expectations by 11¢. However, sales were lower than the projected $414.3 million due to "supply interruptions."
The company's Codman Specialty Surgical business accounted for approximately 70% of its revenue, generating $292 million.
No comment from the company on the current situation.
Author's summary: Integra LifeSciences' stock dips due to lowered guidance.
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