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Integra LifeSciences Reports Fourth Quarter 2012 Financial Results

Stocks in this article: IART

Integra used $3.8 million of cash for operations in the fourth quarter of 2012, including a $29.8 million tax withholding payment made in connection with the release of the former CEO's deferred stock units. Integra also invested $24.7 million in capital expenditures in the fourth quarter of 2012. For the full year ended December 31, 2012, Integra's cash flows from operations totaled $58.7 million, including the tax withholding payment and $30.6 million of accreted interest paid at the maturity of the Company's 2012 Senior Convertible Notes. The Company invested $69.0 million in capital expenditures during the year.

Adjusted EBITDA for the fourth quarter of 2012 was $40.7 million, an increase of 4.9% compared to the fourth quarter last year. Adjusted EBITDA excluding stock-based compensation for the fourth quarter of 2012 was $43.1 million, an increase of 3.1% compared to the fourth quarter last year. Adjusted EBITDA for the full year 2012 was $166.3 million, an increase of 7.5% compared to last year. Adjusted EBITDA excluding stock-based compensation for the full year 2012 was $175.4 million, an increase of 4.3% compared to last year. All references to EBITDA in this paragraph were computed with the adjustments to GAAP reporting set forth in the attached reconciliations.

For the fourth quarter and full year 2012, both GAAP and adjusted net income include a benefit to interest expense reflecting an out-of-period correction for interest expense that should have been capitalized as part of capital projects not yet placed in service.

Because the American Taxpayer Relief Act of 2012 was not enacted until 2013, the extension of the R&D tax credit for 2012 is not recognized in the Company's 2012 financial results and instead will be reflected in the Company's 2013 GAAP and adjusted financial results.

Outlook for 2013

The Company expects 2013 revenues for the full year to be between $865 and $880 million. The Company expects its GAAP earnings per diluted share for the full year to be between $1.68 and $1.87 and adjusted earnings per diluted share to be between $3.08 and $3.27.

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