Revenue Increased 9.2% to $258.6 million; Organic Revenue Increased 6.4%
Reported EPS of $0.08; Adjusted EPS of $0.39
PLAINSBORO, N.J., April 26, 2017 (GLOBE NEWSWIRE) -- Integra LifeSciences Holdings Corporation (NASDAQ:IART), a leading global medical technology company, today reported its financial results for the first quarter ending March 31, 2017.
Highlights:
- First quarter revenue increased 9.2% over the prior year quarter to $258.6 million, and organic revenue increased 6.4%. Derma Sciences contributed $10.4 million of revenue to first quarter results;
- GAAP gross margin increased 230 basis points over the prior year quarter to 66.5%, and adjusted gross margin increased 100 basis points to 70.2%;
- Operating cash flow increased 15.4% over the prior year quarter to $28.9 million, resulting in free cash flow conversion of 85.1% on a trailing twelve month basis, compared to 65.4% in the prior year period;
- Closed Derma Sciences acquisition and on track to complete commercial integration by mid-year;
- Secured financing for the planned acquisition of Codman Neurosurgery; and,
- Maintaining previously issued 2017 full-year sales, organic growth, EPS and cash flow guidance.
Total revenues for the first quarter were $258.6 million, reflecting an increase of $21.9 million, or 9.2%, over the first quarter of 2016. Both global segments contributed to the growth, with revenue in Orthopedics and Tissue Technologies and Specialty Surgical Solutions increasing by 19.6% and 3.4%, respectively, compared to the prior year.
Excluding the revenue contribution from acquisitions and the effect of currency exchange rates and discontinued products, revenues increased 6.4% over the first quarter of 2016.
