Integra LifeSciences (NSDQ:IART) shares dipped today despite fourth-quarter results that beat the consensus earnings forecast.
The Princeton, N.J.-based medtech company posted profits of $92.7 million, or $1.09 per share, on sales of $388.6 million for the three months ended Dec. 31, 2020, coming in well ahead of its Q4 2019 profit of $15.3 million despite a sales decline of -1.6%.
Adjusted to exclude one-time items, earnings per share were 84¢, 11¢ ahead of Wall Street, where analysts were looking for sales of $388.6 million.
Improvements in surgical procedure volumes after many delays during the COVID-19 pandemic resulted in some growth for Integra, according to a news release.
“The safety and well-being of our colleagues has remained our number one priority throughout the pandemic, so they could continue to deliver critical, life-saving products to clinicians,” Integra president & CEO Peter Arduini said in the release. “The revenue and profitability impact from surgical procedural deferrals caused by COVID were most significant in the first half of 2020. The company’s revenue and profitability improved in the second half of the year as procedures recovered.
“Over the course of 2020, we focused on enhancing our global operations, investing in critical growth programs, and optimizing our product portfolio. These accomplishments and our strong financial position increase our confidence that we will return to growth in 2021.”
Integra said it now expects to log adjusted EPS of $2.86 to $2.93, with expected revenues ranging between $1.52 billion and $1.535 billion for 2021. For the upcoming first quarter, the company expects adjusted EPS of between 54¢ and 58¢ on revenues between $345 million and $355 million.
IART shares were down -4.8% at $68.76 per share in mid-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down -1.1%.