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1. Company Snapshot

1.a. Company Description

Integra LifeSciences Holdings Corporation develops, manufactures, and markets surgical implants and medical instruments for use in neurosurgery, extremity reconstruction, and general surgery.It operates in two segments, Codman Specialty Surgical and Tissue Technologies.The company offers neurosurgery and neuro critical care products, including tissue ablation equipment, dural repair products, cerebral spinal fluid management devices, intracranial monitoring equipment, and cranial stabilization equipment; and surgical headlamps and instrumentation, as well as asset management software and support, and after-market services.


It also sells approximately 40,000 instrument patterns, and surgical and lighting products to hospitals and surgery centers, as well as dental, podiatry, and veterinary offices.In addition, the company provides regenerative technology products for the treatment of acute and chronic wounds; and surgical tissue repair products for hernia repair, peripheral nerve repair and protection, and tendon repair.Further, it offers skin and wound repair, plastics and surgical reconstruction products, bone grafts, and nerve and tendon repair products.


The company offers its products directly through various sales forces and other distribution channels to the hospitals, integrated health networks, group purchasing organizations, clinicians, surgery centers, and health care providers in the United States, Europe, Asia Pacific, and internationally.Integra LifeSciences Holdings Corporation was incorporated in 1989 and is headquartered in Princeton, New Jersey.

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1.b. Last Insights on IART

Integra LifeSciences Holdings Corporation faced negative drivers, including ongoing operational setbacks and macro challenges. Despite strong demand in neurosurgery and Tissue Technologies, the company contends with shipping holds and tariffs, pressuring revenue and profitability. Although core businesses, such as higher-value wound care products, showed resilience, remediation and margin improvement plans are underway. Recent policy advancements supporting Medicare beneficiary access may provide a positive outlook. The company's Q3 earnings beat estimates, with quarterly earnings of $0.54 per share.

1.c. Company Highlights

2. Integra LifeSciences Delivers Mixed Q3 Results Amid Supply Chain Challenges

Integra LifeSciences reported Q3 revenue of $402 million, representing 5% organic growth year-over-year, but below its guidance range. Adjusted EPS for the quarter was $0.54, exceeding the top end of its guidance range and analysts' estimates of $0.43. The revenue shortfall was attributed to two supply interruptions in the company's CSS business. Gross margin for the quarter was 62.9%, down 10 basis points versus the prior year, reflecting increased remediation costs and investments in the Compliance Master Plan.

Publication Date: Nov -02

📋 Highlights
  • Revenue Performance:: Reported $402M revenue (5.6% reported, 5% organic growth YoY), but fell below guidance due to CSS supply interruptions.
  • Adjusted EPS Outperformance:: Achieved $0.54 adjusted EPS (32% YoY growth), exceeding the top of guidance range.
  • 2025 Guidance Revision:: Full-year revenue now projected at $1.62–1.64B and adjusted EPS at $2.19–2.24, down from prior estimates.
  • Gross Margin Impact:: Q3 margin at 62.9% (-10 bps YoY), with 200 bps drag from Compliance Master Plan remediation costs.
  • Q4 Outlook Challenges:: Guidance for $420–440M revenue (5–0.6% reported decline) and ~260 bps gross margin decline due to supply constraints and remediation.

Operational Progress and Challenges

Integra has been taking a systemic and foundational approach to strengthening its supply chain, with progress made in executing its Compliance Master Plan and driving operational excellence. The company is strengthening its leadership team and driving a culture of accountability, discipline, and continuous improvement, with measurable progress seen in Integra Skin production and the Braintree facility. However, the company faced challenges, including supply interruptions and insufficient safety stock levels, which impacted revenue growth.

Guidance and Outlook

Integra revised its full-year revenue and adjusted EPS guidance to a range of $1.62 billion to $1.64 billion and $2.19 to $2.24, respectively. For Q4, the company expects revenues in the range of $420 million to $440 million, representing a reported decline between approximately 5% and 0.6%. The company remains confident in its plans and ability to deliver long-term sustainable growth, improved margins, and strong returns for shareholders.

Valuation and Growth Prospects

With a P/E Ratio of -1.86 and an EV/EBITDA of -2.31, Integra's valuation suggests that the market has priced in significant challenges. However, the company's efforts to strengthen its supply chain and drive operational excellence are expected to drive growth in 2026. Analysts estimate revenue growth of 3.0% next year, and the company's focus on higher-growth segments and attractive markets is expected to drive accelerated growth. The Free Cash Flow Yield of 10.56% is also attractive, indicating a potential upside.

Segment Performance and Portfolio Prioritization

Integra is prioritizing its portfolio for optimal performance, focusing on higher-growth segments and attractive markets where it is a leader. The company is not considering divestments at this point but is streamlining and simplifying its portfolio through SKU rationalization. The return of PriMatrix and Durepair to the market ahead of schedule is expected to contribute $25-30 million in revenue, and the company is leveraging its advanced relaunch to regain share.

3. NewsRoom

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Integra LifeSciences Holdings Corporation (IART) Presents at Citi Annual Global Healthcare Conference 2025 Transcript

Dec -03

Source: seekingalpha.com

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Integra LifeSciences Leadership to Present at the Citi 2025 Global Healthcare Conference

Dec -01

Source: globenewswire.com

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Integra LifeSciences Welcomes Policy Advancements Supporting Medicare Beneficiary Access

Nov -25

Source: globenewswire.com

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AXQ Capital LP Takes Position in Integra LifeSciences Holdings Corporation $IART

Nov -25

Source: defenseworld.net

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Integra LifeSciences Receives FDA 510(k) Clearance for Use of the CUSA® Clarity Ultrasonic Surgical Aspirator System for Cardiac Surgeries

Nov -11

Source: globenewswire.com

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Integra LifeSciences Holdings Corporation (IART) Q3 2025 Earnings Call Transcript

Oct -30

Source: seekingalpha.com

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Integra (IART) Q3 Earnings: How Key Metrics Compare to Wall Street Estimates

Oct -30

Source: zacks.com

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Integra LifeSciences (IART) Q3 Earnings Beat Estimates

Oct -30

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.96%)

6. Segments

Codman Specialty Surgical

Expected Growth: 4.8%

Growing demand for minimally invasive surgeries, increasing prevalence of neurological disorders, and advancements in surgical technologies are driving the growth of the neurosurgery and orthopedic surgery markets, benefiting Codman Specialty Surgical.

Tissue Technologies

Expected Growth: 8.5%

Growing demand for tissue repair and regeneration, increasing adoption of biomaterials, and advancements in bioactive molecules drive the growth of Tissue Technologies from Integra LifeSciences Holdings Corporation.

7. Detailed Products

Neuro Critical Care

Integra's Neuro Critical Care products are designed to help clinicians manage patients with severe head or spinal cord injuries, and those who require intensive care.

Orthopedics and Tissue Technologies

Integra's Orthopedics and Tissue Technologies products are used in orthopedic and reconstructive surgeries, and for the repair and replacement of damaged or diseased tissues.

Specialty Surgical Solutions

Integra's Specialty Surgical Solutions products are used in a variety of surgical procedures, including neurosurgery, orthopedic surgery, and general surgery.

Wound Reconstruction

Integra's Wound Reconstruction products are used to treat complex wounds, including those that are chronic, acute, or traumatic.

Dermal Sciences

Integra's Dermal Sciences products are used to treat a range of skin conditions, including wounds, burns, and skin defects.

OrthoEsthetics

Integra's OrthoEsthetics products are used in orthopedic and reconstructive surgeries to improve the aesthetic appearance of the skin.

8. Integra LifeSciences Holdings Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Integra LifeSciences Holdings Corporation is moderate due to the presence of alternative medical devices and technologies that can replace or complement the company's products.

Bargaining Power Of Customers

The bargaining power of customers is low due to the specialized nature of Integra's products, which are often critical to medical procedures, giving the company an upper hand in pricing and negotiations.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate due to the presence of multiple suppliers for raw materials and components, but the company's dependence on a few critical suppliers for certain components.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the medical device industry, including regulatory hurdles, high research and development costs, and the need for specialized expertise.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of established competitors in the medical device industry, leading to intense competition for market share and pricing pressure.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 48.82%
Debt Cost 5.11%
Equity Weight 51.18%
Equity Cost 9.82%
WACC 7.52%
Leverage 95.40%

11. Quality Control: Integra LifeSciences Holdings Corporation passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Insulet

A-Score: 5.1/10

Value: 0.2

Growth: 9.6

Quality: 6.5

Yield: 0.0

Momentum: 8.0

Volatility: 6.3

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Inari Medical

A-Score: 5.1/10

Value: 6.0

Growth: 8.0

Quality: 4.5

Yield: 0.0

Momentum: 10.0

Volatility: 2.0

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CONMED

A-Score: 4.8/10

Value: 6.4

Growth: 6.4

Quality: 5.9

Yield: 3.0

Momentum: 2.0

Volatility: 5.0

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Bio-Rad

A-Score: 3.8/10

Value: 6.4

Growth: 2.3

Quality: 5.9

Yield: 0.0

Momentum: 3.0

Volatility: 5.0

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Inspire Medical Systems

A-Score: 3.5/10

Value: 2.5

Growth: 9.4

Quality: 6.8

Yield: 0.0

Momentum: 0.0

Volatility: 2.3

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Stock-Card
Integra LifeSciences

A-Score: 3.3/10

Value: 9.0

Growth: 2.3

Quality: 3.5

Yield: 0.0

Momentum: 2.0

Volatility: 2.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

13.24$

Current Price

13.24$

Potential

-0.00%

Expected Cash-Flows