Integra Lifesciences (IART)
Market Price (9/26/2026): $16.12 | Market Cap: $1.2 BilSector: Health Care | Industry: Health Care Equipment
Integra Lifesciences (IART)
Market Price (9/26/2026): $16.12Market Cap: $1.2 BilSector: Health CareIndustry: Health Care Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, and Precision Medicine. Themes include Geriatric Care, Oncology Treatments, Show more. | Weak multi-year price returns2Y Excs Rtn is -43%, 3Y Excs Rtn is -134% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 142% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 72% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.5% Key risksIART key risks include [1] persistent manufacturing and quality control failures, Show more. |
| Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, and Precision Medicine. Themes include Geriatric Care, Oncology Treatments, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -43%, 3Y Excs Rtn is -134% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 142% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 72% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.5% |
| Key risksIART key risks include [1] persistent manufacturing and quality control failures, Show more. |
Qualitative Assessment
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Integra Lifesciences (IART) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Conservative Full-Year Guidance Following Fiscal Q2 2026 Earnings.Integra Lifesciences reported adjusted earnings per share (EPS) of $0.56 for fiscal Q2 2026 (ended June 30, 2026), beating the consensus estimate of $0.48 by $0.08, and revenue of $418.8 million, which slightly exceeded analysts' expectations of $417.54 million. However, the company reaffirmed its full-year 2026 organic revenue growth guidance of 0.8% to 3.3% and adjusted EPS guidance of $2.40 to $2.50. This unchanged guidance, despite the Q2 beat, led to investor disappointment, causing the stock to fall 6.43% premarket on July 29, 2026, the day the earnings were reported.
2. Concerns over Elevated Leverage and Debt Refinancing.The company is preparing to refinance its senior credit facility in 2026 and highlighted an elevated net leverage ratio of 4.1x compliance adjusted EBITDA for the twelve months ended June 30, 2026. Although management expects to reduce the leverage ratio to a range of 2.5x to 3.5x by the end of 2026, concerns were noted regarding potential higher interest expenses in the second half of 2026 stemming from this refinancing, which contributed to negative market sentiment post-earnings.
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Integra Lifesciences (IART) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Conservative Full-Year Guidance Following Fiscal Q2 2026 Earnings.Integra Lifesciences reported adjusted earnings per share (EPS) of $0.56 for fiscal Q2 2026 (ended June 30, 2026), beating the consensus estimate of $0.48 by $0.08, and revenue of $418.8 million, which slightly exceeded analysts' expectations of $417.54 million. However, the company reaffirmed its full-year 2026 organic revenue growth guidance of 0.8% to 3.3% and adjusted EPS guidance of $2.40 to $2.50. This unchanged guidance, despite the Q2 beat, led to investor disappointment, causing the stock to fall 6.43% premarket on July 29, 2026, the day the earnings were reported.
2. Concerns over Elevated Leverage and Debt Refinancing.The company is preparing to refinance its senior credit facility in 2026 and highlighted an elevated net leverage ratio of 4.1x compliance adjusted EBITDA for the twelve months ended June 30, 2026. Although management expects to reduce the leverage ratio to a range of 2.5x to 3.5x by the end of 2026, concerns were noted regarding potential higher interest expenses in the second half of 2026 stemming from this refinancing, which contributed to negative market sentiment post-earnings.
3. Ongoing Quality and Manufacturing Remediation Efforts.Integra Lifesciences continues to navigate FDA-mandated quality and manufacturing remediations, working through issues that have led to product recalls in previous periods. While progress is being made, such as the initiation of production at its Braintree manufacturing facility and plans for a fourth-quarter 2026 relaunch of SurgiMend®, these ongoing efforts represent significant operational challenges and investment, which can temper investor enthusiasm for immediate growth.
4. Relatively Slow Organic Revenue Growth.The company's organic revenue growth averaged 2.1% year-on-year over the last two years, which has slightly lagged the broader sector. Furthermore, analysts' forecast for Integra Lifesciences' annual earnings growth rate is not expected to surpass the US Medical Devices industry's average forecast of 28.75%, suggesting a perception of more modest intrinsic growth compared to peers.
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Stock Movement Drivers
Fundamental Drivers
The 0.5% change in IART stock from 5/31/2026 to 9/25/2026 was primarily driven by a 0.8% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9252026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.04 | 16.12 | 0.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,645 | 1,648 | 0.2% |
| P/S Multiple | 0.8 | 0.8 | 0.8% |
| Shares Outstanding (Mil) | 77 | 77 | -0.4% |
| Cumulative Contribution | 0.5% |
Market Drivers
5/31/2026 to 9/25/2026| Return | Correlation | |
|---|---|---|
| IART | 0.5% | |
| Market (SPY) | 2.2% | 35.8% |
| Sector (XLV) | 14.7% | 30.1% |
Fundamental Drivers
The 41.7% change in IART stock from 2/28/2026 to 9/25/2026 was primarily driven by a 41.5% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 9252026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.38 | 16.12 | 41.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,635 | 1,648 | 0.8% |
| P/S Multiple | 0.5 | 0.8 | 41.5% |
| Shares Outstanding (Mil) | 77 | 77 | -0.7% |
| Cumulative Contribution | 41.7% |
Market Drivers
2/28/2026 to 9/25/2026| Return | Correlation | |
|---|---|---|
| IART | 41.7% | |
| Market (SPY) | 13.0% | 40.5% |
| Sector (XLV) | 7.5% | 30.6% |
Fundamental Drivers
The 6.5% change in IART stock from 8/31/2025 to 9/25/2026 was primarily driven by a 5.7% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9252026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.13 | 16.12 | 6.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,622 | 1,648 | 1.6% |
| P/S Multiple | 0.7 | 0.8 | 5.7% |
| Shares Outstanding (Mil) | 77 | 77 | -0.8% |
| Cumulative Contribution | 6.5% |
Market Drivers
8/31/2025 to 9/25/2026| Return | Correlation | |
|---|---|---|
| IART | 6.5% | |
| Market (SPY) | 20.9% | 40.0% |
| Sector (XLV) | 26.4% | 33.7% |
Fundamental Drivers
The -62.1% change in IART stock from 8/31/2023 to 9/25/2026 was primarily driven by a -66.1% change in the company's P/S Multiple.| (LTM values as of) | 8312023 | 9252026 | Change |
|---|---|---|---|
| Stock Price ($) | 42.54 | 16.12 | -62.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,545 | 1,648 | 6.6% |
| P/S Multiple | 2.2 | 0.8 | -66.1% |
| Shares Outstanding (Mil) | 81 | 77 | 4.8% |
| Cumulative Contribution | -62.1% |
Market Drivers
8/31/2023 to 9/25/2026| Return | Correlation | |
|---|---|---|
| IART | -62.1% | |
| Market (SPY) | 77.8% | 34.8% |
| Sector (XLV) | 34.7% | 34.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| IART Return | 3% | -16% | -22% | -48% | -45% | 28% | -76% |
| Peers Return | 3% | -2% | 9% | 12% | 13% | -10% | 24% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| IART Win Rate | 58% | 50% | 50% | 25% | 33% | 56% | |
| Peers Win Rate | 48% | 52% | 52% | 55% | 58% | 44% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| IART Max Drawdown | -18% | -40% | -43% | -62% | -58% | -36% | |
| Peers Max Drawdown | -21% | -25% | -19% | -14% | -16% | -29% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MDT, SYK, JNJ, BSX, ZBH. See IART Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/25/2026 (YTD)
How Low Can It Go
| Event | IART | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -39.9% | -33.7% |
| % Gain to Breakeven | 66.5% | 50.9% |
| Time to Breakeven | 269 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -32.2% | -19.2% |
| % Gain to Breakeven | 47.4% | 23.8% |
| Time to Breakeven | 212 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -11.0% | -3.7% |
| % Gain to Breakeven | 12.4% | 3.9% |
| Time to Breakeven | 20 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -11.6% | -12.2% |
| % Gain to Breakeven | 13.1% | 13.9% |
| Time to Breakeven | 24 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -28.5% | -17.9% |
| % Gain to Breakeven | 39.8% | 21.8% |
| Time to Breakeven | 815 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -25.5% | -15.4% |
| % Gain to Breakeven | 34.2% | 18.2% |
| Time to Breakeven | 137 days | 125 days |
In The Past
Integra Lifesciences's stock fell -39.9% during the 2020 COVID-19 Crash. Such a loss loss requires a 66.5% gain to breakeven.
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Asset Allocation
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| Event | IART | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -39.9% | -33.7% |
| % Gain to Breakeven | 66.5% | 50.9% |
| Time to Breakeven | 269 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -32.2% | -19.2% |
| % Gain to Breakeven | 47.4% | 23.8% |
| Time to Breakeven | 212 days | 105 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -28.5% | -17.9% |
| % Gain to Breakeven | 39.8% | 21.8% |
| Time to Breakeven | 815 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -25.5% | -15.4% |
| % Gain to Breakeven | 34.2% | 18.2% |
| Time to Breakeven | 137 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -55.1% | -53.4% |
| % Gain to Breakeven | 122.8% | 114.4% |
| Time to Breakeven | 358 days | 1085 days |
In The Past
Integra Lifesciences's stock fell -39.9% during the 2020 COVID-19 Crash. Such a loss loss requires a 66.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Integra Lifesciences (IART)
Integra LifeSciences Holdings Corporation (IART) is a medical technology company that develops, manufactures, and markets a wide range of surgical implants and medical instruments. The company operates through two primary segments: Codman Specialty Surgical and Tissue Technologies. Its products are vital for specialized surgical procedures across neurosurgery, extremity reconstruction, and general surgery.
The Codman Specialty Surgical segment focuses on neurosurgery and neuro critical care, offering products like tissue ablation equipment, dural repair products, cerebral spinal fluid management devices, and cranial stabilization equipment. This segment also provides surgical headlamps and a broad portfolio of general surgical instruments. The Tissue Technologies segment specializes in regenerative technology products used for treating acute and chronic wounds, as well as surgical tissue repair products for applications such as hernia repair, peripheral nerve protection, and tendon repair. It also offers bone grafts and various skin and wound repair solutions.
Integra LifeSciences serves a diverse customer base, including hospitals, integrated health networks, group purchasing organizations, clinicians, and surgery centers. Beyond these, its surgical and lighting products also reach dental, podiatry, and veterinary offices. The company distributes its products globally through direct sales forces and other channels, with a significant presence in the United States, Europe, Asia Pacific, and other international markets.
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Here are 1-3 brief analogies to describe Integra Lifesciences (IART):
- Medtronic for neurosurgical tools and advanced regenerative tissue products.
- A specialized Johnson & Johnson, concentrating on surgical implants and regenerative technologies.
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- Neurosurgery and Neuro Critical Care Products: A range of equipment and devices for tissue ablation, dural repair, cerebral spinal fluid management, intracranial monitoring, and cranial stabilization.
- Surgical Instruments and Lighting: Approximately 40,000 patterns of surgical instruments and headlamps used in various surgical procedures.
- Wound and Regenerative Technology Products: Products designed for the treatment of acute and chronic wounds, encompassing skin and wound repair.
- Surgical Tissue Repair Products: Solutions for hernia repair, peripheral nerve repair and protection, tendon repair, and plastics and surgical reconstruction.
- Bone Grafts: Materials utilized for promoting bone healing and repair.
- Asset Management Software and Services: Software and support for managing medical assets, alongside general after-market services.
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Integra LifeSciences (IART) sells primarily to other companies and organizations within the healthcare sector rather than directly to individuals. The provided company description does not name specific public companies as its major customers. Instead, it identifies the following categories of organizational customers:
- Hospitals and Surgery Centers: These are the primary direct purchasers and users of Integra's specialized surgical implants, medical instruments, and regenerative technology products for various surgical procedures.
- Integrated Health Networks (IHNs) and Group Purchasing Organizations (GPOs): Integra sells its products through these larger organizations, which represent multiple healthcare facilities and streamline procurement processes for hospitals and surgery centers.
- Specialty Medical Offices: This category includes dental, podiatry, and veterinary offices, which purchase Integra's instrument patterns, surgical, and lighting products.
- Clinicians and Healthcare Providers: While not always direct purchasing entities themselves, these professionals make treatment decisions and utilize Integra's products within the hospitals, surgery centers, and other medical offices.
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Mojdeh Poul, President & Chief Executive Officer
Mojdeh Poul joined Integra LifeSciences in January 2025 as President and Chief Executive Officer. She is a seasoned global healthcare executive with expertise in business strategy, transformation, commercial excellence, and leadership development. Prior to Integra, Ms. Poul was the executive vice president and group president for 3M's $8.5 billion Global Healthcare Business, where she was accountable for R&D, manufacturing, commercial operations, quality, and regulatory functions. At 3M, she led the transformation of the healthcare portfolio through strategic acquisitions, divestitures, and organic product and business model innovation. Before 3M, she held global business leadership positions at Medtronic and Boston Scientific, focusing on accelerating the penetration of neuromodulation and emerging cardiovascular technologies. Ms. Poul currently serves on the board of directors and audit committee at Align Technology and iRhythm Technologies, and on the board of directors, audit, and compensation and talent development committees at Stanley Black & Decker.
Lea Daniels Knight, Executive Vice President & Chief Financial Officer
Lea Daniels Knight was appointed Executive Vice President and Chief Financial Officer, effective June 28, 2023. She brings over 30 years of experience in global companies, demonstrating success in combining financial acumen with strategic vision. Most recently, Ms. Knight served as the executive vice president of business finance for Booz Allen Hamilton, providing strategic and financial leadership across its business sectors. Before Booz Allen Hamilton, she spent 18 years at Johnson & Johnson, where she held finance roles of increasing responsibility, including chief financial officer of Johnson & Johnson's North America pharmaceuticals business. During her tenure at J&J, she contributed to cost optimization, risk management, and innovative solutions across various operating companies. Ms. Knight began her career in public accounting at Arthur Andersen LLP, where she managed audit engagements and helped establish the firm's Healthcare Consulting and Mergers & Acquisitions practices for the Philadelphia office.
Michael McBreen, Executive Vice President & President, Codman Specialty Surgical
Michael McBreen is the Executive Vice President and President of Codman Specialty Surgical, responsible for the strategic direction and commercial operations of the company's neurosurgical portfolio and surgical instrumentation. A 30-year veteran of the medical device industry, he joined Integra in 2017 following the acquisition of Codman Neurosurgery from Johnson & Johnson. His prior roles at Johnson & Johnson included leading U.S. commercial and global marketing for Codman Neurosurgery and Neurovascular businesses, and serving as worldwide vice president for professional education for the Johnson & Johnson Medical Device and Diagnostics Sector.
Robert T. Davis, Jr., Executive Vice President & President, Tissue Technologies
Robert T. Davis, Jr. serves as the Executive Vice President and President of Tissue Technologies for Integra LifeSciences. He is a key member of the management team overseeing the Tissue Technologies segment.
Michael Hutchinson, Executive Vice President, Chief Legal Officer & Company Secretary
Michael Hutchinson was appointed Executive Vice President, Chief Legal Officer & Company Secretary in February 2026. In this role, he leads Integra LifeSciences' global legal, compliance, and environmental, social, and governance (ESG) functions, and acts as the principal legal advisor to the executive leadership team and board of directors.
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The key risks to Integra LifeSciences' business (IART) primarily revolve around its ongoing challenges with regulatory compliance, operational execution, and the competitive pressures within the medical technology industry.
- Regulatory and Quality Control Issues: Integra LifeSciences faces significant and recurring challenges related to regulatory compliance and quality control. This includes a history of FDA warning letters, voluntary global recalls of products (such as those manufactured at its Boston, Massachusetts facility), and concerns regarding issues like endotoxin contamination and inadequate sterilization procedures. The company is actively working to address these issues through a "Compliance Master Plan" to improve its quality management systems. These regulatory hurdles and quality control failures have led to manufacturing stoppages, shipping holds, and have had a material impact on the company's financial performance and reputation.
- Operational and Execution Challenges: Closely intertwined with its regulatory issues, Integra LifeSciences has experienced significant operational and execution challenges. These include supply chain disruptions, particularly with sole-source suppliers for key components, and delays in manufacturing and product relaunches (e.g., SurgiMend). The company's inability to consistently meet customer demand due to these disruptions has affected its revenue growth and profitability. The ongoing remediation efforts and transition of manufacturing operations to new facilities (like Braintree, Massachusetts) are critical but also contribute to an extended turnaround timeline and elevated capital expenditures.
- Intense Competition and Market Pressures: Integra operates in a highly competitive medical device industry. The company faces ongoing market risks from intense competition, pricing pressures due to healthcare reforms, and demands from third-party payors. The operational and quality control issues have exacerbated this risk, potentially allowing rivals to gain market share by converting Integra's customers when the company cannot meet their needs or supply products. The wound care segment, in particular, is noted as increasingly competitive.
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Integra LifeSciences Holdings Corporation operates in several significant addressable markets for its diverse range of surgical implants and medical instruments. The market sizes for its main products and services are outlined below, with specific regional indications where available:
Neurosurgery and Neuro Critical Care Products
- Neurosurgery Devices: The global neurosurgery device market was valued at approximately USD 13.7 billion in 2024 and is projected to reach around USD 27.9 billion by 2030.
- Neurosurgical Instruments: A subset of neurosurgery devices, the global neurosurgical instruments market size was estimated at USD 1.76 billion in 2024 and is projected to reach USD 2.62 billion by 2030.
- Dural Repair Products: The global dural repair materials market is estimated at USD 1.131 billion in 2025, with projections to exceed USD 1.5 billion by 2030. Specifically, the global dural repair patch market size was valued at USD 812 million in 2024.
- Cerebral Spinal Fluid (CSF) Management Devices: The global cerebrospinal fluid (CSF) management market was valued at USD 1.84 billion in 2024, with projections to reach USD 2.61 billion by 2030.
- Intracranial Monitoring Equipment: The global intracranial pressure (ICP) monitoring devices market size was valued at USD 1.82 billion in 2024 and is projected to reach USD 2.85 billion by 2030.
- Cranial Stabilization Equipment: The global cranial fixation and stabilization devices market size was estimated at USD 2.4 billion in 2024 and is projected to reach USD 3.5 billion by 2030.
- Tissue Ablation Equipment: The global ablation devices market, which includes tissue ablation equipment, was valued at USD 10.42 billion in 2024.
- Surgical Headlamps: The global surgical headlight market size was estimated at USD 430 million in 2025.
General Surgery
- Surgical Instruments (General): The global surgical equipment market size was valued at USD 20.75 billion in 2024 and is poised to grow to USD 48.14 billion by 2033. The global minimally invasive surgical instruments market, a significant part of general surgery, was valued at USD 31.7 billion in 2024 and is projected to advance to USD 49.9 billion by 2029.
Regenerative Technology and Tissue Technologies
- Regenerative Technology Products for Acute and Chronic Wounds: The global regenerative wound care market was valued at USD 10.27 billion in 2024 and is expected to reach USD 14.54 billion by 2030. The broader global wound care market was estimated at USD 24.9 billion in 2024.
- Surgical Tissue Repair (Hernia, Peripheral Nerve, and Tendon Repair):
- Hernia Repair Devices: The global hernia repair devices market size was approximately USD 4.25 billion in 2024.
- Peripheral Nerve Repair and Protection: The global peripheral nerve repair devices market reached USD 11.71 billion in 2025.
- Tendon Repair: The global tendon repair market size is calculated at USD 2.25 billion in 2024 and is projected to reach around USD 3.99 billion by 2034.
- Bone Grafts: The global bone graft substitutes market size was valued at USD 4.29 billion in 2025 and is projected to grow to USD 7.64 billion by 2034.
- Plastics and Surgical Reconstruction Products: The global reconstructive surgery market was valued at USD 46 billion in 2021 and is projected to reach USD 61.04 billion by 2029. The global plastic surgery instruments market was valued at USD 1.65 billion in 2024.
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Integra LifeSciences (IART) is anticipated to drive future revenue growth over the next two to three years through several key initiatives and market dynamics:
- New Product Launches and Relaunches: The company expects growth from recently launched products like the MAYFIELD Ghost in the U.S. and an expanded indication for CUSA Clarity in cardiac surgery. Additionally, Integra LifeSciences has successfully relaunched PriMatrix and Durepair ahead of schedule. A significant anticipated driver is the return of SurgiMend to the market in the fourth quarter of 2026, pending process validations and inventory build, which, along with DuraSorb, is expected to expand its biologic and synthetic portfolio for breast reconstruction.
- International Expansion, particularly the "In-China-For-China" Strategy: Integra LifeSciences is actively pursuing an "In-China-For-China" strategy, having completed initial regulatory submissions to reinforce its foundation for future growth in the region. The company noted high single-digit growth internationally, particularly in China and Canada, within its global neurosurgery segment in the fourth quarter of 2025.
- Improved Supply Reliability and Enhanced Operational Execution: The company has prioritized and achieved significant outcomes in supply chain resiliency, leading to improved supply reliability and execution capabilities. These operational improvements are expected to mitigate past supply constraints that limited revenue, particularly in the Tissue Technologies and Codman Specialty Surgical (CSS) segments. Addressing these challenges is crucial for meeting demand and driving revenue growth.
- Transformation Plan and New Operating Model: Integra LifeSciences implemented a new operating model designed to reduce complexity and enhance efficiency, with benefits expected to materialize starting in the second quarter of 2026. This transformation plan is linked to long-term sustainable growth, innovation, and performance, aiming for $25 million to $30 million in savings in 2026, which indirectly supports revenue by optimizing operations and improving profitability.
- Favorable Reimbursement Landscape for Skin Substitutes: Policy advancements from the Centers for Medicare & Medicaid Services (CMS) regarding the Calendar Year 2026 Medicare Physician Fee Schedule and Outpatient Prospective Payment System rules are expected to expand access to Integra's diverse portfolio of skin substitutes. These products, including Integra® matrices, PriMatrix®, Cytal®, and AmnioExcel®, are now uniformly reimbursed across care settings, which is anticipated to reward innovation, quality, and patient outcomes, thereby driving increased adoption and revenue.
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Share Repurchases
- Integra LifeSciences authorized a new $225 million share repurchase program in July 2023, replacing a previous program from April 2022. This program was set to expire in December 2025.
- As of December 31, 2024, approximately $50 million remained authorized under the July 2023 share repurchase program.
- In December 2022, the company announced plans for a $150 million share repurchase program in conjunction with the acquisition of Surgical Innovation Associates.
Share Issuance
- The number of common shares outstanding was 77,218,920 as of February 24, 2025.
- As of February 25, 2026, there were 77,937,208 common shares outstanding.
- The weighted average common shares outstanding for diluted net income per share for the full year 2025 was 76,777,000.
Outbound Investments
- In December 2023, Integra LifeSciences agreed to acquire Acclarent for $275 million in cash, plus an additional $5 million upon the achievement of specific regulatory milestones, to enhance its ENT division.
- In December 2022, Integra LifeSciences acquired Surgical Innovation Associates (SIA) for $50 million at closing, with potential additional payments of up to $90 million based on revenue and regulatory milestones. This acquisition added DuraSorb, a resorbable synthetic matrix for plastic and reconstructive surgery.
Capital Expenditures
- Full-year capital expenditures for 2025 totaled $81.4 million.
- The company is investing in relocating and expanding manufacturing capacity, including a new Braintree, Massachusetts facility, expected to be operational by the end of June 2026.
- Operating cash flow for 2026 is projected to exceed $200 million, representing a $150 million improvement over 2025, partly due to reduced spending on EU MDR compliance and the Braintree facility construction.
Peer Outperformance in Health Care Equipment
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| IART | Integra Lifesciences | 2.2% | -172.0x | 22.3% | -57.6% | -77.7% | — |
| ABT | Abbott Laboratories | 5.1% | 32.5x | -22.3% | 12.0% | -10.2% | +67pp |
| RVTY | Revvity | 0.9% | 71.0x | 82.5% | 39.9% | -16.4% | +61pp |
| MDT | Medtronic | 6.0% | 21.7x | -2.1% | 23.9% | -20.0% | +58pp |
| ZBH | Zimmer Biomet | 5.8% | 21.7x | -5.1% | -16.8% | -35.5% | +42pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 10.8% | 42.7% | 87.6% | CAH 380% · MCK 337% · COR 165% |
| Managed Health Care | 8 | 34.8% | -9.4% | 3.1% | OSCR 74% · HQY 34% · ELV 12% |
| Health Care Services | 20 | 21.2% | 37.1% | 0.2% | HIMS 263% · RDNT 142% · DGX 70% |
| Health Care Facilities | 24 | 4.5% | 14.6% | -0.9% | NHC 275% · THC 264% · ENSG 135% |
| Health Care Equipment ← | 50 | -1.7% | -1.1% | -19.3% | POCI 11475% · UFPT 375% · GKOS 205% |
| Health Care Supplies | 12 | 29.6% | -7.7% | -38.4% | LNTH 270% · HAE 52% · MMSI 21% |
| Pharmaceuticals | 62 | -8.9% | 7.3% | -41.9% | LQDA 2284% · INDV 1094% · ETON 1051% |
| Life Sciences Tools & Services | 113 | 1.3% | -10.1% | -67.2% | SNWV 1957% · NTRA 249% · MEDP 212% |
| Health Care Technology | 21 | -32.6% | -53.0% | -78.2% | SPOK 72% · HSTM 2% · VEEV -6% |
| Biotechnology | 375 | -8.7% | -23.0% | -79.7% | CELZ 1371% · DNTH 1085% · ELVN 965% |
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 89.84 |
| Mkt Cap | 84.5 |
| Rev LTM | 23,416 |
| Op Inc LTM | 5,012 |
| FCF LTM | 3,254 |
| FCF 3Y Avg | 3,033 |
| CFO LTM | 5,027 |
| CFO 3Y Avg | 4,192 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.5% |
| Rev Chg 3Y Avg | 6.0% |
| Rev Chg Q | 7.1% |
| QoQ Delta Rev Chg LTM | 1.7% |
| Op Inc Chg LTM | 20.9% |
| Op Inc Chg 3Y Avg | 11.5% |
| Op Mgn LTM | 20.0% |
| Op Mgn 3Y Avg | 18.8% |
| QoQ Delta Op Mgn LTM | 0.7% |
| CFO/Rev LTM | 21.4% |
| CFO/Rev 3Y Avg | 20.7% |
| FCF/Rev LTM | 16.4% |
| FCF/Rev 3Y Avg | 16.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 84.5 |
| P/S | 3.0 |
| P/Op Inc | 17.2 |
| P/EBIT | 15.4 |
| P/E | 21.7 |
| P/CFO | 14.4 |
| Total Yield | 5.4% |
| Dividend Yield | 1.2% |
| FCF Yield 3Y Avg | 3.7% |
| D/E | 0.2 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -6.7% |
| 3M Rtn | -1.5% |
| 6M Rtn | 3.4% |
| 12M Rtn | -3.6% |
| 3Y Rtn | -7.1% |
| 1M Excs Rtn | -7.5% |
| 3M Excs Rtn | -6.8% |
| 6M Excs Rtn | -16.4% |
| 12M Excs Rtn | -22.0% |
| 3Y Excs Rtn | -86.8% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Specialty Surgery | 1,201 | 1,144 | 1,059 | 1,020 | 1,025 |
| Tissue Reconstruction | 435 | 467 | 483 | 538 | 517 |
| Corporate and Other | 0 | 0 | 0 | 0 | |
| Total | 1,635 | 1,611 | 1,542 | 1,558 | 1,542 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Specialty Surgery | 121 | 504 | 451 | 418 | 439 |
| Tissue Reconstruction | -31 | 139 | 134 | 234 | 228 |
| Corporate and Other | -583 | -615 | -473 | -413 | -454 |
| Amortization | -17 | ||||
| Total | -493 | 28 | 112 | 239 | 197 |
Price Behavior
| Market Price | $16.12 | |
| Market Cap ($ Bil) | 1.2 | |
| First Trading Date | 08/16/1995 | |
| Distance from 52W High | -18.8% | |
| 50 Days | 200 Days | |
| DMA Price | $17.08 | $14.01 |
| DMA Trend | up | down |
| Distance from DMA | -5.6% | 15.1% |
| 3M | 1YR | |
| Volatility | 54.0% | 60.8% |
| Downside Capture | 251.43 | 185.92 |
| Upside Capture | 110.80 | 174.12 |
| Correlation (SPY) | 37.6% | 40.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.37 | 3.09 | 1.71 | 1.96 | 1.98 | 1.29 |
| Up Beta | 2.17 | 1.67 | 0.47 | 1.62 | 1.97 | 1.17 |
| Down Beta | 2.93 | 6.07 | 2.74 | 1.82 | 2.18 | 1.40 |
| Up Capture | 212% | 265% | 201% | 325% | 261% | 93% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 12 | 22 | 34 | 68 | 130 | 376 |
| Down Capture | 296% | 321% | 159% | 165% | 153% | 110% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 9 | 20 | 29 | 56 | 116 | 365 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IART | |
|---|---|---|---|---|
| IART | 16.0% | 60.9% | 0.48 | - |
| Sector ETF (XLV) | 26.9% | 16.2% | 1.28 | 34.0% |
| Equity (SPY) | 17.7% | 13.0% | 0.98 | 40.7% |
| Gold (GLD) | 14.7% | 29.3% | 0.46 | 8.3% |
| Commodities (DBC) | 46.8% | 20.7% | 1.75 | -25.8% |
| Real Estate (VNQ) | 4.5% | 13.6% | 0.07 | 33.2% |
| Bitcoin (BTCUSD) | -25.5% | 44.8% | -0.53 | 13.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IART | |
|---|---|---|---|---|
| IART | -24.5% | 48.3% | -0.42 | - |
| Sector ETF (XLV) | 6.8% | 15.2% | 0.26 | 38.5% |
| Equity (SPY) | 13.3% | 17.2% | 0.59 | 39.2% |
| Gold (GLD) | 19.2% | 18.8% | 0.83 | 1.8% |
| Commodities (DBC) | 11.2% | 19.5% | 0.45 | -0.2% |
| Real Estate (VNQ) | 0.9% | 18.9% | -0.06 | 37.7% |
| Bitcoin (BTCUSD) | 12.3% | 52.6% | 0.41 | 14.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IART | |
|---|---|---|---|---|
| IART | -8.8% | 40.6% | -0.09 | - |
| Sector ETF (XLV) | 10.9% | 16.7% | 0.53 | 42.5% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 43.4% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | -0.3% |
| Commodities (DBC) | 8.7% | 18.1% | 0.39 | 8.7% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 40.0% |
| Bitcoin (BTCUSD) | 63.9% | 66.2% | 1.04 | 8.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/31/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/29/2026 | -16.5% | -9.4% | -14.6% |
| 5/5/2026 | 24.1% | 31.2% | 51.2% |
| 2/26/2026 | -2.2% | -10.4% | -19.1% |
| 10/30/2025 | -23.5% | -26.1% | -15.4% |
| 7/31/2025 | 6.2% | 0.0% | 20.0% |
| 5/5/2025 | -21.2% | -27.3% | -22.6% |
| 2/25/2025 | 12.1% | 2.0% | 0.6% |
| 11/4/2024 | 25.1% | 28.5% | 27.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 11 | 9 |
| # Negative | 16 | 14 | 16 |
| Median Positive | 6.2% | 1.9% | 16.9% |
| Median Negative | -5.4% | -9.7% | -11.0% |
| Max Positive | 25.1% | 31.2% | 51.2% |
| Max Negative | -23.5% | -27.3% | -33.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/29/2026 | -16.5% | -9.4% | -14.6% |
| 5/5/2026 | 24.1% | 31.2% | 51.2% |
| 2/26/2026 | -2.2% | -10.4% | -19.1% |
| 10/30/2025 | -23.5% | -26.1% | -15.4% |
| 7/31/2025 | 6.2% | 0.0% | 20.0% |
| 5/5/2025 | -21.2% | -27.3% | -22.6% |
| 2/25/2025 | 12.1% | 2.0% | 0.6% |
| 11/4/2024 | 25.1% | 28.5% | 27.7% |
| 7/29/2024 | -19.1% | -23.5% | -33.3% |
| 5/6/2024 | -19.9% | -10.0% | 9.4% |
| 2/28/2024 | -12.6% | -17.4% | -21.3% |
| 10/25/2023 | -5.0% | -3.3% | 5.2% |
| 7/27/2023 | 2.2% | 0.5% | -6.6% |
| 4/26/2023 | -7.9% | -11.2% | -33.5% |
| 2/22/2023 | -1.2% | -1.9% | -5.7% |
| 10/26/2022 | 5.9% | 14.2% | 20.4% |
| 7/27/2022 | -1.1% | -2.2% | -12.4% |
| 4/27/2022 | 2.4% | 1.3% | -0.9% |
| 2/23/2022 | -1.1% | 1.4% | -3.9% |
| 11/2/2021 | 9.0% | 8.0% | -7.1% |
| 7/28/2021 | -0.5% | -0.8% | 3.1% |
| 4/28/2021 | -3.7% | -3.5% | -9.7% |
| 2/18/2021 | -3.3% | -1.3% | -6.5% |
| 10/28/2020 | -5.8% | 1.1% | 16.9% |
| 8/10/2020 | 3.7% | 1.9% | -8.0% |
| SUMMARY STATS | |||
| # Positive | 9 | 11 | 9 |
| # Negative | 16 | 14 | 16 |
| Median Positive | 6.2% | 1.9% | 16.9% |
| Median Negative | -5.4% | -9.7% | -11.0% |
| Max Positive | 25.1% | 31.2% | 51.2% |
| Max Negative | -23.5% | -27.3% | -33.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/05/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 07/29/2024 | 10-Q |
| 03/31/2024 | 05/06/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 10/25/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/26/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 10/26/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/05/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 07/29/2024 | 10-Q |
| 03/31/2024 | 05/06/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 10/25/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/26/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 10/26/2022 | 10-Q |
| 06/30/2022 | 07/27/2022 | 10-Q |
| 03/31/2022 | 04/27/2022 | 10-Q |
| 12/31/2021 | 02/24/2022 | 10-K |
| 09/30/2021 | 11/02/2021 | 10-Q |
| 06/30/2021 | 07/29/2021 | 10-Q |
| 03/31/2021 | 04/29/2021 | 10-Q |
| 12/31/2020 | 02/23/2021 | 10-K |
| 09/30/2020 | 10/29/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/21/2020 | 10-K |
| 09/30/2019 | 10/25/2019 | 10-Q |
Recent Forward Guidance
Updated 7/30/2026Latest: Q2 2026 Earnings Reported 7/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | Reported | 410.00 Mil | 417.50 Mil | 425.00 Mil | ||||
| Q3 2026 Revenue Growth | Reported | 2.0% | 3.85% | 5.7% | ||||
| Q3 2026 EPS | Reported | 0.53 | 0.57 | 0.61 | ||||
| 2026 Revenue | Reported | 1.65 Bil | 1.67 Bil | 1.70 Bil | -0.4% | Lowered | Guidance: 1.68 Bil for 2026 | |
| 2026 Revenue Growth | Reported | 0.8% | 2.05% | 3.3% | ||||
| 2026 EPS | Reported | 2.4 | 2.45 | 2.5 | 0 | Affirmed | Guidance: 2.45 for 2026 | |
Prior: Q1 2026 Earnings Reported 5/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | Reported | 410.00 Mil | 417.50 Mil | 425.00 Mil | 9.2% | Higher New | Actual: 382.50 Mil for Q1 2026 | |
| Q2 2026 Adjusted EPS | Reported | 0.44 | 0.48 | 0.52 | 17.1% | Higher New | Actual: 0.41 for Q1 2026 | |
| 2026 Revenue | Reported | 1.66 Bil | 1.68 Bil | 1.70 Bil | 0 | Affirmed | Guidance: 1.68 Bil for 2026 | |
| 2026 Adjusted EPS | Reported | 2.4 | 2.45 | 2.5 | 4.3% | Raised | Guidance: 2.35 for 2026 | |
Q4 2025 Earnings Reported 2/26/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | Reported | 375.00 Mil | 382.50 Mil | 390.00 Mil | -11.0% | Lower New | Actual: 430.00 Mil for Q4 2025 | |
| Q1 2026 EPS | Reported | 0.37 | 0.41 | 0.45 | -49.7% | Lower New | Actual: 0.81 for Q4 2025 | |
| 2026 Revenue | Reported | 1.66 Bil | 1.68 Bil | 1.70 Bil | 3.2% | Higher New | Actual: 1.63 Bil for 2025 | |
| 2026 Revenue Growth | Reported | 1.6% | 2.85% | 4.1% | ||||
| 2026 EPS | Reported | 2.3 | 2.35 | 2.4 | 6.1% | Higher New | Actual: 2.21 for 2025 | |
Q3 2025 Earnings Reported 10/30/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Revenue | Reported | 420.00 Mil | 430.00 Mil | 440.00 Mil | ||||
| Q4 2025 EPS | Reported | 0.79 | 0.81 | 0.84 | ||||
| 2025 Revenue | Reported | 1.62 Bil | 1.63 Bil | 1.64 Bil | -2.2% | Lowered | Guidance: 1.67 Bil for 2025 | |
| 2025 EPS | Reported | 2.19 | 2.21 | 2.24 | -1.1% | Lowered | Guidance: 2.24 for 2025 | |
| 2026 Cost Savings | Reported | 25.00 Mil | 27.50 Mil | 30.00 Mil | ||||
Insider Activity
Updated 7/6/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Graves, Jeffrey A | Direct | Buy | 11062025 | 11.35 | 9,000 | 102,150 | 466,326 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Graves, Jeffrey A | Direct | Buy | 11062025 | 11.35 | 9,000 | 102,150 | 466,326 | Form |
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External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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