Integra LifeSciences profit rises on implant sales
PLAINSBORO, N.J. (AP) — Medical device maker Integra LifeSciences Holdings Corp. said Wednesday that its profit grew in the third quarter on higher sales of implants and surgical instruments.
The company's net income grew to $13.2 million, or 46 cents per share, compared with net income of $11.2 million, or 39 cents per share, in the third quarter of 2011. Excluding one-time items and expenses, the company would have earned $24.6 million, or 85 cents per share.
The company said revenue for the period rose 4 percent to $210.1 million for the period, helped by higher sales of orthopedics.
On average, analysts polled by FactSet predicted earnings per share of 77 cents on sales of $211.5 million.
Company executives raised its full-year adjusted earnings guidance to between $3.04 and $3.09 per share from a range of $2.97 to $3.06 per share and reiterated revenue guidance of $828 million to $838 million.
Analysts expect earnings per share of $3.04 and revenue of $834.5 million.
"Our earnings came in stronger than expected, giving us the confidence to raise our adjusted earnings guidance for the year," said Jack Henneman, chief financial officer.
Integra LifeSciences shares rose 31 cents to $37.52 in afternoon trading.