Integra LifeSciences falls on cutting Q2 outlook after voluntary product recall

Integra LifeSciences Holdings

23/05/2023 16:21

(Updates)
    ** Medical equipment maker Integra LifeSciences Holdings
Corp's  IART.O  shares down ~13% at $43.91
    ** Company says initiated voluntary global recall of all
products manufactured at its Boston, Massachusetts facility and
distributed between March 1, 2018 and May 22 of this year
    ** Due to recall, company expects to incur charges of about
$22 mln; charges expected to be recorded in quarter ending June
30 
    ** Integra forecasts Q2 reported revenue between $372 mln
and $376 mln vs previous outlook of $396 mln to $400 mln 
    ** Now expects Q2 adj EPS of $0.55-$0.59 vs $0.75-$0.79
forecast earlier 
    ** IART shares down about 22% this year, including session's
losses

 (Reporting by Vaibhav Sadhamta and Raghav Mahobe)
 ((Vaibhav.Sadhamta@thomsonreuters.com))