Bloomberg News

Integra Slides Most in Almost Three Years on Falling Revenue

January 09, 2012

Jan. 6 (Bloomberg) -- Integra LifeSciences Holdings, a maker of orthopedic implants, dropped the most in almost three years after cutting its revenue forecast and saying U.S. regulators cited the company for mold at a factory.

Integra shares dropped 17 percent to $25.26 at 12:40 p.m. in New York, after earlier declining as much as 18 percent, the biggest intraday slide since March 2009.

Revenue in the fourth quarter will be $202 million to $203 million, about 3 percent lower than the company’s previous low end forecast, because of weaker sales, Integra said yesterday in a statement. Earnings per share, excluding some items, will be from 65 cents and 70 cents, the company said. Analysts projected the company would earn 74 cents, the average of 15 estimates in a Bloomberg survey.

In addition, the Food and Drug Administration sent the Plainsboro, New Jersey-based company a warning letter in December about mold found in an equipment storage area and a closet that houses filtered water used in manufacturing, Integra said today in a filing. The letter doesn’t restrict the company’s ability to make or ship products, Integra said.

--Editors: Chris Staiti, Andrew Pollack

To contact the reporter on this story: Ryan Flinn in San Francisco at rflinn@bloomberg.net

To contact the editor responsible for this story: Reg Gale at rgale5@bloomberg.net


Hollywood Goes YouTube
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus