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Integra LifeSciences Posts Lower Q1 Profit

Following the withdrawal for guidance for 2020 on April 7 due to the uncertainty related to COVID-19, medical technology company Integra LifeSciences Holdings Corp. (IART) Thursday reported lower net income for the first quarter, with a decline in revenues, as non-emergent surgical procedures were deferred, primarily in the U.S.

For the first quarter, the Group's net income fell to $9.2 million or $0.11 per share from last year's $32.8 million or $0.38 per share. Adjusted net income slid to $41.3 million from $56.4 million. The Group attributed the results largely to the negative impact of the corona virus pandemic.

Adjusted EBITDA for the period totaled $75.7 million, lower than the $87.4 million reported in the same quarter of last year. While the reported GAAP gross margin was at 62.3 percent, adjusted gross margin reached 68.3 percent in the quarter.

Revenues for the quarter decreased by 1.5 percent to $354.3 million, while it was down 0.1 percent on an organic basis.

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