Integra Lifesciences Holdings Corporation · NASDAQ:IART
Integra Lifesciences — Q1 2026 Earnings Presentation
19 slides from Integra Lifesciences's earnings presentation, May 5, 2026
Slide 1: Earnings Presentation Q1 2026
EA R N ING S P R E S E N T A T I O N Q1 2026 May 5, 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: Executing Our 2026 Priorities
Executing Our 2026 Priorities Transformation enabled strong execution and consistent, predictable performance Q1 2026 HIGHLIGHTS FULL YEAR OUTLOOK $392M $1.66 - $1.70B $2.40 - $2.50 + Exceeded top end of guidance + Reflects product demand, improved supply, Reported increased visibility Reported Reve
Slide 5: 2026 Q1 Financial Highlights
2026 Q1 Financial Highlights Delivered revenue and adjusted EPS above guidance range Q1 REVENUE (in $M) $392 $383 $0.54 +31.7% vs. 2025 64.1% +190 bps vs. 2025 ADJUSTED EPS ADJUSTED GROSS MARGIN 19.4% +280 bps vs. 2025 $9.8M and (12.1%) FCF Conversion ADJUSTED EBITDA MARGIN OPERATING CASH FLOW Q1 26
Slide 6: Specialty Surgery Q1 Revenue
SPECIALTY SURGERY Q1 Revenue Continued demand in Neuro offset by Instrument timing and ENT Q1 2026 Revenue Composition Q1 2026 REVENUE ENT 13.3% REPORTED $283.1M $280.7M 0.9% Q126 Q125 Growth ORGANIC1 $279.0M $280.7M (0.6%) Neuro Q126 Q125 Growth 70.0% 2 Q1 2026 GROWTH AND PERFORMANCE DRIVERS NEURO
Slide 7: Tissue Reconstruction Q1 Revenue
TISSUE RECONSTRUCTION Q1 Revenue Strong wound reconstruction performance and private label growth Q1 2026 Revenue Composition ENT Q1 2026 REVENUE 13.8% REPORTED $108.8M $102.0M 6.7% Q126 Q125 Growth ORGANIC1 $108.4M $102.0M 6.4% Wound Reconstruction Q126 Q125 Growth Solutions 73.2% 2 Q1 2026 GROWTH
Slide 8: Balance Sheet and Cash Flow Performance
Balance Sheet and Cash Flow Performance ~$21 million improvement in Q1 2026 operating cash flow vs prior year OPERATING CASH FLOW, FREE CASH FLOW ($M) & SUMMARY BALANCE SHEET ($M) ADJUSTED FCF CONVERSION (%) 12/31/25 3/31/26 FCF Capex CASH AND CASH EQUIVALENTS $235 $237 $102.4 SHORT-TERM INVESTMENT
Slide 9: Q2 and FY 2026 Outlook
Q2 and FY 2026 Outlook Guidance reflects strengthening the foundation and solid underlying demand Q2 2026 REPORTED REVENUE GUIDANCE BRIDGE ($M) Organic Growth (at mid-point) Q2 2026 $410 - $425 $416 ~0.3% ~0.2% $410M - $425M REPORTED Reported Growth (1.3%) to 2.3% Organic Growth (1.5%) to 2.1% $0.44
Slide 10: Key 2026 Guidance Assumptions and Considerations
Key 2026 Guidance Assumptions and Considerations FY 2026 REVENUE OUTLOOK FX RATES ~$26M step-up in the second quarter driven by normal seasonality, improvement in supply EUR/USD 1.16 and instrument timing Modest sequential growth in the third quarter, and a further increase in the fourth quart
Slide 11: Appendix: Non-GAAP Reconciliations
APPENDIX Non-GAAP Reconciliations
Slide 12: First Quarter 2026 Financial Results
First Quarter 2026 Financial Results % of Revenue Q1 2026 Q1 2025 Change Total Revenues $391.9 $382.7 2.4% Gross Margin 55.4% 50.8% +460BPS Adj. Gross Margin(1) 64.1% 62.2% +190BPS Net Income ($4.6) ($25.3) 81.7% Adj. Net Income(1) $41.6 $31.7 31.3% Adj. EBITDA Margin(1) 19.4% 16.6% +280BPS Diluted
Slide 13: First Quarter 2026 Organic Growth Reconciliation
First Quarter 2026 Organic Growth Reconciliation (In millions) Q1 2026 Q1 2025 Neurosurgery $198.2 $190.9 Instruments $47.2 $51.0 ENT $37.7 $38.8 Total Specialty Surgery $283.1 $280.7 Wound Reconstruction and Care $79.6 $74.8 Private Label $29.1 $27.2 Total Tissue Reconstruction $108.8 $102.0 Total
Slide 14: Free Cash Flow & Adjusted Free Cash Flow Conversion Reconciliations
First Quarter 2026 Free Cash Flow & Adjusted Free Cash Flow Conversion Reconciliations (In millions) Q1 2026 Q1 2025 TTM 2026 TTM 2025 Net Cash from Operating Activities $9.8 ($11.3) $71.4 $102.4 Purchases of Property and Equipment ($14.8) ($28.9) ($67.4) ($117.9) Free Cash Flow ($5.0) ($40.2) $4.1
Slide 15: Adjusted EBITDA Margin Reconciliation
First Quarter 2026 Adjusted EBITDA Margin Reconciliation (In millions) Q1 2026 Q1 2025 GAAP Net Income ($4.6) ($25.3) Depreciation 11.2 10.5 Intangible asset amortization 27.0 26.5 Other (income), net (4.5) (0.3) Interest expense, net 18.1 14.4 Income tax expense/(benefit) 2.2 (4.7) Acquisition, div
Slide 16: Adjusted EPS Reconciliation
First Quarter 2026 Adjusted EPS Reconciliation (In millions) Q1 2026 Q1 2025 GAAP Net Income ($4.6) ($25.3) Acquisition, divestiture and integration-related charges(1) 1.8 6.2 Structural optimization charges 9.3 10.7 Boston Recall/Braintree Transition 7.7 14.8 EU Medical Device Regulation 7.9 10.9 I
Slide 17: Adjusted Gross Margin Reconciliation
First Quarter 2026 Adjusted Gross Margin Reconciliation (In millions) Q1 2026 Q1 2025 Reported Gross Profit $217.0 $194.4 Structural optimization charges 2.6 4.3 Acquisition, divestiture and integration-related charges(1) 0.0 0.7 Boston Recall/Braintree Transition 7.1 14.4 EU Medical Device Regulati
Slide 18: Adjusted SG&A Reconciliation
First Quarter 2026 Adjusted SG&A Reconciliation (In millions) Q1 2026 Q1 2025 Reported SG&A $178.2 $181.5 Structural optimization charges 6.1 6.4 Acquisition, divestiture and integration-related charges(1) 1.4 5.8 Boston Recall/Braintree Transition 0.6 0.4 EU Medical Device Regulation 3.3 4.8 Adjust
Slide 19: Net Debt Reconciliation
First Quarter 2026 Net Debt Reconciliation Capitalization ($ in millions) 3/31/2026 12/31/2025 Short-term borrowings under senior credit facility 38.8 38.8 Long-term borrowings under senior credit facility 1,750.3 1,729.6 Borrowings under securitization facility 76.4 87.8 Convertible securities - -
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