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Integra LifeSciences Reports Second Quarter 2013 Financial Results

PLAINSBORO, N.J., Aug. 1, 2013 (GLOBE NEWSWIRE) -- Integra LifeSciences Holdings Corporation (Nasdaq:IART) today reported its financial results for the second quarter ending June 30, 2013. Total revenues for the second quarter were $205.5 million, reflecting a decrease of $4.7 million compared to the second quarter of 2012. Currency exchange rates had a negligible effect on revenues.

"We are pleased to deliver second quarter revenues within our guidance range," said Peter Arduini, Integra's President and Chief Executive Officer. "Our supply chain and operations teams achieved our regenerative product supply objectives, and we managed overall expenses well in the quarter."

The Company reported GAAP net income of $3.4 million, or $0.12 per diluted share, for the second quarter of 2013, compared to GAAP net income of $8.5 million, or $0.30 per diluted share, for the second quarter of 2012.

Adjusted net income for the second quarter of 2013, computed with the adjustments to GAAP reporting set forth in the attached reconciliation, was $16.8 million, or $0.60 per diluted share, compared to adjusted net income of $21.1 million, or $0.74 per diluted share, in the second quarter of 2012.

Integra generated $2.9 million in cash flows from operations and invested $13.6 million in capital expenditures during the quarter.

Adjusted EBITDA for the second quarter of 2013, computed with the adjustments to GAAP reporting set forth in the attached reconciliation, was $33.5 million, compared to $40.6 million achieved in the second quarter last year. Adjusted EBITDA excluding stock-based compensation for the second quarter of 2013, computed with the adjustments to GAAP reporting set forth in the attached reconciliation, was $36.2 million, compared to $42.9 million achieved in the second quarter last year.

Outlook for 2013

The Company continues to expect full year 2013 revenues of $840 million to $852 million. The Company is reaffirming its expectations for GAAP earnings per diluted share for the full year to be between $0.90 and $1.20 and for adjusted earnings per diluted share to be between $2.40 and $2.70.

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