Integra LifeSciences (IART) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $411.2M, up 2.3% reported and 2.5% organically; Specialty Surgery growth offset Tissue Reconstruction softness and an estimated $7M Cincinnati flood impact.

• Adjusted EPS was $0.59 vs. $0.54; operating cash flow reached $96.0M, leverage fell to 3.8x, and the October refinancing extended maturities and increased financial flexibility.

• Full-year guidance was unchanged from the October 2 outlook; priorities include Cincinnati recovery, commercial execution, innovation, and cash generation to reduce debt.

Financial highlights

• GAAP net income was $14.9M, or $0.19 per diluted share, vs. a $5.4M net loss; adjusted net income was $46.4M vs. $41.6M.

• Adjusted gross margin was 61.1% vs. 62.9%; adjusted EBITDA was $79.8M, with a 19.4% margin vs. 19.5%.

• Operating cash flow was $96.0M vs. $40.9M; free cash flow was $85.7M and adjusted FCF conversion was 184.6%.

• Q3 operating income was $18.9M vs. $11.8M; GAAP gross margin was 51.0% vs. 51.5%.

• Nine-month revenue increased to $1,221.9M from $1,200.3M; adjusted EPS was $1.69 vs. $1.40.

Outlook and guidance

• Q4 revenue guidance is $413M–$433M, with reported decline of 5.2%–0.5%, organic decline of 5.1%–0.4%, and adjusted EPS of $0.61–$0.71.

• FY26 revenue guidance is $1.634B–$1.654B, reported growth of -0.1%–1.2%, organic growth of -0.3%–0.9%, and adjusted EPS of $2.30–$2.40.

• FY26 operating cash flow expectation is $190M–$200M; adjusted gross margin and EBITDA are expected flat vs. 2025, with mix and Cincinnati impacts offsetting initiatives.

• Preliminary 2027 expectations include revenue and some EPS growth; SurgiMend and savings are tailwinds, offset by Cincinnati, tariffs, and higher interest expense.