(RTTNews.com) - Integra LifeSciences Holdings Corp. ( IART ), global medical technology company, reported GAAP net income of $11.0 million, or $0.14 per share, for the first quarter of 2018, up from $6.4 million, or $0.08 per share, in first quarter of 2017. The increase in GAAP net income results from higher revenues, better operating expense leverage, and a lower tax rate.
Adjusted net income for the first quarter of 2018 was $46.1 million, an increase of 49.4% from the prior year's quarter. Adjusted earnings per share for the first quarter of 2018 were $0.58, an increase of 48.7% over the prior year's quarter.
Total revenues for the first quarter 2018 were $357.1 million, reflecting an increase of 38.1%, over the first quarter of 2017. Sales in the Codman Specialty Surgical segment increased 51.1% compared to the first quarter of 2017, driven by the acquired revenues from Codman Neurosurgery, as well as strong capital sales of CUSA Clarity. Sales in the Orthopedics and Tissue Technologies segment increased 18.2%, reflecting a full quarter of sales from Derma Sciences and strength in both our regenerative technologies, as well as ankle and shoulder portfolios.
Total organic revenues increased 3.0% over the first quarter of 2017, excluding acquisitions, divestitures and the effect of currency exchange rates, slightly ahead of our expectations.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.49 per share and revenues of $349.13 million for the first-quarter. Analysts' estimates typically exclude special items.
The company raised its full-year 2018 revenue guidance by $10 million to a new range of $1.47 billion to $1.49 billion, based on the strong performance of the Codman Specialty Surgical segment in the first quarter of 2018, as well as a higher benefit expected from foreign currency translation. The company raised its full-year 2018 GAAP and adjusted earnings per share guidance range by $0.08 to a new range of $0.69 to $0.77 and $2.34 to $2.42, respectively.
The company reiterated its full-year 2018 guidance for organic sales to be approximately 5.0%.
Analysts expect the company to report earnings of $2.33 per share and revenues of $1.48 billion for fiscal year 2018.
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