Integra LifeSciences cuts Q2 forecast on voluntary product recall; shares down

Integra LifeSciences Holdings

23/05/2023 12:31

** Shares of medical equipment maker Integra LifeSciences
Holdings Corp  IART.O  down 6.4% at $47.5 premarket
    ** Co says initiated voluntary global recall of all products
manufactured in its Boston, Massachusetts facility distributed
between March 1, 2018 and May 22, 2023
    ** As a result of recall, co expects to incur impairment
charge related to write-off of inventories, net, of about $22
mln
    ** Expects impairment charge to be recorded in qtr ending
June 30 
    ** Expects Q2 reported rev in range of $372 mln to $376 mln
vs. $396 mln to $400 mln reported earlier
    ** Expects Q2 adj EPS in range of $0.55 to $0.59. vs. $0.75
to $0.79 reported earlier 
    ** IART down about 9.5% YTD

 (Reporting by Vaibhav Sadhamta)
 ((Vaibhav.Sadhamta@thomsonreuters.com;))