Integra LifeSciences Holdings Corporation (NASDAQ: IART), a leading
global medical technology company, today reported financial results
for the second quarter ending June 30, 2023.
Second Quarter 2023 Highlights
- Second quarter revenues of $381.3 million declined 4.2% on a
reported basis and declined 2.7% on an organic basis compared to
the prior year.
- Second quarter GAAP earnings per diluted share of $0.05,
compared to $0.54 in the prior year; adjusted earnings per diluted
share of $0.71, compared to $0.82 in the prior year
- Appointed Lea Daniels Knight as executive vice president and
CFO
Share repurchase and 2023 guidance
- Planning a $125 million share repurchase in the third
quarter
- Updating full-year 2023 revenue and adjusted earnings per share
guidance with a range of $1.548 billion to $1.560 billion and $3.10
to $3.18 respectively, reflecting the impact of the Boston recall
and the solid performance of the underlying business
"The strong organic growth of our Codman Specialty Surgical
segment and several product lines in our Tissue Technologies
business demonstrate the resilience of our diversified portfolio of
leading brands and technologies and strong market recovery.
Excluding the impact of the Boston recall, we delivered solid,
mid-single digit organic growth from the underlying business," said
Jan De Witte, Integra LifeSciences’ president and chief executive
officer. "We are confident in our plans for the CereLink relaunch
and the restart of our Boston manufacturing facility, and we
continue to advance our implant-based breast reconstruction (IBBR)
PMA strategy.”
Second Quarter 2023 Consolidated
Performance
Total reported revenues of $381.3 million declined 4.2% on a
reported basis and declined 2.7% on an organic basis compared to
the prior year.
The Company reported GAAP gross margin of 54.3%, compared to
62.7% in the second quarter of 2022. Adjusted gross margin was
67.6%, compared to 68.0% in the prior year.
Adjusted EBITDA for the second quarter of 2023 was $88.8
million, or 23.3% of revenue, compared to $102.8 million, or
25.8% of revenue, in the prior year.
The Company reported GAAP net income of $4.2 million, or $0.05
per diluted share, in the second quarter of 2023, compared to a
GAAP net income of $44.8 million, or $0.54 per diluted share, in
the prior year.
Adjusted net income for the second quarter of 2023 was $57.4
million, or $0.71 per diluted share, compared to $68.3 million, or
$0.82 per diluted share, in the prior year.
Second Quarter 2023 Segment Performance
Codman Specialty Surgical
(~71% of Revenues)
- Total revenues were $271.0 million, representing reported
growth of 5.1% and organic growth of 6.3% compared to the second
quarter of 2022, due to high single-digit growth in Advanced Energy
driven by CUSA capital and disposables; mid-single-digit growth in
CSF management driven by Certas® Plus valves; mid-single-digit
growth in Dural Access and Repair driven by Mayfield® and DuraGen®;
low single-digit decline in Neuro Monitoring driven by CereLink and
low double-digit growth in Instruments.
Tissue Technologies (~29% of
Revenues)
- Total revenues were $110.2 million, representing reported
decline of 21.2% and organic decline of 19.7% compared to the
second quarter of 2022, due to the impact of the lost revenue and
return provision for the Boston recall which was partially offset
by double digit growth from MicroMatrix®, Cytal®, MediHoney® and
nerve franchise.
Key Products and Business Highlights
- Positive global demand performance across the portfolio
- Expect to restart manufacturing at the Boston facility late
Q4’23 and resume commercial distribution in mid- to late
Q2’24
- Relaunch of CereLink® expected late Q3’23 in international
markets and late Q4’23 in the US
- Advancing IBBR PMA strategy
- Submitted clinical PMA amendment for
SurgiMend®
- Completed enrollment In DuraSorb® Monofilament Mesh U.S.
investigational device exemption study
- Expanded global DuraGen® portfolio with approvals in China and
Japan
- Launched CUSA Lap Tip in Japan, Canada, South Africa and
Israel
- Positive clinical and economic outcomes for Codman® Bactiseal®
EVD Catheter from real-world evidence study in Europe
- Opened Dr. Richard E. Caruso Center of Innovation and Learning
in Plainsboro, New Jersey
Balance Sheet, Cash Flow and Capital
Allocation
The Company generated cash flow from operations of $28.3 million
in the quarter. Total balance sheet debt and net debt at the end of
the quarter were $1.44 billion and $1.13 billion, respectively, and
the consolidated total leverage ratio was 2.6x.
As of quarter end, the Company had total liquidity of
approximately $1.61 billion, including $309.2 million in cash and
the remainder available under the revolving credit facility.
Share Repurchase Program
The Company is planning for a $125 million share repurchase
during the third quarter under an authorization of the Company’s
board of directors.
2023 Outlook
For the full year 2023, the Company is updating its revenue and
adjusted EPS expectations to $1.548 to $1.560 billion and $3.10 to
$3.18, respectively. The revenue range represents reported growth
of -0.6% to 0.2%, with organic growth of 0.3% to 1.1% and reflects
the full year impact of the Boston recall and the solid performance
of the underlying business.
For the third quarter 2023, the Company expects reported
revenues in the range of $386 million to $390 million, representing
reported growth of 0.2% to 1.3% and organic growth of 0.3% to 1.3%.
Adjusted earnings per diluted share are expected to be in the range
of $0.76 to $0.80, including the impact of the Boston recall.
The Company’s guidance for the third quarter and full-year
organic sales growth excludes acquisitions and divestitures, the
effects of foreign currency and the year-over-year change in
revenue from discontinued products. Organic growth excludes sales
from the divestiture of the Company’s traditional wound care (TWC)
business as of September 1, 2022, and sales from the acquisition of
Surgical Innovation Associates, Inc. (SIA) through December 1,
2023. Adjusted earnings per share guidance reflects the impact of
the divestiture of the TWC business, the SIA acquisition and the
impact of foreign currency.
Conference Call and Presentation Available
Online
Integra has scheduled a conference call for 8:30 a.m. ET on
Thursday, July 27, 2023, to discuss second quarter 2023 financial
results and forward-looking financial guidance. The conference call
will be hosted by Integra's senior management team and will be open
to all listeners. Additional forward-looking information may be
discussed in a question-and-answer session following the call.
Integra's management team will reference a presentation during the
conference call, which can be found on the Investor section of the
website at investor.integralife.com.
A live webcast will be available on the Investors section of the
Company’s website at investor.integralife.com. For those planning
to participate on the call, register here to receive dial-in
details and an individual pin. While not required, joining 10
minutes before the event starts is recommended. A webcast replay of
the conference call will be available on the Investors section of
the Company’s website following the call.
About Integra
At Integra LifeSciences, we are driven by our purpose of
restoring patients’ lives. We innovate treatment pathways to
advance patient outcomes and set new standards of surgical,
neurologic and regenerative care. We offer a comprehensive
portfolio of high quality, leadership brands that include
AmnioExcel®, Aurora®, Bactiseal®, BioD™, CerebroFlo®, CereLink®
Certas® Plus, Codman®, CUSA®, Cytal®, DuraGen®, DuraSeal®,
DuraSorb®, Gentrix®, ICP Express®, Integra®, Licox®, MAYFIELD®,
MediHoney®, MicroFrance®, MicroMatrix®, NeuraGen®, NeuraWrap™,
PriMatrix®, SurgiMend®, TCC-EZ® and VersaTru®. For the latest news
and information about Integra and its products, please visit
www.integralife.com.
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
that involve risks and uncertainties and reflect the Company's
judgment as of the date of this release. All statements, other than
statements of historical fact, are statements that could be deemed
forward-looking statements. Some of these forward-looking
statements may contain words like “will,” “believe,” “may,”
“could,” “would,” “might,” “possible,” “should,” “expect,”
“intend,” "forecast," "guidance," “plan,” “anticipate,” "target,"
or “continue,” the negative of these words, other terms of similar
meaning or they may use future dates. Forward-looking statements
contained in this news release include, but are not limited to,
statements concerning future financial performance, including
projections for revenues, expected revenue growth (both reported
and organic), GAAP and adjusted net income, GAAP and adjusted
earnings per diluted share, non-GAAP adjustments such as
divestiture, acquisition and integration-related charges,
intangible asset amortization, structural optimization charges, EU
Medical Device Regulation-related charges, charges related to the
voluntary global recall of all products manufactured at the
Company’s facility in Boston, Massachusetts, and income tax expense
(benefit) related to non-GAAP adjustments and other items,
expectations and plans with respect to strategic initiatives and
product development, expectations concerning the resumption of
manufacturing at the Company’s Boston, Massachusetts facility, and
statements related to the repurchase of the Company’s common stock,
including the timing of any purchases under the Company’s
authorized stock repurchase program. It is important to note that
the Company’s goals and expectations are not predictions of actual
performance. Such forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially
from predicted or expected results. Such risks and uncertainties
include, but are not limited, to the following: the ongoing and
possible future effects of global challenges, including
macroeconomic uncertainties, inflation, supply chain disruptions,
trade regulation and tariffs, other economic disruptions and U.S.
and global recession concerns, on the Company’s customers and on
the Company’s business, financial condition, results of operations
and cash flows; the Company's ability to execute its operating plan
effectively; the Company’s ability to successfully integrate
acquired businesses; the Company’s ability to achieve sales growth
in a timely fashion; the Company's ability to manufacture and ship
sufficient quantities of its products to meet its customers'
demands; the ability of third-party suppliers to supply us with raw
materials and finished products; the scope, duration and effect of
additional U.S. and international governmental, regulatory, fiscal,
monetary and public health responses to the COVID-19 pandemic and
any future public health crises; global macroeconomic and political
conditions, including the war in Ukraine; the Company's ability to
manage its direct sales channels effectively; the sales performance
of third-party distributors on whom the Company relies to generate
revenue for certain products and geographic regions; the Company's
ability to access and maintain relationships with customers of
acquired entities and businesses; physicians' willingness to adopt
and third-party payors' willingness to provide or maintain
reimbursement for the Company's recently launched, planned and
existing products; initiatives launched by the Company's
competitors; downward pricing pressures from customers; the
Company's ability to secure regulatory approval for products in
development; the Company's ability to remediate quality systems
violations; fluctuations in hospitals' spending for capital
equipment; the Company's ability to comply with and obtain
approvals for products of human origin and comply with regulations
regarding products containing materials derived from animal
sources; difficulties in controlling expenses, including costs to
procure and manufacture our products; the impact of changes in
management or staff levels; the impact of goodwill and intangible
asset impairment charges if future operating results of acquired
businesses are significantly less than the results anticipated at
the time of the acquisitions, the Company's ability to leverage its
existing selling organizations and administrative infrastructure;
the Company's ability to increase product sales and gross margins,
and control non-product costs; the Company’s ability to achieve
anticipated growth rates, margins and scale and execute its
strategy generally; the amount and timing of divestiture,
acquisition and integration-related costs; the geographic
distribution of where the Company generates its taxable income; new
U.S. and foreign government laws and regulations, and changes in
existing laws, regulations and enforcement guidance, which affect
areas of our operations including, but not limited to, those
affecting the health care industry, including the EU Medical
Devices Regulation; fluctuations in foreign currency exchange
rates; the amount of our bank borrowings outstanding and other
factors influencing liquidity; the Company’s ability to commence
any share repurchase activity, including within the anticipated
timeframe; potential negative impacts resulting from environmental,
social and governance matters; and the economic, competitive,
governmental, technological, and other risk factors and
uncertainties identified under the heading “Risk Factors” included
in Item 1A of Integra's Annual Report on Form 10-K for the year
ended December 31, 2022 and information contained in subsequent
filings with the Securities and Exchange Commission.
These forward-looking statements are made only as of the date
hereof, and the Company undertakes no obligation to update or
revise the forward-looking statements, whether as a result of new
information, future events, or otherwise.
Discussion of Adjusted Financial MeasuresIn
addition to our GAAP results, we provide certain non-GAAP measures,
including organic revenues, adjusted earnings before interest,
taxes, depreciation and amortization (EBITDA), adjusted net income,
adjusted earnings per diluted share, free cash flow, adjusted free
cash flow conversion, and net debt. Organic revenues
consist of total revenues excluding the effects of currency
exchange rates, revenues from current-period acquisitions and
product divestitures and discontinuances. Adjusted EBITDA consists
of GAAP net income excluding: (i) depreciation and amortization;
(ii) other income (expense); (iii) interest income and expense;
(iv) income tax expense (benefit); and (v) those operating expenses
also excluded from adjusted net income. The measure of
adjusted net income consists of GAAP net income, excluding: (i)
structural optimization charges; (ii) divestiture, acquisition and
integration-related charges; (iii) EU Medical Device
Regulation-related charges; (iv) charges related to the voluntary
global recall of products manufactured at the Company’s Boston,
Massachusetts facility; (v) intangible asset amortization expense;
and (vi) income tax impact from adjustments. The adjusted earnings
per diluted share measure is calculated by dividing adjusted net
income attributable to diluted shares by diluted weighted average
shares outstanding. The measure of free cash flow
consists of GAAP net cash provided by operating activities less
purchases of property and equipment. The adjusted free cash flow
conversion measure is calculated by dividing free cash flow by
adjusted net income. The measure of net debt consists of GAAP total
debt (excluding deferred financing costs) less cash and cash
equivalents.
Reconciliations of GAAP revenues to organic revenues, GAAP net
income to adjusted EBITDA, and adjusted net income, GAAP total debt
to net debt and GAAP earnings per diluted share to adjusted
earnings per diluted share all for the quarter ended June 30, 2023
and 2022, and the free cash flow and adjusted free cash flow
conversion for the quarter ended June 30, 2023 and 2022, appear in
the financial tables in this release.
The Company believes that the presentation of organic revenues
and the other non-GAAP measures provide important supplemental
information to management and investors regarding financial and
business trends relating to the Company's financial condition and
results of operations. For further information
regarding why Integra believes that these non-GAAP financial
measures provide useful information to investors, the specific
manner in which management uses these measures, and some of the
limitations associated with the use of these measures, please refer
to the Company's Current Report on Form 8-K regarding this earnings
press release filed today with the Securities and Exchange
Commission. This Current Report on Form 8-K is available on the
SEC's website at www.sec.gov or on our website at
www.integralife.com.
Investor Relations
Contact:
Chris Ward(609) 772-7736chris.ward@integralife.com
Media Contact:
Laurene Isip(609) 208-8121laurene.isip@integralife.com
|
INTEGRA LIFESCIENCES HOLDINGS CORPORATION |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
(UNAUDITED) |
(In thousands, except per share amounts) |
|
Three Months Ended June 30, |
|
|
2023 |
|
|
|
2022 |
|
Total revenues, net |
|
381,267 |
|
|
$ |
397,815 |
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
Cost of goods sold |
|
174,241 |
|
|
|
148,404 |
|
Research and development |
|
26,588 |
|
|
|
25,589 |
|
Selling, general and
administrative |
|
164,908 |
|
|
|
160,651 |
|
Intangible asset
amortization |
|
3,026 |
|
|
|
3,304 |
|
Total costs and expenses |
|
368,763 |
|
|
|
337,948 |
|
|
|
|
|
Operating income |
|
12,504 |
|
|
|
59,867 |
|
|
|
|
|
Interest income |
|
3,939 |
|
|
|
1,965 |
|
Interest expense |
|
(12,464 |
) |
|
|
(12,236 |
) |
Gain from sale of
business |
|
— |
|
|
|
— |
|
Other income, net |
|
(155 |
) |
|
|
1,979 |
|
Income before income
taxes |
|
3,824 |
|
|
|
51,575 |
|
Income tax expense |
|
(360 |
) |
|
|
6,787 |
|
Net income |
$ |
4,184 |
|
|
$ |
44,788 |
|
|
|
|
|
Net income per share: |
|
|
|
Diluted net income per
share |
$ |
0.05 |
|
|
$ |
0.54 |
|
|
|
|
|
Weighted average common shares
outstanding for diluted net income per share |
|
81,151 |
|
|
|
83,622 |
|
|
|
|
|
|
|
|
|
The following table presents revenues disaggregated by the major
sources for the three months ended June 30, 2023 and 2022 (amounts
in thousands):
|
Three Months Ended June 30, |
|
|
2023 |
|
|
2022 |
|
Change |
Neurosurgery |
|
205,803 |
|
|
200,295 |
|
2.7 |
% |
Instruments |
|
65,227 |
|
|
57,568 |
|
13.3 |
% |
Total Codman Specialty
Surgical |
|
271,030 |
|
|
257,863 |
|
5.1 |
% |
|
|
|
|
Wound Reconstruction and
Care |
|
91,118 |
|
|
104,894 |
|
(13.1 |
)% |
Private Label |
|
19,119 |
|
|
35,058 |
|
(45.5 |
)% |
Total Tissue Technologies |
|
110,237 |
|
|
139,952 |
|
(21.2 |
)% |
Total reported revenues |
|
381,267 |
|
|
397,815 |
|
(4.2 |
)% |
|
|
|
|
Impact of changes in currency
exchange rates |
|
1,704 |
|
|
— |
|
|
Less contribution of revenues
from acquisitions |
|
(2,390 |
) |
|
— |
|
|
Less contribution of revenues
from divested products |
|
(23 |
) |
|
(6,371 |
) |
|
Less contribution of revenues
from discontinued products |
|
(1,622 |
) |
|
(2,047 |
) |
|
Total organic revenues(1) |
$ |
378,936 |
|
$ |
389,397 |
|
(2.7 |
)% |
|
|
|
|
Boston Revenue impact |
$ |
7,374 |
|
$ |
(23,281 |
) |
|
Total organic revenues(1) excl. Boston |
$ |
386,310 |
|
$ |
366,116 |
|
5.5 |
% |
|
|
|
|
|
|
|
|
|
(1) Organic revenues have been adjusted to exclude foreign
currency (current period), acquisitions and to account for divested
and discontinued products.
Items included in GAAP net income and location where each item
is recorded are as follows:
(In thousands)
Three Months Ended June 30, 2023
Item |
Total Amount |
COGS(a) |
SG&A(b) |
R&D(c) |
Amort (d) |
OI&E(e) |
Tax(f) |
Acquisition, divestiture and integration-related charges |
3,448 |
|
1,085 |
2,707 |
(218 |
) |
— |
(127 |
) |
— |
|
Structural Optimization
charges |
4,794 |
|
3,152 |
1,675 |
(33 |
) |
— |
— |
|
— |
|
EU Medical Device Regulation
charges |
9,278 |
|
859 |
3,956 |
4,463 |
|
— |
— |
|
— |
|
Boston Recall |
28,051 |
|
28,051 |
— |
— |
|
— |
— |
|
— |
|
Intangible asset amortization
expense |
20,636 |
|
17,610 |
— |
— |
|
3,026 |
— |
|
— |
|
Estimated income tax impact
from above adjustments and other items |
(12,974 |
) |
— |
— |
— |
|
— |
— |
|
(12,974 |
) |
Depreciation expense |
9,977 |
|
— |
— |
— |
|
— |
— |
|
— |
|
|
|
|
|
|
|
|
|
a) COGS - Cost of goods soldb) SG&A - Selling, general and
administrativec) R&D - Research & developmentd) Amort. -
Intangible asset amortizatione) OI&E - Other income &
expensef) Tax - Income tax expense (benefit)
Items included in GAAP net income and location where each item
is recorded are as follows:
(In thousands)
Three Months Ended June 30, 2022
Item |
Total Amount |
COGS(a) |
SG&A(b) |
R&D(c) |
Amort.(d) |
OI&E(e) |
Tax(f) |
Acquisition, divestiture and integration-related charges |
(6,284 |
) |
(108 |
) |
(3,925 |
) |
(1,059 |
) |
— |
(1,192 |
) |
— |
|
Structural Optimization
charges |
8,173 |
|
4,052 |
|
4,048 |
|
72 |
|
— |
— |
|
— |
|
EU Medical Device Regulation
charges |
10,249 |
|
1,186 |
|
2,538 |
|
6,525 |
|
— |
— |
|
— |
|
Intangible asset amortization
expense |
19,378 |
|
16,074 |
|
— |
|
— |
|
3,304 |
— |
|
— |
|
Estimated income tax impact
from above adjustments and other items |
(7,968 |
) |
— |
|
— |
|
— |
|
— |
— |
|
(7,968 |
) |
Depreciation expense |
10,216 |
|
— |
|
— |
|
— |
|
— |
— |
|
— |
|
a) COGS - Cost of goods soldb) SG&A - Selling, general and
administrativec) R&D - Research & developmentd) Amort. -
Intangible asset amortizatione) OI&E - Other income &
expensef) Tax - Income tax expense (benefit)
|
RECONCILIATION OF NON-GAAP ADJUSTMENTS - GAAP NET INCOME TO
ADJUSTED EBITDA |
(UNAUDITED) |
(In thousands) |
|
|
Three Months Ended June 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
GAAP net income |
|
4,184 |
|
|
|
44,788 |
|
Non-GAAP adjustments: |
|
|
|
Depreciation and intangible
asset amortization expense |
|
30,612 |
|
|
|
29,594 |
|
Other (income) expense,
net |
|
282 |
|
|
|
(787 |
) |
Interest expense, net |
|
8,525 |
|
|
|
10,271 |
|
Income tax expense
(benefit) |
|
(360 |
) |
|
|
6,787 |
|
Structural optimization
charges |
|
4,794 |
|
|
|
8,173 |
|
EU Medical Device Regulation
charges |
|
9,278 |
|
|
|
10,249 |
|
Acquisition, divestiture and
integration-related charges |
|
3,448 |
|
|
|
(6,284 |
) |
Boston Recall |
|
28,051 |
|
|
|
— |
|
Total of non-GAAP
adjustments |
|
84,630 |
|
|
|
58,003 |
|
Adjusted EBITDA |
$ |
88,814 |
|
|
$ |
102,791 |
|
|
|
|
|
RECONCILIATION OF NON-GAAP ADJUSTMENTS - GAAP NET INCOME TO
MEASURES OF ADJUSTED NET |
INCOME AND ADJUSTED EARNINGS PER SHARE |
(UNAUDITED) |
(In thousands, except per share amounts) |
|
|
Three Months Ended June 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
GAAP net income |
|
4,184 |
|
|
|
44,788 |
|
Non-GAAP adjustments: |
|
|
|
Structural optimization
charges |
|
4,794 |
|
|
|
8,173 |
|
Acquisition, divestiture and
integration-related charges |
|
3,448 |
|
|
|
(6,284 |
) |
EU Medical Device Regulation
charges |
|
9,278 |
|
|
|
10,249 |
|
Boston Recall |
|
28,051 |
|
|
|
— |
|
Intangible asset amortization
expense |
|
20,636 |
|
|
|
19,378 |
|
Estimated income tax impact
from adjustments and other items |
|
(12,974 |
) |
|
|
(7,968 |
) |
Total of non-GAAP
adjustments |
|
53,233 |
|
|
|
23,548 |
|
Adjusted net income |
$ |
57,417 |
|
|
$ |
68,336 |
|
|
|
|
|
Adjusted diluted net income
per share |
$ |
0.71 |
|
|
$ |
0.82 |
|
Weighted average common shares
outstanding for diluted net income per share |
|
81,151 |
|
|
|
83,622 |
|
|
|
|
|
|
|
|
|
CONDENSED BALANCE SHEET DATA |
(UNAUDITED) |
(In thousands) |
|
June 30,2023 |
|
December 31,2022 |
|
|
|
|
Cash and cash equivalents |
$ |
309,192 |
|
$ |
456,661 |
Trade accounts receivable,
net |
|
258,663 |
|
|
263,465 |
Inventories, net |
|
354,293 |
|
|
324,583 |
|
|
|
|
Current and long-term
borrowing under senior credit facility |
|
769,460 |
|
|
771,274 |
Borrowings under
securitization facility |
|
90,800 |
|
|
104,700 |
Long-term convertible
securities |
|
568,798 |
|
|
567,341 |
|
|
|
|
|
|
|
|
Stockholders' equity |
$ |
1,683,160 |
|
$ |
1,804,403 |
|
|
|
|
CONDENSED STATEMENT OF CASH FLOWS |
(UNAUDITED) |
(In thousands) |
|
Six Months Ended June 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
Net cash provided by operating
activities |
$ |
54,435 |
|
|
$ |
110,822 |
|
Net cash used in investing
activities |
|
(29,252 |
) |
|
|
(18,565 |
) |
Net cash used by financing
activities |
|
(173,376 |
) |
|
|
(146,612 |
) |
Effect of exchange rate
changes on cash and cash equivalents |
|
724 |
|
|
|
(11,941 |
) |
|
|
|
|
Net decrease in cash and cash
equivalents |
$ |
(147,469 |
) |
|
$ |
(66,296 |
) |
|
|
|
|
RECONCILIATION OF NON-GAAP ADJUSTMENTS - GAAP OPERATING CASH FLOW
TO |
MEASURES OF FREE CASH FLOW AND ADJUSTED FREE CASH FLOW
CONVERSION |
(UNAUDITED) |
(In thousands) |
|
|
Three Months Ended June 30, |
|
|
2023 |
|
|
2022 |
|
Net cash provided by operating
activities |
|
28,278 |
|
$ |
66,484 |
|
|
|
|
|
|
|
Purchases of property and
equipment |
|
(15,646 |
) |
$ |
(9,405 |
) |
Free cash flow |
|
12,632 |
|
|
57,079 |
|
|
|
|
Adjusted net income(1) |
$ |
57,417 |
|
$ |
68,335 |
|
Adjusted free cash flow
conversion |
|
22.0 |
% |
|
83.5 |
% |
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended June 30, |
|
|
2023 |
|
|
2022 |
|
Net cash provided by operating
activities |
|
208,079 |
|
$ |
262,887 |
|
|
|
|
Purchases of property and
equipment |
|
(52,963 |
) |
|
(53,444 |
) |
Free cash flow |
|
155,116 |
|
|
209,443 |
|
|
|
|
Adjusted net income(1) |
|
268,667 |
|
$ |
275,548 |
|
Adjusted free cash flow
conversion |
|
57.7 |
% |
|
76.0 |
% |
|
|
|
(1) Adjusted net income for quarters ended June 30, 2023 and
2022 are reconciled above. Adjusted net income for remaining
quarters in the trailing twelve months calculation have been
previously reconciled and are publicly available in the Quarterly
Earnings Call Presentations on our website at
investor.integralife.com under Events & Presentations.
The Company calculates adjusted free cash flow conversion by
dividing its free cash flow by adjusted net income. The Company
believes this measure is useful in evaluating the significance of
the cash special charges in its adjusted earnings measures.
RECONCILIATION OF NON-GAAP ADJUSTMENTS - NET DEBT CALCULATION |
(UNAUDITED) |
(In thousands) |
|
|
June 30,2023 |
December 31,2022 |
Short-term borrowings under senior credit facility |
$ |
4,844 |
|
$ |
38,125 |
|
Long-term borrowings under
senior credit facility |
|
764,616 |
|
|
733,149 |
|
Borrowings under
securitization facility |
|
90,800 |
|
|
104,700 |
|
Long-term convertible
securities |
|
568,798 |
|
|
567,341 |
|
Deferred financing costs
netted in the above |
|
11,742 |
|
|
11,385 |
|
Cash & Cash
Equivalents |
|
(309,192 |
) |
|
(456,661 |
) |
Net Debt |
$ |
1,131,608 |
|
$ |
998,039 |
|
|
|
|
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