Integra Lifesciences Holdings Corporation · NASDAQ:IART
Integra Lifesciences — Q1 2025 Earnings Presentation
19 slides from Integra Lifesciences's earnings presentation, May 5, 2025
Slide 1: Earnings Presentation Q1 2025
EA R N ING S P R E S E N T A T I O N Q1 2025 May 5, 2025
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation 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 presentation. All statements, other than statements of
Slide 3: Non-GAAP Financial Measures
Non-GAAP 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 EBITDA margin, adjusted net income, adjusted earnings per diluted share, adjuste
Slide 4: Advancing Our Priorities
Advancing Our Priorities Q1 Financial Performance Business Highlights Total revenue $382.7 million • Made meaningful progress in execution of our Compliance Master 3.7% Reported growth and -3.5% organic growth Plan • CSS -1.1% (US 3.9%; Int’l -8.3%) • Continued investments in capacity and resiliency
Slide 5: 2025 Q1 Financial Highlights
2025 Q1 Financial Highlights Revenue & Growth Adj. EPS Q1 Revenue (in $M) $0.41 (25.5%) vs. 2024 Reported Adj. Gross Margin $383 $369 +3.7% vs. 2024 62.2% (220bps) vs. 2024 Organic Adj. EBITDA Margin -3.5% vs. 2024 16.6% (290bps) vs. 2024 Q1'25 Q1'24 Operating Cash Flow $(11.3M) FCF Conversion Q1 Re
Slide 6: Codman Specialty Surgical Q1 Revenue
Codman Specialty Surgical Q1 Revenue Revenues Q1’25 Q1’24 Growth Reported $280.7M $256.4M 9.4% Q1 2025 Organic1 $253.6M $256.4M -1.1% Revenue Composition Q1 2025 Growth and Performance Drivers2 ENT Neurosurgery Instruments ENT3 International 13.8% High single-digit -4.7% 15.1% 0.4% Instruments decli
Slide 7: Tissue Technologies Q1 Revenue
Tissue Technologies Q1 Revenue Revenues Q1’25 Q1’24 Growth Reported $102.0M $112.4M -9.3% Q1 2025 Organic1 $102.2M $112.4M -9.1% Revenue Composition Q1 2025 Growth and Performance Drivers2 Private Label Wound Reconstruction Private Label International 26.7% -7.4% -13.3% Low double-digit decline • Wo
Slide 8: Balance Sheet and Cash Flow Performance
Balance Sheet and Cash Flow Performance Operating Cash Flow, Free Cash Flow ($M) & Adj. FCF Conversion (%) Summary Balance Sheet ($M) 12/31/24 3/31/25 Operating FCF Capex $129.6 $102.4 Cash and Cash Equivalents $246 $239 ($11.3) 68.7 Short-term Investments $27 $34 $15.8 15.5 28.9 Total Debt $1,809 $
Slide 9: Q2 and FY 2025 Outlook
Q2 and FY 2025 Outlook Q2 2025 Reported Revenue Guidance Bridge ($M) Q2 2025 Organic Growth (at mid-point) $418 (~6.3%) • Revenue: $390M-$400M • Reported Growth -6.8% to -4.4% ~0.8% $390 - $400 • Organic Growth -7.5% to -5.1% • Adj. EPS $0.40 - $0.45 Q2 2024 Organic Growth FX Q2 2025 Outlook FY 2025
Slide 10: Key 2025 Guidance Considerations and Assumptions
Key 2025 Guidance Considerations and Assumptions FY 2025 Guidance considerations Key Revenue Drivers for FY 2025 FX rates • Seasonal volume increases • EUR 0.88 • Moderating impact from the ship holds later in the year as we advance • JPY 143 execution of the compliance master plan • CNY 7.29 • Step
Slide 11: Advancing Our Priorities
Advancing Our Priorities Q1 Financial Performance Business Highlights Total revenue $382.7 million • Made meaningful progress in execution of our Compliance Master 3.7% Reported growth and -3.5% organic growth Plan • CSS -1.1% (US 3.9%; Int’l -8.3%) • Continued investments in capacity and resiliency
Slide 12: Appendix: Non-GAAP Reconciliations
Appendix Non-GAAP Reconciliations
Slide 13: First Quarter 2025 Financial Results
First Quarter 2025 Financial Results Note: Numbers may not add due to rounding % of Revenues Q1 2025 Q1 2024 Change Total Revenues $382.7 $368.9 3.7% Gross Margin 50.8% 56.1% -530BPS Adj. Gross Margin(1) 62.2% 64.4% -220BPS Net Income ($25.3) ($3.3) (670.9%) Adj. Net Income(1) $31.7 $43.0 (26.3%) Ad
Slide 14: Organic Growth Reconciliation
First Quarter 2025 Organic Growth Reconciliation (In millions) Q1 2025 Q1 2024 Neurosurgery $190.9 $202.3 Instruments $51.0 $44.4 ENT $38.8 $9.8 Total Codman Specialty Surgical $280.7 $256.4 Wound Reconstruction and Care $74.8 $80.9 Private Label $27.2 $31.6 Total Tissue Technologies $102.0 $112.4 T
Slide 15: Adjusted Free Cash Flow Reconciliation
First Quarter 2025 and 2024 (TTM) Adjusted Free Cash Flow Reconciliation Note: Numbers may not add due to rounding (In millions) Q1 2025 Q1 2024 TTM 2025 TTM 2024 Net Cash from Operating Activities ($11.3) $15.8 $102.4 $129.6 Purchases of Property and Equipment ($28.9) ($15.5) ($117.9) ($68.7) Free
Slide 16: Adjusted EBITDA Margin Reconciliation
First Quarter 2025 Adjusted EBITDA Margin Reconciliation Note: Numbers may not add due to rounding (In millions) Q1 2025 Q1 2024 GAAP Net Income ($25.3) ($3.3) Depreciation 10.5 9.9 Intangible asset amortization 26.5 27.7 Other (income), net (0.3) 0.7 Interest expense, net 14.4 8.6 Income tax expens
Slide 17: Adjusted Net Income & Adjusted EPS Reconciliation
First Quarter 2025 Adjusted Net Income & Adjusted EPS Reconciliation Note: Numbers may not add due to rounding (In millions) Q1 2025 Q1 2024 GAAP Net Income ($25.3) ($3.3) Acquisition, divestiture and integration-related charges (1) 6.2 4.7 Structural optimization charges 10.7 4.4 Boston Recall/Brai
Slide 18: Gross Margin Reconciliation
First Quarter 2025 Gross Margin Reconciliation Note: Numbers may not add due to rounding (In millions) Q1 2025 Q1 2024 Reported Gross Profit $194.4 $206.8 Structural optimization charges 4.3 3.3 Acquisition, divestiture and integration-related charges (1) 0.7 0.0 Boston Recall/Braintree Transition 1
Slide 19: Net Debt Reconciliation
First Quarter 2025 Net Debt Reconciliation Capitalization ($ in millions) 3/31/2025 12/31/2024 Short-term borrowings under senior credit facility 38.8 33.9 Long-term borrowings under senior credit facility 1,128.5 1,087.9 Borrowings under securitization facility 102.1 108.1 Convertible securities 57
Integra LifeSciences Holdings — Q1 2025 Earnings Presentation on 6ix