Integra Stock Dips on Lowered Guidance After Q3 Sales Miss
Integra LifeSciences (Nasdaq: IART) shares fell after reporting third-quarter results that missed consensus forecasts.
Shares of IART dropped over 8% to $14.15 after the market opened. The company reported a loss of $5.4 million, or 7¢ per share, on sales of $402.1 million for the quarter ended September.
Integra recorded a 50% bottom-line gain on a 5.6% sales increase. Adjusted earnings per share were 54¢, exceeding Wall Street expectations by 11¢. However, sales fell short of forecasts, with experts projecting $414.3 million in revenue.
The company attributed the sales shortfall to "supply interruptions." Its Codman Specialty Surgical business generated around 70% of revenue, at $292 million.
"supply interruptions"
The company's Q3 results led to a lowered guidance, impacting the stock price.
Author's summary: Integra LifeSciences' stock dips due to lowered guidance.