Integra LifeSciences Holdings Corporation announced its financial results for the third quarter ending September 30, 2024. The company reported total revenues of $380.8 million, marking a 0.4% decrease on a reported basis and an 8.6% organic decline compared to the prior year. Excluding the impact from Boston-manufactured products, organic revenue decreased by 10.3%.
The company posted a GAAP net loss of $(10.7) million, or $(0.14) per diluted share, for the quarter, a significant shift from GAAP net income of $19.5 million, or $0.24 per diluted share, in the prior year. Adjusted net income for the third quarter was $31.7 million, or $0.41 per diluted share, compared to $60.5 million, or $0.76 per diluted share, in the previous year. Gross margins also saw a decline, with GAAP gross margin at 52.6% compared to 57.1% in Q3 2023, and adjusted gross margin at 63.0% compared to 64.6%.
For the fourth quarter of 2024, Integra LifeSciences expects reported revenues between $441 million and $451 million, representing reported growth of 11.1% to 13.6% and organic growth of 2.0% to 4.5%. The full-year 2024 revenue guidance was updated to a range of $1.609 billion to $1.619 billion, with adjusted EPS projected between $2.41 and $2.49. This guidance reflects the integration of Acclarent, anticipated revenue recovery from cleared shipping holds, and improved production for Integra Skin, partially offset by additional quality holds.
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