Integra LifeSciences (NASDAQ: IART) reported Q2 EPS of $0.60, in-line with the analyst estimate of $0.60. Revenue for the quarter came in at $366.2 million versus the consensus estimate of $368.25 million.

• Revenue Increased 29.8% to $366.2 million; Organic Revenue Increased 3.4%
• Reported EPS of $0.14; Adjusted EPS of $0.60
• Raises Low-End of Full-Year Total Revenue and EPS Guidance
• Successfully Exits First Wave of Codman Transition Services Agreements

Second Quarter 2018 Consolidated Results

• Reported revenue was $366.2 million, an increase of 29.8% compared to the second quarter of 2017; the acquisition of Codman contributed $79.2 million of revenue to the second quarter, and organic revenues increased 3.4%. Using foreign currency rates in effect when the company provided guidance in April 2018, the second quarter revenues would have been $368.4 million;
• GAAP earnings per share was $0.14, flat compared to the second quarter of 2017;
• Adjusted earnings per share was $0.60, reflecting an increase of 33.3% compared to the second quarter of 2017;
• The company has successfully exited the first wave of Codman transition services agreements and assumed full operational control of all commercial services and functions covering approximately 60% of the revenue associated with the acquired business;
• The company is raising the low end of its full-year 2018 total revenue and earnings per share guidance as follows:
  • Total revenue of $1.475 billion to $1.490 billion (previously $1.470 billion to $1.490 billion);
    • Guidance range reflects lower foreign currency benefit based on current rates (expected foreign currency benefit was reduced from $15 million to $8 million)
  • GAAP EPS of $0.71 to $0.77 (previously $0.69 to $0.77);
  • Adjusted EPS of $2.36 to $2.42 (previously $2.34 to $2.42); and
• The company is reiterating full-year 2018 organic sales growth guidance of approximately 5%.

"We look forward to an acceleration in organic growth in the second half of 2018, as we realize the benefits of a larger sales organization, improved sales productivity and an expanded product portfolio," said Peter Arduini, Integra's president and chief executive officer. "The successful integration of Codman and the completion of the hiring associated with our OTT channel expansion strategy increase our confidence for the second half of the year."

GUIDANCE:

Integra LifeSciences sees FY2018 EPS of $2.36-$2.42, versus the consensus of $2.40. Integra LifeSciences sees FY2018 revenue of $1.475-1.49 million, versus the consensus of $1.49 million.

For earnings history and earnings-related data on Integra LifeSciences (IART) click here.