On January 14, 2020 Integra LifeSciences Holdings Corporation (NASDAQ: IART), a leading global medical technology company, reported certain unaudited preliminary fourth quarter and full-year 2019 financial results (Press release, Integra LifeSciences, JAN 14, 2020, View Source [SID1234553166]).
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Preliminary Fourth Quarter and Full-Year 2019 Revenue Results
Fourth quarter 2019 reported revenue is expected to be at or near the low end of the previously communicated guidance range of $395 million to $400 million, representing organic revenue growth of slightly less than 5% and reported growth of approximately 3%.
As a result of its fourth quarter preliminary results, the company expects full-year 2019 reported revenue to be at or near the low end of the previously communicated guidance range of $1,517 million to $1,522 million, representing organic growth of slightly less than 5% and reported growth of approximately 3%.
The preliminary results set forth above are unaudited and remain subject to completion of the Company’s financial closing procedures.
Preliminary 2020 Financial Guidance
The company expects full-year 2020 reported revenue to be in the range of $1,550 million to $1,570 million, representing organic revenue growth of approximately 5% and reported growth of approximately 3%. The company expects full-year 2020 earnings per share to increase double digits compared to the full-year 2019.
Share Repurchase Program
The company plans to implement a share repurchase program, previously approved by the Board of Directors, with an authorization of up to $225 million. The company may repurchase shares from time to time in the open market or otherwise at the company’s discretion, subject to applicable regulatory and other legal requirements. The number of shares to be repurchased and the timing of such transactions will depend on a variety of factors, including market conditions, regulatory requirements, other corporate considerations, and could be suspended or discontinued at any time as determined by Integra management.
"In 2019, we completed the integration of Codman and began making significant investments to increase manufacturing capacity for our regenerative tissue products. We also launched 10 new products in the first part of 2019. We are confident that these actions, and a full-year contribution from our new products, will result in accelerated revenue growth in 2020 and beyond," said Peter Arduini, president and chief executive officer, Integra LifeSciences. "In addition, our capital allocation strategy is supported by a strong balance sheet and strong cash flows, which will enable the company to reinvest in the business, pursue strategic acquisitions, and implement a share repurchase program to return value to shareholders."
The company is scheduled to present at the 38th Annual J.P. Morgan Healthcare Conference on Wednesday, January 15, 2020 at 3:30pm PT (6:30pm ET). A live audio webcast of the presentation will be available on the Investor section of the company’s website at www.integralife.com
The company will report its fourth quarter and full-year 2019 financial results during a conference call in February 2020. A press release with the date, time and webcast information will be provided closer to the reporting date.