PLAINSBORO, N.J., Nov. 4, 2009 (GLOBE NEWSWIRE) — Integra LifeSciences Holdings Corporation (Nasdaq:IART) today reported its financial results for the third quarter ending September 30, 2009. Total revenues were $172.3 million, reflecting an increase of $5.3 million, or 3%, over the third quarter of 2008. Excluding the impact of currency exchange rates, revenues increased 4%. Revenues by product category are presented in a table at the end of this press release.
“We achieved solid top- and bottom-line growth as our business continues to execute well, despite ongoing economic pressures,” said Integra’s President and Chief Executive Officer, Stuart Essig.
The Company reported GAAP net income of $14.4 million, or $0.49 per diluted share, for the third quarter of 2009, compared to GAAP net loss of $16.9 million, or a loss of $0.60 per diluted share, for the third quarter of 2008.
Adjusted net income for the third quarter of 2009, computed with the adjustments to GAAP reporting set forth in the attached reconciliation, was $15.6 million, or $0.53 per diluted share. Adjusted net income for the third quarter of 2008, computed with the adjustments to GAAP reporting set forth in the attached reconciliation, was $13.3 million, or $0.45 per diluted share.
Integra generated $28.4 million in cash flows from operations and used $5.7 million of cash on capital expenditures in the third quarter of 2009. For the four quarters ended September 30, 2009, Integra’s cash flows from operations exceeded $120 million.
During the quarter, Integra repurchased $17.7 million par value of its 2.75% senior convertible notes due June 2010 for $17.3 million in cash and paid down $40.0 million of its credit facility.
“Our strong operating cash flow and cash position have enabled us to repurchase over $68 million of our notes and pay down $100 million on our credit facility since the beginning of the year,” said Jack Henneman, Integra’s Chief Financial Officer. “We finished the quarter with $106.7 million in cash and $140 million in capacity under our revolving credit facility.”