Gered door Ortho....
Integra LifeSciences' 4th-quarter profit surges on sales boost, tax benefit
Monday March 2, 2009, 7:35 am EST
PLAINSBORO, N.J. (AP) -- Medical device maker Integra LifeSciences said Monday its fourth-quarter profit jumped on higher orthopedic product sales and an income tax benefit.
For the period ended Dec. 31, the company earned $24.8 million, or 85 cents per share, compared with profit of $5.4 million, or 19 cents per share, during the same period a year prior. Revenue rose 11 percent to $174.4 million from $157.6 million.
Excluding $10 million in a deferred income tax benefit related to the restructuring of a German subsidiary, the company said it earned 53 cents per share.
Analysts surveyed by Thomson Reuters expected profit of 56 cents per share on revenue of $175.1 million.
The company makes a range of neurosurgical and orthopedic implants, including bone regeneration products. Sales from the neurosciences unit fell 2 percent to $64.3 million, while orthopedic unit sales rose 40 percent to $62.8 million. Sales of surgical instruments were flat at $47.2 million.
For the full year, the company earned $34.9 million, or $1.22 per share, compared with profit of $33.5 million, or $1.13 per share, in 2007. Revenue rose to $654.6 million from $550.5 million.
"Despite a challenging economic environment, Integra posted strong results for the full year 2008," said President and Chief Executive Stuart Essig, in a statement.
The company reaffirmed its 2009 outlook, but said it expects the fourth-quarter to be the strongest period.