Integra LifeSciences Reports Fourth Quarter 2014 Financial Results
Revenues Increased 14.2% to $252.2 Million
Organic Revenues Increased 5.8%
Reported EPS Increased to $0.52; Adjusted EPS Increased to $0.94
Issues 2015 Full-Year Guidance
Plainsboro, New Jersey, February 24, 2015 - Integra LifeSciences Holdings Corporation (NASDAQ: IART) today reported its financial results for the fourth quarter ending December 31, 2014. Total revenues for the fourth quarter were $252.2 million, reflecting an increase of $31.4 million, or 14.2%, over the fourth quarter of 2013. Total revenues for the full year of 2014 were $928.3 million, an increase of $92.1 million, or 11.0%, over the full year 2013.
Organic revenues, computed by adjusting GAAP revenues as set forth in the attached reconciliation, increased 5.8% over the fourth quarter 2013, and increased 3.2% over the full year 2013.
"Strength in our worldwide neurosurgery and skin and wound businesses drove organic sales growth to 5.8% in the fourth quarter," said Peter Arduini, Integra's President and Chief Executive Officer. "We are proud of these results, which reflect the progress we have made as a Company against our plans."
The Company reported GAAP net income of $17.2 million, or $0.52 per diluted share, for the fourth quarter of 2014, compared to GAAP net income of $13.8 million, or $0.45 per diluted share, for the fourth quarter of 2013. The Company reported GAAP net income of $34.0 million, or $1.03 per diluted share, for the full year 2014, compared to GAAP net loss of $(21.1) million, or $(0.74) per diluted share in 2013.
Adjusted measures discussed below are computed with the adjustments to GAAP reporting set forth in the attached reconciliation.
Adjusted EBITDA for the fourth quarter of 2014 was $58.2 million, or 23.1% of revenue, an increase from $42.7 million, or 19.3% of revenue, in the fourth quarter of the prior year. Adjusted EBITDA for the full year 2014 was $188.0 million, or 20.3% of revenue, an increase from $132.4 million, or 15.8% of revenue, in the prior year.
Adjusted net income for the fourth quarter of 2014, was $31.3 million, or $0.94 per diluted share, compared to adjusted net income of $25.4 million, or $0.83 per diluted share, in the fourth quarter of 2013. Adjusted net income for the full year 2014, was $97.6 million, or $2.96 per diluted share, compared to $66.5 million, or $2.31 per diluted share in 2013.
The following information was filed by Integra Lifesciences Holdings Corp (IART) on Tuesday, February 24, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.