Integra LifeSciences (IART) 29 Apr 212021 Q1 Earnings call transcript

Company Profile

Participants

Mike Beaulieu	Head of Investor Relations
Peter Arduini	President and Chief Executive Officer
Glenn Coleman	Chief Operating Officer
Carrie Anderson	Chief Financial Officer
Shagun Singh	Wells Fargo
Ryan Zimmerman	BTIG
Dave Turkaly	JPM Securities
Kaila Krum	Truist Securities
Robbie Marcus	JPMorgan
Steven Lichtman	Oppenheimer & Company
Matt Miksic	Credit Suisse
Xuyang Li	UBS
Anthony Petrone	Jefferies
Korinne Wolfmeyer	Piper Sandler
Jayson Bedford	Raymond James

Call transcript

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Operator

Ladies and gentlemen, good day, and welcome to the Integra LifeSciences First Quarter 2021 Financial Results Call. At this time, I would like to turn the conference over to Mr. Mike Beaulieu, Head of Investor Relations. Please go ahead, sir.

Mike Beaulieu

Thank you, David. you conference the call. thank Quarter LifeSciences and earnings XXXX morning for Integra joining First Good

Operating file Anderson, Joining Arduini, we quarter Executive Chief President on issued and and me the announcing Chief Officer; call XXXX results. financial a press during corresponding Events Glenn our Earlier Financial call, Call available are and Presentations the under and Officer. which Investors, Chief are release Quarter presentation, XXXX Peter earnings Officer; today, release named in Presentation. the at Earnings The Carrie reference we first First Coleman, integralife.com will

both Before materially this I’d release. to call are remarks, Company’s Exchange discussed many actual filed Factors that during considered we prepared we are be cause begin, of make acquisitions, reported well effects franchise-level business growth as the and statements. to in the growth. the as forward-looking the remind divestitures, discontinued the organic in growth our you excludes revenue reports SEC organic and may that including performance. Extremity sale the foreign Unless Also Act rates disaggregated made differ like stated, Orthopedics will and on with all our to statements in of reference revenue could recent otherwise of Organic based results currency, products. ACell, including revenue

the which to today’s on with release, I’ll measures. any report turn call non-GAAP of filed press today non-GAAP an financial Integra’s Reconciliations comments be Pete. With our the financial include can found will over that, X-K Lastly, in certain today exhibit now Form measures SEC. current is to

Peter Arduini

Mike, and you, good Thank everyone. morning,

X% the reported guidance compared a February. million, approximately year. Slide our growth And above the X, represents of Total quarter This high of compared growth and the of we were If you organic representing X.X% provided revenues to first of also X.X% review of organic were to end begin prior to performance. I’ll XXXX. with $XXX growth turn in

in market revenues segments both well strength Japan China procedure-based in capital global sales particularly an sales our instruments. both used CUSA, as as Surgical Codman Tissue small capital Notable gradual our in hospital quarter from Specialty procedures and international as of and and spending. Technologies from of came in First well recovery reflected as a neuro improvement

First volumes. representing earnings XXXX quarter to increase related to impact over and XXXX. navigate compared uncertainty remaining adjusted pandemic were This we X% compared per prudent our share $X.XX, to an reflects approach the surgical procedure XX% as the on spending of

the the very our our our and performance, end achieving first for a quarter we’re Taken targets. towards quarter low good financial together, represent earnings revenue of on revenue start XXXX increasing our first Based to guidance higher be EPS billion range of previous to the new and guidance XXXX billion our a at $X.XXX $X.XXX year to $X.XX. range adjusted $X.XX full of to expect now of end

our and first acquisition, ahead ACell, with were recent completed our quarter sales to most Turning integration commercial we line also of plans. the initial in expectations

to by behind previously the be portfolio tissue the And this business. to goals our optimistic confident end of quarter. have expect discussed We continue for critical the our to second achieving ACell activities we remain us remaining of in about addition integration and the technologies

and This for continue associated products, several enhance further the of next-generation and our of launch neuromonitoring electrosurgery other follows will generator We of commercial bipolar new number our our valve hydrocephalus Japan programmable to and global also our our launch ICP which irrigator forcep organizations a including prepare portfolio. monitor, reusable midyear CereLink, new the products. for launch global

over of an also the recently year, XXXX. products controlled evaluation planning and tumors, acceleration revenue new sales procedure brain our and COVID, an and expect launched we’re improvements release in a of the in minimally Later product the for encouraged gradual hospital clinical respect practice we’re launches With fuel that We exciting to of the of to course growth treatment has to the volumes of this by program Surgiscope impact discretionary neurosurgery. potential invasive Aurora spending.

cautious the positioned roll second through quarter expect we targets. remain will and we as different our XXXX variability our some following to globally. confident at achieve full remain we a out financial feel However, and continue vaccinations continue global rates recovery Nevertheless, year performance, quarter well first to

We financial long-term XXth. providing of with achieving our to reminder, with our us. to a over a as you detailed able segments of a our discuss for details Day Virtual to and on will first the visibility quarter strategies both we be call the join Investor Finally, you’re look our like Carrie? into hosting global May review our forward to to path target. turn We And performance. hope to I’d that, Carrie of

Carrie Anderson

morning, like of Thanks, summary Slide a quarter brief our on Pete, start and with good X. everyone. I’d to highlights first

increase an basis X.X% on a of X.X% First reported basis. $XXX quarter an representing organic were on and revenues total million,

adjusted achieved above as in total and As nearly Pete communicated Specialty XX% first indicated, the increased earnings $X.XX. per both in segments Surgical well margins the U.S. In on were quarter, EBITDA and end of XXX growth basis to Tissue organic Adjusted points our markets. XX% to share as our Technology the international guidance both the and increased positive we XX. high February Surgical, range revenues Codman

As quarter began last you in impacted of year’s disruptions March first in was by COVID recall, profitability XXXX. that will

of increased our the and an CSS were year. were I’ll to first recovery Global quarter our X.X% basis indirect organic on the to review digits you on and million, other If led year. CSS were in China an markets. in a and by basis Pacific revenues $XXX an by markets, Sales energy prior X, mid-single on basis capital Asia prior Slide sales increase organic compared the of X.X% in Reported the of sales flat driven now from QX segment. advanced Japan, reported turn neurosurgery performance international

XXXX. Advanced were within to first Energy sales still down capital quarter compared digits U.S. comparison, a double As of the

flat-to-low CSF in and strength declines access repair, offset dural Advanced and single-digit Our management neuromonitoring. Energy in

levels. not surgical-based Within we to see fully the return improvement did did franchises, these three gradual while pre-COVID month-to-month a procedures during quarter,

Softness here capital an sales year. on smaller was Mayfield. in basis sales, XX% the equipment offset instruments by QX compared including prior improvements organic increased to in over partially

of CSS in markets France, Performance offset in to and weakness In other in markets in Europe COVID-related in in outside a indirect here Italy deferrals. Our visits to steep last mixed, physician largely performance lag digits year. experienced mid-single general, in an relative with Asia. of office and result was declines in March due improvement was by to led our International the indirect by of continued sales COVID-related growth increased Asia, Spain Europe. strength

On of organic our sales Slide we Tissue basis, quarter from XXXX as in to segment partial orthopedic increased both X.X% Technologies compared the full a sales an Moving sales declined a On Technologies X. revenues the quarter divested and XXXX. on in reported to acquired Tissue exclude prior year. of ACell basis, X.X%

driven in basis. PriMatrix. Tissue International in in quarter Skin organic an First wound declined Sales private sales increased in and organic X.X% the label reconstruction by digits on increased in sales an mid-single sales quarter. on Technology Integra basis, X.X% first

capacity of costs. The margin product The of by the now components was and was mix benefit idle review Turning costs partial a P&L due which than ACell mix QX higher our revenue relative decline XXXX. of domestic flow gross revenue mainly to our divestiture the mix of revenue, impacted resurgences quarter year-over-year the orthopedics lower our related manufacturing XX.X% revenues. key in to quarter margin workforce. international was and The Adjusted impact to the were relating performance. XX.X% COVID cash X, has from higher first on a gross higher manufacturing of timing to to higher to compared Slide I’ll and

was to XX.X% of expenses in revenue Our adjusted this and XXXX. Slightly operating increase. drove QX higher EBITDA lower compared margin year-over-year XX%

stronger Given quarter, COVID, continue expenses to closely the which to ongoing in first of risk contributed the manage expenses, our we profitability. the

increase in to growth balance the of spending the support initiatives. expect key year to We

flow First compared business. of was a Adjusted flow over the and first year. the compared $X.XX the net quarter first in for EPS from capital divestiture lower prior to quarter of year, the $X.XX $X.XX Operating increase in was reflecting GAAP working the in XXX%, $XX reflecting and good cash EPS in quarter expenditures. of the cash income to was GAAP XX%. Orthopedics capital included the quarter free $X.XX million $XX.X gain conversion first was prior an million

capital expenditures year. over of expect the balance We increase to the

on Now update if you a turn to Slide X, our capital I’ll provide brief structure.

of balance Extremity remains after completing approximately acquisition, on and Our million cash $XXX hand. ACell strong the with divestiture sheet

ratio as of March times. our and unchanged Our leverage improved to total XXst XXst, from December debt X.X was

and and full to consolidated XX. adjusted update provide an Turning I’ll second for earnings our the on XXXX. year quarter revenue per share guidance Slide

XX% to million to forecasted $XXX and of representing are to XX% be to growth revenues organic range quarter the XX%. reported in $XXX of of growth XX% million, Second

COVID-related Our second reflects guidance revenue variability. quarter some

unchanged. quarter approximately end the estimate over million revenue in estimated For end leaving the of guidance with XX% $XX guidance $XX a represents the to billion of on of XX% this reported billion the guidance full are bottom full-year million. second range of based XXXX. the change organic At to to our a top our of for COVID XX% $X.XXX growth $X.XXX XX% growth approximately increasing new quarter. Reported million, range continued time, to some variability, year given no revenue first to $XX and of new we includes range performance range ACell our XXXX, we The are revenue of to

$X.XX ranges guidance be Turning previous expect double-digit the We to range quarter adjusted of on the year-over-year $X.XX. adjusted we and expect be end which $X.XX to EPS to EPS revenue adjusted $X.XX, I represents based to our to XXXX, the higher in second provided, full-year range XXXX of of for guidance earnings just at growth. now

to over where to Glenn stand Glenn? brief like of we our I’d XXXX to growth provide Now, a recap the drivers. turn with call

Glenn Coleman

to morning, turn good and Carrie, everyone. Please Thanks, XX. Slide

signs indicated, see a we’re capital pleased track results increase improving, deliver our Pete recovery targets. and were in the our of XXXX and first As beginning on Clear our quarter environment to we that indicate the gradually is to confidence instruments. strong

including was others. products, generator we’re disrupted new of Japan, benefit to a Our is launched first quarter Clarity Certus these new momentum. from many recently products, products valve see and our normally bolstered CUSA multiyear launched pleased performance and programmable electrosurgery what and in recently by has DuraGen gaining configurations, the COVID

several of products the including new new to a on minimally the we’re launch ICP next-generation key mentioned, invasive the introduce tumors. controlled later Aurora Pete brain our followed global by year, this of platform monitor, of for track CereLink, Surgiscope, treatment As release

of half targets. unmet While look more a through our its an year. long-term Tissue the to normal to significant for move important the and need we contributor our a small be will QX growth forward neurosurgery addresses in we into environment XXXX, Technologies second revenue Aurora and In will contribution be business, as

quarter. activities XXXX. digital reconstruction customer far, As an our outreach commercial integration and integration recovery we critical surgical that track result And our half nature of to the of the expect our year in with a course will position. that ongoing prior in supply. change improves and coupled thus growth of all contributed example, investments and the latter and although has this programs, accelerate we’re to new has recovery strengthens the elective our well, The of as over procedures competitive on the ACell gone confidence recent portfolio revenues the not complete of investments second manufacturing complementary and of in when The marketing

we clinical view as indications. core sign-based and to products ACell’s execute continue platform an well. for U.S., technology also We Outside the expansion future

Our strong over global the a deferrals first past the demonstrated experienced COVID-related we results year. from were recovery quarter and

XX of these executing To and while much We’ve gradually. Europe start other wrap and across led balance with Japan you upcoming markets to our line improve year. we’re growth the portfolio our the a our questions? and on we’re reviews accomplished the look will the organization by achievements detailed That last over long-term be to the XXXX, our our increase plan XXXX For China, the forward would up, continue Investor to should listening. right our market for path. dive on strong months, confidence enhanced for concludes XXth our May please open at thank that segment a you remarks, Operator, strategy, and into prepared Day. operating deep We and model

Operator

Shagun Thank with comes first this and the at is Our from open Fargo. you, your questions. Instructions] time, floor gentlemen, [Operator question ladies Singh Wells for

Shagun Singh

for the morning. Thank much taking you so question. Good

So and one I capital. on guidance guess on one

second a it on versus with it second guidance, expecting in believe stacked also, to QX. growth half So you’re if respect just half. basis the the And lower first the I appears look higher that in you versus implies modestly at two-year sales half seasonality,

about guidance still below of for believe XXXX, over contemplates thinking organic X% it X% backlog? you your are X% about which second half and into your how growth of So, baked to growth What’s to versus I QX? LRP recovery X%. is

would So, be any there helpful. commentary

Peter Arduini

sick an by were what available, again, was held improvement in in markets, our in going a vaccination States, And ICU start it’s world impacted our scenarios up, particularly at last reserve where United the said And the Shagun, around actually with our I’ll by frame to was that have had programs, fully compromised are very of going it’s confidence that beginning we’re back two-thirds addressed Pete. We the impact that or increasing that don’t business we’re starting bed utilized to that beds Yes, our right vast remind, either the and the see from the we’ve being in year, and at in see challenge majority month-over-month need we the look ICU particular as beds, what but of the the patients. year just level major And just to procedures, really also from us. coming ICU is of say, our confidence for on sure. the with to to perspective. business. in just being get to see that

an begin. up, if that as of well have that spikes the happen still – do we’ve which out, this been, of the rollout spend performance monitors, things just vaccines spending exciting had step And kick our think the here roll And I portfolio, to some approach going part as improvement. is here to strong such the second to and in would up. even to we’re But say, is EPS TT going the a in the Aurora, to will we long-term it’s lot on, we So to going we in come there ongoing the we money part see prudent uptick. a until is good see which things as

Shagun’s to so Carrie, points? of want you maybe other And address some

Carrie Anderson

Yes.

continue the gradual to half. recovery We a the expect of remainder first for

a as So, we as we quarter QX, QX expect into sequential QX some after really move the second do we into about think nice improvements performance.

guidance call, on to X% half, though, XXXX. about than were on back sure. second had basis baselined our you asking, talked stronger the be organic So as When for to first will February the half, sequentially we we had growth an overall compared our X%

so XXXX. represents QX implied you against look our than XXXX to our range we’ve half more And growth and the of a actuals against guidance X% and if XXXX X% half guidance second bit that about at the – little QX about given compared growth second you, X%

second think the So, we’re going we year. half do of into positioned the well

Shagun Singh

cap? was you on then Thank order a visibility the And thank you That’s just follow-up rest called Advanced really that small on comment international. helpful, And think I versus the for on the versus Could you. Energy of any U.S. out capital. you. capital international year. dynamics? commentary then have large driven then And you by just

Carrie Anderson

about sales beat particularly in I by the say driven that saw in performance and quarter, and instruments, in last our both would this revenue of capital XX% in quarter was Yes, really in of that really the part March. the better-than-expected

Asia Japan, mentioned, and our sales as well. quite strong, by as markets particularly in international CUSA, indirect in China capital I Asia, Our of some it was were driven and in

hospital’s things For in is Japan, year fiscal out one to – of first our quarter. the their point fiscal ends their

and an go ending. quarter for model. indirect was it strong Asia, it through fiscal So for was year And then their their China as we Greater particularly last

market. are distributors certainly capital of our recovery the anticipating in So their

it here international overall, Certainly, in order demand small In as the capital to nice capital capital as capital. for strong some for U.S., was that QX but both seeing weighted was well our small So CUSA. the was capital. positive,

double So think still were really in back things lighting, Mayfield, CUSA but QX dual QX, those sales our down of in bounced nicely digits.

pipeline incredibly Our strong. is still CUSA for

don’t half continue second add year. just the to more landscape competitive the of want changes So any the in of in of there. there, capital again, we else It’s you a Glenn? there’s Anything mainly to to U.S. think normalization expect

Glenn Coleman

probably had Yes, instruments and I that capital changed team that’s add the in first strategy with in year business done additional we’re benefits last in one but built Japan a or capital, of also you record the Surgical General well, our that’s some of selling in the our a go-to-market terms quarter. two Japan. remember, surgical seeing the maybe capital here We now benefits actually just and we first we’re of in would points. business that. quarter, Shagun, we our And Carrie was that reasons mentioned, these and for really commercial general in also but have seeing quarter the

the our did strength and in The capital. good some a of so showing markets is, would markets other improvement, see with in in in a even key uptick gradual U.S. a on some the some had terms point our indirect outside of But of Germany we quarter Europe strong we are really whole, direct capital. Europe, example the a be markets. recovery and in direct an

Shagun Singh

thank helpful, really color. for the That’s you

Operator

Thank you.

Ryan question next BTIG. comes from with Our Zimmerman

Ryan Zimmerman

at a follow-up $X.XX. about Good going you’re mean, I beat morning. of appreciate you on in the didn’t range Maybe move I you range. but that question. EPS the come to by there, top guidance, kind Shagun’s of the end On just

year just cadence maybe kind a of my That’s give And understand you and first normalized a us for of just may back of a question, more you I’ll bit and expenses. that’s follow-up. the kind of so what help think little have if

Carrie Anderson

as have we as result in EPS But wanted of Obviously, the about move was on benefited we say That think constrain the we is of with would it balance year, I the spending year. sight to line my revenue. bit spending. that, And Yes, a started I a slower will mean, expectations. spending did our expectations line of line. for as up. expenses, the We

part our start $X.XX as and expectation below that is, second of product have So, of the of is is particularly both half spending guidance to EPS why ramp support $X.XX Glenn our we here, is a range that reason QX launches to up Pete QX, about. is to talked that the going

coming new We our growth initiatives as out other launch CereLink that’s as have long-term well here.

in guiding end half – the about it’s of be up for high end the that That the is QX, basically just we the saying reason spread that we can balance the range. is high that we going of $X.XX, balance that’s year. being toward of toward the so guidance. the to got about do spending And $X.XX the the are guidance So, upside of in

Peter Arduini

year, or imagine, Carrie through you in rollout to we case as preserved our kicked amount market-based wanted be. as Ryan, didn’t things And well the And ahead of mentioned, last on We sure, preserve. U.S. get we went significant platform programs, off to in as off as QX, step approach ourselves the one of did we vaccine as the to for ground as marketing digital both initiatives. it we as but a effective can of get we seems make wasn’t internal enough kind a it approach, R&D a

a benefits nice really how that of in those some going going those I money well So We where we as actually lineup Investor to XXXX QX. to really and products And expenses think Day, monies you’ll in the against. get will program at we’re insight of out. a XXXX, investments applying the as have we’re into better much held be then put back here roll

Ryan Zimmerman

wound I for turning or to ACell, up Absent about care moment. X% think Appreciate you’re so. that. business Maybe the about a

we you’re the in wound, burn, that I given at. of kind those So, I’d puts of whether components, mean, mean, wound some kind you’re within characterize business market. for growth care saw the to components understand relation takes your below to just that the X% the and above you’re love and this wound of outpatient that, of quarter. whether where I inpatient

Glenn Coleman

the like We our see quarter. with the our PriMatrix the got inpatient care I a And are a doing here say across of just first along we’ve business recovery lot in Ryan, team products. our well, on skin products it’s increased side. Glenn. would did wound focus in

some side, strong driving this of have on that’s So, very the presence. we still And a outpatient growth.

the So, bigger here break that the and changes think the into helped portfolio, we with we has and having organically expect we’ve continue up inpatient us But don’t ACell to – a would trends of made these second between put some in quarter, in the first growth outpatient. quarter. down in we presence growth I the some here

Carrie Anderson

negative if see quarter. – well reconstruction did add surgical inside number. in in if as would reconstruction, more first still still is elective breast reconstruction, are those there procedures you think as that nature. look those business I the we growth inside our some that hernia you and wound And about That

that the And reconstruction wound so saw within of we a still COVID piece impact business.

surgical So actually if you QX to did parcel expect the the that our declines still growth. business given nice back to reconstruction kind well quite that we in get rest in had out, of that some just business the of some we fact

Ryan Zimmerman

for Well, questions the and taking congrats on progress. thanks my

Operator

Thank you.

Securities. question Our JPM comes with Dave next from Turkaly

Dave Turkaly

Great. Good Good. are Hey, morning. you guys? how

and the Is all options I’d safety in out viewing what synthetics that to And get changing put or environment sort to communication. Just note doctors versus, get think out know anything like thoughts. we position just changing? of in But anything there. that’s on sort FDA curious improving? I’d out your thoughts other biologics you say, biologics, saw currently love and I’m shifts there. then given the statement you’d to your means. you I are your of Any region response how or the

Peter Arduini

topic spend that a on some be May time we’ll on, This XXth. will clearly

combinations, phase you the much for where from that or a of ADM wall using a type to part now tool. over trauma, we’re some repair, acute is in with and it would of whether just particularly actually, that, cases. past going advertisement But synthetics years complicated of areas more or I can this combination body. notable porcine ACell a things, of patch, to into platform, or on here our wound, the and seen platform of say, to strategy, touch XX% SurgiMend of primary enhance to headed us, is of either seeing a use questions, be Most and hernia an in the integrates, of other phase a acceptance very only still seeing use in on an of a start we reconstruction, about you’re PriMatrix some the – part reconstructive portfolio. first, biologic as the think think body we few in a we previous you’re join, in with concept focus this So, And also seeing where more traditional our tissue definitely a bovine, inpatient-focused to few years, gives I stuff and platform for my be another with that the of of I think take modalities, It’s products. touch it’s granulates flow these hear used. use these moving disease leverage we’re to within like meeting amniotic think is lot there’s other an where to office believe into areas, the the how here now moving be been I we most. toward. being believe under doctor’s important cases there’s we rejections toolkit we’ll it other many of all whether at again, have really blood really options xenograft To potentially outpatient to also mean, chronic using areas, pardon obviously, we into advantage the use And is And that this uptick And a chest other and and this. different sick May body Even next reconstruction, you’re And IDRT broad nerve ours what the I definitely a our of going just breast might that with from that flat platform actually there’s surgeon a are peripheral UBM in think start the the upper a we’re the just deals states. really some uptick here notorious positioned you’ll that, well it. wound,

Dave Turkaly

that forward that, meeting. for you Thank really. to Look

a Just follow-up. the strength I’m patients international more And why sick was because would Asia is quick mix? Is you how of tissue internationally the thoughts was related? mostly curious, Codman, that tissue? why Europe. that and stronger Or that mentioned Just cmore in you. there. is COVID your – it was Or are? Thank

Peter Arduini

Glenn, why don’t you take it?

Glenn Coleman

Sure.

versus last non-impacted-COVID So we resilient over U.S. give let grew shown of organically and the months. U.S. grit outside XX% context. the quarter, the foremost, XXXX tremendous our XX I a outside want the quarter to teams And been Organically, through complement first first They have and Dave, me just you some

over where over European China, And strength the up growth. Japan broadly so just of up at XX%, off in more charts speaking, markets, in and from, Germany. actually direct is New if our those markets range, grew the terms and in digit where But XX%. even good look the and coming growth seeing Canada, and mid-single we the in Zealand Australia, Japan China UK we’re strength

So seeing have I We’ve and good a our we you valves. And over over and we’re it’s Direct grow an ago. the these launched electrosurgery business. really look growth places the broad. a We’ve versus in do irrigator. product largely XXXX, product launches an recently launched by CSF General in growth Japan with mentioned launches. management Go DuraGen strategy Surgical us. you quarter been We behind with business, how generator, pretty new driven year coming added XX% at our But like programmable the more specialists new in it’s when normalized

growth of And still to is one driving gradual just are driven our channel yes, actually the some you some markets so digits with good not we stellar European COVID, where And sell is seen new made I’m the my the it’s really changes mean, the markets. has really has headwinds see say we expecting second is should launches, yet incredible The a and year, momentum investments. versus once been high-single in was actually these still we’re would the we that this lagging what product so of And These recovery that good team that by business. And not Asia. can performance. in down done. given area distributors. team proud seeing that the the indirect I our But really has international of does are performance. challenges given of imagine just And numbers we’ve come and half perspective, recovered. XXXX, really back, that which I from

Dave Turkaly

you. Thank

Operator

you. Thank

Our comes with Truist Kaila next from Krum question Securities.

Kaila Krum

for Great. Hi, taking guys, questions. thanks our

look normal if up I guys which million $XXX in you say a, put more XXXX, sales. I’d So what the I of is quarter guess, in of year XXXX, guess a did I second at you than

Now guiding second $XXX $XXX you’re to quarter. the million in to million

And that So, spun ultimately off talk guide? you you’ve of XXXX? added second obviously, to the just how and about though you’ve takes relative quarter the arrived just business, some puts at Can Extremity ACell. you

Carrie Anderson

Yes.

growth. strong The We over second quarter of organic quarter Integra. XXXX X% was a for really had

really a comp, it’s tough Kaila. So

particularly look just remember is It was So can a couple lumpy. that the – and rather you QX numbers, XXXX things had of label quarter. in when we at private to be really the strong second

CereLink don’t nice our is original also label, of was quarter for a that QX wound second relaunch our in quarter And reconstruction compare was so mid-year And channel. against. our really in of strong launch XXXX, happening so was the XXXX. the have CereLink, obviously, here in XXXX sales with any And CereLink for you to really of private

trends relative move QX, a those question, to starting of can come some continue but about And I and questions, bit QX, a still we But we appreciate where half I I weaker and comp, really a we’re answer that focused continuing so overall, QX. QX to XXXX. businesses tough procedure-based in the the recovery into will trends – back those into year. the those many a as in that’s to would to just we it’s really think tough recovery think your comp it’s see as QX of of were say, second into little that So our of drive in

Peter Arduini

countries your yet And back. still and I of ability with we their on mean, first about either. had still not seeing performance to hospitals we’re cautious the U.S. the think point Even Glenn. capital I you in open earlier, quarter the in spending made bounce obviously, and Carrie, COVID capital to certain, and floodgates kind we’re

so… And

Carrie Anderson

about. say just from Yes, in there’s expect to decrease I certainly, there was demand pent-up QX. questions to in certainly that about we relates sequential we point, in a I in QX some mean, talked – it the we capital March, as was do get capital as would pent-up QX particular, demand. And here a to late

capital sales the in we I gradual the But will I we’ll particularly moderate in as recovery sales. slightly international think from still think QX, our move second into QX a quarter. expect

Peter Arduini

Yes.

call this I at So picks prudent is mean, point. it think the it. appropriate but let’s on hope that being we’re this we faster, up

Kaila Krum

ton color. a really makes great sense, of that and that’s Great. No, all

earlier I on Can so items through have just the is then Thanks quarter. tackling just guess your going And sort questions. taking for to and you Acell. the just So, follow-up work how coming about expectations? talk in you still relative what to far of integration blocking that a

Glenn Coleman

pretty take is integration as Thanks, one. this Kaila. of The we I’ll Acell going much expected.

quarter, that’s for and expectations see but commercial our do the of at we the we the first complete. into now and lot look accelerate we did activities, that, you quarter. a disruption, our head you guidance if when do some Obviously, first So, back

pleased the we how So, quarter. up we were with ended

we COVID a expecting well, our business improvement, say our to guidance, obviously, upon sequentially. see for are I as QX, the part on seeing based business partly to fact due a second the sequential that a still also will quarter. quarter, as but continue of We’re had showing base the would and into And impact an improvement in we full we’re well this

means centralized going also our ERP out of are is now our of We the to What us now pick was growth the platform. all completed year. just in certainly recently we So, through distribution That And shipping big expecting are April. see for a in this conversion. back center. milestone see half better and here that common order-to-cash up, orders the products we’ll we’re

really so, good fast integration. very that’s And work,

but behind here of a us. is and the the now everything is end with essentially few in had this conversion And done IT commercial so everything complete by a milestones be so far, lot we we acquisition. are of done, as heavy of essentially quarter. terms But the second pretty is integration We much of have expected complete, the all the to big get lifting still the things around

leveraging excited in really about these of new the down terms We’re road. indications products of some potentially

across take at well. looking and we would this platform of to Yes, we’re a some I out out can business have technology build the broader So, porcine pipeline figure how R&D of our one had well-executed synergies integrations. way on here as we the to ramp-ups. and far intended our We’ve that probably captured as is our the we’re this say capture, as to all fastest,

Kaila Krum

you. thank right, All

Operator

you. Thank

with comes Our next from JPMorgan. question Robbie Marcus

Glenn Coleman

morning, Good Robbie.

Robbie Marcus

quarter. spend free Hey, on I on want cash minute a Congrats good flow. nice to morning. a

CapEx level. but at You it like touched on briefly, was it low looks a really

some hoping So out flow year get free income you progressing a of settle see net for should cash was percentage how think you for where XXXX. as on just adjusted it to and thoughts the

Carrie Anderson

Yes.

right. You’re

Our give a revenue our clarity we that bit was little wanted started the top like more of slow, recovers. our as, again, CapEx, on some to line OpEx, intentional just and as

benefit So certainly, the that. from cash flow free

around for projects. probably some So start expenditures the that’s capital say XXXX levels. nice million. as year I in year have move I as And would expect would we the balance my capital with $XX we will our expectation move line through the to of upward And is really

than for, because of million kind we is of in I’m spend less only that’s capital shooting $XX of last had year where COVID. So,

from pent-up improvements the some to there growth. key support So is to our teams do our demand on of wanting facilities some some in certainly

allowing be we’ll in So that to come the here. we balance through back as year

free XX% year, expect for flow flow Robbie. conversion we free the can I’ll talk event. conversion, above upwards But the May get that In about terms that do XXth cash I at cash more of

Robbie Marcus

just rough a on doing try year. I’m maybe it on and I throughout Okay, quick looks operating follow-up. get just and more wanted the And I a like, a if operating the quarter EPS little of top guidance the the the the will margin math year balance first that full around end of to asked lower get color, It right, someone even my margin or little to know progression before, be year. the to maybe for somewhere

move just you QX, any So could all as cadence we so on to our models thoughts get straight. Thanks. QX, just

Carrie Anderson

second going Yes, – mentioned I part spending QX EBITDA increase, for and certainly, guidance the in I mean, quarter, margins is so to that the as to going pressure EPS sure. that’s sequentially some of from for QX. the from on put to

should in lowering would margins I to QX So, EBITDA at QX. look your you relative expect

I think to I maybe of that wanted a through. factors couple talk

half, on as some seen COVID. relates first we impact the to margin it For have gross

February our were XXXX, So margins, would on timing gross margins of had we for gross to the acquisition couple was I and expected gross elements QX and my Acell XXXX call But margins, in going divestiture of is than have that impact international one drivers relates factor be of U.S. lower quarter. unfavorable base margins lower a the our the – there Ortho. to of this related sales to into little because the But to an and of mainly the move than of say I of COVID, that are second the we because strong other our international was mix lingering bit gross margins and margins. those as other the a makes

couple COVID, about talk we when impacts. a of So

some all, as that to relates a our of impact there’s happen, it needs it’s quarantining been family an or In with cases, a direct and COVID exposed. there’s whether to exposure employees, that’s member First

of improve there. relates own some second to quarter, lingering the had we’re dealing quarter seeing but impacts I fair it amount COVID disruption that hopefully, the first we’ve in our So a workforce as with still in think will,

wanted second piece example. that as I’ll an related staffing. to mention to use The I is Mansfield

of Our path is end the to off Mansfield from that by TMA get agreement year. the

extension qualified we impact cases, folks. is has impacted enough that the the as it expectation as the end has year government that simply fast get benefits is ability our in ability find off And can’t staff to as facility. folks move will COVID ramp wanted the But timed. some we to of Our of because of impacted at our we to –

little rectifying I year. think be a our Now, we think the the second the full got here tempered be staffing bit in place But the own are quarter. now, there incentives gross that. we’ll margins first of end back in and We’ve of at I in will half

modeling, QX about think think gave your you as just that guidance EPS. mind, keep you I the about for you as in so And too,

Robbie Marcus

color. helpful. the That’s for really Thanks all

Operator

you. Thank

Oppenheimer comes Lichtman question with next Our Steven Company. from &

Steven Lichtman

the in there? guys. up sort the of as thinking of the wanted we second get coming half updated XXXX? then into be second the the should And launch opportunity the thoughts thoughts give on I Good of opportunity of that about here how market year. to your sort you. ramp we go latest and half happening, with morning you Thank just us just in CereLink Can on

Glenn Coleman

that’s of bit day CE just got news Steve, we a us. And we so first this perspective just it’s the if I’ll is Good Europe ago, Codman product, It’s launch good little is a before market. global a because look the business. just It’s mark when Glenn. But U.S. take back news. you for at in divested launching this the or we’ve give be we launch. and launch to for again, Camino long-waited Europe this obviously, two here. And we midyear one we’ll a bought

you just sold it million to sales, product So, it, just if of particular into put at was about when this that $XX look annualized we perspective.

QX. business will midyear ramp be it clearly, some us key half you drivers is going for obviously, time this again, here. year ramp, sizing this us take and of it’s X next a growth in the and launch, we the to of back gives going QX for to then what but So CSS going the of that year. But just in to But would expect it’s into

it’s to dollars But should hits sales. tens in of it be millions once going of first. We’re Europe that a full launch year driving peak product

Peter Arduini

are interesting kind on monitoring probably a isn’t transfer, can really competitive the million we a think is that, years. able And annual our buy about to we’ll that able installed whole platform, that acquisition, if we the be you neuro And other a in probably allow that what platform And I things to our of thing that and And base XX, new for, just integrate typically, reports, base here and eight at your was ICU, ICU, the as level, obviously, to can data department, any about part new intra-cerebral smaller-capital. larger whether youngest that allow other XX installed capital XX an that hungry XX any remember, it I generated. pressure But data on kind products Yes. the installed previous competitive and if It of standard be is time. Steve, capabilities. picked of – being is up it’s mean believe probably technology other legacy you’re of is but you gold base don’t window eight, important. very new could years in do is one, may There outfit XX. be you in which this old, is is out J&J, coming to $XX

some obviously challenge year corrected. with All had So on been that’s last good componentry, it. feedback a we have We

really in the excited half. and getting second here up about running we’re So,

Steven Lichtman

back you’re clinical half looking And into Great. this That’s into launch then of as turn as turning XXXX? you Aurora launch from thinking are or launches, a Surgiscope be you procedure mentioned secondly, on the What just types should this perspective? helpful. of potentially this Limited at during in limited things And the we track year. mentioned well. we full about

Peter Arduini

Steve. Yes,

We’ll remind spend intracerebral So craniotomy you, the point the now neurosurgery. away do And two that years developed few specifically, to again, the of here full XX. One to platforms again, key involve out have a into time, clinical Day all acquisition for product, detail. we that’s just that have product That’s almost some a discussing, key access for of we used product for launch. provide minimally of May will is a And it being is, in invasive be McBrain a in again, that ready we’re to be procedures another is go But further will near-term today in Investor Mike come from to hemorrhage. advertisement our which some internally. much more scale.

itself. so to particularly tumor study, product trauma intuitively, be tumor, this in as be the what would the more The And get the is appreciate, brain, access deep-seated invasive you healthy one is some remove to area. of And to the can the the the challenged deeper cases, going to removal focused as the on, tumors. created to into needs tissue

will that allow this, deal. big working like product a a so And through channel, a small is

So this to a an all of of well it’s don’t describing, It defining change favor, for customization all DRG, reimbursement instruments an is it well out there’s those believe as practice in we we And ablation business. under work our as of be part will instrumentation. imagine, have tumors you CUSA, first important instruments of But customization This like part that be channel, around tips a level. quite so as an protocols the big a can works that types evolving neurosurgeon. of through to the device will covered debate. this for

base. in of a conversion. But our be lot Asia is China be so just will the an what being of the go say the lots a time a – and into will this can will don’t reasons looking very it as applicability we’ll are focused Western Europe it know, or the launched to we’re be and to to products many of up that United And And take want market that. tech we them because we to emerging have actually the further do opposite hopes be think going that end have would that going of is There’s high States. high as to on underestimate for I much at typically as U.S.only quite in have also, enabler Japan is in this platform the understanding markets. cost you or we that much global and

tuned stay May So Steve. XXth, for

Steven Lichtman

Great. Thanks, guys.

Operator

you. Thank

with Miksic Matt from Suisse. comes Credit question next Our

Glenn Coleman

Matt. Hey,

Matt Miksic

much question. morning. good the taking for Hey, Thanks so

Orthopedics anything, And does, of could that what wound business. I or follow-up and terms working cash about and you flow, Wonder or of so So then profile conversion talk your on the one the exiting efficiencies flexibility capital I in and the flow bit Extremities consignment on around care. cash follow-up had on? dynamics a capital little your X if if conversion after of sort had

Carrie Anderson

mean, managing business. I as The that our strengthens on use certainly think Ortho pretty of was flow Yes. the we think cash big I Ortho opportunity cash the it without business. business side about a

certainly be on XXXX, XXXX So, think expect as both do to I higher, over my basis cash XXXX. about operating for I an flow

nice some I So, we’ll recovery think there. see

As some increasing to Robbie, to I see relative XXXX. CapEx mentioned we’ll

won’t would be maybe us. but So flow strong, I free still, as for say, cash strong

to needed to are other next and requirements is The EU-MDR. cash That’s other we some the this, do over a thing big years. many few as seeing relates companies initiative you it remember, have

opportunistic studies options of And that to of capital So, year, a An our piece side. in but you just forward. that our we’ve strength continuing even EU-MDR on sheet coupled the the talked flexibility the at I to with had to about allocation in going also of But directive. terms is want cash we important think as my will times, in our clinical with gives to part we as early of of need relates lot we year, X.X about, on thinking allocation, here in balance technology the some reinvestments some be capital business. us consideration the going Pete and terms the factor for of new it think side lots flow things tissue be expectations of funding invest that balance about requirements, R&D in the our think in for that of where business whether is that of are our cash certainly in M&A

Matt Miksic

we And very have and follow-up In – the great your greater we seeing – out? that know speak to and biggest that, seeing put necessarily I’m folks you maybe the would cross that Are seeing that consolidation dynamics so dropping vendors? of – wound, entry manipulated changes there where non-enforcement those thanks. things landscape products. But of is evolving of over on and that current anything describe? there, dynamics maybe talked get of in products on I coming can next of love XX the outcomes-based specifically the you’ve expiration currently. on there. the would doesn’t then space? in but about been the to just That’s these in particular wondering, a market around to place Pete, being some barrier Are products slowly, we of focus perspective months around just Are a more higher market of just and some competitive your helpful, Or to a the you in sort injectable non-enforcement some of six sort of past, payments? stand. some

Peter Arduini

but quite wound smaller diverse think, companies it’s unlike small so if Again, I play part again, you us we business. slightly in focused some makeup our more space, think still a Matt, of wound public are in the chronic specifically today, other we’re a than Yes, of that platform. care, definitely our

space, as acute those. burn, repair, and other our about, out talked we Our hernia of wound care, areas trauma, all nerve, then

just although And There’s to more think, is an it I things be for the clinical up-regulation world. of of that desire products in look, happening points data. and requirements, it made a there’s also the enhanced regulatory that around may the not definitely specifically is the relative reality for that’s BLAs you example. good nature, amniotic

really with a future, continue rate be amniotic complemented might be meaning do actually dermal doctor of spend those. type to areas the out do that whether technologies. dermal differentiated It I the patient’s And be And water structure. of so with combination back for of think us, is some yes, the the for this might technologies the to on I going have And epidermal continue it acquisition on get play about to we both focusing It again, cells actually matrices. will in integrates an autologous think it’s in. deeper, the where

different important that platforms are is those which comes multiple be to to think, quite to we a are things evolving, in point the having going can of that you solutions, back offer us. position that for be All

there to think who there up are some significant opportunities requirements that areas has there’s recently no change, seen off-label use. regulatory and communications available. certain be We’ve the will by indications open FDA as are products most what I where obviously

to going us. and over time, studies including indications, I toward in be are think different on-label companies those, performing all of will move that,

drivers those Orthopedics and on So, exiting we one moves, detail companies this one a make change think fast-growth time area and focusing And move us be obviously things profitable dynamic spend you XXth TT, if Day. very the Virtual on that for that, the Investor that is key in on of way. that’s can right we’ll future. those obviously, And this our the more again, really of the in May could

Operator

Thank you.

Our next Matt with question comes UBS. from Taylor

Glenn Coleman

Matt. Hi,

Xuyang Li

out just is more on This thoughts I the And M&A that taking on question. was that’s environment. good actually in guess also in to for of ahead your ability there. guys, Matt. integration on M&A year. valuation views is for deals interest doing assets of just schedule. curious hear Maybe the Acell on going Hey, general, in Xuyang Thanks and your I on this

Peter Arduini

do we’re quite Integra again, good about, strategy, bit of a mentioned be to to talked just mean, I Carrie deals. we’ve as able shape tuck-in times, which X.X Yes. part the in really

And strong have some point, and or high, got see do we’ve nice the governor that’s not as And that look edges some markets some I your our Acell. whole a so obviously areas nice either that what lot our It’s level, technologies as continue deals of at we’re portfolio technology valuations within to like of but build a say quite that of in opportunity leadership synergies focused business. and of public or we clinical we’re an so capability. private do, add at the core this tuck-in area. obviously, would develop our may but believe consideration, is existing one that a we could the we on To also pre-revenue, as year that enhance to be deals for we’ve well relationships willing clearly the on a Both looking with to the deals market are out those. to team, to things the

are think So add other grow this to I some to able focus I continue us. opportunities bring the us top that year, Glenn, you going products comments? be I believe you’ll want may see on line to in for mean, to to

Glenn Coleman

would our those, market much investment. to where have Yes. just No, I gaps partnerships, in outside really get to doing also we add upfront portfolio and distribution U.S., that which exclusive help faster fill at really the requires we’re this looking no

the going two a six past So this that key leverage a months. teams, we’re commercial of our more get is is have thing large expecting in be of strategy. nice China, market, you we Japan done again, like can couple international and those an about in products we’ve to done. the quickly already example. to it going part And And as to hopefully our of I’m

really So a lot of good benefits strategy. of this

one to few Tissue more surface. two know we’ve the And expecting And so we’re the in on going I’m I neuro XXXX. just a in one hopefully the we’re do business. scratch starting done, to business, here, got

Xuyang Li

for Thanks Great. the color.

Glenn Coleman

you. Thank

Operator

Thank you.

Anthony from is question Jefferies. Next with Petrone

Anthony Petrone

under included And products guidance? That fall out the in morning. I just if and products, on FDA ACell. if Tissue ACell. are then good stay products, be of on a option want Tissue the have the XX-month confirm On follow-up has that question. there. Integra amniotic products first on kind follow-up products Thanks, Pete, morselized those the a to would not, One actually on the follow-up

just have repeat. – know I So I to

Peter Arduini

to there. I just want you’re okay make sure

Anthony Petrone

Astoria, here. the That’s situation in work-from-home Yes. Queens

So, I apologize for that.

Peter Arduini

way us. to this us, the maybe rather space, component any benefit of we we play – at unlike some that mean, their would going there’s extension some amniotic in small type did focused have be players extension just extension our Look, any if problem, But benefit an relative time. been still the are we’ve platform, to in products small kidding in primary in not other are point with it you. No it’s out, the factored of more specifically that, that’s our no. and to injectable No, our of in haven’t But forecasting. that I factoring in business. a

Anthony Petrone

rate growth. here guide on think it. to and XXXX, at the ACell, X% business XX% And had when look then in And quarter, guide sort It I million. it. was the is follow-up million. of a be Got Got would X% growth exiting we $XX $XXX that around $XX million, last

So much maybe And in COVID-related low-double just to much recap of business is is a path on was digits? How sort to how what that delta? dis-synergy, that getting if any? back the

Carrie Anderson

with this. just Maybe start the on math Yes. I’ll

guidance have So ACell for to $XXX their million comfortable million where XXXX sales. understanding XXXX range $XX we was didn’t the whole is of essentially sales. About we And million their was year. with $XX got the million $XX

closed on $XX January is transaction roughly Our million. XX, XX/XX $XX million of effectively so

yes, And impacted range million $XX that, $XX COVID. based move million on knew we the of fast fact to so, But we we on try were also, going integration our still to the by to we’re commercial bracketed activities.

disruption. guidance And to anticipated so those we anticipate ranges within some wanted sales

maybe Glenn well. that, with maybe ask I’ll to as comment So

Glenn Coleman

making mean I it’s as have through you disruption quick, stand-alone And you go that No. was think some was point been yes, is, expected. but company. integration, we in channel keep the as money a business a not mind, I as been it’s this obviously, a Yes.

our in of chunk big the we’ve we integration. total at you take expenses out commercial so taken could of of that think $XX that, million, hands, we and their look a And operating XX% already out if through about

return to will growth. we a see So

selling to term We has how long to this mid-to-high say, expect growing would we But integrated this relative be in over post-COVID. changed digits, nothing fully start and see business. a single I environment in once the normal get we

Peter Arduini

Yes.

to two add. Just points

products, be this that able is that is used more because see the tend but ties conjunction. hernia as have micro acquisition selective, a to was and format tissue-based patients I those or the as this been which, theirs, we our communicate lot of hernia, exciting with the back. big things PriMatrix a and only think in a that well be super we that’s third to powdered do. than one matrix indications thing with obviously, over that into business fact business, promote to IDRT, not slower recovery this has coming other of We of also ACell And part all to

And so integration, trained, on the work wound. be whatever again, take products that’s another of to the starting side realign can to ACell together, example need place of we completed our people just as we’ve used multiple have into And depending on type how the business. realigned territory really

that place we half. will so more so take the And see second acceleration in

Anthony Petrone

very Thank you right. much. All

Operator

Thank you.

with Our next Matt Sandler. question O’Brien Piper from comes

Glenn Coleman

Good morning Matt.

Korinne Wolfmeyer

Hi, on in. is this for Korinne Matt. is This squeezing me good – for morning. Thanks

Glenn Coleman

Korinne. Hi,

Korinne Wolfmeyer

is for quantify much but there of thanks So the is that on the the earlier, into can way color all following for you year? any CereLink actually guidance up baked launch, how

Carrie Anderson

that about with XX% that aggregate of product, about specific expectation wouldn’t I say products, represent all would products, would new taken – our but say, typically should talk new the a generally, in organic our we I growth. is

continue in we – And part pre-XXXX, of products new so XXXX, other those that anticipation that’s new It’s introduction, the many the is be middle CereLink XX% launched organic well our with that growth. second to product NPI, as will combined in launched of of our amount. as being of half, our about the of type

Korinne Wolfmeyer

business, label color That’s on And on then lastly, you. looks the just like the there? what could helpful. you private really provide thank outlook growth some Awesome,

Carrie Anderson

that of growth. that’s grow that private mean, lumpy. I But I business of what there other say, little would of impact slightly It’s expect run you’ll In generally, a there normal I – COVID be item just to digits mid-single our to label negative but attribute lumpy. obviously, then recovery schedules. more call to wouldn’t label some Yes. continue as driving bit nothing more It private out any label, just in to I is down. we some will can timing would private particular that QX, anything was rate. see – and some else than

Korinne Wolfmeyer

you. Thank

Operator

Thank you.

question Raymond Bedford James. Jayson next from with Our comes

Jayson Bedford

morning. good Hi,

U.S.? the of CereLink require quick Have for filed Just a couple in that you answers. cleanup questions

Glenn Coleman

Yes.

Jayson Bedford

on then comments. but revenue to for ACell million million in it, you’re board the $XX And in It Okay. the I $XX it prepared didn’t hear sounded still like quarter. with the

Carrie Anderson

Yes.

$XX to QX So We estimate that about an we’ve million $XX $XX million. for provided million. reconfirmed at

there basis to then a still the of in to but normalized still takes some be anticipate rata again, improvement the back additional year. there interruption half generally get into and that, the that businesses, sales so rates And in And from QX on some consideration we’re integrating pro so could QX, sequential QX. more we’ll start

Peter Arduini

And more little a color on Jay, CereLink. just

have with Glenn issues the agency we’re we with earlier, XXXk. don’t think foresee any the the And and CE mentioned Mark in I actually already. dialog

Jayson Bedford

discontinued level in that’s Got in the lastly, the you, then XX% Thanks. expected calculation? to And XXXX revenue just products growth okay. kind of used what’s of XX% organic

Carrie Anderson

little higher I about it’s I Yes. revenue we $X – of million discontinued it year, $X probably be the was than would in product and for thinking a expected. It was had QX. million trending about actually

that’s attributable these last-time to Some that saw. with of buys products we

think So, about Jayson, I will moderate do about lower the million say, products. in But million it would discontinued $X I to subsequent quarters. $X think of

Jayson Bedford

you. Thank

Operator

At to comments. no for Mr. Beaulieu so this the turn back closing the time, further I’ll questioners queue, have it we in

Mike Beaulieu

David, Thank our joining and morning. you, for thanks, call everybody, this

Virtual As sending the excited We’ll be more making via out XX. email also a website heard, registration Investor you information Investor about be Day in we’re on link integralife.com. Relations at we’ll the our coming available And days. on May

call. our you nice a day. and concludes very much, that have So Thank

Peter Arduini

you. Thank

Operator

Ladies for gentlemen presentation. concludes Thank your that you presentation. and our

disconnect. now may You

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