Integra Lifesciences (IART) AI Stock Analysis

• Market Cap: $696.76M
• Dividend Yield: N/A
• Average Volume (3M): 682.69K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.72
• Revenue Growth: 4.99%
• EPS Growth: -7151.40%
• Country: US
• Employees: 4,396
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): 0.83
• Shares Outstanding: 77,937,210
• 10 Day Avg. Volume: 691,147
• 30 Day Avg. Volume: 682,692
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.91
• Price to Sales (P/S): 0.58
• P/FCF Ratio: -30.70
• Enterprise Value/Market Cap: 3.58
• Enterprise Value/Revenue: 1.53
• Enterprise Value/Gross Profit: 2.95
• Enterprise Value/Ebitda: -7.65
• 1Y Price Target: $11.25
• Price Target Upside: 25.84% Upside
• Rating Consensus: Moderate Sell
• Number of Analyst Covering: 5
• EPS Forecast (FY): 2.35
• Revenue Forecast (FY): $1.67B

• Rating: 47 Neutral
• Price Target: $9.00 ▲(0.67% Upside)
• Action: Reiterated Date: 02/27/26
• Date: Action: Reiterated 02/27/26

The score is held down primarily by the sharp 2025 profitability/revenue deterioration and weakened cash generation, with technicals also leaning weak (below key long-term moving averages). The earnings call provides partial offset via guidance for improved cash flow, modest growth, and deleveraging, but tariff/remediation and organic growth pressure keep risk elevated.

Positive Factors

Material leverage improvement

A sharp reduction in debt and a ~0.21 debt-to-equity ratio materially improves financial flexibility and lowers interest burden. This stronger capital structure gives management time and optionality to execute product relaunches, invest in R&D, and pursue deleveraging without immediate liquidity stress over the next several quarters.

Positive operating cash flow continuity

Consistent positive operating cash flow, even if weakened, provides a durable cushion for working capital, capex and remediation costs. That baseline cash generation underpins management’s plan to drive operating cash flow north of $200M in 2026 and supports sustainable deleveraging and reinvestment in product and supply improvements.

Strengthened commercial and R&D leadership

Targeted leadership hires and a CTO signal a deliberate push to accelerate product development, clinical evidence and program execution. Stronger management and R&D governance improve probability of successful relaunches and new indications, driving durable revenue recovery potential and higher-quality innovation over the medium term.

Negative Factors

2025 revenue and profitability collapse

A nearly 47% revenue drop and deep net losses represent a structural earnings reset that undermines pricing power and returns. Such a severe deterioration reduces reinvestment capacity, stresses commercial channels and could slow recovery timelines as product relaunches need to offset large lost base to restore durable profitability.

Weak free cash flow & cash conversion

Marked deterioration in free cash flow and cash conversion constrains the company’s ability to fund capex, remediation and deleveraging simultaneously. Persistent weak cash conversion raises refinancing and execution risk, making sustainable margin restoration and strategic investments dependent on achieving the guided OCF improvement.

Tariff and remediation margin pressure

Ongoing tariff exposure and remediation costs are structural margin headwinds until resolved or recovered. Uncertainty over tariff recovery and staged product returns increases cost volatility and compresses gross margins, making midterm margin sustainability and cash generation hinge on regulatory outcomes and successful remediation execution.

Integra Lifesciences Business Overview & Revenue Model

Company Description

Integra LifeSciences Holdings Corporation develops, manufactures, and markets surgical implants and medical instruments for use in neurosurgery, extremity reconstruction, and general surgery. It operates in two segments, Codman Specialty Surgical and Tissue Technologies. The company offers neurosurgery and neuro critical care products, including tissue ablation equipment, dural repair products, cerebral spinal fluid management devices, intracranial monitoring equipment, and cranial stabilization equipment; and surgical headlamps and instrumentation, as well as asset management software and support, and after-market services. It also sells approximately 40,000 instrument patterns, and surgical and lighting products to hospitals and surgery centers, as well as dental, podiatry, and veterinary offices. In addition, the company provides regenerative technology products for the treatment of acute and chronic wounds; and surgical tissue repair products for hernia repair, peripheral nerve repair and protection, and tendon repair. Further, it offers skin and wound repair, plastics and surgical reconstruction products, bone grafts, and nerve and tendon repair products. The company offers its products directly through various sales forces and other distribution channels to the hospitals, integrated health networks, group purchasing organizations, clinicians, surgery centers, and health care providers in the United States, Europe, Asia Pacific, and internationally. Integra LifeSciences Holdings Corporation was incorporated in 1989 and is headquartered in Princeton, New Jersey.

How the Company Makes Money

Integra LifeSciences primarily makes money by selling medical devices, implants, and surgical-related products used in operating rooms and specialty procedures, generating revenue when healthcare providers purchase its products for patient care. Its revenue model is largely product-sales driven and organized around two main reporting segments: Codman Specialty Surgical and Tissue Technologies. Codman Specialty Surgical contributes revenue from neurosurgery-focused instruments and devices (e.g., tools and systems used in cranial and spinal procedures, including products for accessing, managing, and closing surgical sites). Tissue Technologies contributes revenue from regenerative and reconstructive solutions, including products used for soft-tissue repair and wound/reconstruction applications. The company sells through a mix of direct sales forces (particularly in larger markets and key hospital accounts) and distributors/independent sales agents in certain geographies, earning revenue per unit sold under purchase agreements with providers and group purchasing/channel arrangements. Additional factors that typically influence earnings include product mix (higher- vs. lower-margin implants and biologic/tissue-based products), international sales exposure, pricing and contracting dynamics with hospitals, and ongoing demand tied to procedure volumes in neurosurgery and reconstructive care. Specific material partnership terms or customer concentration details: null.

Integra Lifesciences Financial Statement Overview

Summary

Recent fundamentals are weak: the income statement reflects a sharp 2025 deterioration (large net loss and major revenue decline), and cash flow weakened with low operating cash flow and negative free cash flow. The balance sheet is a relative positive with materially reduced debt, but returns and overall profitability pressure remain significant.

Income Statement

Revenue was broadly stable through 2021–2024 but collapsed in 2025 (annual revenue down ~47%). Profitability deteriorated sharply: the company moved from modest profitability in 2022–2023 to near-breakeven losses in 2024, then to a very large net loss in 2025 (net margin roughly -32%). Earlier periods showed solid gross margin and healthy operating profitability (2021–2022), but the 2025 reset overwhelms the multi-year track record and raises concerns about earnings quality and business disruption.

Balance Sheet

Leverage improved materially in 2025, with debt dropping sharply and debt-to-equity falling to ~0.21 versus ~0.90–1.28 in 2020–2024, which is a clear balance-sheet positive. However, profitability pressure shows up in returns on equity, swinging from ~10% in 2021–2022 to slightly negative in 2024 and deeply negative in 2025, indicating equity is currently not earning an adequate return. Total assets and equity remain sizable, but the recent earnings collapse is a key risk to balance-sheet strength over time.

Cash Flow

Operating cash flow remained positive across the period, including 2025, which provides some downside support. That said, cash generation weakened meaningfully versus prior years (well below 2021–2022 levels), and free cash flow fell sharply in 2024 and again in 2025, with extremely negative growth reported in 2025. The company’s cash flow no longer comfortably supports profitability and investment needs the way it did in 2021–2022, signaling reduced cash conversion and higher execution risk.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.64B	1.61B	1.54B	1.56B	1.54B
Gross Profit	845.23M	882.06M	884.74M	970.31M	944.64M
EBITDA	-326.20M	193.29M	255.96M	384.60M	366.33M
Net Income	-516.47M	-6.94M	67.74M	180.55M	169.07M
Balance Sheet
Total Assets	3.60B	4.04B	3.78B	3.89B	3.78B
Cash, Cash Equivalents and Short-Term Investments	263.74M	273.57M	309.10M	456.66M	513.45M
Total Debt	2.03B	1.98B	1.68B	1.63B	1.67B
Total Liabilities	2.56B	2.49B	2.19B	2.09B	2.10B
Stockholders Equity	1.04B	1.55B	1.59B	1.80B	1.68B
Cash Flow
Free Cash Flow	-31.05M	24.96M	73.09M	217.38M	264.35M
Operating Cash Flow	50.38M	129.38M	139.96M	264.47M	312.43M
Investing Cash Flow	-108.06M	-390.81M	-94.18M	-58.58M	-161.44M
Financing Cash Flow	28.34M	237.86M	-229.93M	-251.95M	-98.23M

Integra Lifesciences Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 8.94
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: 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 8.94 is below the 20-day moving average (MA) of 10.03, below the 50-day MA of 11.06, and below the 200-day MA of 12.79, indicating a bearish trend. The MACD of -0.68 indicates Positive momentum. The RSI at 27.34 is Positive, neither overbought nor oversold. The STOCH value of 16.56 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IART.

Integra Lifesciences Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
UFPT	69 Neutral	$1.47B	25.04	17.36%	―	29.47%	23.24%
BVS	65 Neutral	$718.46M	21.81	4.97%	―	1.58%	―
CNMD	56 Neutral	$1.11B	26.78	4.68%	2.02%	4.69%	-51.57%
AXGN	56 Neutral	$1.60B	-95.98	-13.44%	―	18.72%	85.77%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
OFIX	50 Neutral	$467.68M	-6.56	-20.38%	―	4.31%	3.26%
IART	47 Neutral	$696.76M	-1.85	-39.90%	―	4.99%	-7151.40%