Integra LifeSciences Holdings Corporation (IART)

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Integra LifeSciences Holdings Corp. (IART)

Q4 2007 Earnings Call

February 29, 2007 9:00 am ET


Stuart Essig - President and CEO

Jack Henneman - EVP, Acting CFO and Chief Administrative Officer

Gerry Carlozzi - EVP and COO



Good day, everyone, and welcome to the Integra LifeSciences 2007 fourth quarter conference call. (Operator Instructions)

At this time, I would like to turn the call over to your host, Mr. Stuart Essig, President and Chief Executive Officer. Please go ahead, sir.

Stuart Essig

Thank you. Good morning, everyone, and thank you for joining us for the Integra LifeSciences fourth quarter 2007 conference call. I am Stuart Essig, President and Chief Executive Officer of Integra LifeSciences Holdings Corporation. Joining me today in Plainsboro are Jack Henneman, Chief Administrative Officer and Acting Chief Financial Officer; and Gerry Carlozzi, Chief Operating Officer.

During this call, we will review our revenues for the fourth quarter and full year 2007, which we announced this morning, and update our forward-looking guidance for 2008. Much as we would welcome the usual hour of questions at the end of the call, we're not in a position to do so because we have not released audited financial statements. We would absolutely not want to give you any information that turns out to be different in our final numbers.

Just as we do not answer questions during the quiet period before an earnings report, we're not going to take them now, since it is actually still the quiet period before an earnings report. We will, however, schedule a full-blown earnings call once our audited numbers are available, and we'll take all of your questions then. Thank you as always for your patience.

Before we get to the heart of the call, Jack Henneman will make some remarks regarding the content of this conference call.

Jack Henneman

Thank you, Stuart.

This listen-only presentation is open to the public and can be heard through telephone access or via a live webcast. A replay of the conference call will be accessible starting approximately one hour after the conclusion of the live event. Access to the replay is available through March 4, 2008 by dialing 719-457-0820, access code 9005480, or through our webcast accessible on the Investor Relations portion of our website.

Until the audit of the financial statements for the year ended December 31, 2007 is completed, the financial information disclosed in this morning press release and on this call are subject to change. Any changes to the financial information disclosed in this morning's press release and on today's call, as well as additional items that may be identified, could be material.

Today's call is a proprietary presentation of Integra LifeSciences Holdings Corporation and is being recorded by Integra. No recording, reproduction, transcript, transmission or distribution of today's presentation is permitted without Integra's consent. Because the content of this call is time sensitive, the information provided is accurate only as of the date of this live broadcast, February 29, 2008 and should not be relied upon beyond March 4, 2008, the last day that an archived replay of the call authorized by Integra will be available.

Certain statements made during this call are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Among others, statements concerning our ability to complete our financial statements for the fourth quarter and 2007 fiscal year and file our Form 10-K for the year ended December 31, 2007 in a timely manner, our ability to remediate material weakness, management's expectations of future financial results, new product launches and regulatory approval, and market acceptance of these new products, future product development programs and potential business acquisitions are forward-looking. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from predicted results.

For a discussion of such risks and uncertainties, please refer to the risk factors included in Item 1A of Integra's Annual Report on Form 10-K for the year ended December 31, 2006, and the information contained in our subsequent filings with the Securities and Exchange Commission, including in the current report on Form 8-K that we filed today. These forward-looking statements are based upon our current expectations and we undertake no duty to update information provided during this call.

Certain non-GAAP financial measures are disclosed in this presentation. A reconciliation of these non-GAAP financial measures to the most comparable GAAP measures is provided in the press release we issued this morning, which is available on our website in the Press Release section under Investor Relations.

Additionally, in the press release and in the current report on Form 8-K that we filed today, we provided explanation for why management believes that presentation of these non-GAAP financial measures provide useful information to investors regarding Integra's financial condition and results of operations and the reasons for which Integra's management uses the non-GAAP financial measures.

I will now turn the call over to Stuart to review the highlights of 2007.

Stuart Essig

Thank you, Jack.

In 2007, we organized our entire selling organization around divisions and delivered tremendous revenue growth. We continue to drive our mission to become one of the great medical device companies. As we have done in previous years, we've grown internally by introducing new products and growing our sales organization. We've also grown by consummating strategic and synergistic transactions. We completed five in 2007.

We've also started new businesses from scratch. We entered the spine orthobiologics market through the introduction of the Integra Mozaik, the establishment of a sales organization and the acquisition of IsoTis. Finally, we've expanded our horizons internationally, significantly increasing our European infrastructure, including through continued go-direct efforts for various products and markets.

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