Integra LifeSciences Holdings Corporation reported its financial results for the third quarter and the first nine months of 2024, highlighting a mixed performance in revenue and profitability compared to the previous fiscal period.
For Q3 2024, total revenue was $380.8 million, a slight decrease from $382.4 million in Q3 2023. Year-to-date (YTD) revenue for the first nine months of 2024 reached $1.168 billion, up from $1.145 billion in the same period last year. The increase in YTD revenue was primarily driven by the acquisition of Acclarent, which contributed approximately $62.3 million to the Codman Specialty Surgical (CSS) segment. However, excluding the impact of this acquisition, revenues declined due to operational challenges and a recall of products manufactured at the Boston facility.
Total costs and expenses for Q3 2024 rose to $389.0 million from $355.8 million in Q3 2023, leading to an operating loss of $8.2 million, a significant improvement from the $26.6 million loss reported in the same quarter of the previous year. For the first nine months, the operating loss was $7.2 million, compared to a loss of $75.5 million in the prior year. The net loss for Q3 2024 was $10.7 million, or $0.14 per share, compared to a net income of $19.5 million, or $0.24 per share, in Q3 2023. The net loss for the first nine months of 2024 was $26.4 million, or $0.34 per share, down from a net income of $47.9 million, or $0.59 per share, in the same period last year.
The company’s cash and cash equivalents decreased to $215.2 million as of September 30, 2024, from $276.4 million at the end of 2023. Short-term investments increased to $62.4 million, up from $32.7 million. The total assets of Integra rose to $4.066 billion, compared to $3.782 billion at the end of 2023, largely due to the acquisition of Acclarent and increased intangible assets.
Strategically, Integra completed the acquisition of Acclarent on April 1, 2024, for approximately $282 million, which is still in the integration phase. Additionally, on October 2, 2024, the company acquired product rights for Durepair® from Medtronic for $45 million. The company is also addressing quality issues and operational challenges, particularly related to the Boston facility, which has led to a voluntary recall of products and a $4.6 million impairment charge.
Overall, while Integra experienced growth in revenue for the first nine months of 2024, challenges related to operational issues and acquisitions impacted profitability and cash flow.
About INTEGRA LIFESCIENCES HOLDINGS CORP
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