Q1 2024 Integra Lifesciences Holdings Corp Earnings Call Transcript
Key Points
- Integra Lifesciences Holdings Corp (IART) reported first quarter revenues of $369 million, surpassing the February guidance range.
- The Codman Specialty Surgical business grew by 4.1%, driven by strong product performance and brand strength in various surgical areas.
- International markets continued to show robust growth, contributing significantly to the overall revenue.
- The acquisition of Acclarent positions Integra Lifesciences Holdings Corp (IART) as a leader in the ENT segment, expected to provide scale and accretive growth.
- The company successfully relaunched CereLink, receiving strong market uptake and demonstrating resilience in its intracranial pressure monitoring portfolio.
- Organic revenue declined by 2.5% compared to the previous year, primarily due to the inclusion of Boston revenue in the first quarter of 2023.
- Tissue Technologies business experienced a 15.3% decline in revenue, significantly impacted by supply constraints on Integra Skin.
- The external audit of the Boston plant revealed more findings than anticipated, delaying the expected resumption of commercial distribution.
- Adjusted EPS for the quarter was down 25.7% compared to 2023, reflecting challenges in operational efficiency.
- Gross margins decreased by 290 basis points from the previous year, impacted by unfavorable revenue mix and higher scrap rates.
Good day, and welcome to the Integra LifeSciences First Quarter 2024 Financial Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker, Mr. Chris Ward, Senior Director, Investor Relations. Please go ahead.
Thank you, Sheri. Good morning, and thank you for joining the Integra LifeSciences First Quarter 2024 Earnings Conference Call. With me on the call are Jan De Witte, President and Chief Executive Officer; and Lea Knight, Chief Financial Officer. Earlier this morning, we issued a press release announcing our first quarter 2024 financials. The release and corresponding earnings presentation, which we will referenced during the call, are available at integralife.com under Investors, Events & Presentations in a file named First Quarter 2024 Earnings Call Presentation.
Before we begin, I want to remind you that many of the statements made during this call
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