Integra Lifesciences Holdings Corp
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −8.32%.
Did IART Beat Earnings? Q4 2025 Results
Integra LifeSciences navigated a turbulent quarter with a modest beat on both top and bottom lines, though the underlying results painted a more complicated picture. The medical device maker posted Q4 2025 adjusted EPS of $0.83, ahead of the $0.80 consensus estimate by 3.72%, while revenue of $434.93 million edged past expectations by 1.23%, even as sales slipped 1.7% year over year. The headline beat masked meaningful divergence across the business: Codman Specialty Surgical, representing roughly three-quarters of total revenue, grew 2.7% on a reported basis, driven by double-digit gains in CereLink and Mayfield capital products, while Tissue Technologies fell 12.8%, dragged lower by a 21.4% organic decline in Wound Reconstruction tied largely to MediHoney remediation efforts. The company's stock came under pressure following the release, reflecting investor unease over a full-year GAAP net loss of $516.47 million, heavy debt at 4.5x leverage, and a weakening cash flow profile. Looking ahead, Integra guided 2026 revenues to $1.66 billion to $1.70 billion with adjusted EPS of $2.30 to $2.40, as a newly simplified operating model is expected to deliver $25 million to $30 million in savings.
- Double-digit growth in CereLink, Mayfield capital, and Aurora products
- High-single digit growth in CUSA
- AERA, TruDi navigated disposables, and MicroFrance instruments driving ENT growth
- Private label growth of 20.1% organically from improved partner orders
- International sales grew high-single digits reflecting continued strong demand
“In the fourth quarter, we drove tangible operational progress while continuing to deliver for our customers and patients. During 2025, we further strengthened our quality management system, advanced our Compliance Master Plan, and progressed execution of our remediation work. Our operational and execution focus resulted in significant outcomes in key areas, namely Integra Skin supply reliability, healthier safety stock levels across our portfolio, and early relaunch of PriMatrix and Durepair.”
Integra LifeSciences CEO, on the earnings call
Forward Guidance & Outlook
For full-year 2026, Integra expects revenues of $1,662 million to $1,702 million, representing reported growth of 1.6% to 4.1% and organic growth of 0.8% to 3.3%. Adjusted EPS is expected to be $2.30 to $2.40, reflecting a full year of tariffs offset by margin improvement initiatives. For Q1 2026, the company expects revenues of $375 million to $390 million (organic growth of -3.4% to 0.5%) and adjusted EPS of $0.37 to $0.45. Guidance reflects tariff assumptions in place prior to a recent Supreme Court ruling on Section 122 tariffs and does not contemplate recovery of amounts already paid. The company expects $25-$30 million in savings in 2026 from its simplified operating model.
IART YoY Financials
IART Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.