Integra Lifesciences Holdings Corp
NASDAQ:IART
Integra Lifesciences Holdings Corp
Integra LifeSciences Holdings Corp., an influential player in the medical technology landscape, traces its origins back to a vision of creating life-enhancing innovations for surgical procedures. Founded in the late 1980s, Integra has evolved into a formidable presence, driven by a commitment to delivering solutions that improve patient outcomes in regenerative medicine and surgical care. The company operates primarily through two segments: the Codman Specialty Surgical and the Tissue Technologies segment. By focusing on these two areas, Integra leverages its expertise in surgical tools, neurocritical care, and advanced wound care, appealing to healthcare professionals worldwide. This strategic segmentation enables the company to cater to a diverse clientele, encompassing hospitals and other medical institutions in North America, Europe, and internationally.
Integra's revenue streams are notably derived from the design, manufacture, and distribution of a comprehensive suite of products used in neurosurgery, acute wound care, and reconstructive surgery. The company's innovative products, including precision surgical instruments and biologics that promote regenerative tissue healing, are key contributors to its financial success. By continuously investing in research and development, Integra ensures the introduction of cutting-edge solutions that address the evolving needs of the healthcare industry. The company's growth strategy hinges on both organic innovation and strategic acquisitions, fostering an environment where technological advancements seamlessly integrate with expanding market reach. This symbiotic approach not only solidifies Integra's position in the med-tech arena but also underpins its growth potential in an ever-competitive healthcare sector.
Integra LifeSciences Holdings Corp., an influential player in the medical technology landscape, traces its origins back to a vision of creating life-enhancing innovations for surgical procedures. Founded in the late 1980s, Integra has evolved into a formidable presence, driven by a commitment to delivering solutions that improve patient outcomes in regenerative medicine and surgical care. The company operates primarily through two segments: the Codman Specialty Surgical and the Tissue Technologies segment. By focusing on these two areas, Integra leverages its expertise in surgical tools, neurocritical care, and advanced wound care, appealing to healthcare professionals worldwide. This strategic segmentation enables the company to cater to a diverse clientele, encompassing hospitals and other medical institutions in North America, Europe, and internationally.
Integra's revenue streams are notably derived from the design, manufacture, and distribution of a comprehensive suite of products used in neurosurgery, acute wound care, and reconstructive surgery. The company's innovative products, including precision surgical instruments and biologics that promote regenerative tissue healing, are key contributors to its financial success. By continuously investing in research and development, Integra ensures the introduction of cutting-edge solutions that address the evolving needs of the healthcare industry. The company's growth strategy hinges on both organic innovation and strategic acquisitions, fostering an environment where technological advancements seamlessly integrate with expanding market reach. This symbiotic approach not only solidifies Integra's position in the med-tech arena but also underpins its growth potential in an ever-competitive healthcare sector.
Revenue & EPS: Q4 revenue was $435 million and adjusted EPS was $0.83, both above the midpoint of guidance.
Full-Year Results: 2025 revenue reached $1.635 billion, up 1.5% reported but down 0.7% organically, reflecting supply constraints and remediation work.
Margins: Gross margin fell to 61.9% for the year (down 260 bps) and 61.7% in Q4 (down 350 bps YoY), pressured by remediation, tariffs, and product mix.
Cash Flow: Full-year operating cash flow was $50.4 million, with Q4 free cash flow negative at $5.4 million due to timing and restructuring, but major improvement expected in 2026.
2026 Guidance: Revenue is expected at $1.66–$1.7 billion, with organic growth of 0.8%–3.3%, and adjusted EPS of $2.30–$2.40; tariffs remain a headwind.
Product Relaunches: Braintree facility on track for mid-2026 completion; key products SurgiMend, Durepair, and PriMatrix relaunching or returning to market.
Demand: Underlying demand remains strong across most product lines and geographies, but supply constraints continue to limit short-term growth.
Tissue Technologies: Segment down 12.8% YoY in Q4, heavily impacted by MediHoney remediation and tough comps, with no MediHoney revenue included in 2026 guidance.
