Integra Lifesciences Holdings Corp (NASDAQ:IART) shares fell hard after it disclosed that after consultations with the US Food and Drug Administration (FDA) it has initiated a “voluntary global recall” of all products manufactured in its Boston facility distributed between March 1, 2018, and May 22, 2023.
The Princeton, New Jersey-based medical device manufacturing company said that it expects it will incur an impairment charge related to the write-off of inventories, net of approximately $22 million.
Integra expects this charge will be recorded in the quarter ending June 30, 2023. The company said that it does not expect the impairment charge to result in any future cash expenditures.
Investors reacted to the news, sending Integra shares down 13.7% to $43.82 in morning trade on the Nasdaq.
Founded in 1989, Integra LifeSciences manufactures surgical instruments and medical devices for skin regeneration, neurosurgery, reconstructive and general surgery.
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