Integra Lifesciences Holdings Corporation (IART) has reported a 52.35 percent plunge in profit for the quarter ended Mar. 31, 2017. The company has earned $6.39 million, or $0.08 a share in the quarter, compared with $13.42 million, or $0.18 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $30.89 million, or $0.39 a share compared with $28.26 million or $0.38 a share, a year ago.
Revenue during the quarter grew 9.24 percent to $258.64 million from $236.77 million in the previous year period. Gross margin for the quarter expanded 233 basis points over the previous year period to 66.52 percent. Total expenses were 96.15 percent of quarterly revenues, up from 90.67 percent for the same period last year. That has resulted in a contraction of 548 basis points in operating margin to 3.85 percent.
Operating income for the quarter was $9.96 million, compared with $22.10 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $55.16 million compared with $52.08 million in the prior year period. At the same time, adjusted EBITDA margin contracted 67 basis points in the quarter to 21.33 percent from 21.99 percent in the last year period.
"We are off to a solid start in 2017, which gives us increased confidence in delivering on our full-year 2017 financial guidance," said Peter Arduini, Integra's president and chief executive officer. "We completed the acquisition of Derma Sciences, launched several new products that will drive growth in the second half of the year, and remain on track to complete the planned acquisition of Codman Neurosurgery in the fourth quarter of 2017."
For the fiscal year 2017, Integra Lifesciences Holdings Corp projects revenue to be in the range of $1,120 million to $1,140 million. Integra Lifesciences Holdings Corp expects net income to be in the range of $39.25 million to $43.75 million. Integra Lifesciences Holdings Corp forecasts adjusted net income to be in the range of $149.10 million to $153.60 million. The company forecasts diluted earnings per share to be in the range of $0.49 to $0.55 and forecasts diluted earnings per share to be in the range of $1.88 to $1.94 on adjusted basis.
Operating cash flow improves Integra Lifesciences Holdings Corp has generated cash of $28.88 million from operating activities during the quarter, up 15.39 percent or $3.85 million, when compared with the last year period. The company has spent $193.14 million cash to meet investing activities during the quarter as against cash outgo of $6.73 million in the last year period.
Cash flow from financing activities was $185.04 million for the quarter, up 1,759.31 percent or $175.09 million, when compared with the last year period.
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