Integra revenue rises 2.3% to $411.2 million as earnings per share improve

Key Facts

Integra LifeSciences reported third-quarter 2026 revenue of $411.2 million, up 2.3% from a year earlier, according to its earnings release. Revenue growth was accompanied by improved adjusted earnings per share and a return to profit under generally accepted accounting principles, despite supply disruptions linked to its Cincinnati plant. The company had reported revenue of $418.8 million in the second quarter of the same year, according to its earlier filing with the U.S. Securities and Exchange Commission. Reported year-over-year revenue growth in that quarter was 0.8%, compared with the faster pace recorded in the latest period. Third-quarter revenue was thus lower than in the preceding quarter, while continuing to rise from the corresponding period last year.

On profitability, adjusted diluted earnings per share rose to $0.59 in the third quarter from $0.54 in the corresponding period a year earlier, according to the earnings release. Diluted earnings per share under generally accepted accounting principles were $0.19 for the same period. That compared with a loss per share of $0.07 a year earlier, marking a return to an accounting profit alongside the improvement in adjusted earnings. Adjusted diluted earnings per share in the second quarter of 2026 were $0.56, compared with $0.45 in the corresponding period, according to the company's filing for that quarter. The company reported an adjusted gross margin of 61.1% for the third quarter.

In its operating results, revenue from the tissue reconstruction business fell 2.2% year over year in the third quarter, according to the company. The decline was the same on both a reported and an organic basis, while the company's total revenue rose during the period. Meanwhile, Integra estimated in its preliminary disclosure on October 2 that supply disruptions caused by flooding at its Cincinnati plant had hurt quarterly revenue. The company put that impact at about $7 million in the third quarter of 2026, according to the disclosure filed with the U.S. Securities and Exchange Commission. It said in the same disclosure: "Integra maintains property and business interruption insurance covering the Cincinnati facility."

On liquidity, Integra generated cash flow from operating activities of $96.0 million in the third quarter, according to its financial results release. The consolidated total leverage ratio fell to 3.8 times at the end of the same period, according to the company. In a separate financing transaction, Integra announced the completion of a senior secured notes offering on October 19, 2026. The new notes had an aggregate principal amount of $450.0 million, according to the announcement of the completed refinancing transactions. The notes carry an interest rate of 9.500% and mature in 2033, adding the new financing terms to the financial developments the company announced during October.

The refinancing transactions included an amended credit facility totaling about $1.65 billion, according to the company's announcement of the transaction completed on October 19, 2026. The financing was used to refinance the existing credit facility and to pay fees and expenses associated with the transaction. The move followed a revision to annual forecasts that Integra announced in its preliminary disclosure dated October 2. The company then set its lowered 2026 revenue range at between $1.634 billion and $1.654 billion, according to the disclosure filed with the U.S. Securities and Exchange Commission. It also set its lowered annual adjusted earnings per share range at between $2.30 and $2.40, alongside its estimates of the effects of the Cincinnati supply disruption.

For the fourth quarter of 2026, Integra expects revenue of between $413 million and $433 million, according to its third-quarter earnings release. The company forecasts adjusted diluted earnings per share for the period of between $0.61 and $0.71. This comes as it estimated in its October 2 disclosure that supply disruptions linked to the Cincinnati flooding would reduce fourth-quarter revenue. It put the expected negative impact of that disruption at about $15 million to $20 million during the quarter, following the impact on third-quarter revenue. On restoring production, the company said in its preliminary disclosure that it expected full manufacturing operations at the Cincinnati plant to resume in the second quarter of 2027.