UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 13, 2015
INTEGRA LIFESCIENCES HOLDINGS CORPORATION
(Exact name of Registrant as specified in its charter)
Delaware | 0-26224 | 51-0317849 | ||
(State or other jurisdiction of incorporation or organization) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
311 Enterprise Drive
Plainsboro, NJ 08536
(Address of principal executive offices) (Zip Code)
Registrants telephone number, including area code: (609) 275-0500
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 7.01 | Regulation FD Disclosure |
As previously disclosed, Integra LifeSciences Holdings Corporation (the Company or Integra) announced plans in November 2014 to spin off its spine business to Integra stockholders on a tax-free basis (the spin-off). The spin-off will create a new publicly traded company called SeaSpine Holdings Corporation (SeaSpine). In connection with the announcement of the spin-off, the Company also announced its determination to realign its segment presentation. Beginning in the First quarter of 2015, the Company will report in three segments, as follows:
| Specialty Surgical Solutions |
The Companys new Specialty Surgical Solutions segment will consist of its former U.S. Neurosurgery and U.S. Instruments segment, as well as a portion of the International segment. Products and services included in the Specialty Surgical Solutions segment will be dural repair, precision tools & instruments, tissue ablation, and services and repair.
| Orthopedic & Tissue Technologies |
Orthopedic & Tissue Technologies will consist of the former U.S. Extremities segment and the portion of the former U.S. Spine and Other segments that will not be included in SeaSpine, and a portion of the former International segment. The Companys products and services included in the new Orthopedic & Tissue Technologies segment will be regenerative technologies, lower extremities, upper extremities, and private label.
| Spine |
The Companys Spine segment will consist of the majority of the former U.S. Spine and Other business that, in connection with the spin-off, will be transferred to SeaSpine, as well as a portion of the former International segment. Upon completion of the spin-off, Integra will update its segment presentation to reflect its two remaining segments.
The Company has furnished with this report a presentation contained in Exhibit 99.1 including unaudited segment revenue information reflecting the Companys new reportable segments for the year ended December 31, 2014 and for each of the quarterly periods in the years ended December 31, 2014 and 2013.
The information furnished in this Item 7.01, including Exhibit 99.1, shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that section, unless the Company specifically states that the information is to be considered filed under the Exchange Act or incorporates it by reference into a filing under the Exchange Act or the Securities Act of 1933, as amended.
Item 9.01 | Financial Statements and Exhibits. |
(d) | Exhibits |
99.1 Historical Segment Revenue Information (unaudited)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
INTEGRA LIFESCIENCES HOLDINGS CORPORATION | ||||||||
Date: April 13, 2015 |
By: | /s/ Glenn G. Coleman | ||||||
Glenn G. Coleman | ||||||||
Title: | Corporate Vice President and Chief Financial Officer |
EXHIBIT INDEX
Exhibit |
Exhibit | |
99.1 | Historical Segment Revenue Information (unaudited) |
Exhibit 99.1
Historical Segment Revenue:
New Segments
2012
2014 |
New
Reporting Segments Information 2
In November 2014, Integra announced the strategic decision to spin off the orthobiologics and
spinal fusion hardware business into a separate, publicly traded company called
SeaSpine Holdings Corporation. Integra management believes that a
stand-alone SeaSpine will be better positioned to compete by allowing the new
management team to focus and dedicate resources to drive growth, and that this form of
separation should enable both Integra and SeaSpine to grow faster separately than they
would together.
As part of the same announcement, Integra announced that it would realign its existing five
business segments into three new segments, each representing global
organizations. As of January 1, 2015, the three new segments are called
Specialty Surgical Solutions, Orthopedic & Tissue Technologies, and Spine.
Specialty Surgical Solutions consists of our prior U.S. Neurosurgery and U.S.
Instruments segments as well as a portion of the International segment.
Orthopedic & Tissue Technologies is comprised of the former U.S. Extremities segment and
a portion of both the U.S. Spine and Other and International segments. The third
segment contains the majority of the former U.S. Spine and Other business that will be
included in the newly created SeaSpine, which, until the spin-off, we will refer
to as our Spine segment.
The unaudited historical revenue information for these segments is provided in the following
slides. This new segment breakout aligns with the way in which we manage the
company. Going forward, our commentary and guidance will correspond to these new
segments until the completion of the spin-off, at which point our business will
contain only the Specialty Surgical Solutions and Orthopedics & Tissue
Technologies segments.
|
Annual
Revenue: 2012 2014
3
UNAUDITED
($ in Thousands)
Global Segment Revenues:
In thousands
2012
2013
2014
Specialty Surgical Solutions
464,169
$
463,296
$
554,872
$
U.S.
334,168
332,781
399,538
International
130,001
130,515
155,334
Orthopedics & Tissue Technologies
218,972
225,737
235,539
U.S.
174,256
180,664
190,932
International
44,716
45,073
44,607
Spine
147,730
147,181
137,894
U.S.
134,406
129,249
123,570
International
13,324
17,932
14,324
Total Revenue
830,871
$
836,214
$
928,305
$
U.S.
642,830
642,694
714,040
International
188,041
193,520
214,265
|
Quarterly Revenue: 2013
4
UNAUDITED
($ in Thousands)
Global Segment Revenues:
In thousands
Q1 13
Q2 13
Q3 13
Q4 13
2013
Specialty Surgical Solutions
106,433
$
114,598
$
120,780
$
121,485
$
463,296
$
U.S.
76,161
81,905
87,383
87,332
332,781
International
30,272
32,693
33,397
34,153
130,515
Orthopedics & Tissue Technologies
54,193
54,574
56,769
60,201
225,737
U.S.
42,162
43,138
47,793
47,571
180,664
International
12,031
11,436
8,976
12,630
45,073
Spine
36,026
36,375
35,697
39,083
147,181
U.S.
31,696
32,123
31,379
34,051
129,249
International
4,330
4,252
4,318
5,032
17,932
Total Revenue
196,652
$
205,547
$
213,246
$
220,769
$
836,214
$
U.S.
150,019
157,166
166,555
168,954
642,694
International
46,633
48,381
46,691
51,815
193,520
|
Quarterly Revenue: 2014
5
UNAUDITED
($ in Thousands)
Global Segment Revenues:
In thousands
Q1 14
Q2 14
Q3 14
Q4 14
2014
Specialty Surgical Solutions
127,195
$
137,516
$
137,499
$
152,662
$
554,872
$
U.S.
90,447
99,379
101,403
108,309
399,538
International
36,748
38,137
36,096
44,353
155,334
Orthopedics & Tissue Technologies
54,589
57,954
58,616
64,380
235,539
U.S.
43,280
47,079
48,056
52,517
190,932
International
11,309
10,875
10,560
11,863
44,607
Spine
33,275
35,881
33,604
35,134
137,894
U.S.
29,655
32,348
30,642
30,925
123,570
International
3,620
3,533
2,962
4,209
14,324
Total Revenue
215,059
$
231,351
$
229,719
$
252,176
$
928,305
$
U.S.
163,382
178,806
180,101
191,751
714,040
International
51,677
52,545
49,618
60,425
214,265
|
Integra Historic Revenue Reporting Segments
6
U.S.
Neurosurgery
(26%)
U.S. Instruments
(17%)
U.S. Extremities
(15%)
U.S. Spine &
Other
(19%)
International
(23%)
(%) Shows percentages of 2014 Revenues
Integra
Prior Segments
(% of Total 2014 Revenue) |
Integra New Revenue Reporting Segments
7
U.S. Neurosurgery
(26%)
U.S. Instruments
(17%)
U.S. Extremities
(15%)
U.S. Spine & Other
(19%)
International
(23%)
(%) Shows percentages of 2014 Revenues
Orthopedics & Tissue
Technologies
(25%)
Specialty Surgical
Solutions
(60%)
Spine
(15%)
Dural Repair
Key Franchises:
Precision Tools &
Instruments
Tissue Ablation
Neuro Critical Care
Services and Repair
Key Franchises:
Regenerative
Technologies
Lower Extremities
Upper Extremities
Private Label |