Integra LifeSciences 4Q profit more than doubles
PLAINSBORO, N.J. (AP) — Integra LifeSciences' fourth-quarter earnings more than doubled as the medical device maker booked revenue growth in all its major businesses and interest expenses declined.
The Plainsboro, N.J., company said Thursday that it earned $12.8 million, or 46 cents per share, in the three months that ended Dec. 31. That compares to net income of $4.6 million, or 16 cents per share, in the previous year's quarter.
Adjusted earnings totaled 78 cents per share, excluding depreciation and acquisition-related charges among other items.
Revenue climbed more than 5 percent to $214.4 million.
Analysts surveyed by FactSet expected, on average, earnings of 78 cents per share on $216.1 million in revenue.
Integra said revenue from its U.S. neurosurgery business climbed about 5 percent to $45.5 million, and it saw higher growth from its smaller instruments and extremities segments.
The company also recorded an interest expense totaling $1.7 million in last year's fourth quarter, down from about $7.9 million in the 2011 quarter.
For the full year, Integra earned $41.2 million, or $1.44 per share, on $830.8 million in revenue.
For 2013, it expects adjusted earnings ranging from $3.08 to $3.27 per share on revenue of between $865 million and $880 million.
Analysts forecast, on average, earnings of $3.24 per share on $876.5 million in revenue.
Shares of Integra LifeSciences Holdings Corp. set a 52-week high of $44.53 on Wednesday before retreating to close at $42.02. Integra shares then climbed 16 cents to $42.18 in Thursday morning trading. The shares have already advanced about 8 percent so far this year.