Shares of Integra LifeSciences Holdings fell sharply in premarket trading Friday after the medical-technology company warned that flood damage at its Cincinnati facility would push third-quarter and full-year results below expectations.
Integra shares, which closed Thursday at $16.09, were recently down more than 11% to $14.25 in premarket trading.
Integra said damage from the July flooding to portions of its facility, equipment and inventory disrupted operations at the Cincinnati site, cutting third-quarter revenue by about $7 million.
The Princeton, N.J., company said it expects a further revenue hit of $15 million to $20 million in the fourth quarter.
As a result, Integra reduced its full-year adjusted earnings guidance to $2.30 to $2.40 a share from $2.40 to $2.50 a share and its revenue forecast to $1.634 billion to $1.654 billion from a prior range of $1.654 billion to $1.695 billion.
Analysts polled by FactSet, on average, were expecting a full-year profit of $2.46 a share on revenue of $1.67 billion.
Integra said it expects to post third-quarter adjusted earnings of 55 cents to 59 cents a share on revenue of $410 million to $412 million, compared with the profit of 56 cents a share on revenue of $416 million that analysts had penciled in.
The company said it is working with its insurance carrier to assess recoverable losses associated with the flooding, adding that it expects a return to full manufacturing operations at the Cincinnati site during the second quarter of 2027.
Separately, Integra said it has launched a proposed $600 million seven-year senior secured term loan B as part of efforts to refinance its debt, extend maturities and maintain financial flexibility.