SS- IART cash position, and margins
SS, wanted to ask you why their cash went down so much, and are you concerned about the large decline in margins ?.
" Integra exited 2023 with cash and cash equivalents of $276.4 million, down from $456.7 million at the end of 2022.
Cumulative net cash flow from operating activities at the end of 2023 was $139.9 million compared with $264.5 million at the end of 2022."
" Integra exited the fourth quarter of 2023 with lower-than-expected earnings and revenues. Unfavorable product and geographic mix and Boston quality project expenses are exerting pressure on the bottom line. Escalating costs and the contraction of both margins are discouraging. The decline in the Tissue Technologies segment due to the impact of the lost revenues related to the Boston product recall is also disappointing.
On a positive note, in CSS, the company registered strong growth on the back of mid-double-digit growth in CSF management and low-single-digit growth in Neuro Monitoring driven by Certas Plus valves, BactiSeal catheters and ICP microsensors, mid-single-digit growth in Dural Access and Repair driven by DuraGen."
