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TheStreet Open House

Integra LifeSciences Reports First Quarter 2013 Financial Results

Stocks in this article: IART

Results In Line With Preliminary Announcement

Revises 2013 Guidance

PLAINSBORO, N.J., May 2, 2013 (GLOBE NEWSWIRE) -- Integra LifeSciences Holdings Corporation (Nasdaq:IART) today reported its financial results for the first quarter ending March 31, 2013. Total revenues for the first quarter were $196.7 million, reflecting an increase of $0.5 million over the first quarter of 2012. Currency exchange rates had a negligible effect on revenues.

The Company reduced its revenue in the quarter by $2.9 million because of product returned in the voluntary recall announced on April 10, 2013, and estimates that it was unable to satisfy customer demand for an additional $6 million to $7 million.

The Company reported GAAP net loss of $4.1 million, or $0.15 per diluted share, for the first quarter of 2013, compared to GAAP net income of $6.7 million, or $0.23 per diluted share, for the first quarter of 2012.

Adjusted net income for the first quarter of 2013, computed with the adjustments to GAAP reporting set forth in the attached reconciliation, was $10.9 million, or $0.39 per diluted share, compared to adjusted net income of $20.2 million, or $0.71 per diluted share, in the first quarter of 2012.

Integra generated $7.8 million in cash flows from operations and invested $10.9 million in capital expenditures during the quarter.

Adjusted EBITDA for the first quarter of 2013, computed with the adjustments to GAAP reporting set forth in the attached reconciliation, was $24.3 million, a decrease of 38% compared to $39.0 million achieved in the first quarter last year. Adjusted EBITDA excluding stock-based compensation for the first quarter of 2013, computed with the adjustments to GAAP reporting set forth in the attached reconciliation, was $26.4 million, a decrease of 36% compared to $41.1 million achieved in the first quarter last year.

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