Shares of Integra LifeSciences Holdings Corp. (IART) skyrocketed 29.10% on November 4, 2024, driven by the company's impressive third-quarter performance, the appointment of a new Chief Executive Officer, and an upbeat outlook for the remainder of the year.

Integra LifeSciences reported better-than-expected results for the third quarter of 2024. The medical device maker's adjusted earnings per share of $0.41 surpassed analysts' consensus estimate of $0.39. Additionally, revenue for the quarter came in at $380.8 million, exceeding expectations of $375.8 million. The company's solid performance was driven by strong demand across its Codman Specialty Surgical and Tissue Technologies segments.

In a significant leadership change, Integra LifeSciences announced the appointment of Mojdeh Poul as the company's new President and Chief Executive Officer, effective January 6, 2025. Poul brings extensive experience, having most recently served as Executive Vice President and Group President for 3M's global healthcare business. Her appointment was well-received by investors, who anticipate her leadership will drive the company's growth and strategic initiatives.

Adding to the positive sentiment, Integra LifeSciences raised its revenue and adjusted earnings guidance for the fourth quarter of 2024 and the full year. The company cited progress in resolving shipping holds and improving production for its Integra Skin product line as key factors contributing to the improved outlook. Integra LifeSciences expects fourth-quarter revenue to range between $441 million and $451 million, representing growth of 11.1% to 13.6% year-over-year.

Overall, the strong third-quarter results, the appointment of an experienced new CEO, and the raised guidance for the remainder of the year have fueled investor confidence in Integra LifeSciences. The company appears to be on track to address the supply chain challenges that impacted previous quarters while capitalizing on robust demand for its products. As Integra LifeSciences continues to execute its strategic priorities and drive operational improvements, the stock's significant surge reflects the market's optimism about the company's future prospects.