(IART) Integra LifeSciences Holdings Corporation Exhibits Neuro Product Line

Medical products company, Integra LifeSciences Holdings Corporation (IART) is demonstrating its MAYFIELD Composite Series Cranial Stabilization product line at the Congress of Neurological Surgeons (“CNS”) annual meet (October 6 –10, 2012) in Chicago, Illinois.

Incepted 40 years back, this set of products provides rigid skeletal fixation of a patient’s skull during many standard neurological procedures. The set includes the MAYFIELD Skull Clamp which received 510(k) clearance from the U.S. Food and Drug Administration (“FDA”) as well as the European CE Mark approval. Moreover, the MAYFIELD Base Units and MAYFIELD Swivel Adaptors are adding more value to the composite set.

According to the company, MAYFIELD Composite Series for Cranial Stabilization is perfect for standard neurological procedures, where rigid skeletal fixation is required but intra-operative imaging modalities are not used. These instruments also survive under the decontamination protocol of highly infectious diseases as outlined in the World Health Organization (“WHO”) Infection Control Guidelines for Transmissible Spongiform Encephalopathies (Switzerland, March, 1999).

Going forward, we expect this product to accelerate Integra’s profitability based on a surge in cranial stabilization and brain retraction procedures in recent times, arising from an increase in patient population. At present, more than 2 lac brain procedures – including treatment of head trauma injuries, pediatric disorders such as hydrocephalus, and biopsies and cancer removal in the U.S. – use the MAYFIELD cranial stabilization system.

The U.S. Neurosurgery segment of Integra (contributing 20% of the total revenue) provides tissue ablation equipment, dural repair products, cerebral spinal fluid management devices, intracranial monitoring equipment, and cranial stabilization equipment. During the last reported quarter, higher demand for the company’s Duraplasty products as well as strengthened Cranial Stabilization product line led to a 2% year over year increase in sales.

We are encouraged by the company’s focus on strategic initiatives to drive growth and profitability in the neurosurgery market. Several initiatives undertaken by the company like planned product launches and acquisitions are expected to accelerate sales growth in the next several quarters.

However, over the past few quarters, the challenging macroeconomic environment in Europe and continued softness in the U.S. have affected Integra’s overall growth performance. The company is also facing stiff competition from large cap players like Medtronic (MDT), Johnson & Johnson (JNJ) and Stryker Corp. (SYK) in the neurosurgery market. Currently, Integra retains a Zacks #4 Rank (Short-term Sell).

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