Integra LifeSciences (NSDQ:IART) shares got a boost this morning on third-quarter results that topped the consensus forecast.
IART shares were up 5.6% at $70.95 per share in early-morning trading. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.2%.
The Princeton, N.J.-based surgical and medical instrument company posted profits of $43.2 million, or 51¢ per share, on sales of $386.9 million for the three months ended Sept. 30, 2021, for a 33.7% bottom-line gain on sales growth of 4.5%.
Adjusted to exclude one-time items, earnings per share were 86¢, 14¢ ahead of Wall Street, where analysts were looking for sales of $384.6 million.
“Strength across most of our product portfolio, driven by commercial and operational execution and a contribution from our recently launched CereLink ICP monitor, led to third-quarter results near the high end of our guidance range, despite ongoing COVID and supply challenges,” Integra President & CEO Peter Arduini said in a news release. “Last week we announced Jan De Witte as the next president and CEO of Integra. It has been an honor to serve the many talented Integra colleagues who are so dedicated to fulfilling our mission of improving patients’ lives around the world every day.
“I am confident that under the leadership of Jan and the strong management team in place, Integra is well-positioned for continued growth and success in the coming years.”
Integra raised its adjusted EPS projections for 2021 from a range of $2.98 to $3.05 to a new range of $3.16 to $3.20. The company also reaffirmed its previous sales guidance of between $1.54 billion and $1.55 billion, with expectations of coming in at the low end of the range.