 PRINCETON, N.J., Aug. 10, 2020 GLOBE NEWSWIRE -- Integra LifeSciences Holdings Corporation NASDAQ: IART, a leading global medical technology company, today reported financial results for the second quarter ending June 30, 2020. Second Quarter 2020 Financial Summary Reported revenues were 258.7 million, representing a decrease of 32.6 on a reported basis and 31.3 on an organic basis compared to the prior year. These results were above the high end of the preliminary results provided on July 9, 2020; GAAP loss per diluted share was 0.00, compared to GAAP earnings of 0.34 in the second quarter of 2019. Adjusted earnings per diluted share were 0.33, compared to 0.73 in the prior year. The decline was largely attributable to lower revenues due to the impact of COVID-19; The Companys full-year 2020 guidance remains withdrawn due to the uncertainty related to COVID-19 and the extent of the recovery in surgical procedure volumes.We are encouraged by the sequential, monthly improvement in revenue throughout the second quarter following the lows experienced in April, said Peter Arduini, Integras president and chief executive officer. I want to thank our Integra colleagues for their perseverance and commitment to our customers and patients during these challenging times. Given the strength of our people and our financial agility, I remain confident the Company will return to long-term growth.The Company reported GAAP gross margin of 59.2, compared to 62.6 in the second quarter of 2019. Adjusted gross margin was 66.2, compared to 67.4 in the prior year.Adjusted EBITDA for the second quarter of 2020 was 52.8 million, or 20.4 of revenue, compared to 97.9 million, or 25.5 of revenue, in the prior year.The Company reported GAAP net loss of 0.4 million, or 0.00 per diluted share, in the second quarter of 2020, compared to GAAP net income of 29.7 million, or 0.34 per diluted share, in the prior year.Adjusted net income for the second quarter of 2020 was 28.4 million, or 0.33 per diluted share, compared to 63.4 million, or 0.73 per diluted share, in the prior year.Second quarter revenues were negatively impacted by COVID-19 and the associated reduction of non-emergent surgical procedures. Lower procedure volumes also contributed to the lower gross margins, EBITDA and net income, year over year. To partially mitigate this impact, the Company initiated a cost savings plan in April, while maintaining investments in critical RD, clinical and long-term growth programs. These actions contributed to a 28 reduction of total operating expenses in the second quarter as compared to the prior period.Integras financial position and liquidity remain strong. The Company ended the quarter with 361 million in cash and cash equivalents, 1.15 billion in undrawn revolver capacity, and a consolidated total leverage ratio of 3.4x.In July, the Company amended its credit agreement to temporarily increase its maximum consolidated total leverage ratio from 5.0x to 5.5x for the four financial quarters beginning July 1, 2020 and ending June 30, 2021. The Company entered into this amendment to increase financial flexibility in light of the unprecedented impact of the COVID-19 pandemic and the related uncertainty surrounding the global economy.During the second quarter, the Company completed the accelerated share repurchase ASR agreement, entered into in February 2020. A total of 1.9 million shares were repurchased in the first half of 2020.2020 Full-Year OutlookDue to the ongoing uncertainty around the scope and duration of the pandemic and the timing of recovery across the globe, the Companys guidance for the full-year 2020 remains withdrawn. The Company continues to expect quarterly sequential revenue improvement in the second half of 2020 as compared to the second quarter of 2020. For the third quarter of 2020, revenues are expected to remain below prior year levels due to COVID-19 and the associated reduction of non-emergent surgical procedures. The Company does not expect all markets and product lines to improve at the same rate. The level and location of COVID-19 emergence or recurrence and its associated impact on surgical procedure volumes, as well as economic normalization, will shape the Companys recovery.Supplemental financial and operational information is included in a presentation that can be found in the Investor section of the Companys website at investor.integralife.com under Events Presentations.In the future, the Company may record, or expects to record, gains or losses, expenses, or charges as described in the Discussion of Adjusted Financial Measures below, which will be excluded from the calculation of adjusted EBITDA, adjusted earnings per share for historical periods and in adjusted earnings per share guidance.Conference Call and Presentation Available OnlineIntegra has scheduled a conference call for 4:30 PM ET today, Monday, August 10, 2020, to discuss financial results for the second quarter. The conference call will be hosted by Integras senior management team and will be open to all listeners. Additional forward-looking information may be discussed in a question and answer session following the call.Integras management team will reference a presentation during the conference call. The presentation can be found on investor.integralife.com.Access to the live call is available by dialing 800 263-0877 and using the passcode 4133628. The call can also be accessed via a webcast link provided on investor.integralife.com. A replay of the call will be available until August 15, 2020 by dialing 888 203-1112 and using the passcode 4133628. The webcast will also be archived on the website.About IntegraIntegra LifeSciences is a global leader in regenerative technologies, neurosurgical and extremity orthopedic solutions dedicated to limiting uncertainty for clinicians, so they can focus on providing the best patient care. Integra offers a comprehensive portfolio of high quality, leadership brands that include AmnioExcel, Bactiseal, Cadence, Certas, Codman, CUSA, DuraGen, DuraSeal, ICP Express, Integra, MediHoney, MicroFrance, PriMatrix, Salto Talaris, SurgiMend, TCC-EZ, TitanTM and VersaTru. For the latest news and information about Integra and its brands, please visit news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties and reflect the Companys judgment as of the date of this release. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. Some of these forward-looking statements may contain words like will, believe, may, could, would, might, possible, should, expect, intend, plan, anticipate, or continue, the negative of these words, other terms of similar meaning or they may use future dates. Forward-looking statements contained in this news release include, but are not limited to, statements concerning the expected impact of COVID-19 on the Company; the impact of contingency plans and cost-savings measures; the Companys liquidity and financial position; future financial performance, including projections for revenues, expected revenue growth both reported and organic, GAAP and adjusted net income, GAAP and adjusted earnings per diluted share, non-GAAP adjustments such as structural optimization charges, acquisition and integration-related charges, COVID-19 related charges, EU Medical Device Regulation-related charges, litigation charges, discontinued product line charges, intangible asset amortization expense, convertible debt non-cash interest, expenses related to debt refinancing, and income tax expense benefit related to non-GAAP adjustments and other items. Statements of past performance, efforts, or results about which assumptions or inferences may be made can also be forward-looking statements and are not indicative of future performance or results. Forward-looking statements are based on estimates and assumptions made by management of the company and are believed to be reasonable, though they are inherently uncertain, difficult to predict, and may be outside of the companys control; these assumptions include, but are not limited to, when the impacts of COVID-19 may be the most severe and when and how the impacts of COVID-19 will subside. It is important to note that the Companys goals and expectations are not predictions of actual performance. Such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from predicted or expected results. 