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Jun 30, 2020
Integra LifeSciences Q2 2020 Earnings Report
Integra LifeSciences' second quarter results for 2020 were reported, showing a decrease in revenue compared to the previous year due to the impact of COVID-19.
Key Takeaways
Integra LifeSciences reported a decrease in revenue of 32.6% compared to the prior year, with a GAAP loss per diluted share of ($0.00). The company's full-year 2020 guidance remains withdrawn due to the uncertainty related to COVID-19.
Reported revenues were $258.7 million, a decrease of 32.6% on a reported basis and 31.3% on an organic basis compared to the prior year.
GAAP loss per diluted share was ($0.00), compared to GAAP earnings of $0.34 in the second quarter of 2019.
Adjusted earnings per diluted share were $0.33, compared to $0.73 in the prior year, with the decline largely attributable to lower revenues due to the impact of COVID-19.
The Company's full-year 2020 guidance remains withdrawn due to the uncertainty related to COVID-19 and the extent of the recovery in surgical procedure volumes.
Revenue by Segment
Forward Guidance
The Company continues to expect quarterly sequential revenue improvement in the second half of 2020 as compared to the second quarter of 2020. For the third quarter of 2020, revenues are expected to remain below prior year levels due to COVID-19 and the associated reduction of non-emergent surgical procedures.
Positive Outlook
- Expect quarterly sequential revenue improvement in the second half of 2020 as compared to the second quarter of 2020.
Challenges Ahead
- Revenues are expected to remain below prior year levels due to COVID-19 and the associated reduction of non-emergent surgical procedures.
- The Company does not expect all markets and product lines to improve at the same rate.
- The level and location of COVID-19 emergence or recurrence and its associated impact on surgical procedure volumes, as well as economic normalization, will shape the Company's recovery.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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