Integra LifeSciences Shares Drop to Record Low on Unexpected Loss, Boston Facility Audit Findings

By Sabela Ojea

Shares of Integra LifeSciences dropped to a new 52-week low after the company reported an unexpected first-quarter loss and said an external audit detected more findings than anticipated at its Boston facility.

The stock was down 17% to $23.94 on Monday, on track for the lowest close in about 10 years. Shares have plunged 53% over the past two months.

The medical technology company posted a net loss of $3.3 million, or 4 cents a share, compared with a profit of $24.2 million, or 29 cents a share, for the same period a year earlier. Analysts polled by FactSet had forecast earnings per share of 12 cents.

Revenue fell 3.1% to $368.9 million, ahead of the $362 million forecast by analysts.

The company now forecasts full-year revenue of $1.67 billion to $1.69 billion from $1.6 billion to $1.62 billion previously, but it will no longer include $10 million due to the relaunch of SurgiMend and PriMatrix beginning in the second half.

The SurgiMend and PriMatrix's products guidance comes as Integra LifeSciences evaluates the timeline to address the findings from a third-party audit at its Boston facility.

In July, the Food and Drug Administration warned the company about having a number of devices adulterated at its Boston facility that didn't follow the good manufacturing practice requirements of the quality system regulation.

Write to Sabela Ojea at sabela.ojea@wsj.com

(END) Dow Jones Newswires

May 06, 2024 12:47 ET (16:47 GMT)

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