Integra swings to 3Q profit on lower expenses

PLAINSBORO, N.J. (AP) — Medical device maker Integra LifeSciences Holdings Corp. on Wednesday reported a third-quarter profit, reversing a year-ago loss, on a drop in costs and expenses.

The company earned $14.3 million, or 49 cents per share, compared with a loss of 16.9 million, or 60 cents per share, during the same period a year prior. Excluding charges, the company said it earned 53 cents per share in the latest quarter.

Revenue rose 3 percent to $172.3 million from $167 million.

Analysts polled by Thomson Reuters expected profit of 52 cents per share on revenue of $169.9 million.

The company makes a range of neurosurgical and orthopedic implants, including bone regeneration products. Sales from the neurosciences unit fell 1 percent to $67.2 million, while orthopedic unit sales rose 19 percent to $64.1 million. Sales of medical instruments fell 9 percent to $40.9 million.

Costs and expenses fell 22 percent to $148.5 million, mainly on a dip in research and development, along with selling, general, and administrative costs.

Looking ahead, the company expects full-year 2009 adjusted earnings per share between $2 and $2.20 on revenue between $680 million and $700 million. Analysts expect profit of $2.10 on revenue of $681.5 million.

Shares of Integra rose 23 cents to $31.35 in afternoon trading.