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Integra LifeSciences Shares Plummet 17% Following Product Recall Announcement
May 23, 2023 5:08 PM - Davit Kirakosyan(Last modified: Dec 19, 2023 5:49 PM)
Image credit: FMP
Integra LifeSciences (NASDAQ:IART) shares experienced a significant drop of over 17% during today's trading as the company declared a voluntary worldwide recall of all its products made in its Boston, Massachusetts facility from March 1, 2018, to May 22, 2023.
Management discovered during an internal inquiry that there were "variations in endotoxin testing," which may have led to the potential sale of products exceeding the permissible levels of endotoxins. In response, it is (1) implementing additional detection and quality controls, after which it expects to resume manufacturing, (2) lowering Q2/23 revenue guidance to $372-376 million from $396-400 million and EPS to $0.55-0.59 from $0.75-0.79, and (3) expecting a Q2/23 $22 million inventory charge.
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