Integra Lifesciences Holdings Corporation · NASDAQ:IART
Integra Lifesciences — Q4 2025 Earnings Presentation
22 slides from Integra Lifesciences's earnings presentation, Feb 26, 2026
Slide 1: Earnings Presentation Q4 2025
EA R N ING S P R E S E N T A T I O N Q4 2025 February 26, 2026
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 release. All statements, other than statements of hist
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 gross profit, adjusted gross margin
Slide 4: Advanced Our 2025 Priorities
Advanced Our 2025 Priorities Building a foundation for sustainable growth and profitability • Completed comprehensive site assessments DELIVERING OUR FINANCIAL COMMITMENTS COMPLIANCE • Implemented risk-based remediation plans MASTER PLAN • Advanced FDA commitments IMPLEMENTATION • Implemented enterp
Slide 5: Delivering Our Vision in 2026 and Beyond
Delivering Our Vision in 2026 and Beyond Build a culture of quality and execution excellence, solidify market leadership, drive company performance INTEGRA’S STRATEGIC IMPERATIVES DELIVER DRIVE ACCELERATE IGNITE BEST-IN-CLASS SUPPLY CHAIN GROWTH INNOVATION QUALITY RELIABILITY TRANSFORM TO EXCEL AND
Slide 6: 2025 Full-Year Financial Highlights
2025 Full-Year Financial Highlights Continued strong demand offset by remediation efforts and supply constraints FULL YEAR REVENUE (in $M) $1,635 $1,611 $2.23 (12.9)% vs. 2024 61.9% (260 bps) vs. 2024 ADJUSTED EPS ADJUSTED GROSS MARGIN 19.4% (60) bps vs. 2024 $50.4M and (18.1%) FCF Conversion ADJUST
Slide 7: 2025 Q4 Financial Highlights
2025 Q4 Financial Highlights Delivered revenue and adjusted EPS in line with our guidance Q4 REVENUE (in $M) $435 $443 $0.83 (14.4%) vs. 2024 61.7% (350 bps) vs. 2024 ADJUSTED EPS ADJUSTED GROSS MARGIN 24.0% +30 bps vs. 2024 $11.8M and (8.5%) FCF Conversion ADJUSTED EBITDA MARGIN OPERATING CASH FLOW
Slide 8: Codman Specialty Surgical Q4 Revenue
Codman Specialty Surgical Q4 Revenue Growth against a strong prior-year comparison Q4 2025 Revenue Composition Q4 2025 REVENUE ENT 13.8% REPORTED $323.3M $314.7M 2.7% Q4 25 Q4 24 Growth ORGANIC1 $320.0M $314.7M 1.6% Neurosurgery Q4 25 Q4 24 Growth 70.0% 2 Q4 2025 GROWTH AND PERFORMANCE DRIVERS NEUR
Slide 9: Tissue Technologies Q4 Revenue
Tissue Technologies Q4 Revenue Medihoney® impact and strong prior-year Integra Skin comp Q4 2025 Revenue Composition ENT Q4 2025 REVENUE 13.8% REPORTED $111.6M $128.0M (12.8%) Q4 25 Q4 24 Growth ORGANIC1 $111.4M $128.0M (12.8%) Wound Reconstruction Q4 25 Q4 24 Growth 71.6% 2 Q4 2025 GROWTH AND PERF
Slide 10: Balance Sheet and Cash Flow Performance
Balance Sheet and Cash Flow Performance Improved second-half 2025 cash flow generation OPERATING CASH FLOW, FREE CASH FLOW ($M) & SUMMARY BALANCE SHEET ($M) ADJUSTED FCF CONVERSION (%) 12/31/24 12/31/25 FCF Capex CASH AND CASH EQUIVALENTS $246 $235 $129.4 SHORT-TERM INVESTMENTS $27 $29 TOTAL DEBT
Slide 11: Q1 and FY 2026 Outlook
Q1 and FY 2026 Outlook Guidance reflects strengthening the foundation and solid underlying demand Q1 2026 REPORTED REVENUE GUIDANCE BRIDGE ($M) Organic Growth (at mid-point) Q1 2026 $383 ~(1.5)% ~1.4% $375 - $390 $375M - $390M REPORTED Reported Growth (2.0%) to 1.9% Organic Growth (3.4%) to 0.5% $0.
Slide 12: Key 2026 Guidance Assumptions and Considerations
Key 2026 Guidance Assumptions and Considerations FY 2026 REVENUE OUTLOOK FX RATES Revenue expected to build through the year supported by seasonality, share recapture and EUR/USD 1.17 supply recovery USD/JPY 159 USD/CNY 6.97 ADJUSTED GROSS MARGINS EXPECTED TO REMAIN FLAT VS 2025 ADJ. TAX RAT
Slide 13: Building the Foundation for Sustainable Growth
Building the Foundation for Sustainable Growth Focused execution enabling innovation and growth • Expand Neurosurgery and ENT New product introductions category leadership Clinical evidence generation • Advance skin substitutes and implant- based breast reconstruction Strength of portfolio and clini
Slide 14: Appendix: Non-GAAP Reconciliations
APPENDIX Non-GAAP Reconciliations
Slide 15: Fourth Quarter and FY 2025 Financial Results
Fourth Quarter and FY 2025 Financial Results % of Revenues Q4 2025 Q4 2024 Change Q4 YTD 2025 Q4 YTD 2024 Change Total Revenues $434.9 $442.6 (1.7%) $1,635.2 $1,610.5 1.5% Gross Margin 50.8% 56.3% -550BPS 50.9% 54.8% -390BPS Adj. Gross Margin(1) 61.7% 65.2% -350BPS 61.9% 64.5% -260BPS Net Income ($1
Slide 16: Fourth Quarter and FY 2025 Organic Growth Reconciliation
Fourth Quarter and FY 2025 Organic Growth Reconciliation Q4 YTD Q4 YTD (In millions) Q4 2025 Q4 2024 2025 2024 Neurosurgery $226.2 $220.1 $827.7 $803.8 Instruments $52.3 $51.0 $206.5 $204.2 ENT $44.8 $43.5 $166.4 $135.6 Total Codman Specialty Surgical $323.3 $314.7 $1,200.5 $1,143.6 Wound Reconstruc
Slide 17: Fourth Quarter and FY 2025 Adjusted Free Cash Flow Reconciliation
Fourth Quarter and FY 2025 Adjusted Free Cash Flow Reconciliation (In millions) Q4 2025 Q4 2024 TTM 2025 TTM 2024 Net Cash from Operating Activities $11.8 $50.7 $50.4 $129.4 Purchases of Property and Equipment ($17.2) ($29.6) ($81.4) ($104.4) Free Cash Flow ($5.4) $21.1 ($31.0) $25.0 Adjusted Net In
Slide 18: Fourth Quarter and FY 2025 Adjusted EBITDA Margin Reconciliation
Fourth Quarter and FY 2025 Adjusted EBITDA Margin Reconciliation Q4 YTD Q4 YTD (In millions) Q4 2025 Q4 2024 2025 2024 GAAP Net Income ($1.7) $19.4 ($516.5) ($6.9) Depreciation 11.3 10.9 44.0 41.4 Intangible asset amortization 26.9 26.6 107.1 105.3 Goodwill impairment charge - - 511.4 - Other (incom
Slide 19: Fourth Quarter and FY 2025 Adjusted EPS Reconciliation
Fourth Quarter and FY 2025 Adjusted EPS Reconciliation Q4 YTD Q4 YTD (In millions) Q4 2025 Q4 2024 2025 2024 GAAP Net Income ($1.7) $19.4 ($516.5) ($6.9) Acquisition, divestiture and integration-related charges(1) (1.0) 2.3 3.6 33.6 Structural optimization charges 20.3 9.1 48.0 24.2 Boston Recall/Br
Slide 20: Fourth Quarter and FY 2025 Adjusted Gross Margin Reconciliation
Fourth Quarter and FY 2025 Adjusted Gross Margin Reconciliation Q4 YTD Q4 YTD (In millions) Q4 2025 Q4 2024 2025 2024 Reported Gross Profit $220.9 $249.1 $831.6 $882.1 Structural optimization charges 9.6 4.2 27.5 16.2 Acquisition, divestiture and integration-related charges(1) 0.2 0.5 1.0 9.1 Boston
Slide 21: Fourth Quarter and FY 2025 Adjusted SG&A Reconciliation
Fourth Quarter and FY 2025 Adjusted SG&A Reconciliation (In millions) Q4 2025 Q4 2024 YTD 2025 YTD 2024 Reported SG&A $169.3 $178.5 $699.7 $717.0 Structural optimization charges 10.2 4.3 20.5 7.4 Acquisition, divestiture and integration-related charges(1) (1.7) 0.3 2.2 25.8 Boston Recall/Braintree T
Slide 22: Fourth Quarter 2025 Net Debt Reconciliation
Fourth Quarter 2025 Net Debt Reconciliation Capitalization ($ in millions) 12/31/2025 12/31/2024 Short-term borrowings under senior credit facility 38.8 33.9 Long-term borrowings under senior credit facility 1,729.6 1,087.9 Borrowings under securitization facility 87.8 108.1 Convertible securities -
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