Integra Stock Dips on Lowered Guidance After Q3 Sales Miss
Integra LifeSciences (Nasdaq: IART) shares fell after releasing third-quarter results that missed consensus forecasts.
Shares of IART decreased by over 8% to $14.15 after the market opened. The company reported a loss of $5.4 million, equivalent to a loss of 7¢ per share, on sales of $402.1 million for the quarter ended September.
Despite a 50% bottom-line gain and a 5.6% sales increase, adjusted earnings per share were 54¢, exceeding expectations by 11¢. However, sales were lower than forecasted $414.3 million due to "supply interruptions."
The Codman Specialty Surgical business generated approximately 70% of the company's revenue, totaling $292 million.
No comment from the company on the current situation.
Author's summary: Integra LifeSciences' stock dips due to Q3 sales miss.