Integra Lifesciences Holdings Corporation · NASDAQ:IART
Integra Lifesciences — Q2 2025 Earnings Presentation
19 slides from Integra Lifesciences's earnings presentation, Jul 31, 2025
Slide 1: Earnings Presentation Q2 2025
EA R N ING S P R E S E N T A T I O N Q2 2025 July 31, 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 Building a foundation for sustainable growth and profitability Compliance Master Plan Operational and Execution Delivering Our Financial Implementation Excellence Commitments Completed all baseline assessments Achieved highest ever production Delivered Q2 revenues above, and
Slide 5: 2025 Q2 Financial Highlights
2025 Q2 Financial Highlights Q2 revenue exceeds guidance; Adjusted EPS at top-end of guidance Q2 REVENUE (IN $M) $416 $418 $0.45 (28.6%) vs. 2024 60.7% (450 bps) vs. 2024 ADJUSTED EPS ADJUSTED GROSS MARGIN 17.1% (290 bps) vs. 2024 $8.9M and (32.7%) FCF Conversion ADJUSTED EBITDA MARGIN OPERATING CAS
Slide 6: Codman Specialty Surgical Q2 Revenue
Codman Specialty Surgical Q2 Revenue Strong Neurosurgery demand anchors Q2; Focused on driving supply recovery Q2 2025 Revenue Composition Q2 2025 REVENUE ENT 13.8% REPORTED $304.0M $301.8M 0.7% Q2 25 Q2 24 Growth ORGANIC1 $300.9M $301.8M -0.3% Neurosurgery Q2 25 Q2 24 Growth 68.8% Q2 2025 GROWTH AN
Slide 7: Tissue Technologies Q2 Revenue
Tissue Technologies Q2 Revenue Core strength in wound reconstruction offset by supply-related impacts Q2 2025 Revenue Composition ENT Q2 2025 REVENUE 13.8% REPORTED $111.6M $116.4M -4.1% Q2 25 Q2 24 Growth ORGANIC1 $111.5M $116.4M -4.1% Wound Reconstruction Q2 25 Q2 24 Growth 75.9% Q2 2025 GROWTH AN
Slide 8: Balance Sheet and Cash Flow Performance
Balance Sheet and Cash Flow Performance Available liquidity remains sufficient with positive cash flow generation expected in 2H 25 OPERATING CASH FLOW, FREE CASH FLOW ($M) SUMMARY BALANCE SHEET ($M) & ADJ. FCF CONVERSION (%) 12/31/24 6/30/25 FCF Capex CASH AND CASH EQUIVALENTS $246 $218 $141.7 SH
Slide 9: Q3 and FY 2025 Outlook
Q3 and FY 2025 Outlook Narrowing full-year revenue guidance range, reflecting increased visibility Q3 2025 REPORTED REVENUE GUIDANCE BRIDGE ($M) Q3 2025 Organic Growth (at mid-point) $410 - $420 ~8.6% ~0.4% $410M - $420M REPORTED Reported Growth +7.7% to +10.3% Organic Growth +7.3% to +9.9% $381 $0.
Slide 10: Key 2025 Guidance Assumptions and Considerations
Key 2025 Guidance Assumptions and Considerations FY 2025 FX RATES Key Revenue Drivers for 2H 2025 EUR 0.86 Seasonal volume increases JPY 149 Moderating impact from shipping holds CNY 7.18 Integra Skin sales ramp as capacity utilization improves ADJ. TAX RATE 19.0% AVG. SHARES 76 – 77 Adj. Gr
Slide 11: Summary
Summary Building momentum for sustainable growth and long-term value Compliance Master Plan Operational and Execution Delivering Our Financial Implementation Excellence Commitments Completed all baseline assessments Achieved highest ever production Delivered Q2 revenues above, and for manufacturing
Slide 12: Appendix: Non-GAAP Reconciliations
APPENDIX Non-GAAP Reconciliations 12
Slide 13: Second Quarter 2025 Financial Results
Second Quarter 2025 Financial Results Q2 YTD Q2 YTD % of Revenues Q2 2025 Q2 2024 Change Change 2025 2024 Total Revenues $415.6 $418.2 (0.6%) $798.3 $787.0 1.4% Gross Margin 50.4% 54.0% -370BPS 50.6% 55.0% -440BPS Adj. Gross Margin(1) 60.7% 65.2% -450BPS 61.4% 64.8% -340BPS Net Income ($484.1) ($12.
Slide 14: Second Quarter 2025 Organic Growth Reconciliation
Second Quarter 2025 Organic Growth Reconciliation Q2 YTD Q2 YTD (In millions) Q2 2025 Q2 2024 2025 2024 Neurosurgery $209.0 $205.5 $399.9 $407.8 Instruments $53.1 $54.5 $104.0 $98.9 ENT $41.9 $41.7 $80.7 $51.5 Total Codman Specialty Surgical $304.0 $301.8 $584.6 $558.2 Wound Reconstruction and Care
Slide 15: Adjusted Free Cash Flow Reconciliation
Second Quarter 2025 and 2024 (TTM) Adjusted Free Cash Flow Reconciliation (In millions) Q2 2025 Q2 2024 TTM 2025 TTM 2024 Net Cash from Operating Activities $8.9 $40.4 $70.9 $141.7 Purchases of Property and Equipment ($20.1) ($29.7) ($108.3) ($82.8) Free Cash Flow ($11.2) $10.7 ($37.4) $58.9 Adjuste
Slide 16: Adjusted EBITDA Margin Reconciliation
Second Quarter 2025 Adjusted EBITDA Margin Reconciliation Q2 YTD Q2 YTD (In millions) Q2 2025 Q2 2024 2025 2024 GAAP Net Income ($484.1) ($12.4) ($509.4) ($15.7) Depreciation 11.0 10.4 21.4 20.3 Intangible asset amortization 26.8 25.4 53.3 53.1 Goodwill impairment charge 511.4 - 511.4 - Other (incom
Slide 17: Adjusted Net Income & Adjusted EPS Reconciliation
Second Quarter 2025 Adjusted Net Income & Adjusted EPS Reconciliation Q2 YTD Q2 YTD (In millions) Q2 2025 Q2 2024 2025 2024 GAAP Net Income ($484.1) ($12.4) ($509.4) ($15.7) Acquisition, divestiture and integration-related charges(1) 5.0 18.7 11.2 23.4 Structural optimization charges 5.9 5.1 16.6 9.
Slide 18: Gross Margin Reconciliation
Second Quarter 2025 Gross Margin Reconciliation Q2 YTD Q2 YTD (In millions) Q2 2025 Q2 2024 2025 2024 Reported Gross Profit $209.3 $225.9 $403.8 $432.8 Structural optimization charges 5.2 4.9 9.5 8.2 Acquisition, divestiture and integration-related charges(1) 0.0 4.9 0.7 4.9 Boston Recall/Braintree
Slide 19: Net Debt Reconciliation
Second Quarter 2025 Net Debt Reconciliation Capitalization ($ in millions) 6/30/2025 12/31/2024 Short-term borrowings under senior credit facility 38.8 33.9 Long-term borrowings under senior credit facility 1,118.1 1,087.9 Borrowings under securitization facility 108.8 108.1 Convertible securities 5
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