Feb 25, 2016

Integra LifeSciences Reports Fourth Quarter and Full Year 2015 Financial Results and Issues 2016 Full Year Guidance

Fourth Quarter Revenues Increased 10.1% to $241.2 Million 
Fourth Quarter Adjusted EPS of $0.87; Reported EPS of $0.39 
Full Year Organic Revenues Increased 6.7%

PLAINSBORO, N.J., Feb. 25, 2016 (GLOBE NEWSWIRE) --  Integra LifeSciences Holdings Corporation (NASDAQ:IART) today reported its financial results for the fourth quarter and full year ending December 31, 2015. 

Highlights: 

Total revenues for the fourth quarter were $241.2 million, representing an increase of $22.1 million, or 10.1%, over the fourth quarter of 2014.  Total revenues for the full year 2015 were $882.7 million an increase of $86.0 million, or 10.8%, over the full year 2014.

Organic revenues, computed by adjusting GAAP revenues as set forth in the attached reconciliation, increased over 2014 by 3.9% in the fourth quarter, and 6.7% for the full year.

"Strong growth in our regenerative portfolios drove full year organic sales growth of 6.7%, at the high end of our guidance range," said Peter Arduini, Integra's President and Chief Executive Officer.  "These results helped drive gross margin improvement of 140 basis points to 67.5% for the full year.  We are pleased with our 2015 results and are enthusiastic about our prospects for 2016."

The Company reported GAAP net income of $15.0 million, or $0.39 per diluted share, for the fourth quarter of 2015 compared to GAAP net income of $20.4 million, or $0.62 per diluted share, for the fourth quarter of 2014.  The decrease in GAAP net income was largely due to higher acquisition related costs and intangible asset amortization.  The Company reported GAAP net income of $6.9 million, or $0.19 per diluted share, for the full year 2015 compared to GAAP net income of $36.3 million, or $1.10 per diluted share in 2014.  The decrease in GAAP net income was largely due to a valuation allowance for certain deferred tax assets associated with the SeaSpine separation as well as the items mentioned above.

Adjusted measures discussed below are computed with the adjustments to GAAP reporting set forth in the attached reconciliation.

Adjusted EBITDA for the fourth quarter of 2015 was $56.7 million, or 23.5% of revenue, an increase from $55.1 million, or 25.2% of revenue, in the fourth quarter of the prior year.  Adjusted EBITDA for the full year 2015 was $195.6 million, or 22.2% of revenue, an increase from $172.2 million, or 21.6% of revenue, in the prior year.

Adjusted net income for the fourth quarter of 2015 was $32.8 million, or $0.87 per diluted share, compared to adjusted net income of $30.6 million, or $0.92 per diluted share, in the fourth quarter of 2014.  Adjusted net income for the full year 2015 was $108.6 million, or $3.08 per diluted share, compared to $91.9 million, or $2.79 per diluted share in 2014.

Integra generated $25.4 million of cash flows from operations and invested $13.1 million in capital expenditures in the fourth quarter of 2015.  For the year ended December 31, 2015, cash flows from operations totaled $106.7 million and cash invested in capital expenditures was $33.4 million.   Adjusted free cash flow conversion for the trailing twelve months ended December 31, 2015 was 67.5% versus 22.3% for the twelve months ended December 31, 2014.

"We have a number of new product introductions that are expected to be launched in 2016, including our new entry into the diabetic foot ulcer market and the U.S. total ankle replacement market," said Mr. Arduini.  "We will continue to make investments in research and development and commercial capabilities that will drive growth in 2016 and beyond."

Outlook for 2016

The Company expects full year 2016 revenues to be between $975 million and $1.0 billion, and organic sales growth to be approximately 7%.  The Company expects its GAAP earnings per diluted share for the full year to be between $1.70 and $1.85, and adjusted earnings per diluted share to be between $3.35 and $3.50.

"Strong organic growth and an improved product mix drove margin expansion, cash flow and earnings growth for 2015," said Glenn Coleman, Chief Financial Officer.  "Our 2016 guidance for double-digit sales growth, strong earnings growth, as well as improvements in gross margin and free cash flow keep us on a path to achieve our long-term growth and profitability targets."

In accordance with our usual practice, expectations for financial performance do not include the impact of acquisitions or other strategic corporate transactions that have not yet closed.

In the future, the Company may record, or expect to record, certain additional revenues, gains, expenses or charges as described in the Discussion of Adjusted Financial Measures below that it will exclude in the calculation of organic revenue growth, adjusted EBITDA and adjusted earnings per share for historical periods and in providing adjusted earnings per share guidance.

Conference Call and Presentation Available Online

Integra has scheduled a conference call for 4:30 PM ET today, Thursday, February 25, 2016 to discuss financial results for the fourth quarter and forward-looking financial guidance.  The conference call will be hosted by Integra's senior management team and will be open to all listeners.  Additional forward-looking information may be discussed in a question and answer session following the call.

Integra's management team will reference a presentation during the conference call, which can be found on the Investor section of the website at investor.integralife.com.

Access to the live call is available by dialing 785-830-7987 and using the passcode 653467. The call can also be accessed through a webcast via a link provided on the Investor Relations homepage of Integra's website at investor.integralife.com.  Access to the replay is available through March 1, 2016 by dialing 719-457-0820 and using the passcode 653467. The webcast will also be archived on the website.

Integra LifeSciences, a world leader in medical technology, is dedicated to limiting uncertainty for caregivers, so they can concentrate on providing the best patient care.  Integra offers innovative solutions, including regenerative technologies in specialty surgical solutions and orthopedics and tissue technologies.  For more information, please visit www.integralife.com.

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks, uncertainties and reflect the Company's judgment as of the date of this release.  Forward-looking statements include, but are not limited to, statements concerning future financial performance, including projections for revenues, GAAP and adjusted net (loss)/income, GAAP and adjusted (loss)/earnings per diluted share, non-GAAP adjustments such as global enterprise resource planning ("ERP") system implementation charges, certain expenses associated with product recalls, acquisition-related charges, goodwill impairment charges, non-cash amortization of imputed interest for convertible debt, intangible asset amortization, and income tax expense (benefit) related to non-GAAP adjustments. Such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from predicted or expected results. Such risks and uncertainties include, but are not limited to the following: the Company's ability to execute its operating plan effectively; the Company's ability to manufacture and ship sufficient quantities of its products to meet its customers' demand; the ability of third-party suppliers to supply us with raw materials and finished products; global macroeconomic conditions; continued weakness in sales outside of the U.S.; the Company's ability to manage its direct sales channels effectively; the Company's ability to maintain relationships with customers of acquired entities; physicians' willingness to adopt and third-party payors' willingness to provide or maintain reimbursement for the Company's recently launched, planned and existing products; initiatives launched by the Company's competitors; downward pricing pressures for customers; the Company's ability to secure regulatory approval for products in development; the Company's ability to remediate quality systems violations; fluctuations in hospitals; spending for capital equipment; the Company's ability to comply with and obtain approvals for products of human origin and comply with recently enacted regulations regarding products containing materials derived from animal sources; difficulties in controlling expenses, including costs to procure and manufacture our products; the impact of changes in management or staff levels; the Company's ability to integrate acquired businesses; the impact of goodwill and intangible asset impairment charges if future operating results of acquired businesses are significantly less than the results anticipated at the time of the acquisitions, the Company's ability to leverage its existing selling organizations and administrative infrastructure; the Company's ability to increase product sales and gross margins, and control non-product costs; the Company's ability to achieve anticipated growth rates, margins and scale and execute its strategy generally; the amount and timing of acquisition, and integration-related costs; the geographic distribution of where the Company generates its taxable income; the effect of legislation effecting healthcare reform in the United States and internationally; fluctuations in foreign currency exchange rates; the amount of our convertible notes and bank borrowings outstanding and other factors influencing liquidity; and the economic, competitive, governmental, technological and other risk factors and uncertainties identified under the heading "Risk Factors" included in Item 1A of Integra's Annual Report on Form 10-K for the year ended December 31, 2014 and information contained in subsequent filings with the Securities and Exchange Commission.  These forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

Discussion of Adjusted Financial Measures

In addition to our GAAP results, we provide organic revenues, adjusted earnings before interest, taxes, depreciation and amortization ("EBITDA"), adjusted net income and adjusted earnings per diluted share, adjusted diluted weighted average shares outstanding, free cash flow and adjusted free cash flow conversion. Organic revenues consist of growth in total revenues excluding the contribution of acquired products, and effects of currency exchange rates on the current period's revenues, and the contribution of revenues from discontinued products in both the current and prior periods' revenues.  The various measures of adjusted EBITDA consist of GAAP net (loss)/income, excluding: (i) depreciation and amortization, (ii) other income (expense), net, (iii) interest income and expense, (iv) income taxes, and (v) those operating expenses also excluded from adjusted net income.  The measure of adjusted net income consists of GAAP net (loss)/income, excluding: (i) manufacturing facility remediation costs; (ii) global ERP implementation charges; (iii) structural optimization charges; (iv) post-spin SeaSpine separation-related charges (v) certain employee severance charges; (vi) discontinued product lines charges; (vii) acquisition-related charges; (viii) impairment charges; (ix) intangible asset amortization expense; (x) convertible debt non-cash interest; and (xi) income tax impact from adjustments and other items.  The measure of adjusted diluted weighted average shares outstanding is calculated by adding the economic benefit of the convertible note hedge and warrant transactions relating to Integra's 2016 convertible notes.  The adjusted earnings per diluted share measure is calculated by dividing adjusted net income attributable to diluted shares by diluted weighted average shares outstanding.  The measure of free cash flow consists of GAAP net cash provided by operating activities less purchases of property and equipment.  The adjusted free cash flow conversion measure is calculated by dividing free cash flow by adjusted net income.

Reconciliations of GAAP revenues to organic revenues for the quarter and year ended December 31, 2015 and GAAP net (loss)/income to adjusted EBITDA and adjusted net income, GAAP (losses)/earnings per diluted share to adjusted earnings per diluted share, and GAAP cash provided by operating activities to free cash flow and adjusted free cash flow conversion for the quarters and years ended December 31, 2015 and 2014 appear in the financial tables in this release.

The Company believes that the presentation of organic revenues and the various adjusted EBITDA, adjusted net income, adjusted earnings per diluted share, adjusted diluted weighted average shares outstanding, free cash flow and adjusted free cash flow conversion measures provides important supplemental information to management and investors regarding financial and business trends relating to the Company's financial condition and results of operations.  For further information regarding why Integra believes that these non-GAAP financial measures provide useful information to investors, the specific manner in which management uses these measures, and some of the limitations associated with the use of these measures, please refer to the Company's Current Report on Form 8-K regarding this earnings press release filed today with the Securities and Exchange Commission.  This Current Report on Form 8-K is available on the SEC's website at www.sec.gov or on our website at www.integralife.com.


INTEGRA LIFESCIENCES HOLDINGS CORPORATION
 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
(UNAUDITED)
 
(In thousands, except per share amounts)
 Three Months Ended Twelve  Months Ended
 December 31, December 31,
 2015 2014 2015 2014
Total revenues$241,160  $219,074  $882,734  $796,717 
        
Costs and expenses:       
Cost of goods sold90,001  85,024  326,542  302,946 
Research and development13,866  10,010  50,895  43,559 
Selling, general and administrative109,750  92,488  415,757  375,545 
Intangible asset amortization3,535  1,971  9,953  6,810 
Goodwill impairment charge       
Total costs and expenses217,152  189,493  803,147  728,860 
Operating income24,008  29,581  79,587  67,857 
Interest income12  23  13  168 
Interest expense(6,113) (5,527) (23,517) (21,967)
Other income (expense), net1,604  (695) 4,588  (492)
Income from continuing operations before income taxes19,511  23,382  60,671  45,566 
Income tax expense4,531  2,977  53,820  9,271 
Income from continuing operations14,980  20,405  6,851  36,295 
Income (loss) from discontinued operations, net of tax expense (benefit)  (3,239) (10,370) (2,291)
Net income (loss)$14,980  $17,166  $(3,519) $34,004 
        
Net income (loss) per share:       
Income from continuing operations$0.39  $0.62  $0.19  $1.10 
Income (loss) from discontinued operations$  $(0.10) $(0.29) $(0.07)
Net income (loss) per share$0.39  $0.52  $(0.10) $1.03 
Weighted average common shares outstanding for diluted net income per share38,185  33,157  35,677  32,960 


Segment revenues* and growth in total revenues excluding the effects of currency exchange rates, acquisitions and discontinued products are as follows:

(In thousands)   
 Three Months Ended Twelve Months Ended
 December 31, December 31,
  2015  2014 Change  2015  2014 Change
Specialty Surgical Solutions$153,082 $152,662  0.3% $586,918 $554,872  5.8%
Orthopedics and Tissue Technologies 88,079  66,412  32.6%  295,816  241,845  22.3%
Total Revenues$241,160 $219,074  10.1% $882,734 $796,717  10.8%
                        
Impact of changes in currency exchange rates$4,556 $   $22,181 $  
Less contribution of revenues from acquisitions **$(21,032)$   $(60,509)$  
Less contribution of revenues from discontinued products$(2,199)$(4,938)  $(13,338)$(17,793) 
Total organic revenues$222,485 $214,136  3.9% $831,068 $778,924  6.7%

*   The prior five business segment structure was realigned into three global segments effective with the first quarter 2015, one of which, Spine, has since been spun-off.

** Acquisitions include DuraSeal (full year 2015 only), MicroFrance, Metasurg, TEI, Salto Talaris(R) / Futura(TM) Silastic and Tekmed.


Items included in GAAP net income and location where each item is recorded are as follows:

(In thousands)
 
Three Months Ended December 31, 2015
           
         Other, 
 Total        Interest 
ItemAmount  COGS(a) SG&A(b)  R&D(c) Amort.(d) Exp(Inc)(e) Tax(f)
Global ERP implementation charges$4,484 $ —$4,484 $$ —$ $ 
Structural optimization charges 3,283  1,426 1,277  580     
Certain employee severance charges 534  158 376       
Acquisition-related charges 4,535  4,761 885    (1,111)  
Post-spin SeaSpine separation-related charges 445   445       
Intangible asset amortization expense 10,704  7,169    3,535    
Convertible debt non-cash interest 2,043       2,043   
Estimated income tax impact from adjustments and other items* (8,249)        (8,249)
Depreciation expense 7,564          

* Includes a valuation allowance of $1.6 million for certain deferred tax assets associated with the SeaSpine separation.

a) COGS - Cost of goods sold
b) SG&A - Selling, general and administrative
c) R&D - Research and development
d) Amort. - Intangible asset amortization
e) Other, Interest Inc (Exp) - Other, interest income (expense), net
f) Tax - Income tax expense

Three Months Ended December 31, 2014
 
(In thousands)
 
 Total         Interest 
ItemAmount COGS (a) SG&A (b) R&D (c) Amort. (d) Exp/(Inc) (e)Tax (f)
Manufacturing facility remediation costs$511 $511 $ $$$$ 
Global ERP implementation charges 5,186    5,186     
Structural optimization charges 4,513  4,125  388     
Certain employee severance charges 865  518  347     
Discontinued product line charges 92  92           
Acquisition-related charges 1,867  161  1,706     
Impairment charges 190  190        
Intangible asset amortization expense 5,907  3,936    1,971   
Convertible debt non-cash interest 1,853       1,853  
Estimated income tax impact from adjustments and other items (10,824)       (10,824)
Depreciation expense 6,425           

a) COGS - Cost of goods sold
b) SG&A - Selling, general and administrative
c) R&D - Research and development
d) Amort. - Intangible asset amortization
e) Interest Inc(Exp) - Interest income (expense), net
f) Tax - Income tax expense


Items included in GAAP net income and location where each item is recorded are as follows:

(In thousands)
 
Twelve Months Ended December 31, 2015
 
         Other,  
 Total        Interest  
ItemAmount COGS(a)SG&A(b) R&D (c) Amort.(d)Exp(Inc)(e) Tax(f)
Global ERP implementation charges$16,375 $$16,375 $$$ $
Structural optimization charges 16,752  6,799 9,751  580  (378) 
Certain employee severance charges 2,642  654 1,988      
Acquisition-related charges 15,703  9,968 6,846    (1,111) 
Post-Spin SeaSpine separation-related charges 3,801   3,801      
Intangible asset amortization expense 32,235  22,282    9,953   
Convertible debt non-cash interest 7,871       7,871  
Estimated income tax impact from adjustments and other items * 6,393         6,393
Depreciation expense 27,018         

* Includes a valuation allowance of $37.2 million for certain deferred tax assets associated with the SeaSpine separation.

a) COGS - Cost of goods sold
b) SG&A - Selling, general and administrative
c) R&D - Research and development
d) Amort. - Intangible asset amortization
e) Other, Interest Inc (Exp) - Other, Interest income (expense), net
f) Tax - Income tax expense


Twelve Months Ended December 31, 2014
 
(In thousands)
 
 Total        Interest 
ItemAmountCOGS (a)SG&A (b) R&D (c) Amort. (d) Exp(Inc) (e)Tax (f)
Manufacturing facility remediation costs$1,416 $1,354 $62 $ $$$ 
Global ERP implementation charges 23,063    23,063      
Structural optimization charges 13,716  11,595  2,121      
Certain employee severance charges 9,094  1,561  7,533      
Acquisition-related charges 9,182  1,102  7,580  500    
Discontinued product line charges 692  692        
Impairment charges 790  790        
Intangible asset amortization expense* 22,731  15,921     6,810   
Convertible debt non-cash interest 7,140        7,140  
Estimated income tax impact from adjustments and other items (32,222)        (32,222)
Depreciation expense 23,666          

* For the period ending December 31, 2014, "Intangible asset amortization expense" excludes $790 already included in the "Impairment charges" above.

a) COGS - Cost of goods sold
b) SG&A - Selling, general and administrative
c) R&D - Research and development
d) Amort. - Intangible asset amortization
e) Interest Inc(Exp) - Interest income (expense), net
f) Tax - Income tax expense


INTEGRA LIFESCIENCES HOLDINGS CORPORATION
RECONCILIATION OF NON-GAAP ADJUSTMENTS - GAAP NET INCOME FROM CONTINUING OPERATIONS TO ADJUSTED EBITDA
(UNAUDITED)
 
(In thousands)
 
 Three Months Ended Twelve Months Ended
 December 31, December 31,
 2015 2014 2015 2014
        
GAAP net income from continuing operations$14,980  $20,405  $6,851  $36,295 
Non-GAAP adjustments:       
Depreciation and intangible asset amortization expense18,268  12,332  59,253  46,397 
Other (income) expense, net(1,604) 695  (4,588) 492 
Interest (income) expense, net6,101  5,504  23,504  21,799 
Income tax expense (benefit)4,531  2,977  53,820  9,271 
Manufacturing facility remediation costs  511    1,416 
Global ERP implementation charges4,484  5,186  16,375  23,063 
Structural optimization charges *3,283  4,513  17,171  13,716 
Certain employee severance charges534  865  2,642  9,094 
Discontinued product lines charges  92    692 
Acquisition-related charges **5,646  1,867  16,773  9,182 
Post-spin SeaSpine separation-related charges445    3,801   
Impairment charges  190    790 
  Total of non-GAAP adjustments41,688  34,732  188,751  135,912 
Adjusted EBITDA$56,668  $55,137  $195,602  $172,207 

* For the twelve months ended December 31, 2015, Structural optimization charges excludes ($378) already added back in the "Other (income) expense, net" line above.

** For the three and twelve months ended December 31, 2015, Acquisition-related charges excludes ($1,111) already added back in the "Other (income) expense, net" line above.


INTEGRA LIFESCIENCES HOLDINGS CORPORATION
RECONCILIATION OF NON-GAAP ADJUSTMENTS - GAAP NET INCOME FROM CONTINUING OPERATIONS TO
MEASURES OF ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE
(UNAUDITED)
 
(In thousands, except per share amounts)
 Three Months Ended Twelve Months Ended
 December 31, December 31,
 2015 2014 2015 2014
        
GAAP net income from continuing operations$14,980  $20,405  $6,851  $36,295 
Non-GAAP adjustments:       
Manufacturing facility remediation costs  511    1,416 
Global ERP implementation charges4,484  5,186  16,375  23,063 
Structural optimization charges3,283  4,513  16,752  13,716 
Certain employee severance charges534  865  2,642  9,094 
Discontinued product lines charges  92    692 
Acquisition-related charges4,535  1,867  15,703  9,182 
Post-spin SeaSpine separation-related charges445    3,801   
Intangible asset amortization expense10,704  5,907  32,235  22,731 
Impairment charges  190    790 
Convertible debt non-cash interest2,043  1,853  7,871  7,140 
Estimated income tax impact from adjustments and other items(8,249) (10,824) 6,393  (32,222)
        
  Total of non-GAAP adjustments17,779  10,160  101,772  55,602 
Adjusted net income$32,759  $30,565  $108,623  $91,897 
Adjusted diluted net income per share$0.87  $0.92  $3.08  $2.79 
Weighted average common shares outstanding for diluted net income from continuing operations per share38,185  33,157  35,677  32,960 
Weighted average common shares outstanding adjustment for convertible dilution(666)   (461)  
Weighted average common shares outstanding for adjusted diluted net income per share37,519  33,157  35,216  32,960 


INTEGRA LIFESCIENCES HOLDINGS CORPORATION
CONDENSED BALANCE SHEET DATA
(UNAUDITED)
 
(In thousands)
     
  December 31, December 31,
  2015 2014
     
Cash and cash equivalents $48,132  $71,734 
Accounts receivable, net 132,241  110,414 
Inventory, net 211,429  189,133 
     
Bank line of credit 481,875  413,125 
Convertible securities 218,720  213,121 
     
Stockholders' equity 751,443  704,322 


RECONCILIATION OF NON-GAAP ADJUSTMENTS - GAAP OPERATING CASH FLOW TO
MEASURES OF ADJUSTED FREE CASH FLOW AND ADJUSTED FREE CASH FLOW CONVERSION
(UNAUDITED)
 
(In thousands)
 Three Months Ended December 31,
  2015  2014 
GAAP Net cash provided by operating activities$25,392 $17,899 
   
Purchases of property and equipment(13,099)(11,233)
Free Cash Flow12,293 6,666 
   
Adjusted net income *32,759 30,565 
Adjusted Free Cash Flow Conversion37.5%21.8%
   
   
   
 Twelve Months Ending December 31,
  2015  2014 
GAAP Net cash provided by operating activities$106,692 $58,843 
   
Purchases of property and equipment(33,413)(38,340)
Free Cash Flow73,279 20,503 
   
Adjusted net income *108,623 91,897 
Adjusted Free Cash Flow Conversion67.5%22.3%
   

* Adjusted net income for quarters and twelve months ended December 31, 2014 and 2015 are reconciled above.

The Company calculates adjusted free cash flow conversion by dividing its free cash flow by adjusted net income.  The Company believes this measure is a useful metric in evaluating the significance of the cash special charges in its adjusted earnings measures.

 

INTEGRA LIFESCIENCES HOLDINGS CORPORATION
RECONCILIATION OF NON-GAAP ADJUSTMENTS - GUIDANCE
 
(In thousands, except per share amounts)
 Projected Year Ended
 December 31, 2016
 LowHigh
GAAP net income$65,200 $70,900 
Non-GAAP adjustments:  
Global ERP implementation charges10,000 10,000 
Structural optimization charges18,500 18,500 
Acquisition-related charges16,500 16,500 
Intangible asset amortization expense42,100 42,100 
Convertible debt non-cash interest8,200 8,200 
Estimated income tax impact from adjustments and other items(35,000)(35,000)
   
Total of non-GAAP adjustments60,300 60,300 
Adjusted net income$125,500 $131,200 
GAAP diluted net income per share$1.70 $1.85 
Non-GAAP adjustments detailed above (per share)$1.65 $1.65 
Adjusted diluted net income per share$3.35 $3.50 
   
Weighted average common shares outstanding for diluted net income per share38,400 38,400 
Weighted average common shares outstanding adjustment for convertible dilution900 900 
Weighted average common shares outstanding for adjusted diluted net income per share37,500 37,500 


Items included in GAAP net income guidance and location where each item is expected to be recorded is as follows:

(In thousands)
 
Projected Year Ended December 31, 2016
 
     Interest 
ItemTotal AmountCOGSSG&AAmort.Exp(Inc)Tax
Global ERP implementation charges 10,000 10,000
Structural optimization charges 18,500 9,5009,000
Acquisition-related charges 16,500 13,0003,500
Intangible asset amortization expense 42,100 27,60014,500
Convertible debt non-cash interest 8,200 8,200
Estimated income tax impact from adjustments and other items (35,000) (35,000)

Source: Integra LifeSciences Holdings Corporation

 

Contact:	
	
Investor Relations:	
Angela Steinway	
(609) 936-2268	
angela.steinway@integralife.com
	
Michael Beaulieu	
(609) 750-2827	
michael.beaulieu@integralife.com