Why Is Medical Device Maker Integra LifeSciences Stock Falling On Monday?
Portfolio Pulse from Vandana Singh
Integra LifeSciences Holdings Corporation (NASDAQ:IART) reported Q1 revenues of $368.9 million, slightly beating consensus and management guidance but down 3.1% Y/Y. Adjusted EPS was $0.55, matching consensus but lower than the previous year's $0.74. The company saw a decrease in adjusted gross margin and adjusted EBITDA compared to the prior year. Despite challenges, including a product recall at the Boston facility, Integra provided optimistic Q2 revenue guidance and updated its fiscal year 2024 revenue and adjusted EPS expectations, reflecting the completion of the Acclarent acquisition. However, IART shares fell 17.40% to $23.87.
May 06, 2024 | 3:23 pm
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Integra LifeSciences reported a slight beat on Q1 revenue expectations but saw a year-over-year decline and a decrease in EPS. The company provided positive guidance for Q2 and updated its fiscal year 2024 outlook, reflecting the Acclarent acquisition's completion. However, shares dropped significantly.
The significant drop in IART's share price can be attributed to the market's reaction to the year-over-year decline in revenue and EPS, despite beating revenue expectations. The optimistic future guidance and the completion of the Acclarent acquisition may not have been enough to offset concerns over the Boston facility product recall and its impact on the company's short-term performance.
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