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Integra's Update On FY21 Acell Revenues To Weigh On Stock, Piper Sandler Says

July 28, 2021 2:29 pm
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Integra's Update On FY21 Acell Revenues To Weigh On Stock, Piper Sandler Says
  • Piper Sandler has raised the price target on Integra LifeSciences Holding Corporation (NASDAQ:IART) to $72 from $70 and reiterated a Neutral rating following the Q2 beat. 
  • The company posted Q2 EPS of $0.79 and sales of $389.9 million, beating the consensus estimate of $0.66 and $376.0 million, respectively.
  • Despite favorable commentary on the year, management's specific Q3 guidance indicates low single-digit growth to what Integra delivered back in 2019, "which is our primary hang-up on the name," analyst Matt O'Brien tells investors in a research note. 
  • In addition, Integra is reducing its outlook for Acell revenues this year as accessing clinicians is proving more challenging in a pandemic environment.
  • The company estimates Acell sales of $70 million to $74 million for FY21, from its previous range of $83 million to $88 million.
  • It raised overall sales forecast by $15 million to a range of $1.54 billion – $1.55 billion from $1.52 billion – $1.53 billion for 2021.
  • IART also revised its 2021 adjusted EPS guidance to $2.98 – $3.05 (consensus $2.92), from its prior range of $2.86 to $2.93.
  • For Q3, the company expects revenues of $382 million – $389 million and adjusted EPS of $0.71 to $0.74.
  • Price Action: IART shares are down 1.03% at $70.47 during the market session on the last check Wednesday.

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