Integra LifeSciences Holdings Corporation (Nasdaq:IART) today reported its financial results for the second quarter ending June 30, 2010. Total revenues for the second quarter were $178.6 million, reflecting an increase of $12.9 million, or 8%, over the second quarter of 2009. We present revenues by product category in a table at the end of this press release.
"Our second quarter results reflect strong internal growth," said Stuart Essig, Integra's President and Chief Executive Officer. "We are heading in to the second half of the year with good momentum."
The Company reported GAAP net income of $15.2 million, or $0.50 per diluted share, for the second quarter of 2010, compared to GAAP net income of $11.2 million, or $0.38 per diluted share, for the second quarter of 2009.
Adjusted net income for the second quarter of 2010, computed with the adjustments to GAAP reporting set forth in the attached reconciliation, was $20.9 million, or $0.68 per diluted share, compared to $18.3 million, or $0.62 per diluted share, in the second quarter of 2009.
Integra generated $19.4 million in cash flows from operations and used $5.7 million of cash on capital expenditures in the second quarter of 2010. During the quarter, Integra redeemed the remaining $78 million outstanding on its 2.75% senior convertible notes in cash. Integra drew down $75 million on its credit facility to meet this obligation.
Adjusted EBITDA for the second quarter of 2010, computed with the adjustments to GAAP reporting set forth in the attached reconciliation, was $35.5 million, up 2% from the second quarter last year.
Adjusted EBITDA excluding stock-based compensation, computed with the adjustments to GAAP reporting set forth in the attached reconciliation, was $39.2 million.
Changes in foreign currency exchange rates had a negligible impact on revenues for the quarter.
Outlook for 2010
The Company is reiterating its revenue guidance as well as its GAAP and adjusted earnings per share guidance for the full year 2010. The Company continues to anticipate revenues between $715 million and $735 million. The Company is guiding to GAAP earnings per diluted share of between $1.92 and $2.07 and to adjusted earnings per diluted share of between $2.60 and $2.75. 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 (such as acquisition-related charges, facility consolidation, manufacturing and distribution transfer charges, systems integration charges, non-cash interest expense related to the application of authoritative guidance for convertible debt instruments that may be settled in cash upon conversion ("FSP APB 14-1"), and intangible asset amortization) 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