Piper says Integra long-term prospects intact despite ‘concerning’ guidance

Piper Jaffray analyst Matt O’Brien noted that Integra LifeSciences lowered FY18 sales guidance by $13M at the midpoint following a Q3 revenue shortfall that was blamed on further year-over-year declines in Ortho Extremities and a weaker than expected Codman performance outside of the U.S. While the headwinds are “frustrating,” O’Brien still sees “a lot to like” about the margin and cash flow improvements and top-line outlook for the business. He reiterates an Overweight rating on Integra shares.
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