12:00 PM EDT, 05/06/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We lower our 12-month target price to $26 from $41, an 8.4x multiple of our 2024 EPS estimate, a significant discount to IART's historical forward average merited, in our view, due to delayed product launches and a recall. We cut our 2024 EPS estimate to $3.08 from $3.20 and 2025's to $3.61 from $3.81. IART reported Q1 EPS of $0.55 vs. $0.74, in line with the consensus view. Shares are down considerably today (-18%) due to news that IART is lowering its full-year financial guidance to a range of $3.01-$3.11 per share (down from $3.15-$3.25) due to the delay of the relaunch of SurgiMend and PriMatrix, lost revenue related to the Boston product recall, and higher supply chain costs. In Q2, we anticipate elevated supply chain costs due to ongoing remediation efforts, scrap and lower plant utilization. We view 2024 as a transition year, between the recall, product relaunches, and incorporating M&A into the company (Acclarent), and expect performance to improve in 2025.