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PRINCETON, N.J., Oct. 21, 2026 (GLOBE NEWSWIRE) -- Integra LifeSciences Holdings Corporation (Nasdaq: IART), a leading global medical technology company, today reported financial results for the third quarter ending September 30, 2026.

Third Quarter 2026 Highlights

Third quarter revenues of $411.2 million increased 2.3% on a reported basis and 2.5% on an organic basis compared to the prior year. Results included an approximate $7 million revenue impact related to flood damage at the Company’s Cincinnati facility.Third quarter GAAP earnings per diluted share of $0.19, compared to $(0.07) in the prior year. Adjusted earnings per diluted share of $0.59, compared to $0.54 in the prior year.Generated operating cash flow of $96.0 million and reduced the consolidated total leverage ratio to 3.8x.Subsequent to quarter-end, completed a $2.1 billion debt refinancing that extended debt maturities and enhanced financial flexibility.2026 full-year revenue guidance of $1.634 billion to $1.654 billion and adjusted earnings per share guidance of $2.30 to $2.40, consistent with the outlook provided on October 2, 2026.
"Our third quarter performance reflected mixed results across our portfolio, with stronger performance in Specialty Surgery partially offset by a $7 million impact from the Cincinnati disruption and softer-than-expected results in Tissue Reconstruction. We delivered results within our guidance ranges, generated strong cash flow, reduced leverage, and subsequently completed our debt refinancing," said Stuart Essig, Chairman and Chief Executive Officer.

"Our updated outlook reflects both the recovery timeline in Cincinnati and more measured expectations for portions of our Tissue Reconstruction business. We are focused on executing against these challenges while continuing to support our customers, advance key product launches and returns, and strengthen the business for more consistent long-term growth."                             

Third Quarter 2026 Consolidated Performance

Total reported revenues of $411.2 million increased 2.3% on a reported basis and 2.5% on an organic basis compared to the prior year.

The Company reported GAAP gross margin of 51.0%, compared to 51.5% in the third quarter of 2025. Adjusted gross margin was 61.1%, compared to 62.9% in the prior year.

Adjusted EBITDA for the third quarter of 2026 was $79.8 million, or 19.4% of revenue, compared to $78.5 million, or 19.5% of revenue, in the prior year.

The Company reported GAAP net income of $14.9 million, or $0.19 per diluted share, in the third quarter of 2026, compared to GAAP net loss of $(5.4) million, or $(0.07) per diluted share, in the prior year.

Adjusted net income for the third quarter of 2026 was $46.4 million, or $0.59 per diluted share, compared to $41.6 million, or $0.54 per diluted share, in the prior year.

Third Quarter 2026 Segment Performance

Specialty Surgery (~70% of Revenues)

Total revenues were $304.1 million, representing reported growth of 3.9% and an organic growth of 4.2% compared to the third quarter of 2025. Results were impacted by approximately $7 million related to flood damage at the Company’s Cincinnati facility.

Sales in Neuro increased 6.5% on an organic basis primarily driven by growth in CereLink®, Certas® Plus, Bactiseal®, DuraSeal® and recovery in cranial perforators.Sales in Instruments declined (0.9%) on an organic basis due to order timing.ENT sales declined (1.1%), largely due to a low-single digit decline in sinus balloons.
Tissue Reconstruction (~30% of Revenues)

Total revenues were $107.1 million, representing reported and organic decline of (2.2)% compared to the third quarter of 2025. Key drivers for the quarter include:

Low-single digit decline in wound reconstruction, with strong growth in DuraSorb® and PriMatrix®, offset by declines in MicroMatrix® and Integra Skin.Beginning this quarter, we are referring to our Private Label business as Corporate Partnerships, a name that better reflects the nature of these customer relationships. Corporate Partnerships, was approximately flat compared to the third quarter of last year. Balance Sheet, Cash Flow and Capital Allocation

The Company generated cash flow from operations of $96.0 million in the quarter. Net debt at the end of the quarter was $1.5 billion, and the consolidated total leverage ratio was 3.8x.

As of the end of the quarter, the Company had total liquidity of approximately $559 million, including $311.9 million in cash plus short-term investments and the remainder available under its revolving credit facility.

Debt Refinancing and Enhanced Financial Flexibility

On October 19, 2026, the Company completed a $2.1 billion debt refinancing consisting of a $1.65 billion senior secured credit facility and $450 million aggregate principal amount of 9.5% senior secured notes due 2033. The new credit facility consists of a $600 million Term Loan A, a $600 million revolving credit facility, and a $450 million Term Loan B.

The Company used the proceeds from the refinancing to repay its existing credit facilities and pay related fees and expenses. The transaction extended the Company’s debt maturity profile, enhanced financial flexibility, and supports the Company's continued focus on cash generation and deleveraging. Additional information regarding the refinancing is available in the Company’s filings with the Securities and Exchange Commission.

Related to the refinancing, the amended debt covenants provide additional near-term covenant capacity by temporarily increasing the Company’s maximum allowable net leverage ratio from its current level followed by scheduled step-downs to 4.25x during 2027. Under the previous covenants the step down for 2027 was to 4.0x. The Company expects the increase in its effective interest rate to be near the high end of the previously communicated 100- to 200-basis-point range.

2026 Revenue and Adjusted Earnings Per Share Guidance

For the fourth quarter of 2026, the Company expects reported revenues in the range 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%. The Company expects adjusted earnings per diluted share in the range of $0.61 to $0.71.

For the full year 2026, the Company expects revenues in the range of $1.634 billion to $1.654 billion representing reported growth of -0.1% to 1.2% and organic growth of -0.3% to 0.9%. The Company expects adjusted earnings per diluted share in the range of $2.30 to $2.40. The Company continues to expect operating cash flow of approximately $190 million to $200 million for the full year. These expectations are consistent with the preliminary results and updated guidance provided on October 2, 2026.

The updated fourth quarter and full-year outlook reflects the expected revenue impact of the Cincinnati disruption, an updated outlook for Tissue Reconstruction performance, and a consistent outlook for Specialty Surgery. The adjusted earnings per diluted share outlook also reflects business interruption insurance recoveries for lost revenue related to the Cincinnati disruption and incremental interest expense associated with the refinancing.

Conference Call and Presentation Available Online

Integra has scheduled a conference call for 8:30 a.m. ET on Wednesday, October 21, 2026, to discuss third quarter 2026 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 in the Investor Relations section of the Company's website at investor.integralife.com. A live webcast will also be available in the Investor Relations section of the Company's 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, register here to receive dial-in details and an individual pin. While not required, it is recommended to join 10 minutes prior to the event’s start. A webcast replay of the conference call will be available on the Investors 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 and 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 Braintree facility and the relaunch of SurgiMend in the fourth quarter of 2026, and the estimated impact of the flooding event at our Cincinnati, Ohio manufacturing facility (the “Cincinnati facility”), including on our financial condition and results of operations, and our expectations and progress in our recovery efforts, including timing, costs and expected insurance coverage and reimbursements. 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: increased geopolitical instability and other macroeconomic factors, including trade barriers and related restrictions (including tariffs and related countermeasures), armed conflict and acts of terrorism, geopolitical tension and instability, supply chain disruptions, and interest rate and foreign currency rate fluctuations, 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; difficulties or delays, including unexpected costs and the availability of insurance coverage and reimbursements, related to the Company's Cincinnati facility recovery efforts; 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 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 transition of Boston-related manufacturing operations to the Company’s Braintree, Massachusetts facility (the "Braintree transition"); (v) charges related to the flooding of the Company’s Cincinnati, Ohio manufacturing facility, including inventory losses, asset write-offs, remediation costs, plant restart costs and other directly related costs, net of associated insurance reimbursements, as applicable (the “Cincinnati flood and recovery”); (vi) intangible asset amortization expense; (vii) 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 Braintree transition; (iv) EU Medical Device Regulation-related charges; (v) charges related to the Cincinnati flood and recovery; and (vi) 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.

The Company has included reconciliations of GAAP revenues to organic revenues, GAAP net income to adjusted EBITDA, and adjusted net income, GAAP gross margin to adjusted gross margin, and GAAP earnings per diluted share to adjusted earnings per diluted share all for the quarters ended June 30, 2026 and 2025. The Company has included a reconciliation of GAAP total debt to net debt for the quarters ended June 30, 2026 and December 31, 2025.  

The Company is providing forward-looking guidance regarding organic revenue and adjusted earnings per diluted share but is not providing reconciliations to the most directly comparable forward-looking GAAP financial measures because certain GAAP expense items and the impact of changes in foreign exchange rates are highly variable and management is unable to predict them with reasonable certainty and without unreasonable effort. Specifically, the actual impact of changes in foreign exchange rates and the financial impact and timing of divestitures, acquisitions, integrations, structural optimization, efforts to comply with the EU Medical Device Regulation, and income tax impact from adjustments are uncertain, depend on various dynamic factors and are not reasonably ascertainable at this time. The unavailable information 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
[email protected]

Media Contact:
Laurene Isip
(609) 208-8121
[email protected]

  INTEGRA LIFESCIENCES HOLDINGS CORPORATION 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 
(UNAUDITED)
 (In thousands, except per share amounts)
   Three Months Ended September 30,   2026   2025 Total revenue, net $411,182  $402,062      Costs and expenses:    Cost of goods sold  201,316   195,071 Research and development  21,897   22,456 Selling, general and administrative  165,311   169,046 Intangible asset amortization  3,758   3,728 Goodwill impairment charge  —   — Total costs and expenses  392,282   390,301 Operating income (loss)  18,900   11,761 Interest income  5,002   4,982 Interest expense  (22,961)  (22,725)Other income (expense), net  14,723   (842)Income (loss) before income taxes  15,664   (6,824)Provision (benefit) for income taxes  812   (1,420)Net income (loss) $14,852  $(5,404)     Net income (loss) per share    Diluted $0.19  $(0.07)     Weighted average common shares outstanding  78,577   76,753       The following table presents revenues disaggregated by the major sources for the three months ended September 30, 2026 and 2025 (amounts in thousands):
     Three Months Ended September 30,   2026 2025ChangeNeurosurgery $214,097$201,5636.2%Instruments  49,662 50,151(1.0)%ENT  40,361 40,869(1.2)%Total Specialty Surgical  304,120 292,5833.9%     Wound Reconstruction Solutions  81,529 83,988(2.9)%Corporate Partnerships  25,533 25,4910.2%Total Tissue Reconstruction  107,062 109,479(2.2)%Total Reported Revenues $411,182$402,0622.3%     Impact of changes in currency exchange rates  810 — Total organic revenues(1) $411,992$402,0622.5%        (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 location where each item is recorded are as follows:

(In thousands)

Three Months Ended September 30, 2026 ItemTotal AmountCOGS(a)SG&A(b)R&D(c)Amort (d)OI&E(e)Tax(f)Acquisition, divestiture and integration-related charges(3,026)822,211(1,322)—(3,997)— Structural Optimization charges5,742 3,4861,322935 —— — EU Medical Device Regulation charges2,556 2977601,499 —— — Braintree Transition8,772 8,7701— —— — Cincinnati Flood782 5,709—— —(4,927)— Intangible asset amortization expense26,850 23,091—— 3,758— — Estimated income tax impact from above adjustments and other items(10,083)——— —— (10,083)Depreciation expense10,287 ——— —— —              a) COGS - Cost of goods sold
b) SG&A - Selling, general and administrative
c) R&D - Research & development
d) Amort. - Intangible asset amortization
e) OI&E - Other income & expense
f) Tax - Income tax expense (benefit)

Items included in GAAP net income and location where each item is recorded are as follows:

(In thousands)

 Three Months Ended September 30, 2025 ItemTotal AmountCOGS(a)SG&A(b)R&D(c)Amort (d)OI&E(e)Tax(f)Acquisition, divestiture and integration-related charges(6,588)177(6,182)(1,029)—445— Structural Optimization charges11,052 8,4132,786 (146)——— EU Medical Device Regulation charges10,554 8085,396 4,350 ——— Braintree Transition13,957 13,447510 — ——— Intangible asset amortization expense26,873 23,145— — 3,728— Estimated income tax impact from above adjustments and other items(8,823)—— — ——(8,823)Depreciation expense11,289 —— — ———              a)  COGS - Cost of goods sol
b)  SG&A - Selling, general and administrative
c)  R&D - Research & development
d)  Amort. - Intangible asset amortization
e)  OI&E - Other income & expense
f)  Tax - Income tax expense (benefit)

 RECONCILIATION OF NON-GAAP ADJUSTMENTS - GAAP NET INCOME TO ADJUSTED EBITDA
(UNAUDITED)(In thousands)
   Three Months Ended
September 30,   2026   2025      GAAP net income (loss) $14,852  $(5,404)Non-GAAP adjustments:    Depreciation and intangible asset amortization expense  37,137   38,162 Other (income) expense, net  (5,545)  842 Interest expense, net  17,706   17,298 Income tax expense  812   (1,420)Structural optimization charges  5,742   11,052 EU Medical Device Regulation charges  2,556   10,554 Braintree Transition  8,772   13,957 Cincinnati Flood  782   — Acquisition, divestiture and integration-related charges  (3,026)  (6,588)Total of non-GAAP adjustments  64,936   83,857 Adjusted EBITDA $79,787  $78,453       RECONCILIATION OF NON-GAAP ADJUSTMENTS - GAAP NET INCOME TO MEASURES OF ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE
(UNAUDITED)(In thousands, except per share amounts)
   Three Months Ended
September 30,   2026   2025      GAAP net income (loss) $14,852  $(5,404)Non-GAAP adjustments:    Structural optimization charges  5,742   11,052 Acquisition, divestiture and integration-related charges  (3,026)  (6,588)EU Medical Device Regulation charges  2,556   10,554 Braintree Transition  8,772   13,957 Cincinnati Flood  782   — Intangible asset amortization expense  26,850   26,873 Estimated income tax impact from adjustments and other items  (10,083)  (8,823)Total of non-GAAP adjustments  31,592   47,025 Adjusted net income $46,444  $41,621      Adjusted diluted net income per share $0.59   0.54 Weighted average common shares outstanding for diluted net income per share  78,577   76,850  CONDENSED BALANCE SHEET DATA
(UNAUDITED) (In thousands)   September 30,
2026 December 31,
2025     Short term investments $59,669 $28,693Cash and cash equivalents  252,261  235,048Trade accounts receivable, net  248,994  278,849Inventories, net  464,454  492,735     Current and long-term borrowing under senior credit facility  1,745,388  1,768,306Borrowings under securitization facility  81,200  87,800Convertible securities  —  —          Stockholders' equity $1,066,617 $1,043,463      CONDENSED STATEMENT OF CASH FLOWS
(UNAUDITED)(In thousands)   Nine Months Ended
September 30,   2026   2025      Net cash provided by operating activities $128,582  $38,568 Net cash (used in) investing activities  (68,377)  (73,156)Net cash (used in) provided by financing activities  (38,809)  3,993 Effect of exchange rate changes on cash and cash equivalents  (4,183)  16,406      Net increase (decrease) in cash and cash equivalents $17,213  $(14,189)      RECONCILIATION OF NON-GAAP ADJUSTMENTS - GAAP OPERATING CASH FLOW TO
MEASURES OF FREE CASH FLOW AND ADJUSTED FREE CASH FLOW CONVERSION
(UNAUDITED)(In thousands)   Three Months Ended
September 30,   2026  2025 Net cash provided by operating activities $95,977 $40,907     Purchases of property and equipment  (10,246) (15,156)Free cash flow $85,731 $25,751     Adjusted net income(1) $46,444 $41,621 Adjusted free cash flow conversion  184.6% 61.9%              Twelve Months Ended
September 30,   2026  2025 Net cash provided by operating activities $140,397 $89,315     Purchases of property and equipment  (54,615) (93,821)Free cash flow $85,782 $(4,506)    Adjusted net income(1) $195,456 $180,896 Adjusted free cash flow conversion  43.9%(2.5)        %     (1) Adjusted net income for quarters ended September 30, 2026 and 2025 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 under Events & Presentations.

The Company calculates adjusted free cash flow conversion by dividing its free cash flow by adjusted net income. The Company believes this measure is useful 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)
      September 30,
2026December 31,
2025Short-term borrowings under senior credit facility $48,438 $38,750 Long-term borrowings under senior credit facility  1,696,950  1,729,556 Borrowings under securitization facility  81,200  87,800 Convertible securities  —  — Deferred financing costs netted in the above  2,112  3,257 Short term investments  (59,669) (28,693)Cash & Cash Equivalents  (252,261) (235,048)Net Debt $1,516,770 $1,595,622      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
September 30,   2026   2025      Total revenues, net $411,182  $402,062 Cost of goods sold  201,316   195,071 Reported Gross Profit  209,866   206,991 Cincinnati Flood  5,709   — Structural optimization charges  3,486   8,413 Acquisition, divestiture and integration-related charges  82   177 Braintree Transition  8,770   13,447 EU Medical Device Regulation  297   808 Intangible asset amortization expense  23,091   23,145 Adjusted Gross Profit $251,302  $252,981 Total Revenues $411,182  $402,062 Adjusted Gross Margin  61.1%  62.9%

What happened Integra LifeSciences Holdings Corporation (NASDAQ: IART) in Princeton, N.J., priced $450 million of 9.500% senior secured notes due 2033 on October 9, 2026.

The notes will be senior secured obligations of the company. They will also be guaranteed by wholly-owned domestic subsidiaries that already guarantee its senior secured credit facilities.

The sale is expected to close on or about October 19, 2026, subject to customary closing conditions. The company said it plans to use net proceeds, together with borrowings under a new credit facility, to refinance existing credit facilities and pay fees and expenses. The offering is part of a broader refinancing transaction and was made in a private placement. Key numbers Metric Latest Change Source Aggregate principal amount of notes $450 million Press release Coupon on the notes 9.500% Press release Expected closing on or about October 19, 2026 Press release Expected increase in effective interest rate near the high end of the anticipated 100-200 basis-point range Form 8-K Read more: Integra LifeSciences (IART) stock analysis and investment case

Why it matters OptimistFi's case is that Integra can rebuild value if compliance and supply reliability normalize. This filing adds financing, not operating progress, so it supports the balance sheet more than the turnaround itself.

The company expects the refinancing to lift its effective interest rate near the high end of the previously communicated 100-200 basis-point range. That higher cost matters because it leaves less room for a recovery to absorb debt service while the operating story is still being tested.

The notes carry a 9.500% coupon. The company also said the proceeds will pay fees and expenses tied to the refinancing. The financing is secured, not fresh equity support, so debt service stays in focus until the operating story improves. The notes will be guaranteed by wholly-owned domestic subsidiaries, which keeps the deal within the same secured credit structure.

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What's next The sale is expected to close on or about October 19, 2026, subject to customary closing conditions. If it closes, investors will have the refinancing structure the company described and a clearer read on the higher interest burden.

If it slips or the terms change, the financing plan remains open and the rate signal stays provisional. October 19, 2026 is the next dated check on execution.

The company said closing is still subject to customary conditions, so execution matters more than the announcement.

More from OptimistFi IART stock: the Integra LifeSciences thesis, its status and the next test to watch Levi Strauss & Co. (NYSE: LEVI) Raises Profit as Wholesale Outruns DTC Park Aerospace Corp. (NYSE: PKE) Expands Profit as Sales Rise Helen of Troy Limited (NASDAQ: HELE) Lifts Profit as Cash Flow Rebounds Stock research on every company OptimistFi covers Latest stock research and investment-case updates OptimistFi: evidence-first equity research Sources Integra LifeSciences press release, dated October 9, 2026 — Announced pricing of $450 million of 9.500% senior secured notes due 2033 and expected use of proceeds Form 8-K, dated October 9, 2026 — Disclosed the pricing and said the refinancing should lift the effective interest rate near the high end of the previously communicated 100-200 basis-point range Read the full OptimistFi thesis on Integra LifeSciences Holdings Corporation: https://optimistfi.com/stocks/IART

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The full Integra LifeSciences Holdings Corporation investment case, its status and the next test to watch live on the Integra LifeSciences Holdings Corporation thesis page.

Originally published on OptimistFi, evidence-first equity research. More at optimistfi.com.

Integra Lifesciences Holdings Corp (NASDAQ:IART) cut its 2026 revenue and adjusted earnings guidance after July flooding disrupted operations in Cincinnati, despite expectations for strong cash generation.

The medical technology company now forecasts annual revenue of $1.634 billion to $1.654 billion, down from $1.654 billion to $1.695 billion.

Alongside that reduction, it lowered adjusted earnings per diluted share guidance to $2.30 to $2.40 from $2.40 to $2.50.

Those revisions reflect updated assumptions about both the flooding's impact and the broader business for the remainder of 2026.

Preliminary, unaudited third-quarter estimates put revenue at approximately $410 million to $412 million and adjusted earnings per diluted share at $0.55 to $0.59, pending financial closing.

Despite the cuts, CEO Stuart Essig expects operating cash flow above $85 million for the quarter and approximately $190 million to $200 million for the year.

Essig also highlighted improving product availability, key products returning to market, and stronger commercial execution across the broader business.

At Cincinnati, however, Integra estimates flood-related supply disruption reduced third-quarter revenue by approximately $7 million and expects a $15 million to $20 million fourth-quarter hit.

To support customers, the company has tapped inventory and alternate suppliers for certain products while restoring the facility, which supports its Specialty Surgical Technologies portfolio.

It also expects property and business interruption insurance recoveries to cushion much of the disruption's earnings impact throughout the recovery period.

Integra expects full manufacturing operations at Cincinnati to resume during the second quarter of 2027.

Shares of Integra Lifesciences dropped 20.6% on Friday.

Key Takeaways Integra's Specialty Surgery revenues rose 1.6% organically, led by neurosurgery and better supply reliability.IART's adjusted EPS rose 24.4%, while Braintree production ramps up ahead of a phased SurgiMend relaunch.High leverage and a stronger U.S. dollar pressure Integra's flexibility and reported revenue outlook. Integra LifeSciences Holdings Corporation (IART - Free Report) sees steady demand across Specialty Surgery, supported by neurosurgery strength, better supply reliability and emerging ear, nose and throat (ENT) opportunities. The company is improving operational efficiency while ramping up Braintree production ahead of the SurgiMend relaunch. The Tissue Reconstruction portfolio is also showing gradual recovery, led by PriMatrix gains and improving Integra Skin sales. Meanwhile, high leverage and currency fluctuations remain key challenges for Integra, potentially affecting financial flexibility and reported sales.

Over the past year, this Zacks Rank #2 (Buy) stock has risen 16.1% compared with the industry’s 11.1% growth and the 16% rise of the S&P 500 composite.

The renowned medical device company has a market capitalization of $823.8 million.  Integra’s earnings yield of 22.1% favorably compares to the industry’s negative 0.9% yield. In the trailing four quarters, the company delivered an average earnings surprise of 7.7%.

Let’s delve deeper.

Tailwinds for IART StockSpecialty Surgery Demand and Portfolio Breadth: Specialty Surgery remains anchored by neurosurgery, where Integra’s products span pre-operative care, the operating room, neuro-critical care and post-care. In the second quarter of 2026, the segment’s revenues increased 1.6% organically to $309.3 million. Global Neurosurgery sales rose 1.9%, led by Certas Plus, CUSA and Bactiseal, as better supply reliability helped Integra meet customer demand more consistently.

Instruments grew 3.2% organically, and management continues to expect full-year growth. Capital equipment declined about 1% as double-digit CUSA growth was offset by smaller-ticket systems, but management maintained a positive full-year capital outlook and described the hospital capital environment as healthy. Management continues to view ENT as an emerging opportunity, with innovation focused on navigation and eustachian tube technologies.

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Operational Execution and Braintree Capacity Ramp-Up: Integra’s transformation program is beginning to reduce operating friction, while Braintree adds a path to restore key products. In the second quarter of 2026, adjusted EPS increased 24.4% year over year and exceeded management’s guidance range. Adjusted gross margin improved 60 basis points (bps) to 61.3%, while adjusted EBITDA margin expanded 160 bps to 18.7%. Management kept its full-year 2026 adjusted EPS guidance unchanged at $2.40-$2.50.

The company still expects $25-$30 million of savings in 2026, with another $10-$15 million of annualized savings in 2027 as remediation and transformation costs decline. Braintree began production in June 2026 and is building inventory for a phased SurgiMend relaunch later in the year.  Management does not expect SurgiMend to contribute meaningfully to 2026 revenues but expects sales to recover gradually over several quarters following the relaunch. SurgiMend premarket approval (PMA) is expected earlier in 2027, with DuraSorb later that year, subject to FDA inspection and approval.

Tissue Reconstruction Recovery and Portfolio Returns: Tissue Reconstruction is supported by product breadth across biologic and synthetic wound solutions, although performance across the business remains mixed. In the second quarter of 2026, revenues were $109.5 million, down 2% organically, as DuraSorb growth and PriMatrix gains were offset by lower Integra Skin and MicroMatrix sales. Integra Skin increased sequentially from the first quarter, with management expecting that progression to continue through 2026.

Roughly nine months after its relaunch, PriMatrix had recovered slightly more than half of pre-recall revenues and continued to rise sequentially. Wound reconstruction was about flat for the first half of 2026, consistent with full-year expectations. The hospital-heavy mix also limits exposure to outpatient skin-substitute reimbursement changes. MediHoney is expected to return to the market in 2027. Continued customer interest in the product could support further recovery in the Tissue Reconstruction portfolio.

What Concerns Integra?Elevated Leverage: Integra ended the second quarter of 2026 with total liquidity of about $496 million, including $274 million of cash and short-term investments. Net debt remained high at $1.60 billion. Total leverage improved to 4.1X from 4.5X at year-end 2025 but remained above management’s 2.5X-3.5X target range. Interest expense increased to $23.0 million from $21.0 million a year earlier. Management also expects higher interest expense in the second half of 2026 as it evaluates refinancing options, which could constrain financial flexibility.

Foreign Exchange Volatility Persists: Integra’s international exposure leaves reported revenues sensitive to currency movements. In the second quarter of 2026, management lowered full-year reported revenue guidance to $1.654-$1.695 billion from $1.662-$1.702 billion solely because of a stronger U.S. dollar.

IART Stock Estimate TrendThe Zacks Consensus Estimate for the company’s 2026 earnings per share (EPS) has remained constant at $2.46 in the past 60 days.

The consensus estimate for the 2026 revenues is pegged at $1.68 billion. This suggests a 2.5% rise from the year-ago reported number.

Other Key PicksSome other top-ranked stocks in the broader medical space are Veracyte (VCYT - Free Report) , Phibro Animal Health (PAHC - Free Report) and Globus Medical (GMED - Free Report) .

Veracyte has an earnings yield of 4.7% against the industry’s negative 1.4% yield. Shares of the company have risen 34.3% compared with the industry’s 11.1% growth. VCYT’s earnings outpaced estimates in each of the trailing four quarters, the average surprise being 41.8%. 

VCYT sports a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Phibro Animal Health, sporting a Zacks Rank #1, has an earnings yield of 10.2% compared with the industry’s 2.5% yield. Its earnings beat estimates in each of the trailing four quarters, the average surprise being 18.4%. PAHC shares have fallen 12.2% against the industry’s 27.3% decline over the past year.

Globus Medical, sporting a Zacks Rank #1, has an earnings yield of 6.8% against the industry’s negative 1.7% yield. Its earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 27.9%. GMED shares have rallied 32.2% compared with the industry’s 11.1% growth over the past year.

Key Takeaways IART began building SurgiMend inventory for a phased fourth-quarter 2026 relaunch.Integra expects SurgiMend share recapture to build gradually, making 2027 the key recovery year.Integra expects FDA approval earlier in 2027, pending a successful Braintree pre-approval inspection. Integra LifeSciences Holdings Corp. (IART - Free Report) has begun producing SurgiMend at its Braintree facility and is building inventory for a phased fourth-quarter 2026 relaunch. That milestone adds another product-restoration catalyst to the company’s Tissue Reconstruction recovery plan.

The near-term financial effect should be limited. Management assumes no meaningful SurgiMend contribution in 2026, leaving 2027 as the more important period for judging share recapture, regulatory progress and the broader portfolio recovery.

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IART’s Braintree Site Starts Building InventoryBraintree began production in June 2026, giving Integra a manufacturing path to restore SurgiMend after a prolonged disruption. Management is building inventory ahead of a controlled relaunch and expects sufficient supply to support the initial rollout.

The company plans to engage historical high-volume users and key opinion leaders first, applying lessons from the PriMatrix return. Because 2026 guidance includes no meaningful SurgiMend revenues, the current inventory build is more relevant to medium-term portfolio recovery than to this year’s growth.

Integra Expects a Gradual SurgiMend Revenue ReturnManagement expects SurgiMend share recapture to build over several quarters rather than rebound immediately. On the latest earnings call, it discussed a modest recovery toward roughly 50% of the product’s historical performance of about $40 million, providing a framework for how the relaunch could develop.

That pace makes 2027 central to the investment case. The Zacks Consensus Estimate calls for 2027 revenues of $1.737 billion, up from $1.677 billion in 2026. SurgiMend would be one contributor to that expected growth, but the company has not provided formal 2027 guidance.

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IART’s FDA Timeline Remains the Critical GateThe December 2024 FDA warning letter remains unresolved, and related Class III premarket approvals cannot be approved until the relevant violations are corrected. Integra expects all warning-letter action items to be implemented by the end of 2026, but inspection and approval timing remains under FDA control.

SurgiMend’s clinical safety and efficacy review is complete, and management says an approvable FDA decision is already in place. The remaining premarket approval depends on a successful pre-approval inspection at Braintree, with management expecting approval earlier in 2027.

Integra’s Tissue Portfolio Could Broaden the RecoverySurgiMend would join a Tissue Reconstruction recovery already supported by DuraSorb growth and the PriMatrix relaunch. Roughly nine months after its return, PriMatrix had recovered slightly more than half of pre-recall revenues and continued to improve sequentially. MediHoney is also expected to return in 2027.

The competitive backdrop remains active. AbbVie Inc. (ABBV - Free Report) markets the AlloDerm Select regenerative tissue matrix for tissue repair and certain post-mastectomy breast reconstruction uses. Becton, Dickinson and Company (BDX - Free Report) offers Phasix Mesh for soft tissue reconstruction. Integra therefore needs product restoration to translate into sustained commercial execution, especially after Tissue Reconstruction revenues declined 2% organically in the second quarter.

IART’s Scores Keep the Relaunch in PerspectiveSurgiMend can strengthen Integra’s 2027 recovery path if the relaunch progresses as planned, but the opportunity still depends on gradual customer recapture and successful regulatory execution. The broader Tissue Reconstruction portfolio offers several recovery levers, yet second-quarter performance shows that the segment is not fully back to growth.

IART currently carries a Zacks Rank #3 (Hold). Its Value Score of B is the most supportive Style Score, while the Growth Score of C, VGM Score of C and Momentum Score of D are less favorable. Because Style Scores are designed to complement the Zacks Rank, the current mix supports a measured view of the 2027 catalyst rather than treating the SurgiMend relaunch as a stand-alone buy signal.

You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

Key Takeaways IART gained 52.1% in a year, driven by growth across Specialty Surgery and Tissue Reconstruction. IART reported Q1 2026 EPS above guidance as margins benefited from favorable mix and transformation savings. IART faces risks from high debt, trade uncertainty and the FDA warning letter despite ongoing improvements. Integra LifeSciences’ (IART - Free Report) shares have surged 52.1% over the past year, showing impressive momentum. It has significantly outperformed the industry’s 5.1% decline and the S&P 500 composite’s 23.3% gain.  

With healthy fundamentals and strong growth opportunities, this Zacks Rank #2 (Buy) company appears to be a solid wealth creator for its investors at the moment.

Based in Plainsboro, NJ, Integra develops, manufactures and markets surgical implants and medical instruments. The company’s Specialty Surgery segment consists of neurosurgery, instruments and ENT surgical solutions, augmented by the 2024 acquisition of Acclarent. Its Tissue Reconstruction segment focuses on wound reconstruction, surgical reconstruction and peripheral nerve repair.

Key Catalysts for IART’s GrowthIntegra’s share price is trending upward, prompted by strong prospects in both the reporting segments. In first-quarter 2026, Specialty Surgery revenues totaled $283.1 million, with global neurosurgery sales up 1.9% organically on demand for Certas Plus, CUSA and BactiSeal, as supply reliability and fulfillment improved. 

Capital equipment sales increased in the low single digits, supported by continued strength in the capital funnel, including double-digit growth in CUSA and CereLink. Acclarent remains a key part of the ENT platform by expanding the portfolio across sinus and eustachian tube balloon technologies and navigation, which can broaden addressable markets over time. 

Tissue Reconstruction revenues grew 6.4% organically, reflecting double-digit growth in Integra Skin, mid-double-digit growth in DuraSorb and the PriMatrix launch. Private label sales grew 7.1% on a favorable prior-year comparison. 

The investors are also impressed with the company’s multi-year work on quality, compliance, capacity and transformation, which remains central to restoring predictable execution. In line with this, first-quarter adjusted EPS was $0.54, above the high end of guidance, supported by favorable mix and transformation savings, with adjusted gross margin of 64.1% and adjusted EBITDA margin of 19.4%. Integra continues to advance the PMA strategy for both SurgiMend and DuraSorb for implant-based breast reconstruction. 

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Factors That May Offset IART’s GainsIntegra’s position looks quite tight from the liquidity point of view, having ended the first quarter of 2026 with net debt of $1.60 billion and cash and cash equivalents of $236.8 million. The company has $39 million in current debt and $1.87 billion in total debt on its balance sheet. 

The company flagged continuing geopolitical and trade uncertainty, which can raise supplier costs and affect customer purchasing patterns. The FDA warning letter issued in December 2024 continues to frame execution risk across multiple facilities. While the company has adopted a risk-based approach and continues to advance its transformation and operational resiliency initiatives, execution delays could still lead to disruption, higher costs and slower product flow.

A Glance at IART’s EstimatesIn the past 30 days, the Zacks Consensus Estimate for 2026 earnings per share (EPS) has moved north to $2.45. 

Revenues are projected to grow 2.4% to $1.67 billion in 2026, while the same for 2027 is expected to reach $1.73 billion (up 3.3%).  

Other Key PicksSome other top-ranked stocks in the broader medical space are Globus Medical (GMED - Free Report) , Alcon (ALC - Free Report) and Phibro Animal Health (PAHC - Free Report) . 

Globus Medical has an earnings yield of 5.5%, well ahead of the industry’s negative 3% yield. Its earnings surpassed estimates in each of the trailing four quarters, the average surprise being 26.3%. The company’s shares have rallied 43.8% against the industry’s 4.8% decline over the past year.

GMED carries a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Alcon, carrying a Zacks Rank #2 at present, has an earnings yield of 5.1% against the industry’s negative 2.8% yield. Shares of the company have gained 22.8% compared with the industry’s 4.8% growth. ALC’s earnings topped estimates in three of the trailing four quarters and missed in one, the average surprise being 3.7%.

Phibro Animal Health, carrying a Zacks Rank #2 at present, has an earnings yield of 9.2% compared with the industry’s 2.8% yield. Shares of the company have climbed 43.1% against the industry’s 27.9% decline. PAHC’s earnings beat estimates in each of the trailing four quarters, the average surprise being 16.3%.