Start here if you're new
what it is
Integra sells surgical tools and implants used in brain surgery, general surgery, and tissue repair.
how it gets paid
Last year Integra Lifesci made $1.6B in revenue. neurosurgery was the main engine at $0.80B, or 50% of sales.
why it's growing
Revenue grew 1.5% last year. Consensus data shows a 3.75% EPS beat. SEC data for the latest quarter shows revenue of $1.2 billion.
what just happened
Integra posted an adjusted EPS beat of $0.83 vs. $0.80, but the SEC-reported quarter still showed a brutal GAAP EPS loss.
At a glance
B balance sheet — gets the job done, barely
85/100 earnings predictability — you can trust these numbers
5.2x trailing p/e — the market's not buying it — or you found a deal
10.0% return on capital — nothing to write home about
xvary composite: 46/100 — below average
What they do
Integra sells surgical tools and implants used in brain surgery, general surgery, and tissue repair.
This business sits inside operating rooms where surgeons care more about reliability than novelty. Codman Specialty Surgical made 71% of 2024 sales, which tells you hospitals already know the catalog. R&D was 7.1% of sales, so Integra keeps feeding products into niches where switching can slow your procedure and annoy your surgeon.
How they make money
$1.6B
annual revenue · their business grew +1.5% last year
neurosurgery
$0.80B
general surgery
$0.34B
soft tissue repair
$0.22B
regenerative tissue products
$0.24B
The products that matter
sells surgical and regenerative devices
Surgical & Medical Equipment
$1.6B revenue
it's the entire $1.6B business, and revenue grew just 1.5% last year. segment detail is thin here, which means this is still a one-story stock: either management restarts growth, or the valuation stays cheap for a reason.
entire business
Key numbers
5.2x
trailing p/e
P/E → price-to-earnings → how much investors pay for each dollar of profit. At 5.2x, the market is pricing Integra like a damaged asset, not a normal medtech company.
$22
18-month target
Target price → a fair-value estimate → the gap shows sentiment. The 18-month target implies about 91% upside from $11.54, which tells you expectations are already buried.
$1.8B
long-term debt
Long-term debt → money owed over years → leverage cuts both ways. The debt stack is about double the company's $900 million market value.
30.2%
operating margin
Operating margin → profit after running the business → core health check. Losing 30 cents on every sales dollar is what turns a medtech story into a repair job.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 25 / 100
- long-term debt $1.8B (67% of capital)
- net profit margin 13.1% — keeps 13 cents of every dollar in revenue
- return on equity 16% — $0.16 profit for every $1 investors have put in
B — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in IART 3 years ago → it's now worth $2,030.
The index would have given you $14,770.
source: institutional data · total return
What just happened
beat estimates
Integra posted an adjusted EPS beat of $0.83 vs. $0.80, but the SEC-reported quarter still showed a brutal GAAP EPS loss.
Consensus data shows a 3.75% EPS beat. SEC data for the latest quarter shows revenue of $1.2 billion, up 199% vs. prior year, and EPS of -$6.72, so the adjusted beat and GAAP result are telling very different stories.
$400M
revenue
$6.72
gaap eps
3.75%
eps surprise
the number that mattered
The 3.75% adjusted EPS beat mattered less than the -$6.72 GAAP EPS loss, because one says estimates were beaten and the other says the income statement was a mess.
-
shares of integra lifesciences continue to struggle.
-
the stock lost nearly half its value in 2025 and is off to a sluggish start this year.this equity has been trending downward since announcing a major recall in may of 2023 and has yet to truly recover.
-
to make matters worse, we had to lower our full-year 2025 revenue estimate by $40 million, to $1.63 billion and our earnings call by a nickel, to $2.20 per share.
-
weakness in the company's ent and private label businesses have been concerning.
-
also, some recent supply-chain disruptions likely had a negative impact on results.
source: company earnings report, 2026
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What could go wrong
the #1 risk is device recall or regulatory action in a leveraged medtech business.
med
device recall or regulatory action
Integra sells medical products into settings where quality failures get expensive fast. This is not abstract compliance risk — it goes straight to revenue, reputation, and hospital relationships.
With annual revenue at $1.6B and net margin at 11.2%, the company does not have endless room to absorb a meaningful disruption.
med
$1.8B debt load
Long-term debt equals 67% of capital. That is manageable while earnings hold up, and much less comfortable if growth stalls or margins slip.
The balance sheet grade is B, not A. You are getting profitability, but not much slack.
med
the business stays slow
Revenue grew only 1.5% last year. If that pace persists, the stock can remain optically cheap for a long time while investors wait for a turnaround that never quite arrives.
The current valuation only rerates if the market starts believing the path from $1.6B to the $2B revenue estimate.
a hit to revenue or margin would land on a company already carrying $1.8B in debt, which is why the 11.2% net margin matters more here than it would in a cleaner balance-sheet story.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
next report on revenue traction
The stock needs more than stable EPS. If revenue keeps growing around 1.5%, the cheap multiple may stay cheap.
trend
whether the Q4 EPS ramp holds
Quarterly EPS climbed from $0.41 to $0.80 through FY2025. You want to know if that was momentum or a one-quarter peak.
risk
debt versus profitability
$1.8B in long-term debt is fine until it isn't. Watch the 11.2% net margin and 26.5% operating margin for any deterioration.
metric
fy2026 estimates
The market case depends on $2.35 EPS and roughly $2B in revenue staying credible. Estimate cuts would tell you the bull case is slipping.
Analyst rankings
short-term outlook
below average
momentum score 4 — in human-speak, analysts still expect this to lag most stocks near term.
risk profile
average
stability score 3 — this sits in the middle of the pack on overall risk, not in the bunker and not in the casino.
chart momentum
top 20%
technical score 2 — the chart has improved. That's a trading signal, not proof that the business problems are solved.
earnings predictability
85 / 100
the company usually produces numbers close to expectations. You may dislike the trend, but surprises have not been the main problem.
source: institutional data
Institutional activity
institutions have been net selling for 3 consecutive quarters — 96 buyers vs. 111 sellers in 3q2025. total institutional holdings: 73.8M shares. net selling for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$9
$35
$12
current price
$22
target midpoint · +91% from current · 3-5yr high: $35 (+205% · 31% ann'l return)
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