Piper Sandler Cuts Price Target For Integra Lifesciences As It Divests Wound Care Portfolio

  • Piper Sandler lowered the Integra Lifesciences Holdings Corp (NASDAQ: IART) to $55 from $66 and kept a Neutral rating on the shares.

  • Yesterday the company reported Q2 sales of $397.8 million, +4.8% on an organic basis, beating the consensus of $395.27 million and EPS of $0.82, better than the consensus of $0.80.

  • The analyst said the Q2 results "modestly" beat his top-line and bottom-line estimates on continued procedure recovery.

  • He notes that initiatives to increase efficiency and price capture are benefiting Integra despite supply chain and macro headwinds.

  • O'Brien noted that many growth drivers are in the early stages in relatively low-growth end markets.

  • Integra agreed to divest its Traditional Wound Care Business to Gentell for $28.8 million.

  • The company tightened its organic growth expectations from 3.8% - 5.2% to 4.0% - 5.2%, reflecting the uncertainty in global markets and continuing supply constraints.

  • It forecasts FY22 revenue of $1.56 billion - $1.57 billion, down from $1.58 billion - $1.60 billion, compared to the consensus of $1.59 billion.

  • It sees FY22 EPS of $3.21 - $3.29, reflecting the planned divestiture of the wound care business.

  • For Q3, IART expects sales of $383 million - $391 million and adjusted EPS of $0.78 - $0.82, versus the consensus of $398.66 million and $0.84.

  • Price Action: IART shares closed 1.12% lower at $56.53 on Wednesday.

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B of A Securities



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JP Morgan




Nov 2021

Credit Suisse



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