Q3 2024 Integra Lifesciences Holdings Corp Earnings Call Transcript
Key Points
- Integra Lifesciences Holdings Corp (IART) announced the appointment of Mojdeh Poul as the next CEO, bringing extensive experience in healthcare leadership.
- The company reported strong demand for its portfolio, particularly in the neurosurgery and ENT segments, despite supply challenges.
- The integration of the Acclarent business has exceeded expectations, contributing positively to the ENT segment's growth.
- Integra Lifesciences Holdings Corp (IART) is making progress on its compliance master plan to enhance quality management systems, which is expected to improve long-term operational resilience.
- The company is investing in facility and equipment upgrades, including the Braintree facility, to improve production capacity and meet customer demand.
- Organic revenue decreased by 8.6% year over year, reflecting ongoing supply challenges that limited the company's ability to meet demand.
- The company experienced a decline in gross margins, down 160 basis points, due to manufacturing inefficiencies and unfavorable revenue mix.
- Adjusted EPS for the quarter was $0.41, down 46% compared to the previous year, indicating financial pressure from operational challenges.
- Supply challenges, including shipping holds, significantly impacted the Codman Specialty Surgical business, leading to a 10.7% decline in organic growth.
- The company tightened its full-year 2024 revenue and adjusted EPS guidance due to recent quality holds and ongoing remediation work.
Good day. Thank you for standing by. Welcome to Integra LifeSciences third-quarter 2024 financial results conference call. (Operator Instructions) Please note that today's conference is being recorded.
I will now hand the conference over to your speaker host, Chris Ward, Senior Director of Investor Relations. Please go ahead.
Good morning, and thank you for joining the Integra LifeSciences third-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 Officer.
Earlier this morning, we issued a press release announcing our third-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 Presentation and a file named third-quarter 2024 earnings call presentation.
Before we begin, I would like to remind you that many of
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