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Integra LifeSciences 2Q profit rises 35 percent

Thu, 07/29/2010 - 3:45am
The Associated Press

Medical device maker Integra LifeSciences Holdings Corp. said Thursday its profit grew 35 percent in the second quarter as product sales increased, and the company took fewer charges.

The company said its profit rose to $15.2 million, or 50 cents per share, from $11.2 million, or 38 cents per share. Excluding one-time costs like asset impairment and amortization charges, interest expenses, and acquisition costs, Integra said it earned 68 cents per share. Revenue rose 8 percent, to $178.6 million from $165.7 million.

Analysts expected a profit of 64 cents per share on $176.3 million in revenue, according to a Thomson Reuters poll.

The company said its orthopedics revenue rose 12 percent to $72.8 million. Neuroscience revenue increased 8 percent to $66.3 million, and medical instrument sales edged up to $39.5 million from $39.1 million.

One-time expenses fell to about $5.7 million from $7.1 million a year ago.

Integra said it is backing its full-year profit forecast of $1.92 to $2.07 per share, or $2.60 to $2.75 per share excluding one-time items. The company still expects $715 million to $725 million in revenue.

On average analysts expect $2.65 per share and $725.2 million in revenue.

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