Q2 2024 Integra Lifesciences Holdings Corp Earnings Call Transcript
Key Points
- Integra Lifesciences Holdings Corp (IART) reported second-quarter revenues of $418 million, exceeding their May guidance range.
- The company saw strong demand across its entire portfolio, with organic revenue growth of 2.3% compared to the prior year.
- The acquisition of Acclarent has been successfully integrated, contributing approximately $30 million in revenue, which was $5 million ahead of expectations.
- The Tissue Technologies segment experienced high double-digit growth in DuraSorb and strong growth in other wound reconstruction products.
- The company received PMA approval notification from the FDA for SurgiMend, subject to an FDA inspection of the manufacturing facilities.
- The company identified operational and quality systems gaps, necessitating a compliance master plan that will increase spending and lower revenue and EPS expectations for the year.
- Temporary shipping holds and backorders in the Codman Specialty Surgical (CSS) business are expected to impact third-quarter revenue.
- Gross margins were down 250 basis points compared to the previous year, impacted by lower utilization, higher scrap, and unfavorable revenue mix.
- Adjusted EPS for the quarter was $0.63, down 11% compared to 2023.
- The company has revised its full-year revenue and adjusted EPS guidance downward, reflecting the impact of supply holds and increased spending on compliance.
Good day and welcome to the Integra LifeSciences second-quarter 2024 financial results. At this time, all participants are in a listen only mode. (Operator Instructions) As a reminder, this call is being recorded. I would now like to turn the call over to Chris Ward, Senior Director, Investor Relations. Please go ahead.
Thank you. Good morning, and thank you for joining the Integra LifeSciences second-quarter 2024 earnings conference call. With me on the call are Stuart Essig, Executive Chairman; Jan De Witte, President and Chief Executive Officer; and Lea Knight, Chief Financial Offier.
Earlier this morning, we issued a press release announcing our second-quarter 2024 financial results. The release and corresponding earnings presentation, which we will reference during the call, are available at integralife.com under Investors, Events and Presentations and a file named second-quarter 2024 earnings call presentation.
Before we begin, I want to remind you that many of the
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