PLAINSBORO, N.J., May 20, 2015 (GLOBE NEWSWIRE) -- Integra LifeSciences Holdings Corporation (Nasdaq:IART) today announced plans to release historical financial information adjusted for the planned spin-off of its spine business, to become SeaSpine Holdings Corporation. Following the separation, which is expected to be completed in the third quarter, Integra's spine business will be reclassified as discontinued operations. The Company has scheduled a conference call for 8:30 AM ET on May 26, 2015 to discuss the information.
Integra will host the conference call, which will be open to all listeners. Material to be discussed on the call will be available on the Investor Relations section of Integra's website at www.integralife.com that morning. There will also be a question and answer session following the prepared remarks.
Access to the live call is available by dialing (913) 312-0652 and using the passcode 7979071. The call can also be accessed through a webcast via a link provided on the Investor Relations homepage of Integra's website at www.integralife.com. Access to the replay is available through June 13, 2015 by dialing (719) 457-0820 and using the passcode 7979071. The webcast will also be archived on the website.
About the Spin-Off
On November 3, 2014, the Company announced that it plans to spin off its orthobiologics and spinal fusion hardware business into a standalone public company. The spin-off is expected to take the form of a distribution that will be tax-free, except for cash received in lieu of fractional shares, to Integra shareholders of a new publicly traded stock in SeaSpine Holdings Corporation. The spin-off is expected to be completed in the third quarter of 2015, subject to certain customary conditions, including declaration by the SEC of the effectiveness of the Form 10, confirmation of the tax-free nature of the transaction and final approval of the spin-off by Integra's Board of Directors.
Integra LifeSciences, a world leader in medical technology, is dedicated to limiting uncertainty for caregivers, so they can concentrate on providing the best patient care. Integra offers innovative solutions, including leading regenerative technologies, in specialty surgical solutions, orthopedics and tissue technologies, and spine hardware and orthobiologics. For more information, please visit www.integralife.com
Certain matters contained in this news release concerning the potential spinoff of the orthobiologics and spinal fusion hardware business, the anticipated timing of the spin-off, the tax-free treatment of the transaction, the anticipated management of the business to be spun-off, the anticipated net sales and market positions, and the outlook for orthobiologics and spinal fusion hardware business as a separate business constitute forward-looking statements and are based upon management's expectations and beliefs concerning future events. There can be no assurance that the proposed transaction or these future events will occur as anticipated, if at all, or that actual results will be as expected. Forward-looking statements speak only as of the date they were made, and we undertake no obligation to publicly update them. For a description of certain factors, such as each company's ability to respond to the changes in its end markets that could affect demand for the company's products; the ability to achieve anticipated growth rates, margins and scale and to execute on our strategy generally; unanticipated changes in business relationships with customers or their purchases from each company; weakness in global or regional economic conditions and financial markets; the ability to achieve satisfactory operating results in the integration of acquired companies; uncertainties that may delay or negatively impact the spin-off or cause the spin-off to not occur; uncertainties related to each company's ability to realize the anticipated benefits of the spin-off, including new focus and anticipated growth; the inability to realize the benefits of a simplified structure; the inability to establish or maintain certain business relationships between both companies; disruptions to operations as a result of effecting the spin-off; demand for and market acceptance of risks for new and existing products; future actions of regulatory bodies and other governmental authorities, including the FDA and foreign counterparts; product quality or patient safety concerns leading to product recalls, withdrawals, launch delays, litigation, or declining sales; U.S. healthcare reform and other global austerity measures; reimbursement and rebate policies of government agencies and private payers; product development risks; additional indications and therapeutic applications for medical products, biologics, and medical devices; timely submission and approval of regulatory filings; inventory reductions or fluctuations in buying patterns; the availability of acceptable raw materials and component supply; the ability to enforce company patents; and foreign currency fluctuations, that could delay or negatively impact the proposed transaction or the orthobiologics and spinal fusion hardware business, see Item 1A of the Integra's Annual Report on Form 10-K for the year ended December 31, 2014 entitled "Risk Factors" and the "Risk Factors" section of SeaSpine's Registration Statement on Form 10.
Source:Integra LifeSciences Holdings Corp.