On October 21, 2026 Integra LifeSciences Holdings Corporation (Nasdaq: IART), a leading global medical technology company, reported financial results for the third quarter ending September 30, 2026.
Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
Third Quarter 2026 Highlights
Third quarter revenues of $411.2 million increased 2.3% on a reported basis and 2.5% on an organic basis compared to the prior year. Results included an approximate $7 million revenue impact related to flood damage at the Company’s Cincinnati facility.
Third quarter GAAP earnings per diluted share of $0.19, compared to $(0.07) in the prior year.
Adjusted earnings per diluted share of $0.59, compared to $0.54 in the prior year.
Generated operating cash flow of $96.0 million and reduced the consolidated total leverage ratio to 3.8x.
Subsequent to quarter-end, completed a $2.1 billion debt refinancing that extended debt maturities and enhanced financial flexibility.
2026 full-year revenue guidance of $1.634 billion to $1.654 billion and adjusted earnings per share guidance of $2.30 to $2.40, consistent with the outlook provided on October 2, 2026.
"Our third quarter performance reflected mixed results across our portfolio, with stronger performance in Specialty Surgery partially offset by a $7 million impact from the Cincinnati disruption and softer-than-expected results in Tissue Reconstruction. We delivered results within our guidance ranges, generated strong cash flow, reduced leverage, and subsequently completed our debt refinancing," said Stuart Essig, Chairman and Chief Executive Officer.
"Our updated outlook reflects both the recovery timeline in Cincinnati and more measured expectations for portions of our Tissue Reconstruction business. We are focused on executing against these challenges while continuing to support our customers, advance key product launches and returns, and strengthen the business for more consistent long-term growth."
Third Quarter 2026 Consolidated Performance
Total reported revenues of $411.2 million increased 2.3% on a reported basis and 2.5% on an organic basis compared to the prior year.
The Company reported GAAP gross margin of 51.0%, compared to 51.5% in the third quarter of 2025. Adjusted gross margin was 61.1%, compared to 62.9% in the prior year.
Adjusted EBITDA for the third quarter of 2026 was $79.8 million, or 19.4% of revenue, compared to $78.5 million, or 19.5% of revenue, in the prior year.
The Company reported GAAP net income of $14.9 million, or $0.19 per diluted share, in the third quarter of 2026, compared to GAAP net loss of $(5.4) million, or $(0.07) per diluted share, in the prior year.
Adjusted net income for the third quarter of 2026 was $46.4 million, or $0.59 per diluted share, compared to $41.6 million, or $0.54 per diluted share, in the prior year.
Third Quarter 2026 Segment Performance
Specialty Surgery (~70% of Revenues)
Total revenues were $304.1 million, representing reported growth of 3.9% and an organic growth of 4.2% compared to the third quarter of 2025. Results were impacted by approximately $7 million related to flood damage at the Company’s Cincinnati facility.
Sales in Neuro increased 6.5% on an organic basis primarily driven by growth in CereLink, Certas Plus, Bactiseal, DuraSeal and recovery in cranial perforators.
Sales in Instruments declined (0.9%) on an organic basis due to order timing.
ENT sales declined (1.1%), largely due to a low-single digit decline in sinus balloons.
Tissue Reconstruction (~30% of Revenues)
Total revenues were $107.1 million, representing reported and organic decline of (2.2)% compared to the third quarter of 2025. Key drivers for the quarter include:
Low-single digit decline in wound reconstruction, with strong growth in DuraSorb and PriMatrix, offset by declines in MicroMatrix and Integra Skin.
Beginning this quarter, we are referring to our Private Label business as Corporate Partnerships, a name that better reflects the nature of these customer relationships. Corporate Partnerships, was approximately flat compared to the third quarter of last year.
Balance Sheet, Cash Flow and Capital Allocation
The Company generated cash flow from operations of $96.0 million in the quarter. Net debt at the end of the quarter was $1.5 billion, and the consolidated total leverage ratio was 3.8x.
As of the end of the quarter, the Company had total liquidity of approximately $559 million, including $311.9 million in cash plus short-term investments and the remainder available under its revolving credit facility.
Debt Refinancing and Enhanced Financial Flexibility
On October 19, 2026, the Company completed a $2.1 billion debt refinancing consisting of a $1.65 billion senior secured credit facility and $450 million aggregate principal amount of 9.5% senior secured notes due 2033. The new credit facility consists of a $600 million Term Loan A, a $600 million revolving credit facility, and a $450 million Term Loan B.
The Company used the proceeds from the refinancing to repay its existing credit facilities and pay related fees and expenses. The transaction extended the Company’s debt maturity profile, enhanced financial flexibility, and supports the Company’s continued focus on cash generation and deleveraging. Additional information regarding the refinancing is available in the Company’s filings with the Securities and Exchange Commission.
Related to the refinancing, the amended debt covenants provide additional near-term covenant capacity by temporarily increasing the Company’s maximum allowable net leverage ratio from its current level followed by scheduled step-downs to 4.25x during 2027. Under the previous covenants the step down for 2027 was to 4.0x. The Company expects the increase in its effective interest rate to be near the high end of the previously communicated 100- to 200-basis-point range.
2026 Revenue and Adjusted Earnings Per Share Guidance
For the fourth quarter of 2026, the Company expects reported revenues in the range of $413 million to $433 million, representing a reported decline of -5.2% to -0.5% and an organic decline of -5.1% to -0.4%. The Company expects adjusted earnings per diluted share in the range of $0.61 to $0.71.
For the full year 2026, the Company expects revenues in the range of $1.634 billion to $1.654 billion representing reported growth of -0.1% to 1.2% and organic growth of -0.3% to 0.9%. The Company expects adjusted earnings per diluted share in the range of $2.30 to $2.40. The Company continues to expect operating cash flow of approximately $190 million to $200 million for the full year. These expectations are consistent with the preliminary results and updated guidance provided on October 2, 2026.
The updated fourth quarter and full-year outlook reflects the expected revenue impact of the Cincinnati disruption, an updated outlook for Tissue Reconstruction performance, and a consistent outlook for Specialty Surgery. The adjusted earnings per diluted share outlook also reflects business interruption insurance recoveries for lost revenue related to the Cincinnati disruption and incremental interest expense associated with the refinancing.
Conference Call and Presentation Available Online
Integra has scheduled a conference call for 8:30 a.m. ET on Wednesday, October 21, 2026, to discuss third quarter 2026 financial results and forward looking financial guidance. The conference call will be hosted by Integra’s senior management team and will be open to all listeners. Additional forward looking information may be discussed in a question and answer session following the call. Integra’s management team will reference a presentation during the conference call, which can be found in the Investor Relations section of the Company’s website at investor.integralife.com. A live webcast will also be available in the Investor Relations section of the Company’s website at investor.integralife.com.
A live webcast will be available on the Investors section of the Company’s website at investor.integralife.com. For those planning to participate on the call, register here to receive dial-in details and an individual pin. While not required, it is recommended to join 10 minutes prior to the event’s start. A webcast replay of the conference call will be available on the Investors section of the company’s website following the call.
(Press release, Integra LifeSciences, OCT 21, 2026, View Source [SID1234673642])