Integra Q4 Earnings & Revenues Beat Estimates, Margins Down, Stock Up

Integra LifeSciences Holdings Corporation IART delivered adjusted earnings per share (EPS) of 83 cents for the fourth quarter of 2025, which beat the Zacks Consensus Estimate by 4.7%. The metric decreased 14.4% year over year.

The adjustment excludes the impact of certain non-recurring charges like structural optimization charges, divestiture, acquisition and integration-related charges and EU Medical Device Regulation charges, among others.

GAAP loss per share was 2 cents in the quarter in contrast to the year-ago period’s earnings of 25 cents.

Full-year 2025 adjusted EPS was $2.23, down 12.9% year over year.

IART’s Revenues

Total revenues in the fourth quarter fell 1.7% year over year to $434.9 million. The metric topped the Zacks Consensus Estimate by a modest 0.1%. Organically, revenues fell 2.5% year over year.

Full-year 2025 revenues were $1.63 billion, an increase of 1.5% year over year and a decrease of 0.7% on an organic basis compared with full-year 2024.

Following the announcement, shares of IART rose 0.4% last Friday.

Integra’s Revenues by Segments

Coming to product categories, revenues in the Codman Specialty Surgical segment rose 2.7% year over year on a reported basis (organically, up 1.6%) to $323.3 million.

Within this, Neurosurgery sales grew 1.4% on an organic basis, driven by continued strong performance across key products, including CereLink, Mayfield capital, Aurora and CUSA.

Instruments increased 2.3% on an organic basis, in-line with the market.

Meanwhile, ENT sales grew 2.2% on an organic basis driven by AERA, TruDi navigated disposables and MicroFrance instruments.

Tissue Technologies’ revenues totaled $111.6 million in the fourth quarter, down 12.8% year over year on a reported basis and on an organic basis.

Sales in Wound Reconstruction declined 21.4% on an organic basis primarily due to the previously communicated remediation efforts for MediHoney and a challenging year-over-year comp for Integra Skin.

Sales in Private Label grew 20.1% due in part to improved partner orders.

IART’s Margin Performance

In the reported quarter, the gross profit totaled $220.9 million, down 11.3% year over year. The gross margin contracted 549 basis points (bps) to 50.8% on a 10.6% increase in the cost of goods sold.

Selling, general and administrative expenses decreased 5.2% to $169.3 million in the quarter under review, while research and development expenses fell 20.6% to $24.8 million.

Overall, the adjusted operating profit was $26.8 million, down 31.9% year over year. The adjusted operating margin contracted 272 bps to 6.2%.

IART’s Financial Position

Integra exited the fourth quarter of 2025 with approximately $235 million in cash and cash equivalents compared with $246.4 million at the end of the fourth quarter of 2024.

Cumulative net cash provided by operating activities at the end of the fourth quarter of 2025 was $50.4 million compared with $129.4 million a year ago.

Integra LifeSciences Holdings Corporation Price, Consensus and EPS Surprise

Integra LifeSciences Holdings Corporation price-consensus-eps-surprise-chart | Integra LifeSciences Holdings Corporation Quote

Integra Provided 2026 & Q1 Guidance

For full-year 2026, the company expects revenues to be in the range of $1.66-$1.70 billion, representing reported growth of 1.6% to 4.1%. The Zacks Consensus Estimate is pegged at $1.68 billion, indicating 3% year over year growth.

Meanwhile, adjusted EPS are expected to be between $2.30 and $2.40. The Zacks Consensus Estimate for the metric is pegged at $2.32 per share.

For the first quarter of 2026, Integra expects reported revenues in the range of $375-$390 million. The Zacks Consensus Estimate is pegged at $395 million. Adjusted EPS is expected to be in the range of 37-45 cents. The Zacks Consensus Estimate for the metric is pegged at 43 cents per share.

Our Take on IART

Integra ended the fourth quarter of 2025 with better-than-expected results, wherein both earnings and revenues beat estimates. However, both top and bottom lines declined on a year-over-year basis.

On a positive note, in the fourth quarter, the company achieved meaningful operational progress while maintaining a strong commitment to serving its customers and patients.

Throughout 2025, Integra continued to strengthen its quality management system, advance the Compliance Master Plan and make steady progress on the remediation initiatives, reinforcing the foundation for sustained operational excellence. A disciplined focus on execution delivered measurable improvements in critical areas, including enhanced supply reliability for Integra Skin products, healthier safety stock levels across the portfolio, and the early relaunch of PriMatrix and Durepair.

The contraction of both the margins in the quarter is discouraging.

IART’s Zacks Rank & Key Picks

Integra currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks from the broader medical space are Intuitive Surgical ISRG, Cardinal Health CAH and Align Technology ALGN.

Intuitive Surgical, currently sporting a Zacks Rank #1 (Strong Buy), reported a fourth-quarter 2025 adjusted EPS of $2.53, which surpassed the Zacks Consensus Estimate by 12.4%. Revenues of $2.87 billion beat the Zacks Consensus Estimate by 4.7%. You can see the complete list of today’s Zacks #1 Rank stocks here.

ISRG has an estimated long-term earnings growth rate of 15.7% compared with the industry’s 12.7% rise. The company’s earnings beat estimates in each of the trailing four quarters, the average surprise being 13.24%.

Cardinal Health, carrying a Zacks Rank #2 (Buy) at present, posted a second-quarter fiscal 2026 adjusted EPS of $2.63, which outpaced the Zacks Consensus Estimate by 10%. Revenues of $65.6 billion topped the Zacks Consensus Estimate by 0.9%.

CAH has a long-term earnings growth rate of 15% compared with the industry’s 9.6% rise. The company’s earnings outpaced estimates in each of the trailing four quarters, the average surprise being 9.3%.

Align Technology, carrying a Zacks Rank #2 at present, posted a fourth-quarter 2025 adjusted EPS of $3.29, which exceeded the Zacks Consensus Estimate by 10.1%. Revenues of $1.05 billion outperformed the Zacks Consensus Estimate by 5.3%.

ALGN has an estimated long-term earnings growth rate of 10.1% compared with the industry’s 9.5% rise. The company’s earnings outpaced estimates in three of the trailing four quarters and missed in one, the average surprise being 6.16%.

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