Integra Runs Into Some Growing Pains, but Sell-Off Appears Overdone; Maintaining $58 FVE
Narrow-moat Integra reported a disappointing quarter, with revenue, adjusted gross margin, and adjusted EBITDA falling below our and consensus forecasts. We intend to make some adjustments to our model, but we don't expect a meaningful change to our fair value estimate of $58 per share, or a little over 20 times estimated adjusted 2019 earnings. Management reduced guidance for the year and hinted that 2019 may see lighter organic growth than we think investors were anticipating. While our full-y...Integra LifeSciences Holdings is a medical devices company engaged in the development, manufacturing, and marketing of surgical implants and medical instruments. The company manufactures and sells its products in the following two reportable business segments: Codman Specialty Surgical, which includes technologies in dural repair, ultrasonic tissue ablation, intracranial cranial pressure monitoring, hydrocephalus management, and cranial stabilization systems; and Orthopedics and Tissue Technologies, which focus on addressing soft tissue, nerve, and tendon repairs as well as reconstruction in the hand, wrist, elbow, shoulder, ankle and foot.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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