Integra LifeSciences Reports Fourth Quarter and Full-Year 2025 Financial Results and Provides 2026 Financial Guidance
Rhea-AI Summary
Integra LifeSciences (NASDAQ: IART) reported Q4 2025 revenues of $434.9M (down 1.7% reported; -2.5% organic) and GAAP EPS of $(0.02). Full-year 2025 revenues were $1,635.2M (up 1.5% reported; -0.7% organic) and GAAP EPS was $(6.74), driven by a $511M goodwill impairment.
Adjusted EPS were $0.83 in Q4 and $2.23 for 2025. Net debt was $1.6B with 4.5x leverage and year-end liquidity ~$516M. 2026 guidance: revenue $1,662M–$1,702M and adjusted EPS $2.30–$2.40, with expected $25–$30M savings from the transformation plan.
AI-generated analysis. Not financial advice.
Positive
- Full-year revenue of $1,635.2M (+1.5% reported)
- Adjusted EPS of $2.23 for 2025
- Guidance: 2026 revenue $1,662M–$1,702M
- $25–$30M planned 2026 cost savings from transformation
- Improved Q4 adjusted EBITDA margin to 24.0%
Negative
- GAAP full-year loss of $(6.74) per share from a $511M goodwill impairment
- Net debt at year‑end of $1.6B with 4.5x leverage
- Organic revenue decline of 0.7% for full-year 2025
- Tissue Technologies revenues down 12.8% in Q4 2025
News Market Reaction – IART
On the day this news was published, IART declined 2.24%, reflecting a moderate negative market reaction. This price movement removed approximately $19M from the company's valuation, bringing the market cap to $827.21M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
Peer moves are mixed, with names like AHCO up 5.73% and others such as ESTA and BBNX down over 2%. With no peers in the momentum scanner and no same-day peer headlines, the setup points to a largely stock-specific read‑through for IART’s earnings and guidance.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Oct 30 | Q3 2025 earnings | Positive | -23.5% | Revenue and adjusted EPS growth with improved cash flow and updated guidance. |
| Jul 31 | Q2 2025 earnings | Neutral | +6.2% | Mixed quarter with slight revenue decline but maintained adjusted EPS guidance. |
| May 05 | Q1 2025 earnings | Negative | -21.2% | Organic sales decline, wider GAAP loss, and reduced adjusted EPS guidance. |
| Feb 25 | FY 2024 results | Positive | +12.1% | Solid Q4 revenue growth and 2025 guidance implying continued top‑line expansion. |
| Nov 04 | Q3 2024 earnings | Negative | +25.1% | Organic revenue decline, GAAP loss, weaker adjusted EPS, and lowered guidance. |
Earnings have produced volatile reactions, including sharp moves both up and down, with several instances of the stock selling off on positive or improving metrics.
Over the last five earnings cycles, Integra has reported a mix of growth and operational challenges. Q3 2024 showed organic revenue decline and weaker adjusted EPS, while Q4 2024 delivered stronger revenue and double‑digit price gains. Through 2025, results featured GAAP losses, tariff impacts, and a large goodwill impairment, alongside adjusted EPS and revenue guidance updates. Price reactions ranged from about -23% to over 25%, indicating that earnings updates have been major trading catalysts for IART.
Historical Comparison
Recent earnings releases moved IART an average of -0.24%, with swings from steep selloffs to strong rallies, underscoring that guidance and quality issues have heavily influenced reactions.
Across these earnings events, Integra has shifted from organic declines and guidance resets toward incremental operational remediation, while repeatedly updating revenue and adjusted EPS outlooks around tariff and quality headwinds.
Market Pulse Summary
This announcement details Q4 and full‑year 2025 performance, highlighting $434.9M in Q4 revenue, a full‑year GAAP loss of $(6.74) per share driven by a $511M goodwill impairment, and 2026 adjusted EPS guidance of $2.30–$2.40. Investors may compare the modest 1.5% full‑year revenue growth to ongoing organic declines and margin pressures. Historical earnings releases have produced large moves, so future updates on tariffs, remediation progress, and execution versus 2026 guidance remain key metrics to monitor.
Key Terms
adjusted ebita financial
organic basis financial
goodwill impairment charge financial
revolving credit facility financial
section 122 tariffs regulatory
eu medical device regulation regulatory
AI-generated analysis. Not financial advice.
PRINCETON, N.J., Feb. 26, 2026 (GLOBE NEWSWIRE) -- Integra LifeSciences Holdings Corporation (NASDAQ: IART) today reported financial results for the fourth quarter and full year ended December 31, 2025.
Fourth Quarter 2025
- Reported revenues were
$434.9 million , representing a decrease of1.7% on a reported basis and2.5% on an organic basis compared to the fourth quarter of 2024. - GAAP earnings per diluted share were
$(0.02) , compared to$0.25 in the fourth quarter of 2024. - Adjusted earnings per diluted share were
$0.83 , compared to$0.97 in the fourth quarter of 2024.
Full-Year 2025
- Reported revenues were
$1,635.2 million , representing an increase of1.5% on a reported basis and a decrease of0.7% on an organic basis compared to full-year 2024. - GAAP earnings per diluted share were
$(6.74) , compared to$(0.09) in 2024. - Adjusted earnings per diluted share were
$2.23 , compared to$2.56 in 2024.
“In the fourth quarter, we drove tangible operational progress while continuing to deliver for our customers and patients,” said Mojdeh Poul, president and chief executive officer. “During 2025, we further strengthened our quality management system, advanced our Compliance Master Plan, and progressed execution of our remediation work. Our operational and execution focus resulted in significant outcomes in key areas, namely Integra Skin supply reliability, healthier safety stock levels across our portfolio, and early relaunch of PriMatrix and Durepair.”
"Earlier this month we implemented a key element of our transformation plan - a simplified operating model that improves alignment, execution, and accountability. This is critical to our long-term margin improvement plan and a key contributor to our previously communicated savings of
Fourth Quarter 2025 Financial Summary
Total reported revenues for the fourth quarter were
The Company reported a GAAP net loss of
Adjusted EBITDA for the fourth quarter of 2025 was
Adjusted net income for the fourth quarter of 2025 was
Cash flows from operations totaled
Fourth Quarter 2025 Segment Performance
- Codman Specialty Surgical (
75% of Revenues)
Total revenues were$323.3 million , representing an increase of2.7% on a reported basis and1.6% on an organic basis compared to the fourth quarter of 2024.- Sales in Neurosurgery grew
1.4% on an organic basis reflecting growth against a strong prior-year comparison, with continued strong performance across key products, including double-digit growth in CereLink®, Mayfield® capital, and Aurora®, along with high-single digit growth in CUSA®. - Sales of Instruments grew
2.3% on an organic basis, in-line with the market. - ENT sales grew
2.2% on an organic basis driven by AERA®, TruDi® navigated disposables, and MicroFrance® instruments, partially offset by a decline in sinuplasty balloons. - Sales in International grew high-single digits, reflecting continued strong demand.
- Sales in Neurosurgery grew
Tissue Technologies (
Total revenues were
-
- Sales in Wound Reconstruction declined
21.4% on an organic basis primarily due to the previously communicated remediation efforts for MediHoney® and a challenging year-over-year comp for Integra Skin, which generated record revenue in the fourth quarter of 2024 due to backorder clearance. - Sales in private label grew
20.1% on an organic basis due in part to improved partner orders.
- Sales in Wound Reconstruction declined
Full-Year 2025 Financial Summary
Total reported revenues for the full-year 2025 were
The Company reported a GAAP net loss of
Adjusted EBITDA for the full-year 2025 was
Adjusted net income for the full-year 2025 was
2025 Balance Sheet, Cash Flow and Capital Allocation
The Company generated cash flow from operations of
2026 Revenue and Adjusted Earnings Per Share Guidance
For the full-year 2026, the Company expects revenues to be in the range of
For the first quarter 2026, the Company expects reported revenues in the range of
Full year and first quarter adjusted earnings per diluted share guidance reflects the Company’s tariff assumptions in place prior to last week’s Supreme Court ruling and the subsequent announcement regarding implementation of Section 122 tariffs and does not contemplate the recovery of any amounts already paid.
Organic sales growth excludes the effects of foreign currency.
The Company is providing forward-looking guidance regarding adjusted earnings per diluted share but is not providing a reconciliation to GAAP earnings per share, because certain GAAP expense items are highly variable, and management is unable to predict them with reasonable certainty and without unreasonable effort. Specifically, the financial impact and timing of divestitures, acquisitions, integrations, structural optimization and efforts to comply with the EU Medical Device Regulation are uncertain, depend on various dynamic factors and are not reasonably ascertainable at this time. These expense items could have a material impact on GAAP results.
Conference Call and Presentation Available Online
Integra has scheduled a conference call for 8:30 a.m. ET on Thursday, February 26, 2026, to discuss fourth quarter and full-year 2025 financial results, and forward-looking financial guidance. The conference call will be hosted by Integra's senior management team and will be open to all listeners. Additional forward-looking information may be discussed in a question-and-answer session following the call. Integra's management team will reference a presentation during the conference call, which can be found on the Investor Relations section of the website at investor.integralife.com.
A live webcast will be available on the Investors section of the Company’s website at investor.integralife.com. For those planning to participate on the call, please register here to receive dial-in details and a unique pin. While not required, it is recommended to join 10 minutes prior to the start of the event. A webcast replay of the conference call will be available on the Investor Relations section of the Company’s website following the call.
About Integra
Integra LifeSciences (Nasdaq: IART) is a global medical technology leader dedicated to restoring lives. We are advancing transformational care through impactful innovation in neurosurgery, tissue reconstruction, specialized fields that demand exceptional expertise and precision. Our portfolio of highly differentiated, gold-standard technologies are trusted by healthcare professionals to deliver life-saving care. For our latest news and information, visit www.integralife.com.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties and reflect the Company's judgment as of the date of this release. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. Some of these forward-looking statements may contain words like “will,” “believe,” “may,” “could,” “would,” “might,” “possible,” “should,” “expect,” “intend,” "forecast," "guidance," “plan,” “anticipate,” "target," or “continue,” the negative of these words, other terms of similar meaning or they may use future dates. Forward-looking statements contained in this news release include, but are not limited to, statements concerning: future business, operational and financial performance and the Company’s expectations and plans with respect to market opportunity, business and operational performance, strategic initiatives, capabilities, resources, manufacturing capabilities, product development, product availability and regulatory approvals, including expectations regarding the Company’s compliance master plan to improve the Company's quality systems. It is important to note that the Company’s goals and expectations are not predictions of actual performance. Such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from predicted or expected results. Such risks and uncertainties include, but are not limited, to the following: the ongoing and possible future effects of global challenges, including macroeconomic uncertainties, U.S. and global trade policies, inflation, supply chain disruptions, geopolitical conflicts, on the Company’s suppliers, vendors and customers and on the Company’s business and financial condition, results of operations and cash flows; the Company's ability to execute its financial, strategic and operating plans effectively; the Company's ability to remediate quality systems violations; difficulties in implementing the Company’s compliance master plan; difficulties or delays in obtaining and maintaining required regulatory approvals, including the costs thereof potential difficulties, delays and disruptions in manufacturing, distribution or sale of products; the failure of the company’s suppliers, vendors, and other third parties to meet contractual, regulatory and other obligations; the anticipated development of markets the Company sells its products into and the success of the Company’s products in these markets; the Company’s ability to predict accurately the demand for its products, and products under development; increasing industry competition; the coverage and reimbursement decisions of third-party payors; trends toward health care cost containment; difficulties in controlling expenses, including costs to procure and manufacture the Company’s products; the ability of the Company to successfully manage leadership and organizational changes and the impact of changes in management or staff levels; the impact of goodwill and intangible asset impairment charges if future operating results of acquired businesses are significantly less than the results anticipated at the time of the acquisitions, the geographic distribution of where the Company generates its taxable income; changes to applicable laws, regulations and enforcement guidance, including tax laws and global health care reforms; fluctuations in foreign currency exchange rates; the amount of our bank borrowings outstanding and other factors influencing liquidity; breaches, failures or other disruptions of our or our vendors’ or customers’ information technology systems or products; and the economic, competitive, governmental, technological, and other risk factors and uncertainties identified under the heading “Risk Factors” included in Item 1A of Integra's Annual Report on Form 10-K for the year ended December 31, 2025 and information contained in subsequent filings with the Securities and Exchange Commission.
These forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events, or otherwise, except as otherwise required by law.
Discussion of Adjusted Financial Measures
In addition to our GAAP results, we provide certain non-GAAP measures, including organic revenues, adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted net income, adjusted gross margin, adjusted earnings per diluted share, and net debt. Organic revenues consist of total revenues excluding the effects of currency exchange rates, revenues from current-period acquisitions and product divestitures. Adjusted EBITDA consists of GAAP net income excluding: (i) depreciation and amortization; (ii) other income (expense); (iii) interest income and expense; (iv) income tax expense (benefit); (v) impairment charges; and (vi) those operating expenses also excluded from adjusted net income. The measure of adjusted EBITDA margin is calculated by dividing adjusted EBITDA by GAAP revenues. The measure of adjusted net income consists of GAAP net income, excluding: (i) structural optimization charges; (ii) divestiture, acquisition and integration-related charges; (iii) EU Medical Device Regulation-related charges; (iv) charges related to the manufacturing stoppage and voluntary global recall of all products manufactured at the Company’s Boston, Massachusetts facility and distributed between March 1, 2018 and May 22, 2023, as previously disclosed in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 23, 2023 (the “recall”) and the transition of Boston-related manufacturing operations to the Company’s Braintree, Massachusetts facility; (v) intangible asset amortization expense; (vi) income tax impact from adjustments; and (vii) impairment charges. The measure of adjusted gross margin is calculated by dividing adjusted gross profit by total revenues. Adjusted gross profit consists of GAAP gross profit adjusted for: (i) structural optimization charges; (ii) divestiture, acquisition and integration-related charges; (iii) charges related to the recall and the transition of Boston-related manufacturing operations to the Company’s Braintree, Massachusetts facility; (iv) EU Medical Device Regulation-related charges; and (v) intangible asset amortization expense. The adjusted earnings per diluted share measure is calculated by dividing adjusted net income attributable to diluted shares by diluted weighted average shares outstanding. The measure of net debt consists of GAAP total debt (excluding deferred financing costs) less short-term investments, cash and cash equivalents.
Reconciliations of GAAP revenues to organic revenues, GAAP net income to adjusted EBITDA and adjusted net income, GAAP gross profit to adjusted gross profit, GAAP gross margin to adjusted gross margin, and GAAP earnings per diluted share to adjusted earnings per diluted share all for the quarters and years ended December 31, 2025 and 2024, GAAP total debt to net debt for the years ended December 31, 2025 and 2024, and the GAAP operating cash flow to free cash flow and adjusted free cash flow conversion for the quarters and years ended December 31, 2025 and 2024, appear in the financial tables in this release.
The Company is providing forward-looking guidance regarding adjusted earnings per diluted share but is not providing a reconciliation to GAAP earnings per share, because certain GAAP expense items are highly variable, and management is unable to predict them with reasonable certainty and without unreasonable effort. Specifically, the financial impact and timing of divestitures, acquisitions, integrations, structural optimization and efforts to comply with the EU Medical Device Regulation are uncertain, depend on various dynamic factors and are not reasonably ascertainable at this time. These expense items could have a material impact on GAAP results.
The Company believes that the presentation of organic revenues and the other non-GAAP measures provide important supplemental information to management and investors regarding financial and business trends relating to the Company's financial condition and results of operations. For further information regarding why Integra believes that these non-GAAP financial measures provide useful information to investors, the specific manner in which management uses these measures, and some of the limitations associated with the use of these measures, please refer to the Company's Current Report on Form 8-K regarding this earnings press release filed today with the Securities and Exchange Commission. This Current Report on Form 8-K is available on the SEC's website at www.sec.gov or on our website at www.integralife.com.
Investor Relations Contact:
Chris Ward
(609) 772-7736
chris.ward@integralife.com
Media Contact:
Laurene Isip
(609) 208-8121
laurene.isip@integralife.com
| INTEGRA LIFESCIENCES HOLDINGS CORPORATION | |||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
| (UNAUDITED) | |||||||||||||||
| (In thousands, except per share amounts) | |||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Total Revenue, net | $ | 434,925 | $ | 442,645 | $ | 1,635,245 | $ | 1,610,527 | |||||||
| Costs and Expenses: | |||||||||||||||
| Cost of goods sold | 214,060 | 193,573 | 803,625 | 728,466 | |||||||||||
| Research and development | 24,791 | 31,210 | 98,971 | 115,377 | |||||||||||
| Selling, general and administrative | 169,267 | 178,520 | 699,700 | 716,983 | |||||||||||
| Intangible asset amortization | 3,768 | 3,715 | 14,954 | 21,290 | |||||||||||
| Goodwill impairment charge | — | — | 511,365 | — | |||||||||||
| Total costs and expenses | 411,885 | 407,018 | 2,128,615 | 1,582,116 | |||||||||||
| Operating (loss) income | 23,040 | 35,627 | (493,370 | ) | 28,411 | ||||||||||
| Interest income | 4,361 | 4,893 | 18,474 | 20,040 | |||||||||||
| Interest expense | (23,673 | ) | (18,984 | ) | (86,255 | ) | (70,632 | ) | |||||||
| Other (expense) income, net | 582 | 1,005 | (2,351 | ) | 3,944 | ||||||||||
| (Loss) income before income taxes | 4,310 | 22,541 | (563,502 | ) | (18,237 | ) | |||||||||
| (Benefit) provision for income taxes | 6,014 | 3,106 | (47,028 | ) | (11,293 | ) | |||||||||
| Net (loss) income | $ | (1,704 | ) | $ | 19,435 | $ | (516,474 | ) | $ | (6,944 | ) | ||||
| Net (loss) income per share | |||||||||||||||
| Diluted | (0.02 | ) | 0.25 | (6.74 | ) | (0.09 | ) | ||||||||
| Weighted average common shares outstanding for diluted net income per share | 76,777 | 76,419 | 76,672 | 77,010 | |||||||||||
Segment revenues and growth in total revenues excluding the effects of currency exchange rates, acquisitions and discontinued products are as follows:
(In thousands)
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | ||||||||||
| Neurosurgery | $ | 226,200 | $ | 220,091 | 2.8 | % | $ | 827,667 | $ | 803,816 | 3.0 | % | |||
| Instruments(1) | 52,291 | 51,029 | 2.5 | % | 206,472 | 204,177 | 1.1 | % | |||||||
| ENT(1) | 44,815 | 43,540 | 2.9 | % | 166,372 | 135,643 | 22.7 | % | |||||||
| Total Codman Specialty Surgical | 323,306 | 314,660 | 2.7 | % | 1,200,511 | 1,143,636 | 5.0 | % | |||||||
| Wound Reconstruction and Care | 79,975 | 101,527 | (21.2 | )% | 323,488 | 350,565 | (7.7 | )% | |||||||
| Private Label | 31,644 | 26,458 | 19.6 | % | 111,246 | 116,326 | (4.4 | )% | |||||||
| Total Tissue Technologies | 111,619 | 127,985 | (12.8 | )% | 434,734 | 466,891 | (6.9 | )% | |||||||
| Total Reported Revenues | $ | 434,925 | $ | 442,645 | (1.7 | )% | $ | 1,635,245 | $ | 1,610,527 | 1.5 | % | |||
| Impact of changes in currency exchange rates | (3,523 | ) | — | (6,679 | ) | — | |||||||||
| Less contribution of revenues from acquisitions | — | — | (29,092 | ) | — | ||||||||||
| Less contribution of revenues from divested products | — | — | — | — | — | — | |||||||||
| Less contribution of revenues from discontinued products | — | — | — | — | — | — | |||||||||
| Total organic revenues | $ | 431,402 | $ | 442,645 | (2.5 | )% | $ | 1,599,474 | $ | 1,610,527 | (0.7 | )% | |||
(1) Organic revenues have been adjusted to exclude foreign currency (current period), acquisitions and to account for divested and discontinued products.
Items included in GAAP net income and from continuing operations and locations where each item is recorded are as follows:
(In thousands)
Three Months Ended December 31, 2025
| Item | Total Amount | COGS(a) | SG&A(b) | R&D(c) | Amortization(d) | OI&E(e) | Tax(f) | ||||
| Acquisition, divestiture and integration-related charges | (1,002 | ) | 199 | (1,667 | ) | 219 | — | 248 | — | ||
| Structural Optimization charges | 20,334 | 9,645 | 10,200 | 814 | — | (324 | ) | — | |||
| EU Medical Device Regulation charges | 9,749 | 951 | 4,068 | 4,730 | — | — | — | ||||
| Boston Recall/Braintree Transition | 13,806 | 13,588 | 218 | — | — | — | — | ||||
| Intangible asset amortization expense | 26,919 | 23,152 | — | — | 3,768 | — | — | ||||
| Estimated income tax impact from above adjustments and other items | (4,362 | ) | — | — | — | — | — | (4,362 | ) | ||
| Depreciation expense | 11,287 | — | — | — | — | — | — | ||||
a) COGS - Cost of goods sold
b) SG&A - Selling, general and administrative
c) R&D - Research & development
d) Amortization - Intangible asset amortization
e) OI&E - Other income & expense
f) Tax - Income tax expense (benefit)
Three Months Ended December 31, 2024
| Item | Total Amount | COGS(a) | SG&A(b) | R&D(c) | Amortization(d) | OI&E(e) | Tax(f) | ||
| Acquisition, divestiture and integration-related charges | 2,264 | 513 | 315 | 1,034 | — | 402 | — | ||
| Structural Optimization charges | 9,083 | 4,238 | 4,261 | 583 | — | — | — | ||
| EU Medical Device Regulation charges | 9,461 | 1,054 | 3,933 | 4,474 | — | — | — | ||
| Boston Recall/Braintree Transition | 11,358 | 10,966 | 392 | — | — | — | — | ||
| Intangible asset amortization expense | 26,557 | 22,842 | — | — | 3,715 | — | — | ||
| Estimated income tax impact from above adjustments and other items | (4,902 | ) | — | — | — | — | — | (4,902 | ) |
| Depreciation expense | 10,935 | — | — | — | — | — | — | ||
(a) COGS - Cost of goods sold
(b) SG&A - Selling, general and administrative
(c) R&D - Research and development
(d) Amortization - Intangible asset amortization
(e) OI&E - Other income and expense
(f) Tax - Income tax expense
Items included in GAAP net income and location where each item is recorded are as follows:
(In thousands)
Twelve Months Ended December 31, 2025
| Item | Total Amount | COGS(a) | SG&A(b) | R&D(c) | Amortization(d) | OI&E(e) | Tax(f) | ||
| Acquisition, divestiture and integration-related charges | 3,597 | 1,047 | 2,234 | (1,276 | ) | — | 1,592 | — | |
| Structural Optimization charges | 47,994 | 27,521 | 20,495 | 302 | — | (324 | ) | — | |
| EU Medical Device Regulation charges | 41,928 | 4,277 | 18,471 | 19,180 | — | — | — | ||
| Boston Recall/Braintree Transition | 56,202 | 54,953 | 1,250 | — | — | — | — | ||
| Intangible asset amortization expense | 107,060 | 92,106 | — | — | 14,954 | — | — | ||
| Estimated income tax impact from above adjustments and other items | 80,292 | — | — | — | — | — | 80,292 | ||
| Depreciation expense | 43,987 | — | — | — | — | — | — | ||
(a) COGS - Cost of goods sold
(b) SG&A - Selling, general and administrative
(c) R&D - Research and development
(d) Amortization - Intangible asset amortization
(e) OI&E - Interest (income) expense, net and other (income), net
(f) Tax - Income tax expense
Twelve Months Ended December 31, 2024
| Item | Total Amount | COGS(a) | SG&A(b) | R&D(c) | Amortization(d) | OI&E(e) | Tax(f) | |||
| Acquisition, divestiture and integration-related charges | 33,626 | 9,071 | 25,793 | (1,542 | ) | — | 304 | — | ||
| Structural Optimization charges | 24,194 | 16,195 | 7,395 | 604 | — | — | — | |||
| EU Medical Device Regulation charges | 44,570 | 4,020 | 18,875 | 21,674 | — | — | — | |||
| Boston Recall/Braintree Transition | 45,034 | 43,175 | 1,859 | — | — | — | — | |||
| Intangible asset amortization expense | 105,252 | 83,962 | — | — | 21,290 | — | — | |||
| Estimated income tax impact from above adjustments and other items | (48,792 | ) | — | — | — | — | — | (48,792 | ) | |
| Depreciation expense | 41,449 | — | — | — | — | — | — | |||
(a) COGS - Cost of goods sold
(b) SG&A - Selling, general and administrative
(c) R&D - Research and development
(d) Amortization - Intangible asset amortization
(e) OI&E - Interest (income) expense, net and other (income), net
(f) Tax - Income tax expense
| INTEGRA LIFESCIENCES HOLDINGS CORPORATION RECONCILIATION OF NON-GAAP ADJUSTMENTS - GAAP NET INCOME FROM CONTINUING OPERATIONS TO ADJUSTED EBITDA (UNAUDITED) | |||||||||||||
| (In thousands) | |||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||
| GAAP net (loss) income | $ | (1,704 | ) | $ | 19,435 | $ | (516,474 | ) | $ | (6,944 | ) | ||
| Non-GAAP adjustments: | |||||||||||||
| Depreciation and intangible asset amortization expense | 38,206 | 37,491 | 151,047 | 146,701 | |||||||||
| Goodwill impairment charges | — | — | 511,365 | — | |||||||||
| Other (income) expense, net | (258 | ) | (1,407 | ) | 2,635 | (4,248 | ) | ||||||
| Interest expense, net | 19,064 | 14,091 | 66,229 | 50,591 | |||||||||
| Income tax expense | 6,014 | 3,106 | (47,028 | ) | (11,293 | ) | |||||||
| Structural optimization charges | 20,334 | 9,083 | 47,994 | 24,194 | |||||||||
| EU Medical Device Regulation charges | 9,749 | 9,461 | 41,928 | 44,570 | |||||||||
| Boston Recall | 13,806 | 11,358 | 56,202 | 45,034 | |||||||||
| Acquisition, divestiture and integration-related charges | (1,002 | ) | 2,264 | 3,597 | 33,626 | ||||||||
| Total of non-GAAP adjustments | 105,913 | 85,447 | 833,969 | 329,175 | |||||||||
| Adjusted EBITDA | $ | 104,209 | $ | 104,882 | $ | 317,494 | $ | 322,231 | |||||
| INTEGRA LIFESCIENCES HOLDINGS CORPORATION RECONCILIATION OF NON-GAAP ADJUSTMENTS - GAAP NET INCOME FROM CONTINUING OPERATIONS TO MEASURES OF ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE (UNAUDITED) | |||||||||||||
| (In thousands, except per share amounts) | |||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||
| GAAP net (loss) income | $ | (1,704 | ) | $ | 19,435 | $ | (516,474 | ) | $ | (6,944 | ) | ||
| Non-GAAP adjustments: | |||||||||||||
| Structural optimization charges | 20,334 | 9,083 | 47,994 | 24,194 | |||||||||
| Acquisition, divestiture and integration-related charges | (1,002 | ) | 2,264 | 3,597 | 33,626 | ||||||||
| EU Medical Device Regulation charges | 9,749 | 9,461 | 41,928 | 44,570 | |||||||||
| Boston Recall | 13,806 | 11,358 | 56,202 | 45,034 | |||||||||
| Goodwill Impairment Charge | — | — | 511,365 | — | |||||||||
| Intangible asset amortization expense | 26,919 | 26,557 | 107,060 | 105,252 | |||||||||
| Estimated income tax impact from adjustments and other items | (4,362 | ) | (4,902 | ) | (80,292 | ) | (48,792 | ) | |||||
| Total of non-GAAP adjustments | 65,444 | 53,821 | 687,854 | 203,884 | |||||||||
| Adjusted net income | $ | 63,740 | $ | 73,256 | $ | 171,380 | $ | 196,940 | |||||
| Adjusted diluted net income per share | 0.83 | 0.97 | 2.23 | 2.56 | |||||||||
| Weighted average common shares outstanding for diluted net income per share | 76,918 | 76,419 | 76,786 | 77,079 | |||||||||
| INTEGRA LIFESCIENCES HOLDINGS CORPORATION CONDENSED BALANCE SHEET DATA (UNAUDITED) | |||||
| (In thousands) | |||||
| December 31, | |||||
| 2025 | 2024 | ||||
| Short term investments | $ | 28,693 | $ | 27,192 | |
| Cash and cash equivalents | 235,048 | 246,375 | |||
| Accounts receivable, net | 278,849 | 272,370 | |||
| Inventory, net | 492,735 | 429,090 | |||
| Current and long-term borrowing under senior credit facility | 1,768,306 | 1,121,823 | |||
| Borrowings under securitization facility | 87,800 | 108,100 | |||
| Convertible securities | — | 573,170 | |||
| Stockholders' equity | 1,043,463 | 1,545,280 | |||
| INTEGRA LIFESCIENCES HOLDINGS CORPORATION CONDENSED STATEMENT OF CASH FLOWS (UNAUDITED) | ||||||
| Twelve Months Ended December 31, | ||||||
| 2025 | 2024 | |||||
| Net cash provided by operating activities | $ | 50,384 | $ | 129,382 | ||
| Net cash used in investing activities | (108,063 | ) | (390,808 | ) | ||
| Net cash used in by financing activities | 28,335 | 237,863 | ||||
| Effect of exchange rate changes on cash and cash equivalents | 18,017 | (6,464 | ) | |||
| Net increase (decrease) in cash and cash equivalents | $ | (11,327 | ) | $ | (30,027 | ) |
| RECONCILIATION OF NON-GAAP ADJUSTMENTS - GAAP OPERATING CASH FLOW TO MEASURES OF ADJUSTED FREE CASH FLOW AND ADJUSTED FREE CASH FLOW CONVERSION (UNAUDITED) | ||||||
| (In thousands) | ||||||
| Three Months Ended December 31, | ||||||
| 2025 | 2024 | |||||
| GAAP Net cash provided by operating activities | $ | 11,815 | $ | 50,746 | ||
| Purchases of Property and Equipment | (17,214 | ) | (29,599 | ) | ||
| Adj Free Cash Flow | $ | (5,399 | ) | $ | 21,147 | |
| Adjusted Net Income (1) | $ | 63,740 | $ | 73,256 | ||
| Adjusted Free Cash Flow Conversion | (8.5)% | 28.8 | % | |||
| Twelve Months Ended December 31, | ||||||
| 2025 | 2024 | |||||
| GAAP Net cash provided by operating activities | $ | 50,384 | $ | 129,382 | ||
| Purchases of Property and Equipment | (81,436 | ) | (104,418 | ) | ||
| Adj Free Cash Flow | $ | (31,052 | ) | $ | 24,964 | |
| Adjusted Net Income (1) | $ | 171,380 | $ | 196,940 | ||
| Adjusted Free Cash Flow Conversion | (18.1)% | 12.7 | % | |||
(1) Adjusted net income for quarters and twelve months ended December 31, 2025 and 2024 are reconciled above. Adjusted net income for remaining quarters in the trailing twelve months calculation have been previously reconciled and are publicly available in the Quarterly Earnings Call Presentations on our website at investor.integralife.com.
The Company calculates adjusted free cash flow conversion by dividing its free cash flow by adjusted net income. The Company believes this measure is a useful metric in evaluating the significance of the cash special charges in its adjusted earnings measures.
| RECONCILIATION OF NON-GAAP ADJUSTMENTS - NET DEBT CALCULATION (UNAUDITED) | ||||||
| (In thousands) | ||||||
| December 31, 2025 | December 31, 2024 | |||||
| Short-term borrowings under senior credit facility | $ | 38,750 | $ | 33,906 | ||
| Long-term borrowings under senior credit facility | 1,729,556 | 1,087,917 | ||||
| Borrowings under securitization facility | 87,800 | 108,100 | ||||
| Convertible Securities | — | 573,170 | ||||
| Deferred financing costs netted in the above | 3,257 | 5,475 | ||||
| Short-term investments | (28,693 | ) | (27,192 | ) | ||
| Cash & Cash Equivalents | (235,048 | ) | (246,375 | ) | ||
| Net Debt | $ | 1,595,622 | $ | 1,535,001 | ||
| RECONCILIATION OF NON-GAAP ADJUSTMENTS - GAAP GROSS PROFIT TO MEASURES OF ADJUSTED GROSS PROFIT AND ADJUSTED GROSS MARGIN (UNAUDITED) | |||||||||||||||
| (In thousands, except percentages) | |||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Total revenues, net | $ | 434,925 | $ | 442,645 | $ | 1,635,245 | $ | 1,610,527 | |||||||
| Cost of goods sold | 214,060 | 193,573 | 803,625 | 728,466 | |||||||||||
| Reported Gross Profit | $ | 220,865 | $ | 249,072 | $ | 831,620 | $ | 882,061 | |||||||
| Structural optimization charges | 9,645 | 4,238 | 27,521 | 16,195 | |||||||||||
| Acquisition, divestiture and integration-related charges | 199 | 513 | 1,047 | 9,071 | |||||||||||
| Boston Recall/Braintree Transition | 13,588 | 10,966 | 54,953 | 43,175 | |||||||||||
| EU Medical Device Regulation | 951 | 1,054 | 4,277 | 4,020 | |||||||||||
| Intangible asset amortization expense | 23,152 | 22,842 | 92,106 | 83,962 | |||||||||||
| Adjusted Gross Profit | $ | 268,400 | $ | 288,685 | $ | 1,011,524 | $ | 1,038,484 | |||||||
| Total Revenues | $ | 434,925 | $ | 442,645 | $ | 1,635,245 | $ | 1,610,527 | |||||||
| Adjusted Gross Margin | 61.7 | % | 65.2 | % | 61.9 | % | 64.5 | % | |||||||
