Integra LifeSciences reported revenue increase in the fourth quarter and full year of 2014, thanks in part to the company's neurosurgery and skin and wound businesses.
"Strength in our worldwide neurosurgery and skin and wound business drove organic sales growth to 5.8 percent in the fourth quarter," said Integra President and CEO Peter Arduini. "We are proud of these results which reflect the progress we have made as a company against our plans."
Here are 10 key notes on the financial report:
1. Fourth quarter revenue hit $252.2 million, a 14.2 percent increase over the same period last year. Revenue for the full year in 2014 was $928.3 million, up 11 percent over 2013.
2. The GAAP net income in the fourth quarter was $17.2 million, or $0.52 per diluted share. The GAAP net income for the full year was $24 million, or $1.03 per diluted share.
3. The adjusted EBITDA for the fourth quarter was $58.2 million, 23.1 percent of revenue, which is up from last year. Full year EBITDA was $188 million, 20.3 percent of revenue.
4. The adjusted net income for the fourth quarter was $31.3 million, $0.94 per diluted share. The adjusted net income for the full year was $97.6 million, or $2.96 per diluted share.
5. The company generated $20.8 million of cash flows from operations and invested $12.5 million in capital expenditures in the fourth quarter.
6. For the 2014 full year, the copay reported cash flows from total operations at $79.5 million; the company invested $41.9 million in capital expenditures.
7. Integra expects 2015 revenue to hit $960 million to $980 million.
8. There is an expected negative impact of around $25 million on 2015 revenue due to foreign currency exchange rates. This would be a $0.10 to $0.15 negative impact on adjusted earnings per share, compared with 2014 average rates.
9. The company expects it's spin-off of SeaSpine to be completed in the second half of 2015. "As we move forward with the realignment of our business into two global segments, we expect the simplified, more focused structure to result in faster growth and margin expansion," said CFO Glenn Coleman.
10. The company's fourth quarter U.S. neurosurgery business reached $67 million, which was up 45.2 percent over the same period last year. The U.S. spine and other business line reported an 8.3 percent decrease to $43 million.