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INTEGRA LIMIT UNCERTAINTY Integra LifeSciences Reports First Quarter 2021 Financial Results April 28 , 2021 PRINCETON , N.J. , April 28 , 2021 ( GLOBE NEWSWIRE ) -- Integra LifeSciences Holdings Corporation ( NASDAQ : IART ) , a leading global medical technology company , today reported financial results for the first quarter ending March 31 , 2021 . First Quarter 2021 Financial Summary • Reported revenues were $ 360.1 million , representing an increase of 1.6 % on a reported basis and an increase of 2.9 % on an organic basis compared to the prior year ; • GAAP earnings per diluted share were $ 0.53 , compared to GAAP earnings of $ 0.11 in the first quarter of 2020. Adjusted earnings per diluted share were $ 0.69 , compared to $ 0.48 in the prior year ; • The Company is raising the lower end of its full - year 2021 revenue guidance by $ 5 million to a revised range of $ 1,525 million to $ 1,535 million and guiding towards the higher end of the full - year 2021 adjusted earnings per share guidance range of $ 2.86 to $ 2.93 . " We are pleased with the strong start to the year , having returned to organic growth in the first quarter , despite the ongoing headwinds from COVID - 19 , " said Peter Arduini , Integra's president and chief executive officer . " We also expect an improvement in procedures as we move through the year , positioning Integra to achieve our 2021 financial targets . " Total reported revenues were $ 360.1 million , representing an increase of 1.6 % on a reported basis and an increase of 2.9 % on an organic basis compared to the prior year . Total reported revenues include $ 14.1 million from the acquisition of ACell , which was completed on January 20 , 2021 . The Company reported GAAP gross margin of 59.5 % , compared to 62.3 % in the first quarter of 2020. Adjusted gross margin was 67.3 % compared to 68.3 % in the prior year . Adjusted gross margin in the first quarter of 2021 was impacted by the timing of the divestiture of Extremity Orthopedics , which was completed on January 4 , 2021 , and the acquisition of ACell , which closed on January 20 , 2021. Additionally , adjusted gross margin in the first quarter 2021 was impacted by a stronger mix of international revenue as compared to U.S. revenue , as well as idle capacity costs attributable to the impact of COVID - 19 resurgences on our workforce . Adjusted EBITDA for the first quarter of 2021 was $ 89.9 million , or 25.0 % of revenue , compared to $ 75.7 million , or 21.4 % of revenue in the prior year . Adjusted EBITDA margins benefited from slightly higher revenue and lower operating expenses compared to the prior year . The Company reported GAAP net income of $ 45.4 million , or $ 0.53 per diluted share , in the first quarter of 2021 , compared to GAAP net income of $ 9.2 million , or $ 0.11 per diluted share , in the prior year . GAAP net income for the first quarter 2021 includes a pretax gain of $ 42.9 million from the divestiture of the Extremity Orthopedics business , which was completed on January 4 , 2021 . Adjusted net income for the first quarter of 2021 was $ 59.0 million , or $ 0.69 per diluted share , compared to $ 41.3 million , or $ 0.48 per diluted share , in the prior year . 2021 Full - Year Outlook The Company is providing forward - looking guidance regarding adjusted earnings per diluted share , but is not providing a reconciliation to GAAP earnings per share , because certain GAAP expense items are highly variable and management is unable to predict them with reasonable certainty and without unreasonable effort . Specifically , the financial impact and timing of divestitures , acquisitions , integrations , structural optimization and efforts to comply with the EU Medical Device Regulation are uncertain , depend on various dynamic factors and are not reasonably ascertainable at this time . These expense items could have a material impact on GAAP results . Adjusted earnings per diluted share also excludes the impact of intangible asset amortization associated with prior business acquisitions , which we expect to be approximately $ 0.71 per diluted share for the full - year 2021 . In addition , the Company will continue to monitor the ongoing uncertainty around the scope and duration of the pandemic and its impact on financial performance . The Company does not expect the ongoing impact of the pandemic to be uniform across all markets and product lines . The Company's guidance assumes a gradual improvement in surgical procedures with no further setbacks from new surges or new COVID variants . For the second quarter 2021 , the Company expects revenues to be in a range of $ 372 million to $ 378 million , representing reported growth of approximately 44 % to 46 % and organic growth of 42 % to 44 % . Adjusted earnings per diluted share are expected to be in a range of $ 0.63 to $ 0.67 . The Company is raising the lower end of its full - year 2021 revenue guidance by $ 5 million to a revised range of $ 1,525 million to $ 1,535 million , representing reported growth of 11 % to 12 % and organic growth of 12 % to 13 % . The Company is also guiding towards the higher end of its full - year 2021 adjusted earnings per share guidance range of $ 2.86 to $ 2.93 . The Company is reiterating its expectation that the reported revenue contribution from ACell will be in the range of $ 83 million to $ 88 million for the full - year 2021 , including approximately $ 20 million in the second quarter . In the future , the Company may record , or expects to record , gains or losses , expenses , or charges as described in the Discussion of Adjusted