Feb 24 2011
Integra LifeSciences Holdings Corporation (Nasdaq:IART) today reported its financial results for the fourth quarter and full year ending December 31, 2010. Total revenues for the fourth quarter were $194.1 million, reflecting an increase of $10.6 million, or 6%, over the fourth quarter of 2009. Total revenues in the full year of 2010 were $732.1 million, reflecting an increase of $49.6 million, or 7%, over the full year of 2009. Excluding the impact of currency exchange rates, revenues increased 7% over the fourth quarter of 2009 and 7% over the full year 2009. We present revenues by product category in a table at the end of this press release.
"We successfully navigated the continued challenges presented by the economy in 2010. Our financial results highlight the strength of our diverse revenue base," said Integra's Chief Executive Officer, Stuart Essig. "We believe the investments we made throughout 2010 position our company well for long-term growth."
The Company reported GAAP net income of $18.8 million, or $0.63 per diluted share, for the fourth quarter of 2010, compared to GAAP net income of $15.7 million, or $0.53 per diluted share, for the fourth quarter of 2009. The Company reported GAAP net income of $65.7 million, or $2.17 per diluted share, for the full year 2010, compared to GAAP net income of $51.0 million, or $1.74 per diluted share in 2009.
Adjusted net income for the fourth quarter of 2010, computed with the adjustments to GAAP reporting set forth in the attached reconciliation, was $24.0 million, or $0.80 per diluted share, compared to $21.0 million, or $0.71 per diluted share, in the fourth quarter of 2009. Adjusted net income for the full year 2010, computed with the adjustments to GAAP reporting set forth in the attached reconciliation, was $89.9 million, or $2.97 per diluted share, compared to $76.5 million, or $2.61 per diluted share in 2009.
Integra generated $28.4 million in cash flows from operations and used $18.2 million of cash on capital expenditures in the fourth quarter of 2010. For the full year ended December 31, 2010, Integra's cash flows from operations totaled $105.6 million. The Company used $37.1 million of cash on capital expenditures during the year.
Adjusted EBITDA for the fourth quarter of 2010, computed with the adjustments to GAAP reporting set forth in the attached reconciliation, was $41.5 million, flat compared to the same period last year. Adjusted EBITDA for the full year 2010, computed with the adjustments to GAAP reporting set forth in the attached reconciliation, was $151.0 million, an increase of 4% compared to the full year 2009.
Adjusted EBITDA excluding stock-based compensation for the fourth quarter of 2010, computed with the adjustments to GAAP reporting set forth in the attached reconciliation, was $45.8 million, an increase of 1% compared to the same period last year. Adjusted EBITDA excluding stock-based compensation for the full year 2010, computed with the adjustments to GAAP reporting set forth in the attached reconciliation, was $166.7 million, an increase of 4% compared to the same period last year.
Outlook for 2011
The Company is providing revenues and earnings per share guidance for the full year 2011. The Company anticipates revenues between $765 million and $780 million, at current exchange rates. As has been the case in the past, we expect revenues in the first quarter of 2011 to be 7% to 8% lower than the fourth quarter of 2010, and earnings to be disproportionately lower, and that the fourth quarter of 2011 will be the strongest quarter of the year. The Company is guiding to GAAP earnings per diluted share of between $1.97 and $2.12 and to adjusted earnings per diluted share of between $2.87 and $3.02. In accordance with our usual practice, expectations for financial performance do not include the impact of acquisitions or other strategic corporate transactions that have not yet closed.
In the future, the Company may record, or expects to record, certain additional revenues, gains, expenses or charges as described in the Discussion of Adjusted Financial measures below that it will exclude in the calculation of adjusted EBITDA and adjusted earnings per share for historical periods and in providing adjusted earnings per share guidance.
Source: Integra LifeSciences Holdings Corporation