Integra LifeSciences Holdings Corporation (IART) reported
earnings for the quarter ending March 31, 2014.
Revenues increased $18.4 million over the quarter which reflects an
increase of 3%. GAAP net income was $2.2
million compared to a net loss of $6 million this quarter a year ago. Integra continues to expand and grow as they
invested $11.3 million in capital expenditures over the quarter.
This quarter Integra practiced a new accounting policy to
adjust for the new medical device tax and an updated 2013 financial results
using this policy is now on their website.
This new policy has no impact on cash flow, but is expected to reduce
GAAP net income by approximately $.05 per share for 2014. In addition, their estimated tax rate is to
reach 32% for 2014 due to the new tax.
Going forward, Integra’s management estimates 2014 full year
revenues to be between $920 and $940 million and a decrease in their earnings
guidance due to an increase in amortization expense following the close of the
DuraSeal acquisition and an expected spike of the tax rate due to the medical
device tax.
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