The Q4 guidance for a -5.2% to -0.5% revenue decline suggests the Cincinnati disruption and Tissue Reconstruction weakness will persist into year-end. Watch for updates on Cincinnati facility recovery timeline and any further deterioration in Tissue Reconstruction trends on the Q4 call. The $2.1B refinancing at 9.5% interest rate increases annual interest expense by ~$20M, pressuring future EPS.
Price Chart
Executive Summary
Integra LifeSciences reported Q3 2026 revenue of $411.2M (+2.3% YoY) and adjusted EPS of $0.59, missing consensus estimates of $422.4M and $0.64 respectively. The miss was driven by a $7M flood-related supply disruption at the Cincinnati facility and softer-than-expected Tissue Reconstruction results. Full-year guidance was maintained at $1.634B-$1.654B revenue and $2.30-$2.40 adjusted EPS, but Q4 guidance implies a revenue decline of up to -5.2% YoY, signaling continued headwinds.
Key Financial Metrics
Key Facts
- Q3 2026 revenue of $411.2M missed consensus of $422.4M by -2.7%
- Adjusted EPS of $0.59 missed consensus of $0.64 by -7.8%
- GAAP EPS of $0.19 vs $(0.07) in prior year; GAAP net income $14.9M vs $(5.4M) loss
- Revenue growth of 2.3% reported / 2.5% organic; included ~$7M Cincinnati flood impact
- Tissue Reconstruction segment declined -2.2% YoY; Specialty Surgery grew 3.9%
- Full-year 2026 guidance maintained: revenue $1.634B-$1.654B, adj. EPS $2.30-$2.40
- Q4 2026 guidance implies revenue decline of -5.2% to -0.5% YoY
- Completed $2.1B debt refinancing post-quarter; net leverage ratio 3.8x
- Operating cash flow of $96.0M in Q3; free cash flow $85.7M
Financial Impact
Revenue miss of ~$11M vs consensus; adjusted EPS miss of $0.05; Q4 guidance implies continued revenue decline
Risk Factors
- Cincinnati facility flood recovery may take longer than expected, further disrupting supply
- Tissue Reconstruction segment continues to decline, with no near-term catalyst for reversal
- Higher interest expense from refinancing (9.5% notes) will pressure adjusted EPS in 2027
- Full-year organic growth guidance of -0.3% to 0.9% implies near-zero growth at midpoint
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000917520-26-000073 |
| Document: iart-20261021.htm | 0000917520-26-000073 |
| Document: 0000917520-26-000073-index-headers.html | 0000917520-26-000073 |
| Document: 0000917520-26-000073-index.html | 0000917520-26-000073 |
| Document: 0000917520-26-000073.txt | 0000917520-26-000073 |
| 8-K Data (Synthetic) | 0000917520-26-000073 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 5d ago | 8-K | $11.84 | awaiting T+5 | — | $12.13 (−2.41%) |
Oct 19, 2026 6d ago | 8-K | $13.33 | awaiting T+5 | — | $12.13 (−9.04%) |
Oct 14, 2026 12d ago | Court Ruling | $13.53 $12.33 | ▼ −8.91% | ▼ −7.89% | $12.13 (−10.38%) |
Oct 13, 2026 12d ago | 3 | $13.18 $11.84 | ▼ −10.13% | ▼ −10.59% | $12.13 (−7.97%) |
Oct 9, 2026 16d ago | 8-K | $13.98 $13.45 | ▲ +3.79% | ▲ +2.30% | $12.13 (+13.27%) |
Oct 6, 2026 20d ago | Press Release | $13.32 | awaiting T+5 | — | $12.13 (−8.97%) |
Oct 2, 2026 24d ago | 8-K | $12.68 $13.44 | ▼ −5.99% | ▼ −4.83% | $12.13 (+4.38%) |
Oct 2, 2026 24d ago | Press Release | $12.68 $13.44 | ▼ −5.99% | ▼ −4.83% | $12.13 (+4.38%) |
Sep 8, 2026 6w ago | 8-K | $16.26 $15.71 | ▼ −3.38% | ▼ −2.72% | $12.13 (−25.43%) |
May 8, 2026 24w ago | 8-K | $13.97 $14.11 | ▲ +1.00% | ▲ +1.09% | $12.13 (−13.21%) |
US Market Status
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