Integra LifeSciences Holdings Corp. (IART, Financial) filed Quarterly Report for the period ended 2010-06-30.
Integra Lifesciences Holdings Corp. has a market cap of $986.4 million; its shares were traded at around $34.03 with a P/E ratio of 15 and P/S ratio of 1.4. Integra Lifesciences Holdings Corp. had an annual average earning growth of 21.9% over the past 5 years.IART is in the portfolios of Jim Simons of Renaissance Technologies LLC, Jean-Marie Eveillard of First Eagle Investment Management, LLC, Steven Cohen of SAC Capital Advisors.
Selling, general and administrative expenses in the second quarter of 2010 increased by $6.0 million to $74.2 million compared to $68.2 million in the same period last year. Selling expenses increased by $4.2 million primarily due to increases in the sales organization in the United States and Europe. General and administrative costs increased $1.8 million primarily due to headcount, compensation and benefit costs, which offset decreases in consulting and professional fees. We will continue to expand our direct sales organizations in our direct selling platforms where business opportunities are most attractive, including extremity reconstruction, and increase corporate staff to support our information systems infrastructure to facilitate future growth. We continue to expect that selling, general and administrative spending will be between 41.5% and 42% of revenues.
Interest expense in the three months ended June 30, 2010 decreased primarily because of the lower balance on our 2010 Notes resulting from $35.9 million of repurchases in the second half of 2009, the $78.0 million payoff of the 2010 Notes in June 2010, and repayments of $55.0 million on our senior credit facility, partially offset by a new borrowing of $75.0 million under the senior credit facility. Our reported interest expense for the three-month periods ended June 30, 2010 and 2009 includes non-cash interest related to the accounting for convertible securities of $2.1 million and $3.0 million, respectively.
For the six-month period ended June 30, 2010, total revenues increased by $24.6 million or 7.5%, to $351.3 million from $326.7 million during the prior-year period. Domestic revenues increased by 7.4% to $268.1 million and were 76% of total revenues for the six months ended June 30, 2010 and 2009. International revenues increased $6.2 million to $83.2 million, an increase of 8% compared to the same period in 2009. Foreign exchange fluctuations accounted for a $2.1 million increase in revenues for the six month period ended June 30, 2010.
Selling, general and administrative expenses in the first half of 2010 increased by $12.0 million to $146.7 million compared to $134.7 million in the same period last year. Selling expenses increased by $7.7 million primarily because of an increase in revenues and the corresponding commission costs. General and administrative costs increased $4.3 million to $62.1 million compared to $57.8 million in the same period last year resulting from increases in compensation costs brought on by increased headcount and bonus accruals and lower professional and consulting fees.
Amortization expense in the first six months of 2010 decreased by $0.3 million to $6.6 million compared to $6.9 million in the same period last year. The decrease was primarily related to the completion of the amortization period for certain intangible assets, offset by the $0.8 million impairment of several trade names in connection with our re-branding strategy.
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Integra Lifesciences Holdings Corp. has a market cap of $986.4 million; its shares were traded at around $34.03 with a P/E ratio of 15 and P/S ratio of 1.4. Integra Lifesciences Holdings Corp. had an annual average earning growth of 21.9% over the past 5 years.IART is in the portfolios of Jim Simons of Renaissance Technologies LLC, Jean-Marie Eveillard of First Eagle Investment Management, LLC, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
For the three months ended June 30, 2010, total revenues increased by $12.9 million, or 7.8%, to $178.6 million from $165.7 million for the same period during 2009. Domestic revenues increased 9.2% to $138.8 million, or 78% of total revenues, for the three months ended June 30, 2010 from $127.1 million, or 77% of total revenues, for the three months ended June 30, 2009. International revenues increased to $39.8 million from $38.6 million in the prior-year period, an increase of 3.1%. Foreign exchange fluctuations, arising primarily from a weaker euro versus the U.S. dollar compared to the second quarter of 2009, accounted for a $0.5 million decrease in revenues during the second quarter of 2010 as compared to the same period last year.Selling, general and administrative expenses in the second quarter of 2010 increased by $6.0 million to $74.2 million compared to $68.2 million in the same period last year. Selling expenses increased by $4.2 million primarily due to increases in the sales organization in the United States and Europe. General and administrative costs increased $1.8 million primarily due to headcount, compensation and benefit costs, which offset decreases in consulting and professional fees. We will continue to expand our direct sales organizations in our direct selling platforms where business opportunities are most attractive, including extremity reconstruction, and increase corporate staff to support our information systems infrastructure to facilitate future growth. We continue to expect that selling, general and administrative spending will be between 41.5% and 42% of revenues.
Interest expense in the three months ended June 30, 2010 decreased primarily because of the lower balance on our 2010 Notes resulting from $35.9 million of repurchases in the second half of 2009, the $78.0 million payoff of the 2010 Notes in June 2010, and repayments of $55.0 million on our senior credit facility, partially offset by a new borrowing of $75.0 million under the senior credit facility. Our reported interest expense for the three-month periods ended June 30, 2010 and 2009 includes non-cash interest related to the accounting for convertible securities of $2.1 million and $3.0 million, respectively.
For the six-month period ended June 30, 2010, total revenues increased by $24.6 million or 7.5%, to $351.3 million from $326.7 million during the prior-year period. Domestic revenues increased by 7.4% to $268.1 million and were 76% of total revenues for the six months ended June 30, 2010 and 2009. International revenues increased $6.2 million to $83.2 million, an increase of 8% compared to the same period in 2009. Foreign exchange fluctuations accounted for a $2.1 million increase in revenues for the six month period ended June 30, 2010.
Selling, general and administrative expenses in the first half of 2010 increased by $12.0 million to $146.7 million compared to $134.7 million in the same period last year. Selling expenses increased by $7.7 million primarily because of an increase in revenues and the corresponding commission costs. General and administrative costs increased $4.3 million to $62.1 million compared to $57.8 million in the same period last year resulting from increases in compensation costs brought on by increased headcount and bonus accruals and lower professional and consulting fees.
Amortization expense in the first six months of 2010 decreased by $0.3 million to $6.6 million compared to $6.9 million in the same period last year. The decrease was primarily related to the completion of the amortization period for certain intangible assets, offset by the $0.8 million impairment of several trade names in connection with our re-branding strategy.
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