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Integra Lifesciences
(NASDAQ:IART)
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Rating:44Neutral
Price Target:
$11.50
▼(-31.87% Downside)
Action:Reiterated
Date:10/22/26
Overall score reflects uneven financial performance and elevated leverage alongside a technically weak downtrend. Record cash flow and a constructive (but cautious) 2027 outlook help, but high valuation (P/E ~70.6) and the Cincinnati disruption-related guidance pressure keep the score below average.
Positive Factors
Recurring consumables model
Integra’s mix of procedure-driven consumables, implants, disposables, and replacement components supports recurring demand rather than relying solely on infrequent capital equipment sales. That model can provide a durable revenue base as hospitals continue performing neurosurgical, wound-care, and reconstructive procedures.
Negative Factors
High leverage
The materially more leveraged capital structure reduces financial flexibility and leaves less room to absorb operating setbacks or fund growth without relying on lenders. Weakened profitability and negative recent returns further increase the importance of debt reduction and sustained cash generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring consumables model
Integra’s mix of procedure-driven consumables, implants, disposables, and replacement components supports recurring demand rather than relying solely on infrequent capital equipment sales. That model can provide a durable revenue base as hospitals continue performing neurosurgical, wound-care, and reconstructive procedures.
Read all positive factors
Integra Lifesciences (IART) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$926.27M
Dividend YieldN/A
Average Volume (3M)1.16M
Price to Earnings (P/E)71.0
Beta (1Y)1.87
Revenue Growth0.84%
EPS GrowthN/A
CountryUS
Employees4,427
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)0.17
Shares Outstanding77,772,510
10 Day Avg. Volume1,164,828
30 Day Avg. Volume1,160,732
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.91
Price to Sales (P/S)0.58
P/FCF Ratio-21.06
Enterprise Value/Market Cap3.21
Enterprise Value/Revenue1.79
Enterprise Value/Gross Profit3.42
Enterprise Value/Ebitda12.70
Forecast
1Y Price Target
$15.38Price Target Upside-8.92% Downside
Rating ConsensusHold
Number of Analyst Covering9
EPS Forecast (FY)2.35
Revenue Forecast (FY)$1.65B
Integra Lifesciences Business Overview & Revenue Model
Company Description
Integra LifeSciences Holdings Corporation is a medical technology company focused on the creation, production, and global distribution of advanced surgical implants and instruments. These products are utilized across various medical fields, includ...
How the Company Makes Money
Integra primarily makes money by selling medical devices and surgical products used in operating rooms and hospital settings, generating revenue when hospitals and providers purchase its consumable implants, single-use items, and capital equipment...
Integra Lifesciences Earnings Call Summary
Earnings Call Date:Oct 21, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Mar 03, 2027
Earnings Call Sentiment Neutral
The call presented meaningful operational and financial progress, including record quarterly operating cash flow, leverage reduction, successful refinancing, improved product availability, strong neurosurgery performance, and several 2027 growth initiatives. However, these positives were balanced by the Cincinnati disruption, reduced revenue and EPS outlooks, Tissue Reconstruction weakness, gross-margin pressure, higher refinancing-related interest expense, and continued competitive and execution challenges. Overall sentiment was balanced, with a constructive long-term outlook but significant near-term headwinds.Positive Updates
Third-Quarter Revenue and EPS Performance
Third-quarter revenue was $411.2 million, up 2.3% on a reported basis and 2.5% organically, at the low end of guidance. Adjusted earnings per share increased to $0.59 from $0.54 in the prior year, primarily reflecting higher revenue and lower operating expenses from cost-reduction initiatives.
Negative Updates
Cincinnati Flood Disruption
The Cincinnati disruption reduced third-quarter revenue by approximately $7 million, with an additional revenue impact of approximately $15 million-$20 million expected in the fourth quarter. The MAYFIELD product family represents the majority of the remaining revenue headwinds, and full manufacturing operations are not expected to resume until the second quarter of 2027.
Read all updates
Q3-2026 Updates
Positive
Negative
Third-Quarter Revenue and EPS Performance
Third-quarter revenue was $411.2 million, up 2.3% on a reported basis and 2.5% organically, at the low end of guidance. Adjusted earnings per share increased to $0.59 from $0.54 in the prior year, primarily reflecting higher revenue and lower operating expenses from cost-reduction initiatives.
Read all positive updates
Company Guidance
For the fourth quarter, Integra expects revenue of $413 million to $433 million, representing a reported decline of 5.2% to 0.5% and an organic decline of 5.1% to 0.4%, with no material revenue contribution from SurgiMend and an expected $15 million-$20 million Cincinnati impact. For the full year, it continues to expect revenue of $1.634 billion to $1.654 billion, adjusted earnings per share of $2.30 to $2.40, adjusted gross margin to be approximately flat compared with 2025, and operating cash flow of approximately $190 million-$200 million; it expects to end fiscal 2026 just above its target leverage range of 2.5-3.5 times. Tissue Reconstruction revenue is expected to be approximately flat for the full year, while base Tissue Reconstruction is expected to be flat in 2027 versus 2026 and SurgiMend is expected to contribute growth. Cincinnati is expected to return to full manufacturing operations during the second quarter of 2027, with very limited revenue contribution in Q2 2027, a quarterly impact of $15 million to $20 million, and no meaningful back order clearance assumed. For 2027, revenue is expected to grow, EPS is expected to see some growth, incremental interest expense is expected to be $24 million, and transformation savings are expected to contribute an incremental $10 million-$15 million.Integra Lifesciences Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
38
Negative
Cash Flow
56
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.66B | 1.64B | 1.61B | 1.54B | 1.56B | 1.54B |
| Gross Profit | 869.21M | 845.23M | 882.06M | 884.74M | 970.31M | 944.64M |
| EBITDA | 233.78M | -325.42M | 193.29M | 255.96M | 381.79M | 362.50M |
| Net Income | 13.01M | -516.47M | -6.94M | 67.74M | 180.55M | 169.07M |
Balance Sheet | ||||||
| Total Assets | 3.51B | 3.60B | 4.04B | 3.78B | 3.89B | 3.78B |
| Cash, Cash Equivalents and Short-Term Investments | 311.93M | 263.74M | 273.57M | 309.10M | 456.66M | 513.45M |
| Total Debt | 2.00B | 2.03B | 1.98B | 1.68B | 1.63B | 1.67B |
| Total Liabilities | 2.44B | 2.56B | 2.49B | 2.19B | 2.09B | 2.10B |
| Stockholders Equity | 1.07B | 1.04B | 1.55B | 1.59B | 1.80B | 1.68B |
Cash Flow | ||||||
| Free Cash Flow | 98.74M | -45.25M | 24.96M | 73.09M | 217.38M | 264.35M |
| Operating Cash Flow | 140.40M | 50.38M | 129.38M | 139.96M | 264.47M | 312.43M |
| Investing Cash Flow | -103.28M | -108.06M | -390.81M | -94.18M | -58.58M | -161.44M |
| Financing Cash Flow | -15.23M | 28.34M | 237.86M | -229.93M | -251.95M | -98.23M |
Integra Lifesciences Technical Analysis
Negative
16.88
Price Trends
15.34
Negative
16.65
Negative
14.08
Negative
Market Momentum
-0.90
Positive
33.08
Neutral
16.73
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IART, the sentiment is Negative. The current price of 16.88 is above the 20-day moving average (MA) of 13.75, above the 50-day MA of 15.34, and above the 200-day MA of 14.08, indicating a bearish trend. The MACD of -0.90 indicates Positive momentum. The RSI at 33.08 is Neutral, neither overbought nor oversold. The STOCH value of 16.73 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IART.
Integra Lifesciences Risk Analysis
Integra Lifesciences disclosed 31 risk factors in its most recent earnings report. Integra Lifesciences reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Integra Lifesciences Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $117.81B | 31.57 | 16.36% | 1.15% | 8.48% | 27.36% | |
71 Outperform | $12.91B | 20.28 | 12.25% | 2.58% | 5.26% | 31.02% | |
71 Outperform | $18.80B | 23.86 | 6.36% | 0.97% | 8.62% | 0.09% | |
66 Neutral | $1.48B | 26.59 | 5.51% | 0.40% | 3.86% | -48.06% | |
56 Neutral | $1.22B | -1.09 | -68.17% | ― | 4.89% | -30.14% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
44 Neutral | $926.27M | 70.98 | 1.24% | ― | 0.84% | ― |
* Healthcare Sector Average
IART
Integra Lifesciences
11.91
-4.02
-25.24%
ENOV
Enovis
21.08
-11.78
-35.85%
CNMD
Conmed
49.25
1.89
3.99%
SNN
Smith & Nephew Snats
30.83
-4.91
-13.75%
SYK
Stryker
307.15
-72.37
-19.07%
ZBH
Zimmer Biomet Holdings
98.56
-3.47
-3.40%
Integra Lifesciences Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Integra LifeSciences Completes Comprehensive Capital Structure Refinancing
Positive
Oct 19, 2026
On October 19, 2026, Integra LifeSciences completed a major refinancing that included a private, unregistered offering of $450 million in 9.500% senior secured notes due 2033 and an amended and restated credit facility totaling approximately $1.65...
Business Operations and StrategyPrivate Placements and Financing
Integra LifeSciences Prices $450 Million Senior Notes
Negative
Oct 9, 2026
On October 9, 2026, Integra LifeSciences announced it had priced $450 million of senior secured notes bearing a 9.500% coupon and maturing in 2033, with guarantees from its wholly‑owned domestic subsidiaries that back its senior secured cred...
Business Operations and StrategyFinancial Disclosures
Integra Lifesciences Cuts Outlook After Cincinnati Flooding
Negative
Oct 2, 2026
Integra LifeSciences, a global medical technology company specializing in neurosurgery and tissue reconstruction, reported preliminary unaudited third-quarter 2026 results that were significantly affected by a July flooding event at its Cincinnati...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and FinancingRegulatory Filings and Compliance
Integra Lifesciences Updates Investor Presentation Amid Refinancing Plans
Neutral
Sep 8, 2026
In its latest investor communication dated September 2026, Integra LifeSciences furnished an updated investor presentation intended for qualified institutional buyers and non-U.S. persons as part of preparations to refinance its senior credit faci...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.