Integra LifeSciences Stock IART
Integra LifeSciences is a global medical technology company that develops, manufactures, and markets surgical instruments, implants, and related products used primarily in neurosurgery, neurocritical care, and reconstructive surgery. Integra LifeSciences stock (IART): Quarterly and annual results since 2023 from Quarterly Report and SEC filings: revenue, earnings, balance sheet, cash flow and management guidance, every figure with its source. As of 10/2026, quarterly reporting. Stock analysis by NadirAlpha. Integra LifeSciences stock (IART): listed on Nasdaq. NadirAlpha has evaluated 50 original documents, cross-checked every figure automatically and linked each to its source; sources as of 10/2026. Revenue Q2 2026: USD 419 million (+1% year on year). Latest reported (Q2 2026): Consolidated Total Leverage Ratio, Tissue Reconstruction Revenue, Specialty Surgery Revenue. Latest reading: Net income turned positive, Cash flow inflection, Guidance confirmed, Operational disruption.
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Integra LifeSciences Current Status
Where Integra LifeSciences stands after the report for Q2 2026: what changed in revenue, earnings and outlook, written editorially from the original report. NadirAlpha methodology
Assessment by NadirAlpha, as of Q2 2026.
“Our third quarter results were impacted by the July flooding event at our Cincinnati facility. Our teams have made significant progress executing recovery plans and supporting customers. As we have gained additional visibility into the recovery timeline and production ramp, we now have a clearer understanding of the expected impact on our third quarter results and full-year outlook.”
“While we are lowering our full-year revenue and adjusted EPS outlook for 2026, we continue to expect strong cash generation, including greater than $85 million of operating cash flow in the third quarter and approximately $190 million to $200 million for the full year. Importantly, we remain encouraged by the progress we are making across the broader business, including improving product availability, the return of key products to market, and strengthening commercial execution.”
Integra LifeSciences Stock: Key Figures ($ million)
NadirAlpha shows fiscal years, half-years and quarters of Integra LifeSciences one below the other, most recently Q2 2026; every figure is clickable and leads to raw value, location and source. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology
All figures serve only to support your own investment decision and are not a recommendation; the company's original reports are authoritative.
Fiscal years
| Period | Revenue | Op. income | Net income | EPS ($) | EPS adj. ($) | EBITDA (adj.) | OCF | Source |
|---|---|---|---|---|---|---|---|---|
| FY2025 | 1,635.2 | -493.4 | -516.5 | -6.74 | 2.23 | 317.5 | 50.4 | 131 |
| FY2024 | 1,610.5 | 28.4 | -6.9 | -0.09 | 2.56 | 322.2 | 129.4 | 127 |
| FY2023 | 1,541.6 | 111.5 | 67.7 | 0.84 | 3.10 | 369.7 | 140 | 119 |
Quarters
| Period | Published | Revenue | Op. income | Net income | EPS ($) | EPS adj. ($) | EBITDA (adj.) | FCF | Cash | Net Debt | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-Q2* | 2026-07-29 | 418.8 | 19.3 | 4.5 | 0.06 | 0.56 | 78.4 | 10.5 | 214.4 | 1,565.3 | 131 |
| 2026-Q1* | 2026-05-05 | 391.9 | 11.5 | -4.6 | -0.06 | 0.54 | 76.2 | -5 | 236.8 | 1,552.2 | 129 |
| 2025-Q4* | 2026-02-26 | 434.9 | 23 | -1.7 | -0.02*≈ | 0.83 | 104.2 | -5.4 | 235 | 1,533.3 | 127 |
| 2025-Q3* | 2025-10-30 | 402.1 | 11.8 | -5.4 | -0.07 | 0.54 | 78.5 | 25.8 | 232.2 | 1,515.4 | 125 |
| 2025-Q2* | 2025-07-31 | 415.6 | -512.7 | -484.1 | -6.31 | 0.45 | 71.2 | -11.2 | 217.9 | 1,474.9 | 22 |
| 2025-Q1* | 2025-05-05 | 382.7 | -15.5 | -25.3 | -0.33 | 0.41 | 63.6 | -40.2 | 239.1 | 1,463.3 | 121 |
| 2024-Q4* | 2025-02-25 | 442.6 | 35.6 | 19.4 | 0.25*≈ | 0.97 | 104.9 | 21.1 | 246.4 | 1,414.7 | 18 |
| 2024-Q3* | 2024-11-04 | 380.8 | -8.2 | -10.7 | -0.14 | 0.41 | 61.8 | -7.2 | 215.2 | 1,489.6 | 16 |
| 2024-Q2* | 2024-07-29 | 418.2 | -3 | -12.4 | -0.16 | 0.63 | 83.8 | 10.7 | 215.2 | 960.6 | 14 |
| 2024-Q1* | 2024-05-06 | 368.9 | 4 | -3.3 | -0.04 | 0.55 | 71.8 | 0.3 | 591.9 | 598.5 | 113 |
| 2023-Q4* | 2024-02-28 | 397 | 36 | 19.8 | 0.25 | 0.89 | 100.5 | 34.2 | 276.4 | 563.7 | 10 |
| 2023-Q3* | 2023-10-25 | 382.4 | 26.6 | 19.5 | 0.24 | 0.76 | 88.1 | 13.7 | 273.7 | 586 | 8 |
| 2023-Q2* | 2023-07-27 | 381.3 | 12.5 | 4.2 | 0.05 | 0.71 | 88.8 | 12.6 | 309.2 | 460.3 | 6 |
| 2023-Q1* | 2023-04-26 | 380.8 | 36.4 | 24.2 | 0.29 | 0.74 | 92.3 | 12.5 | 307.4 | 461.8~ | 105 |
Integra LifeSciences Balance Sheet & Cash Flow ($ million)
NadirAlpha places cash, debt, operating cash flow and investments of Integra LifeSciences side by side per period, balance sheet values as of the period end, flow items for the period. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology
Fiscal years
| Period | Published | Cash | Debt | Net Debt | D&A | OCF | Capex | FCF | Source |
|---|---|---|---|---|---|---|---|---|---|
| FY2025 | 2026-02-26 | 235 | 1,768.3 | 1,533.3 | 59.8 | 50.4 | 81.4 | -31.1 | 131 |
| FY2024 | 2025-02-25 | 246.4 | 1,661.1 | 1,414.7 | 63.7 | 129.4 | 104.4 | 25 | 127 |
| FY2023 | 2024-02-28 | 276.4 | 840.1 | 563.7 | 53.3 | 140 | 66.9 | 73.1 | 119 |
Quarters
| Period | Published | Cash | Debt | Net Debt | OCF | Capex | FCF | Source |
|---|---|---|---|---|---|---|---|---|
| 2026-Q2 | 2026-07-29 | 214.4 | 1,779.7 | 1,565.3 | 22.8 | 12.3 | 10.5 | 131 |
| 2026-Q1 | 2026-05-05 | 236.8 | 1,789 | 1,552.2 | 9.8 | 14.8 | -5 | 129 |
| 2025-Q4 | 2026-02-26 | 235 | 1,768.3 | 1,533.3 | 11.8 | 17.2 | -5.4 | 127 |
| 2025-Q3 | 2025-10-30 | 232.2 | 1,747.6 | 1,515.4 | 40.9 | 15.2 | 25.8 | 125 |
| 2025-Q2 | 2025-07-31 | 217.9 | 1,692.8 | 1,474.9 | 8.9 | 20.1 | -11.2 | 22 |
| 2025-Q1 | 2025-05-05 | 239.1 | 1,702.4 | 1,463.3 | -11.3 | 28.9 | -40.2 | 121 |
| 2024-Q4 | 2025-02-25 | 246.4 | 1,661.1 | 1,414.7 | 50.7 | 29.6 | 21.1 | 18 |
| 2024-Q3 | 2024-11-04 | 215.2 | 1,704.7 | 1,489.6 | 22.5 | 29.6 | -7.2 | 16 |
| 2024-Q2 | 2024-07-29 | 215.2 | 1,175.9 | 960.6 | 40.4 | 29.7 | 10.7 | 14 |
| 2024-Q1 | 2024-05-06 | 591.9 | 1,190.4 | 598.5 | 15.8 | 15.5 | 0.3 | 113 |
| 2023-Q4 | 2024-02-28 | 276.4 | 840.1 | 563.7 | 58.8 | 24.6 | 34.2 | 10 |
| 2023-Q3 | 2023-10-25 | 273.7 | 859.8 | 586 | 26.8 | 13.1 | 13.7 | 8 |
| 2023-Q2 | 2023-07-27 | 309.2 | 769.5 | 460.3 | 28.3 | 15.6 | 12.6 | 6 |
| 2023-Q1 | 2023-04-26 | 307.4 | 769.1~ | 461.8~ | 26.2 | 13.7 | 12.5 | 105 |
Integra LifeSciences Guidance Tracking (latest per metric/period · 25/46)
What Integra LifeSciences guided for Q2 2026 and beyond and whether the targets were met; ranges count as met when the actual lies within. NadirAlpha methodology
Actuals: revenue in $m · EPS in $ per share · ratios in %
Direction: confirmedcutinitiated Verdict: beatin linemisspending
| For period | Guided on | Metric | Guided | Actual | Verdict | Direction | Source |
|---|---|---|---|---|---|---|---|
| FY2026 | 2026-10-02 | Revenue | 1,634–1,654 | – | 32 | ||
| FY2026 | 2026-10-02 | EPS (non-GAAP) | 2.3–2.4 | – | 32 | ||
| FY2026 | 2026-10-02 | operating cash flow | 190–200 | – | 32 | ||
| FY2026 | 2026-07-29 | organic revenue growth | 0.8–3.3% | – | 31 | ||
| 2026-Q3 | 2026-07-29 | Revenue | 410–425 | – | 31 | ||
| 2026-Q3 | 2026-07-29 | EPS (non-GAAP) | 0.53–0.61 | – | 31 | ||
| 2026-Q3 | 2026-07-29 | organic growth | 1.9–5.7% | – | 31 | ||
| 2026-Q2 | 2026-05-05 | Revenue | 410–425 | 418.8 | 29 | ||
| 2026-Q2 | 2026-05-05 | EPS (non-GAAP) | 0.44–0.52 | 0.56 | 29 | ||
| 2026-Q1 | 2026-02-26 | Revenue | 375–390 | 391.9 | 27 | ||
| 2026-Q1 | 2026-02-26 | EPS (non-GAAP) | 0.37–0.45 | 0.54 | 27 | ||
| FY2025 | 2025-10-30 | Revenue | 1,620–1,640 | 1,635.2 | 25 | ||
| FY2025 | 2025-10-30 | EPS (non-GAAP) | 2.19–2.24 | 2.23 | 25 | ||
| FY2025 | 2025-02-25 | Revenue growth (YoY) | 2.4–6.5% | 1.5 | 19 | ||
| FY2025 | 2025-02-25 | organic growth | 1–5% | – | – | 19 | |
| 2025-Q4 | 2025-10-30 | Revenue | 420–440 | 434.9 | 25 | ||
| 2025-Q4 | 2025-10-30 | EPS (non-GAAP) | 0.79–0.84 | 0.83 | 25 | ||
| 2025-Q3 | 2025-07-31 | Revenue | 410–420 | 402.1 | 23 | ||
| 2025-Q3 | 2025-07-31 | EPS (non-GAAP) | 0.4–0.45 | 0.54 | 23 | ||
| 2025-Q2 | 2025-05-05 | Revenue | 390–400 | 415.6 | 21 | ||
| 2025-Q2 | 2025-05-05 | EPS (non-GAAP) | 0.4–0.45 | 0.45 | 21 | ||
| 2025-Q1 | 2025-02-25 | Revenue | 375–385 | 382.7 | 19 | ||
| 2025-Q1 | 2025-02-25 | EPS (non-GAAP) | 0.4–0.45 | 0.41 | 19 | ||
| 2025-Q1 | 2025-02-25 | Revenue growth (YoY) | 1.6–4.4% | 3.7 | 19 | ||
| 2025-Q1 | 2025-02-25 | organic growth | -6.2–-3.5% | – | – | 19 | |
| FY2024 | 2024-11-04 | Revenue | 1,609–1,619 | 1,610.5 | 17 | ||
| FY2024 | 2024-11-04 | EPS (non-GAAP) | 2.41–2.49 | 2.56 | 17 | ||
| FY2024 | 2024-02-28 | Organic growth | 4–5% | – | – | 11 | |
| 2024-Q4 | 2024-11-04 | Revenue | 441–451 | 442.6 | 17 | ||
| 2024-Q4 | 2024-11-04 | EPS (non-GAAP) | 0.81–0.89 | 0.97 | 17 | ||
| 2024-Q3 | 2024-07-29 | Revenue | 372–382 | 380.8 | 15 | ||
| 2024-Q3 | 2024-07-29 | EPS (non-GAAP) | 0.36–0.44 | 0.41 | 15 | ||
| 2024-Q2 | 2024-05-06 | Revenue | 411–416 | 418.2 | 13 | ||
| 2024-Q2 | 2024-05-06 | EPS (non-GAAP) | 0.6–0.65 | 0.63 | 13 | ||
| 2024-Q1 | 2024-02-28 | Revenue | 360–365 | 368.9 | 11 | ||
| 2024-Q1 | 2024-02-28 | EPS (non-GAAP) | 0.53–0.57 | 0.55 | 11 | ||
| FY2023 | 2023-10-25 | Revenue | 1,541–1,547 | 1,541.6 | 9 | ||
| FY2023 | 2023-10-25 | EPS (non-GAAP) | 3.1–3.14 | 3.1 | 9 | ||
| 2023-Q4 | 2023-10-25 | Revenue | 397–403 | 397 | 9 | ||
| 2023-Q4 | 2023-10-25 | EPS (non-GAAP) | 0.89–0.93 | 0.89 | 9 | ||
| 2023-Q3 | 2023-07-27 | Revenue | 386–390 | 382.4 | 7 | ||
| 2023-Q3 | 2023-07-27 | EPS (non-GAAP) | 0.76–0.8 | 0.76 | 7 | ||
| 2023-Q2 | 2023-04-26 | Revenue | 396–400 | 381.3 | 5 | ||
| 2023-Q2 | 2023-04-26 | EPS (non-GAAP) | 0.75–0.79 | 0.71 | 5 | ||
| 2023-Q1 | 2023-02-22 | Revenue | 370–376 | 380.8 | 3 | ||
| 2023-Q1 | 2023-02-22 | EPS (non-GAAP) | 0.72–0.76 | 0.74 | 3 |
Integra LifeSciences Stock: Price & Chart
Price history of Integra LifeSciences stock (IART) as a TradingView chart, loaded only after a click, alongside the trend of the key figures from the tables. NadirAlpha methodology
Daily candles with news and earnings markers. Loads only on click.
Integra LifeSciences Event Timeline
NadirAlpha sorts 57 events of Integra LifeSciences by quarter, most recent first, each with source number and event type, management quotes as direct quotes at the start of the quarter. NadirAlpha methodology
2026 · 9 events
Full-year revenue guidance lowered to $1.634 to $1.654 billion and adjusted EPS guidance cut from $2.40 to $2.50 to $2.30 to $2.40, reflecting Cincinnati flood impact of approximately $7 million on Q3 revenues and $15 to 20 million expected in Q4, with facility return to full operations not anticipated until Q2 2027 32
Full-year operating cash flow guidance confirmed at approximately $190 to $200 million despite flood-related revenue impacts 32
“Our second-quarter performance reflects meaningful progress on our most important priorities. We are improving supply reliability, advancing quality, and returning products to market with discipline. The Braintree facility is now producing and ramping to support the planned SurgiMend relaunch later this year.”
Cincinnati, Ohio manufacturing facility sustained flood damage on July 17, 2026, causing equipment and inventory damage and disrupting specialty surgical technologies production; no material adverse effect expected based on initial assessment 30
GAAP net income of 4.5 million versus net loss of $484.1 million in Q2 2025, primarily due to absence of prior-year goodwill impairment charge 30
Full-year organic revenue growth guidance of 0.8%–3.3% and adjusted EPS guidance of $2.40 to $2.50 reaffirmed; reported revenue guidance narrowed to $1.654 to $1.695 billion to reflect stronger U.S. dollar impact 31
Operating cash flow reached USD 22.8 million vs USD 8.9 million in 2025-Q2 (×2.6). 131
“Our first‑quarter results reflected solid product demand and the continued impact of our transformation efforts. We are seeing improving performance across the organization as operational rigor and improved execution take hold.”
Q1 revenues of 391.9 million, reported growth 2.4% and organic growth 1.3%, as quality and operational issues reduced compared to the prior year 29
Gross margin increased to 55.4% from 50.8% year-over-year, primarily attributable to higher revenues and reduction in Braintree remediation costs 28
2026 adjusted EPS guidance raised from $2.30 to $2.40 to $2.40 to $2.50, reflecting Q1 benefits from IEEPA tariffs; full-year revenue guidance reaffirmed at $1.662 to $1.702 billion 29
2025 · 13 events
“Earlier this month we implemented a key element of our transformation plan, a simplified operating model that improves alignment, execution, and accountability. This is critical to our long-term margin improvement plan and a key contributor to our previously communicated savings of $25-$30 million in 2026. Combined with focused portfolio prioritization and disciplined capital allocation, these actions reinforce the foundation for long-term sustainable growth, innovation, and performance.”
Q4 revenues of $434.9M declined 1.7% reported and 2.5% organically; Tissue Technologies fell 12.8% including Wound Reconstruction down 21.4% 27
2026 full-year revenue guidance of $1,662-$1,702M (1.6%-4.1% reported growth) and adjusted EPS of $2.30-$2.40 issued 27
Simplified operating model implemented with restructuring initiative approved in Q4 2025 targeting $25-$30M in cost savings in 2026 through productivity and efficiency initiatives 27
“In the third quarter, we continued to see healthy demand across our portfolio. While revenue was impacted by two supply interruptions, we delivered strong profitability and cash flow through disciplined cost management and operational efficiencies. We are making progress in implementing our comprehensive plan to systematically strengthen the entirety of our supply chain and quality management system, and we remain confident in our strategy to improve overall performance and drive the Company's transformation.”
Adjusted EBITDA increased to $78.5M (19.5% of revenue) from $61.8M (16.2% of revenue) in Q3 2024 25
Q3 revenues of $402.1M increased 5.6% reported and 5.0% organically, reversing negative organic trends from the prior two quarters 25
2025 full-year guidance revised to reflect Q3 revenue and updated Q4 assumptions; full-year actuals of $1,635.2M came in below the $1.655-$1.680B range set at Q2 25
Operating income turned positive for the first time after 2 negative periods (-512.7 to +USD 11.8 million). 125
“I am proud of our team's performance and execution in the second quarter. Our strong revenue performance is a testament to our disciplined progress and the solid underlying demand trends for our portfolio of neurosurgery and tissue technology products.”
GAAP net loss of $484.1M in Q2 2025 primarily driven by $511.4M goodwill impairment across Tissue Technologies, Neurosurgery, and Instruments and ENT reporting units due to share price decline and operational challenges 23
Adjusted gross margin declined to 60.7% from 65.2% in Q2 2024; adjusted EBITDA margin fell to 17.1% from 20.0% due to quality and operational issues 23
Full-year revenue guidance updated to $1.655-$1.680B; adjusted EPS range reflecting ongoing quality and operational headwinds 23
“As I reflect on my first quarter at Integra and continue spending time across our operations and with employees, I remain inspired by the deep commitment of our teams to our customers and patients. I am also encouraged by the positive feedback I consistently receive from customers about the impact of our solutions and the value of our portfolio. I'm equally optimistic about the long-term growth and earnings potential of our differentiated offerings.”
Q1 revenues of $382.7M grew 3.7% reported but declined 3.5% organically; Neurosurgery fell 4.7% organically on shipping holds and Tissue Technologies declined 9.1% organically due to quality and operational issues 21
Gross margin declined to 50.8% from 56.1% in Q1 2024; adjusted gross margin declined to 62.2% from 64.4%, both impacted by quality and operational issues 20 21
Full-year adjusted EPS guidance reduced to $2.19-$2.29, including estimated tariff impact of $(0.22) per share 21
2024 · 17 events
Operating income more than halved YoY (111.5 to USD 28.4 million, -75%). 18
“As I step into my role leading Integra, I am inspired by the strength of our portfolio, the dedication of our team, and the tremendous potential we have to grow and innovate in high-impact specialty markets. Our fourth-quarter results reflect this strength, with sequential revenue growth driven by robust demand for our leading brands, continued progress in expanding our global presence, and our ongoing commitment to improving supply reliability.”
Q4 revenues of $442.6 million increased 3.5% on an organic basis, recovering from Q3 disruptions as shipping holds released in line with expectations 19
FDA issued a warning letter in December 2024 relating to quality system issues at three manufacturing facilities (Mansfield, Plainsboro, Princeton) 18
Acquired product rights for Durepair Regeneration Matrix from Medtronic for $45.0 million total consideration, expanding the neurosurgery portfolio 18
Operating income turned positive for the first time after 2 negative periods (-8.2 to +USD 35.6 million). 127
Net income turned positive for the first time after 3 negative periods (-10.7 to +USD 19.4 million). 127
“Our third-quarter results highlight the early progress we are making to identify and remediate the gaps in our quality management system. We are progressing with the implementation of our compliance master plan across our manufacturing and supply chain operations, which will position us to meet robust market demand and more consistently and reliably deliver to customers, patients, and shareholders.”
Q3 revenues declined 8.6% on an organic basis; Neurosurgery declined 16.0% organically due to temporary shipping holds in CSF management and neuro monitoring 17
Gross margin fell to 52.6% from 57.1% in Q3 2023; adjusted EBITDA margin declined to 16.2% of revenue from 23.0%, driven by quality and operational disruptions 16 17
Mojdeh Poul announced as incoming President and Chief Executive Officer, joining January 6, 2025 17
“Our second quarter financial performance continues to reflect the persistent market demand for our diversified portfolio and the commitment of our teams. Using the learnings from our Boston facility, we are continuing a thorough analysis of our operations and are committed to enhancing the quality, reliability and resilience of our manufacturing operations and supply chain. The reduction in our full-year guidance reflects an updated view of our operational challenges and critical investments in our compliance improvement program that will allow our supply to meet our strong commercial demand strength over time.”
Full-year 2024 revenue guidance reduced to $1.609 to 1.629 billion from the $1.672 to 1.687 billion level set in Q1, reflecting shipping hold volume losses and significant second-half quality compliance investments 15
Compliance Master Plan initiated as a systematic quality and GMP remediation approach; temporary shipping holds placed on certain products expected to primarily impact Q3 revenues 15
Acclarent, Inc. acquired from Ethicon for approximately $282 million, establishing Integra as a leading ENT provider; Acclarent contributed $31.3 million to Codman Specialty Surgical revenue in Q2 14
“We are pleased with our strong first quarter financial performance, which reflects the strength of our diversified portfolio and the unwavering commitment of our colleagues worldwide to our customers and patients. As we look to the rest of the year, we remain focused on executing our key priorities, particularly on enhancing quality, reliability and resilience of our manufacturing operations and supply chain, advancing our new product pipeline, and integrating the Acclarent business and welcoming our new colleagues.”
Q1 revenues declined 3.1% reported and 2.5% organic, with the Boston facility recall depressing results by $15.2 million; organic growth excluding Boston impact was +1.6% 13
Gross margin fell to 56.1% from 61.1% in Q1 2023, driven by idle capacity costs and elevated manufacturing expenses at the Boston facility 12
Full-year 2024 revenue guidance raised to $1.672 to 1.687 billion from $1.603 to 1.618 billion, adding approximately $80 million for the Acclarent acquisition 13
Operating income more than halved YoY (36.4 to USD 4.0 million, -89%). 12
2023 · 18 events
“In 2023, we saw stability in our markets and resilience of our product portfolio, which demonstrates the impact of our products and technologies on restoring patients' lives. Despite the operational challenges last year, I am extremely proud of our colleagues around the world for remaining focused on advancing our key pillars of growth and operational excellence, and for their unwavering commitment to our customers and patients.”
FY2023 adjusted EBITDA $369.7 million, down $41.6 million versus prior year; adjusted EBITDA margin declined 240 basis points to 24.0% 11
2024 guidance: revenues $1,603-$1,618 million (4.0-5.0% reported growth); adjusted EPS $3.15-$3.25 11
Signed definitive agreement to acquire Acclarent ENT business from Johnson & Johnson for $275 million cash plus up to $5 million in regulatory milestone payments 11
“Although the Boston returns weighed further on our third quarter results, we are on track to restart the Boston facility by the end of the year, and we also met two significant CereLink milestones with the relaunch in international markets and submission for regulatory approval in the U.S. At the same time, our strong organic growth performance in the Codman Specialty Surgical and Tissue Technologies businesses, excluding Boston, plus advances across our product pipeline, give us confidence in our long-range growth commitments.”
Q3 revenues declined 0.7% reported and 0.4% organic; Tissue Technologies revenues fell 15.6% to $114.2 million due to Boston recall impact 9
Adjusted gross margin declined to 64.6% from 66.7% in the prior year; adjusted EBITDA declined to $88.1 million from $105.3 million 9
Full-year 2023 guidance revised to $1.541-$1.547 billion revenue and adjusted EPS $3.10-$3.14, from prior ranges of $1,602-$1,620 million and $3.43-$3.51 9
Operating income more than halved YoY (65.0 to USD 26.6 million, -59%). 117
“The strong organic growth of our Codman Specialty Surgical segment and several product lines in our Tissue Technologies business demonstrate the resilience of our diversified portfolio of leading brands and technologies and strong market recovery. Excluding the impact of the Boston recall, we delivered solid, mid-single digit organic growth from the underlying business. We are confident in our plans for the CereLink relaunch and the restart of our Boston manufacturing facility, and we continue to advance our implant-based breast reconstruction (IBBR) PMA strategy.”
Q2 revenues declined 4.2% reported and 2.7% organic; Tissue Technologies revenues fell 21.2% reported and 19.7% organic due to Boston recall impact 7
H1 gross margin percentage declined to 57.7% from 62.4% in the prior year period due to Boston recall expenses 6
Voluntary recall of Boston facility products (March 2018-May 2023) initiated in May 2023; manufacturing halt extended; $12.9 million return provision and $24.1 million inventory write-off recorded 6
Operating income more than halved YoY (59.9 to USD 12.5 million, -79%). 115
Tissue Technologies revenue grew +73.5% to USD 242.9 million in 2023-Q2 (64% of group revenue) while group revenue changed -4.1%. 6
“Our first quarter sales performance continues to demonstrate the strength of our diverse portfolio. We experienced solid growth and demand across many of our product lines and saw positive dynamics in our markets. We remain focused on delivering profitable growth while making critical investments to support our long-term strategic objectives and commitments.”
Q1 revenues increased 1.1% reported and 4.6% organic; Codman Specialty Surgical +3.5% organic, Tissue Technologies +6.8% organic 5
Full-year 2023 revenue guidance of $1,602-$1,620 million and adjusted EPS $3.43-$3.51 reaffirmed 5
Production at Boston manufacturing site paused in March while quality system upgrades were pulled forward into H1 2023 5
Integra LifeSciences Business Model
How Integra LifeSciences (IART) makes its money, summarised from the filings up to Q2 2026, neutral and without forecast. NadirAlpha methodology
Integra LifeSciences is a global medical technology company that develops, manufactures, and markets surgical instruments, implants, and related products used primarily in neurosurgery, neurocritical care, and reconstructive surgery. Integra LifeSciences distributes its products to hospitals, ambulatory surgery centers, and healthcare professionals through a direct sales force and distributor network across the United States and internationally. Integra's portfolio spans dural regeneration and repair matrices, cerebrospinal fluid management systems, ultrasonic surgical aspiration systems, cranial stabilization and positioning devices, and wound reconstruction products. Revenue is generated through direct sales of both capital equipment and single-use implant and instrument formats; the company does not report a distinct recurring-revenue segment in its public financial disclosures.
Integra LifeSciences Stock: Share-Price Drivers
The drivers of Integra LifeSciences stock from the company's perspective: demand, prices, costs and capacity as the investor relations reports describe them. NadirAlpha methodology
Integra's revenue has been held back by product recalls and manufacturing disruptions; quarterly revenue was 418.8 million in 2026-Q2 (131), and recovery of the Cincinnati manufacturing facility is expected only in 2027-Q2 (32), leaving a multi-quarter overhang on supply, product availability and growth (26).
Integra restarted Braintree production in Q2 2026 (31) and began operationalizing the Braintree facility in mid-2026 (28), while Cincinnati manufacturing recovery is expected in 2027-Q2 (32); the earlier Boston facility voluntary recall dated to May 2023 (26), so traction depends on these restarts holding.
Integra targets SurgiMend PMA approval in the first half of 2026 (30) with a relaunch slated for Q4 2026 (31), and DuraSorb PMA approval for breast reconstruction expected in 2027 (28); these regenerative-tissue products are positioned for implant-based breast reconstruction (26) but remain pre-launch, so traction is not yet demonstrated.
Integra's Neurosurgery line reported FY2025 revenue of 827.7 million at 3.0% (27); within Codman Specialty Surgical, ENT revenue reached 166.4 million, up 22.7% (27), supported by the Acclarent acquisition (26), indicating the ENT line is gaining traction.
Integra's Tissue Technologies segment posted FY2025 revenue of 434.7 million at -6.9% (27), with Wound Reconstruction and Care at 323.5 million, down -7.7%, and Private Label at 111.2 million, down -4.4% (27).
Integra completed the CereLink global relaunch in Q1 2024 (11) following the CereLink Monitor FDA 510(k) clearance on February 4, 2024 (10), after the 2022 voluntary product removal (10); the company also brought Durepair and PriMatrix back to market in 2026-Q1 (29).
Growth is decelerating and guidance was cut; 2026-Q2 revenue was 418.8 million against 434.9 million in 2025-Q4 (127), 2026-Q2 operating income was 19.3 million (131), and net debt stood at 1,565.3 million (131).
Sector trend: In the neurosurgery and regenerative-tissue medical-device space, Integra's figures point to mixed demand and thin margins: neurosurgery and ENT revenue are higher while tissue and wound-care lines are lower (27), and company guidance was cut. Operating income was 19.3 million in 2026-Q2 (131), indicating pressured profitability while manufacturing capacity is rebuilt (32).
Integra LifeSciences Revenue by Type (as of 2026-Q2 · USD million · 9/9)
The segments of Integra LifeSciences in the company's own definition, each row with its basis (3, 6 or 12 months), rows in grey are no longer reported separately. NadirAlpha methodology
| Segment | Since | Revenue | Growth | Source |
|---|---|---|---|---|
| Period 2026-Q1 (3M) | ||||
| Specialty Surgery | 2026-Q1 | 283.1 | 0.9% | 29 |
| Tissue Reconstruction | 2026-Q1 | 108.8 | 6.7% | 29 |
| Period FY2025 (12M) | ||||
| ENT | 2024-Q3 | 166.4 | 22.7% | 27 |
| Neurosurgery | 2023-Q4 | 827.7 | 3% | 27 |
| Wound Reconstruction and Care | 2023-Q4 | 323.5 | -7.7% | 27 |
| Instruments | 2023-Q4 | 206.5 | 1.1% | 27 |
| Private Label | 2023-Q4 | 111.2 | -4.4% | 27 |
| Codman Specialty Surgical | 2022-Q2 | 1,200.5 | 5% | 27 |
| Tissue Technologies | 2022-Q2 | 434.7 | -6.9% | 27 |
Integra LifeSciences Products & announcements (21/61 active+recent)
What Integra LifeSciences launched, had approved or announced, from the filings up to Q2 2026, each row with the date of first mention. NadirAlpha methodology
Status: PlannedLaunched
| Product/Line | Since | Status | Source |
|---|---|---|---|
| 2026 | |||
| SurgiMend relaunch | 2026-12 | 31 | |
| SurgiMend production | 2026-12 | 29 | |
| Durepair return to market (2×) | 2026-03 | 29 | |
| Simplified operating model implementation | 2026-02 | 27 | |
| DuraSorb PMA approval for multiple indications for IBBR | 2026 | 24 | |
| 2025 | |||
| CUSA Clarity for Cardiac Surgery | 2025-11 | 30 | |
| PriMatrix relaunch | 2025-09 | 25 | |
| Mayfield Ghost Base Unit Post (2×) | 2025-09 | 30 | |
| Durepair relaunch | 2025-09 | 25 | |
| AERA Pediatric Registry (3×) | 2025-07 | 26 | |
| Profitability Initiative | 2025-06 | 23 | |
| Early relaunch of PriMatrix | 2025 | 27 | |
| Early relaunch of Durepair | 2025 | 27 | |
| CerebroFlo EVD catheter with Endexo technology | 2025 | 26 | |
| CereLink approval in Brazil, Philippines, UAE, Albania and India | 2025 | 24 | |
| Aurora Surgiscope 15mm x 60mm and 15mm x 80mm (2×) | 2025 | 26 | |
| 2024 | |||
| Braintree facility operational (11×) | 2024-06 | 28 | |
| 2023 | |||
| DuraSorb approval | 2023-09 | 30 | |
| Aurora Surgiscope next generation (2×) | 2023-09 | 24 | |
| SurgiMend PMA approval (3x) | 2023-06 | 30 | |
| 2021 | |||
| SurgiMend breast reconstruction PMA filing (8×) | 2021-09 | 22 | |
| 2024 | |||
| SurgiMend PMA approvable notification pending GMP certification | 2024-12 | 19 | |
| DuraSorb PMA submission advancement | 2024-12 | 19 | |
| CereLink market uptake | 2024-12 | 19 | |
| Braintree facility equipment installation | 2024-09 | 17 | |
| SurgiMend® PRS pre-market approval | 2024-06 | 14 | |
| Boston facility relaunch | 2024-06 | 11 | |
| SurgiMend and PriMatrix relaunch | 2024-03 | 13 | |
| MicroMatrix® Flex launch in U.S. | 2024-03 | 14 | |
| MicroMatrix Flex U.S. commercial availability | 2024-03 | 12 | |
| CereLink intracranial pressure monitoring system relaunch | 2024-03 | 18 | |
| CereLink Monitor FDA 510(k) clearance (2×) | 2024-02 | 10 | |
| MicroMatrix Flex U.S. launch | 2024 | 22 | |
| 2023 | |||
| Boston manufacturing facility restart | 2023-12 | 9 | |
| 9mm Surgiscope FDA 510(k) clearance (2×) | 2023-10 | 10 | |
| SurgiMend PMA supplement submission | 2023-09 | 5 | |
| CereLink 510(k) premarket notification | 2023-09 | 9 | |
| CUSA Electrosurgery Module launch (2×) | 2023-08 | 10 | |
| CereLink ICP Monitor international limited release | 2023-07 | 10 | |
| DuraSorb IDE clinical study (5x) | 2023-06 | 10 | |
| DuraGen portfolio expansion (China and Japan approvals) | 2023-06 | 7 | |
| Boston facility product recall (3x) | 2023-05 | 26 | |
| DuraSorb PMA clinical trial | 2023-03 | 5 | |
| MicroMatrix and Certas Plus Programmable Valve launch in Europe | 2023-01 | 10 | |
| Cytal launch in Europe | 2023-01 | 10 | |
| MicroMatrix launch in Europe | 2023 | 10 | |
| MicroMatrix Flex | 2023 | 24 | |
| MicroMatrix | 2023 | 6 | |
| DuraGen Secure approval in Japan | 2023 | 12 | |
| DuraGen Secure | 2023 | 6 | |
| DuraGen Plus | 2023 | 6 | |
| Cytal and MicroMatrix Europe launch | 2023 | 12 | |
| Certas Plus approval in China (2x) | 2023 | 24 | |
| Certas Plus Programmable Valve launch in Europe | 2023 | 10 | |
| Certas Plus Programmable Valve | 2023 | 6 | |
| Acclarent AERA Eustachian Tube Dilation System expanded pediatric indications 510(k) clearance | 2023 | 24 | |
| 2022 | |||
| CereLink relaunch (8x) | 2022-08 | 7 | |
| Neutus EVD system launch in China | 2022-06 | 4 | |
| NeuraGen 3D Nerve Guide Matrix launch | 2022 | 12 | |
| CUSA Lap Tip launch (9×) | 2022 | 8 | |
| Aurora Evacuator with Coagulation device launch | 2022 | 4 | |
Integra LifeSciences Transactions & Events (11)
11 transactions and events of Integra LifeSciences from the original reports, financing measures and management changes are not listed here, cancelled items in grey. NadirAlpha methodology
Acquisitions by Integra LifeSciences
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| 2024 | |||
| Acclarent ENT acquisition (3×) | 2024-06 | Completed | 11 |
| Acclarent | 2024-04 | Completed | 26 |
| Durepair Dural Regeneration Matrix (6×) | 2024 | Completed | 26 |
| 2023 | |||
| Acclarent acquisition from Ethicon, Inc. (2×) | 2023-12 | Completed | 14 |
| 2022 | |||
| Surgical Innovation Associates (3×) | 2022-12 | Completed | 10 |
| SIA acquisition | 2022-12 | Completed | 10 |
| 2021 | |||
| ACell, Inc. acquisition | 2021-01 | Completed | 10 |
| 2019 | |||
| Rebound Therapeutics Corporation acquisition | 2019-01 | Completed | 10 |
| Arkis Biosciences, Inc. acquisition | 2019-01 | Completed | 10 |
Divestitures and exits by Integra LifeSciences
Integra LifeSciences Risks (100 since the annual report of 2026-02-26, 257 tracked in total)
Risk factors Integra LifeSciences itself names in its reports, merged by topic across periods, with category, first mention and source; new risks of the latest period come first. NadirAlpha methodology
Category: CyberFinancialCustomersCompetitionSupply chainMacroRegulatoryLegalPeopleGeopoliticsTechnologyESG
| Risk | Category | Last reported |
|---|---|---|
| Integra LifeSciences: first mention in 8-K-EX99.1 earnings release of 2026-07-29 (2026-Q2), source 31 | ||
| Breaches or disruptions of company's or vendors' information technology systems | = | |
| Difficulties controlling expenses including product procurement and manufacturing costs | = | |
| Geographic distribution of taxable income and tax law changes | = | |
| Company's ability to accurately predict demand for products and product development | = | |
| Coverage and reimbursement decisions by third-party payors; trends toward health care cost containment | = | |
| Increasing industry competition | = | |
| Integra LifeSciences: first mention in 10-Q quarterly report of 2026-07-29 (2026-Q2), source 30 | ||
| July 2026 flood damage at Cincinnati facility; assessment ongoing for financial impact | = | |
| U.S. tariffs on imports; Company submitted $17.6M refund claims; costs passed to COGS | = | |
| Geopolitical tension and trade barriers may impact suppliers, vendors and customers | = | |
| Integra LifeSciences: first mention in 8-K-EX99.1 earnings release of 2026-05-05 (2026-Q1), source 29 | ||
| Interest rate and foreign currency rate fluctuations impact on business | 2026-Q2 2026-07-29 31 | |
| Integra LifeSciences: first mention in 8-K-EX99.1 earnings release of 2026-02-26 (2025-Q4), source 27 | ||
| Company's ability to remediate quality systems violations and implement compliance master plan | 2026-Q2 2026-07-29 31 | |
| Integra LifeSciences: first mention in 10-K annual report of 2026-02-26 (FY2025), source 26 | ||
| Prior quality issues led to voluntary global recall of Boston facility products through May 2023 | 2026-Q2 2026-07-29 30 | |
| Integra LifeSciences: first mention in 10-Q quarterly report of 2025-07-31 (2025-Q2), source 22 | ||
| FDA warning letters at three facilities; PMA approvals blocked until violations resolved | 2026-Q2 2026-07-29 30 | |
| Consolidated Total Leverage Ratio at 4.10 versus covenant requirement of 5.00 | 2026-Q2 2026-07-29 30 | |
| Integra LifeSciences: first mention in 10-Q quarterly report of 2025-05-05 (2025-Q1), source 20 | ||
| Potential difficulties, delays and disruptions in manufacturing, distribution or sale of products | 2026-Q2 2026-07-29 31 | |
| Integra LifeSciences: first mention in 8-K-EX99.1 earnings release of 2025-02-25 (2024-Q4), source 19 | ||
| Difficulties obtaining and maintaining required regulatory approvals; EU Medical Device Regulation compliance | 2026-Q2 2026-07-29 31 | |
| Impact of management and organizational changes on business execution | 2026-Q2 2026-07-29 31 | |
| Integra LifeSciences: first mention in 10-K annual report of 2025-02-25 (FY2024), source 18 | ||
| Increased geopolitical instability, trade barriers, tariffs, armed conflict affecting suppliers and operations | 2026-Q2 2026-07-29 31 | |
| Integra LifeSciences: first mention in 10-K annual report of 2024-02-28 (FY2023), source 10 | ||
| Supply chain disruptions and vendor/supplier ability to meet contractual obligations | 2026-Q2 2026-07-29 31 | |
| Integra LifeSciences: first mention in 8-K-EX99.1 earnings release of 2023-07-27 (2023-Q2), source 7 | ||
| Potential goodwill and intangible asset impairment charges if acquired businesses underperform | 2026-Q2 2026-07-29 31 | |
| Integra LifeSciences: first mention in 8-K-EX99.1 earnings release of 2023-04-26 (2023-Q1), source 5 | ||
| Ongoing EU MDR certification program may impact European commercial activities | 2026-Q2 2026-07-29 30 | |
| Integra LifeSciences: first mention in 10-Q quarterly report of 2023-04-26 (2023-Q1), source 4 | ||
| Supply chain disruptions and tariffs may increase product costs and impact demand | 2026-Q2 2026-07-29 30 | |
| Increasing industry competition and market consolidation | 2026-Q2 2026-07-29 30 | |
| Integra LifeSciences: first mention in 8-K-EX99.1 earnings release of 2026-10-02, source 32 | ||
| Insurance recovery assessment ongoing; future recoveries uncertain and subject to carrier assessment. | = | |
| Integra LifeSciences: first mention in 8-K-EX99.1 earnings release of 2026-05-05 (2026-Q1), source 29 | ||
| Difficulties in controlling expenses including procurement and manufacturing costs. | = | |
| Coverage and reimbursement decisions of third-party payors and healthcare cost containment trends affect business. | = | |
| Fluctuations in foreign currency exchange rates impact financial results. | = | |
| Impact of changes in management or staff levels and ability to manage organizational changes. | = | |
| Changes to applicable tax laws and global healthcare reforms may impact business. | = | |
| Breaches, failures or disruptions of company or vendors' or customers' information technology systems. | = | |
| Increasing industry competition may impact market position. | = | |
| Anticipated development of markets and success of company products in these markets are uncertain. | = | |
| Integra LifeSciences: first mention in 10-Q quarterly report of 2026-05-05 (2026-Q1), source 28 | ||
| Compliance Master Plan implementation ongoing to remediate quality gaps across manufacturing and supply network. | = | |
| FDA warning letters restrict PMA approvals for Class III devices until quality system violations resolved. | = | |
| Ongoing trade policy uncertainty with new tariff measures being proposed, paused, and implemented. | = | |
| Potential exposure to litigation and regulatory proceedings affecting business operations. | = | |
| Difficulties or delays in obtaining and maintaining required regulatory approvals. | = | |
| Integra LifeSciences: first mention in 8-K-EX99.1 earnings release of 2026-02-26 (2025-Q4), source 27 | ||
| MediHoney and Integra Skin remediation efforts impacting Wound Reconstruction sales | = | |
| Amount of bank borrowings and liquidity management | = | |
| Fluctuations in foreign currency exchange rates impacting results | = | |
| Failure of suppliers and vendors to meet contractual and regulatory obligations | = | |
| Breaches and failures of information technology systems and products | = | |
| Increasing industry competition in medical technology markets | = | |
| Integra LifeSciences: first mention in 10-K annual report of 2026-02-26 (FY2025), source 26 | ||
| FDA expects manufacturers to address cybersecurity risks in connected medical device design and post-market management | = | |
| Compliance with environmental health and safety laws may require substantial costs and facility operational changes | = | |
| Senior Credit Facility matures March 24, 2028; company expects to seek refinancing in 2026; covenant requirement dropping from 5.00 to 4.75 for Q3 2026 | = | |
| Goodwill impairment of $511.4 million recorded; Consolidated Total Leverage Ratio at 4.50 with covenant requirement at 5.00; continued impairment risk if stock price or macroeconomic conditions deteriorate | = | |
| May need to refinance existing debt in 2026; may not be able to refinance on acceptable terms. | = | |
| Medicare payment methodology changes for skin substitute products may significantly alter reimbursement rates | = | |
| Tariff uncertainty and trade restrictions could increase manufacturing costs and disrupt supply chain. | = | |
| MediHoney quality and operational issues impacting Tissue Technologies segment; CSF Management shipping holds in prior year | = | |
| Collagen derived from bovine tissue subject to BSE concerns; potential for product bans or additional regulation | = | |
| Increased ethylene oxide regulations may reduce sterilization supplier capacity affecting product availability. | = | |
| Anti-kickback and false claims laws strictly regulate marketing practices and customer arrangements | = | |
| Import-export control and economic sanctions laws restrict sales to certain countries and entities | = | |
| PMA application processes for SurgiMend and DuraSorb may be time-consuming and expensive with uncertain approval timelines | = | |
| Changes to cleared devices requiring new 510(k), de novo or PMA approval may extend development timelines | = | |
| Evolving data privacy and cybersecurity regulations including EU AI Act impose increasing compliance costs. | = | |
| Failure to meet publicly announced environmental, social and governance goals risks reputation damage. | = | |
| U.S. Foreign Corrupt Practices Act and international anti-bribery laws create compliance risks. | = | |
| Global operations exposed to foreign currency exchange rate risk in Euros, British pounds, Swiss francs, and other currencies; managed through forward contracts and natural offsets | = | |
| Government and private sector initiatives to limit healthcare costs through price regulation and competitive bidding | = | |
| Intense competition for skilled personnel in sales, manufacturing, regulatory, and scientific positions. | = | |
| Products from bovine/porcine sources subject to additional regulation due to BSE/TSE transmission concerns. | = | |
| Adoption of AI tools by threat actors may pose new and more sophisticated cybersecurity challenges. | = | |
| Increased price sensitivity among hospital customers seeking cost reductions through centralized purchasing | = | |
| Integra LifeSciences: first mention in 8-K-EX99.1 earnings release of 2025-10-30 (2025-Q3), source 25 | ||
| Forward-looking statements reference litigation risks under Private Securities Litigation Reform Act | = | |
| Integra LifeSciences: first mention in 10-Q quarterly report of 2025-10-30 (2025-Q3), source 24 | ||
| Multiple FDA warning letters related to quality system violations at manufacturing facilities in Mansfield, Princeton, and Plainsboro. | 2026-Q1 2026-05-05 28 | |
| Integra LifeSciences: first mention in 8-K-EX99.1 earnings release of 2025-07-31 (2025-Q2), source 23 | ||
| U.S. tariffs imposed, appealed, and invalidated by Supreme Court February 2026; new 10% global tariff under Section 122 implemented with uncertain ultimate impact on supply chain and costs | FY2025 2026-02-26 26 | |
| Integra LifeSciences: first mention in 8-K-EX99.1 earnings release of 2025-05-05 (2025-Q1), source 21 | ||
| U.S. tariffs on imports announced in April 2025; Supreme Court invalidated tariff program in February 2026; new 10% global tariff under Section 122 announced. | 2026-Q1 2026-05-05 28 | |
| Integra LifeSciences: first mention in 10-Q quarterly report of 2025-05-05 (2025-Q1), source 20 | ||
| Section 122 tariffs implementation creating material headwinds; guidance does not contemplate recovery | 2025-Q4 2026-02-26 27 | |
| 2023 FDA warning letter related to Boston facility quality issues; voluntary global recall initiated May 2023 for products manufactured between March 2018 and May 2023. | = | |
| Integra LifeSciences: first mention in 8-K-EX99.1 earnings release of 2025-02-25 (2024-Q4), source 19 | ||
| EU Medical Device Regulation compliance costs and implementation delays affecting margins | 2025-Q4 2026-02-26 27 | |
| Integra LifeSciences: first mention in 10-K annual report of 2025-02-25 (FY2024), source 18 | ||
| Vulnerability in third-party enterprise software affecting multiple customers; ongoing investigation underway. | FY2025 2026-02-26 26 | |
| Total consolidated external debt approximately $1.9 billion with Senior Credit Facility maturing March 24, 2028. | FY2025 2026-02-26 26 | |
| Manufacturing facility consolidation and transfer initiatives may result in delays or implementation issues. | FY2025 2026-02-26 26 | |
| Foreign Corrupt Practices Act and anti-bribery laws require care in international sales and business dealings | FY2025 2026-02-26 26 | |
| HIPAA privacy and security requirements impose criminal and civil liability for violations | FY2025 2026-02-26 26 | |
| Changes in macroeconomic conditions including inflation, rising interest rates, bank failures could negatively impact business. | FY2025 2026-02-26 26 | |
| Intense competition from established and early-stage companies; competitors may have greater resources and effectiveness. | FY2025 2026-02-26 26 | |
| Increased emphasis on cost-effective medical therapies could require price decreases and affect profitability. | FY2025 2026-02-26 26 | |
| Integra LifeSciences: first mention in 8-K-EX99.1 earnings release of 2024-07-29 (2024-Q2), source 15 | ||
| Reliance on Cincinnati facility for specialty surgical products; alternate supply sources activated but capacity constraints remain. | 2026-10-02 32 | |
| Integra LifeSciences: first mention in 10-K annual report of 2024-02-28 (FY2023), source 10 | ||
| Cincinnati facility flooding causing extended production disruption through Q2 2027; asset impairment risk. | 2026-10-02 32 | |
| International manufacturing locations subject to additional regulatory challenges and risks | FY2025 2026-02-26 26 | |
| EU GDPR and UK GDPR impose strict requirements on personal data processing with significant compliance and penalty risks | FY2025 2026-02-26 26 | |
| FDA inspections resulting in Form 483 observations, warning letters could affect manufacturing and product supply. | FY2025 2026-02-26 26 | |
| Voluntary recalls including 2023 global Boston facility recall and 2024 recalls of cottonoid products and MediHoney. | FY2025 2026-02-26 26 | |
| Exposure to interest rate fluctuations on SOFR-indexed borrowings with $900.0 million in interest rate swaps. | 2026-Q1 2026-05-05 28 | |
| Government and third-party payors reducing reimbursement rates or coverage scope could adversely affect product sales. | FY2025 2026-02-26 26 | |
| Medical device industry characterized by extensive intellectual property litigation which could be costly. | FY2025 2026-02-26 26 | |
| U.S. healthcare reform initiatives including OBBBA projected to decrease federal healthcare spending $1.0 trillion. | FY2025 2026-02-26 26 | |
| Technological advances by competitors could render current products obsolete or uneconomical. | FY2025 2026-02-26 26 | |
| Integra LifeSciences: first mention in 8-K-EX99.1 earnings release of 2023-10-25 (2023-Q3), source 9 | ||
| Voluntary global recall of products manufactured at Boston facility between March 1, 2018 and May 22, 2023 including PriMatrix, SurgiMend, Revize, and TissueMend | 2025-Q3 2025-10-30 24 | |
| Integra LifeSciences: first mention in 8-K-EX99.1 earnings release of 2023-07-27 (2023-Q2), source 7 | ||
| Amount of bank borrowings and other factors influencing liquidity may fluctuate. | 2026-Q1 2026-05-05 29 | |
| Worldwide macroeconomic and geopolitical uncertainty may adversely affect business and prospects. | FY2025 2026-02-26 26 | |
| Integra LifeSciences: first mention in 10-Q quarterly report of 2023-07-27 (2023-Q2), source 6 | ||
| Quality and operational issues at multiple manufacturing facilities impacting revenue and gross margin; enterprise-wide Compliance Master Plan implemented across manufacturing network | FY2025 2026-02-26 26 | |
| Integra LifeSciences: first mention in 8-K-EX99.1 earnings release of 2023-04-26 (2023-Q1), source 5 | ||
| Difficulties in implementing compliance master plan and remediating quality systems violations may impact regulatory approvals. | 2026-Q1 2026-05-05 29 | |
| Global challenges including inflation and geopolitical conflicts affecting suppliers and customers | 2025-Q4 2026-02-26 27 | |
| Integra LifeSciences: first mention in 10-Q quarterly report of 2023-04-26 (2023-Q1), source 4 | ||
| Hazardous materials regulations and environmental laws may increase compliance costs. | FY2025 2026-02-26 26 | |
| No single customer represented more than 10% of 2025 consolidated revenues | FY2025 2026-02-26 26 | |
Integra LifeSciences Reported KPIs (as disclosed) (190)
The story KPIs of Integra LifeSciences that standard databases usually miss, grouped by publication, most recent first, with source number. NadirAlpha methodology
| KPI | Value / change | Source |
|---|---|---|
| Integra LifeSciences, published 2026-10-02, period 2026-Q3 | ||
| revenue Q3 preliminary | approximately $410 million to $412 million | 32 |
| operating cash flow Q3 | greater than $85 million | 32 |
| flooding impact Q4 revenue | approximately $15 million to $20 million | 32 |
| flooding impact Q3 revenue | approximately $7 million | 32 |
| Integra LifeSciences, published 2026-07-29, period 2026-Q2 | ||
| Total Liquidity | approximately $496 million | 31 |
| Consolidated Total Leverage Ratio | 4.1x | 31 |
| Tissue Reconstruction Revenue | $109,492 | 30 |
| Specialty Surgery Revenue | $309,269 | 30 |
| Short-Term Investments | $59.7 | 30 |
| Selling, General and Administrative as % of Revenue | 41.2% | 30 |
| Research and Development as % of Revenue | 5.8% | 30 |
| Operating Cash Flow | $32,605 | 30 |
| IEEPA Tariff Refund Claims Submitted | $17.6 | 30 |
| Gross Margin Percentage | 52.5% | 30 |
| Consolidated Total Leverage Ratio | 4.10 | 30 |
| Cash and Cash Equivalents | $214.4 | 30 |
| Capital Expenditures | $27.2 | 30 |
| Integra LifeSciences, published 2026-05-05, period 2026-Q1 | ||
| Working Capital | 825.2 million | 28 |
| Total Liquidity | $488 million | 29 |
| Short-Term Investments | 28.7 million | 28 |
| Organic Revenue Growth Q1 | 1.3% | 29 |
| Organic Revenue Growth | 0.8% to 3.3% | 29 |
| Non-US Cash | 196.9 million | 28 |
| Net Debt | $1.6 billion | 29 |
| Gross Margin GAAP | 55.4% | 29 |
| Consolidated Total Leverage Ratio Covenant | 5.00 | 28 |
| Consolidated Total Leverage Ratio | 4.12 | 28 |
| Consolidated Total Leverage Ratio | 4.1x | 29 |
| Cash and Short-Term Investments | $265.5 million | 29 |
| Cash and Equivalents | 236.8 million | 28 |
| Adjusted Gross Margin | 64.1% | 29 |
| Adjusted EBITDA Margin | 19.4% | 29 |
| Integra LifeSciences, published 2026-02-26, period FY2025 | ||
| Working Capital | $703.6 million | 26 |
| Valuation Allowance Deferred Tax Assets | $22.6 million | 26 |
| State Net Operating Loss Carryforwards | $85.4 million | 26 |
| Non-US Cash and Equivalents | $193.0 million | 26 |
| Gross Deferred Tax Assets | $278.1 million | 26 |
| Foreign Net Operating Loss Carryforwards | $142.8 million | 26 |
| Federal Net Operating Loss Carryforwards | $46.7 million | 26 |
| Consolidated Total Leverage Ratio | 4.50 | 26 |
| Integra LifeSciences, published 2026-02-26, period 2025-Q4 | ||
| Total Liquidity | approximately 516 million | 27 |
| Consolidated Total Leverage Ratio | 4.5x | 27 |
| Cash and Short-Term Investments | 263.7 million | 27 |
| adjusted gross margin | 61.7% | 27 |
| adjusted gross margin | 65.2% | 27 |
| adjusted gross margin | 61.9% | 27 |
| adjusted gross margin | 64.5% | 27 |
| adjusted EBITDA margin | 24.0% | 27 |
| adjusted EBITDA margin | 23.7% | 27 |
| adjusted EBITDA margin | 19.4% | 27 |
| adjusted EBITDA margin | 19.4% | 27 |
| Integra LifeSciences, published 2025-10-30, period 2025-Q3 | ||
| Total Liquidity | $549.8 million | 25 |
| total debt | $1.8 billion | 25 |
| operating cash flow Q3 | $40.9 million | 25 |
| Net Debt | $1.6 billion | 25 |
| Consolidated Total Leverage Ratio | 4.3x | 25 |
| Cash and Short-Term Investments | $267.9 million | 25 |
| Adjusted Gross Margin | 62.9% | 25 |
| GAAP gross margin | 51.5% | 25 |
| covenant requirement | 5.00 | 24 |
| Consolidated Total Leverage Ratio | 4.35 | 24 |
| Integra LifeSciences, published 2025-07-31, period 2025-Q2 | ||
| Total Liquidity | 1.14 billion | 23 |
| Net Debt | 1,591,130 | 23 |
| Consolidated Total Leverage Ratio | 4.5x | 23 |
| adjusted gross margin | 60.7% | 23 |
| adjusted gross margin | 65.2% | 23 |
| working capital | 213.0 million | 22 |
| short-term investments | 35.7 million | 22 |
| non-U.S. subsidiaries cash | 180.0 million | 22 |
| covenant requirement | 5.00 | 22 |
| Consolidated Total Leverage Ratio | 4.53 | 22 |
| Cash and Cash Equivalents | 217.9 million | 22 |
| Integra LifeSciences, published 2025-05-05, period 2025-Q1 | ||
| Working Capital | 188.8 million | 20 |
| Short-Term Investments | 34.2 million | 20 |
| non-U.S. subsidiaries cash and cash equivalents | 182.7 million | 20 |
| cash and cash equivalents | 239.1 million | 20 |
| Total liquidity | 1.16 billion | 21 |
| Total leverage ratio | 4.3x | 21 |
| GAAP gross margin | 50.8% | 21 |
| Consolidated Total Leverage Ratio covenant requirement | 5.00 | 20 |
| Consolidated Total Leverage Ratio | 4.30 | 20 |
| Cash and short-term investments | 273 million | 21 |
| Integra LifeSciences, published 2025-02-25, period FY2024 | ||
| Working Capital | 159.6 million | 18 |
| Valuation allowance | 15.5 million | 18 |
| Short-term investments interest rate sensitivity | 0.3 million | 18 |
| Short-Term Investments | 27.2 million | 18 |
| Net operating loss carryforwards state | 46.5 million | 18 |
| Net operating loss carryforwards foreign | 106.7 million | 18 |
| Net operating loss carryforwards federal | 51.2 million | 18 |
| Impairment charge Boston | 4.6 million | 18 |
| Estimated effective tax rate | 36.7% | 18 |
| Effective tax rate | 61.9% | 18 |
| Effective tax rate | 16.4% | 18 |
| Debt interest rate sensitivity | 8.1 million | 18 |
| Consolidated Total Leverage Ratio | 4.04 | 18 |
| Cash interest rate sensitivity | 2.5 million | 18 |
| Cash and Equivalents | 246.4 million | 18 |
| Integra LifeSciences, published 2025-02-25, period 2024-Q4 | ||
| Total Liquidity | approximately 1.2 billion | 19 |
| Net Debt | 1.5 billion | 19 |
| Consolidated Total Leverage Ratio | 4.0x | 19 |
| Cash and Short-Term Investments | approximately 273 million | 19 |
| Integra LifeSciences, published 2024-11-04, period 2024-Q3 | ||
| Revenue | $380.8 million | 16 |
| Gross margin | 52.6% | 16 |
| Consolidated Total Leverage Ratio | 3.99 | 16 |
| Total liquidity | $1.18 billion | 17 |
| Total balance sheet debt | $1.81 billion | 17 |
| GAAP gross margin | 52.6% | 17 |
| Consolidated total leverage ratio | 4.0x | 17 |
| Cash and short-term investments | $277 million | 17 |
| Adjusted EBITDA margin | 16.2% | 17 |
| Integra LifeSciences, published 2024-07-29, period 2024-Q2 | ||
| Working capital | $784.0 | 14 |
| Total revenues | $418,175 | 14 |
| Total liquidity | 1.18 billion | 15 |
| Total balance sheet debt | 1.83 billion | 15 |
| Tissue Technologies segment revenue | 116,414 | 15 |
| Tissue Technologies organic growth | 5.7% | 15 |
| Short-term investments | $81.7 | 14 |
| Organic growth excluding Boston | 0.3% | 15 |
| Organic growth | 2.3% | 15 |
| Gross margin on total revenues | $225,917 | 14 |
| Gross margin as % of total revenues | 54.0% | 14 |
| Consolidated total leverage ratio | 3.8x | 15 |
| Codman Specialty Surgical segment revenue | 301,761 | 15 |
| Codman Specialty Surgical organic growth | 0.9% | 15 |
| Cash and short-term investments | 297 million | 15 |
| Cash and cash equivalents | $215.2 | 14 |
| Adjusted EBITDA margin | 20.0% | 15 |
| Integra LifeSciences, published 2024-05-06, period 2024-Q1 | ||
| Working Capital | $1,113.3 million | 12 |
| Short-Term Investments | $71.2 million | 12 |
| Cash, non-US subsidiaries | $210.6 million | 12 |
| Cash and equivalents, total | $591.9 million | 12 |
| Total liquidity | approximately $1.54 billion | 13 |
| Total balance sheet debt | $1.86 billion | 13 |
| Tissue Technologies revenues | $112.4 million | 13 |
| Neurosurgery organic growth | 6.3% | 13 |
| Consolidated total leverage ratio | 3.2x | 13 |
| Codman Specialty Surgical revenues | $256.4 million | 13 |
| Cash plus short-term investments | $663 million | 13 |
| Integra LifeSciences, published 2024-02-28, period FY2023 | ||
| Working capital | 751.1 million | 10 |
| Working capital | 840.6 million | 10 |
| short term investments | 32.7 million | 10 |
| non-US cash | 246.9 million | 10 |
| cash and cash equivalents | 276.4 million | 10 |
| cash and cash equivalents | 456.7 million | 10 |
| Integra LifeSciences, published 2024-02-28, period 2023-Q4 | ||
| Total liquidity | 1.5 billion | 11 |
| Organic revenue growth full-year excl. Boston | 5.5% | 11 |
| Organic revenue growth full-year | 0% | 11 |
| Organic revenue growth Q4 excl. Boston | 3.6% | 11 |
| Organic revenue growth Q4 | -1.2% | 11 |
| Net debt | 1.2 billion | 11 |
| Consolidated total leverage ratio | 3.0x | 11 |
| Cash and short-term investments | 309 million | 11 |
| Adjusted EBITDA margin full-year | 24.0% | 11 |
| Adjusted EBITDA margin Q4 | 25.3% | 11 |
| Integra LifeSciences, published 2023-10-25, period 2023-Q3 | ||
| Working Capital | 671.5 million | 8 |
| unsatisfied performance obligations | 50% | 8 |
| non-US subsidiaries cash | 247.7 million | 8 |
| deferred compensation plan fair value | 5.4 million | 8 |
| contract liability short-term | 8.1 million | 8 |
| contract liability long-term | 8.1 million | 8 |
| cash and cash equivalents | 273.7 million | 8 |
| Total liquidity | $1.48 billion | 9 |
| GAAP gross margin prior year | 61.5% | 9 |
| GAAP gross margin | 57.1% | 9 |
| Consolidated total leverage ratio | 3.0x | 9 |
| Cash and cash equivalents | 273,732 | 9 |
| Adjusted gross margin prior year | 66.7% | 9 |
| Adjusted gross margin | 64.6% | 9 |
| Adjusted EBITDA margin prior year | 27.3% | 9 |
| Adjusted EBITDA margin | 23.0% | 9 |
| Integra LifeSciences, published 2023-07-27, period 2023-Q2 | ||
| working capital June 30 | 673.8 million | 6 |
| working capital Dec 31 | 840.6 million | 6 |
| non-US subsidiaries cash June 30 | 267.1 million | 6 |
| cash and cash equivalents June 30 | 309.2 million | 6 |
| cash and cash equivalents Dec 31 | 456.7 million | 6 |
| Total liquidity | 1,610,000 | 7 |
| Total balance sheet debt | 1,440,000 | 7 |
| Reported revenue growth | -4.2% | 7 |
| Organic revenue growth excluding Boston recall | 5.5% | 7 |
| Organic revenue growth | -2.7% | 7 |
| GAAP gross margin | 54.3% | 7 |
| Consolidated total leverage ratio | 2.6x | 7 |
| Adjusted gross margin | 67.6% | 7 |
| Adjusted EBITDA margin | 23.3% | 7 |
| Integra LifeSciences, published 2023-04-26, period 2023-Q1 | ||
| Total Liquidity | approximately $1.61 billion | 5 |
| total debt | $1.45 billion | 5 |
| operating cash flow | 26,156 | 5 |
| Net Debt | $1.15 billion | 5 |
| Consolidated Total Leverage Ratio | 2.5x | 5 |
| Cash and Equivalents | $307 million | 5 |
Integra LifeSciences Development
A condensed summary of Integra LifeSciences per reporting period as running text: what changed operationally, which drivers management names, how earnings and cash flow developed. NadirAlpha methodology
FY2026: Integra LifeSciences
Integra LifeSciences generated 391.9 million in first-quarter 2026 revenues, representing reported growth of 2.4% and organic growth of 1.3% compared to the prior year 29, followed by 418.8 million in the second quarter with reported growth of 0.8% and organic growth of 0.7% 31. Gross margin improved in both quarters, driven primarily by reduced Braintree remediation costs and improved manufacturing performance 28 30, while adjusted EPS reached 0.54 in Q1 29 and 0.56 in Q2 31. The GAAP net position recovered from a net loss of 4.6 million in Q1 29 to net income of 4.5 million in Q2, the latter reflecting the absence of a prior-year goodwill impairment charge 30. A flood at the Cincinnati, Ohio manufacturing facility on July 17, 2026 disrupted specialty surgical technologies production, prompting the company to lower full-year revenue guidance to $1.634 to $1.654 billion and cut adjusted EPS guidance from $2.40 to $2.50 to $2.30 to $2.40, while confirming full-year operating cash flow guidance of approximately $190 to $200 million 32.
FY2025: Integra LifeSciences
Integra LifeSciences reported FY2025 total revenues of $1,635.2 million, up 1.5% on a reported basis but down 0.7% organically, with the Codman Specialty Surgical segment growing 5.0% offset by a Tissue Technologies segment decline of 6.9% 26. Gross margin fell from 54.8% in 2024 to 50.9%, reflecting quality and operational disruptions tied to an FDA warning letter received December 2024, higher manufacturing costs, and $19.9 million in tariff costs 26. A non-cash goodwill impairment of $511.4 million recorded in Q2 2025 across the Tissue Technologies, Neurosurgery, and Instruments and ENT reporting units, driven by share price decline and operational challenges, produced a GAAP net loss of $516.5 million for the year, while adjusted EPS declined to $2.23 from $2.56 in 2024 26 27. Operating cash flow fell $79.0 million to $50.4 million and free cash flow was negative $31.1 million, weighed by higher manufacturing costs and tariff payments 26. The Acclarent ENT acquisition completed April 2024 contributed to Codman Specialty Surgical revenue growth, while the Braintree manufacturing facility remained on track for mid-2026 operationalization to support pending SurgiMend and DuraSorb PMA approvals 26.
FY2024: Integra LifeSciences
Integra LifeSciences reported FY2024 total revenues of $1,610.5 million, up 4.5% on a reported basis from $1,541.6 million in 2023, with the Acclarent acquisition–completed April 1, 2024 for approximately $282 million–accounting for the majority of reported growth; on an organic basis revenues declined approximately 1.3%, as quality and operational disruptions including temporary shipping holds implemented mid-year and the ongoing impact of the voluntary Boston facility product recall suppressed volume, most acutely in Neurosurgery during Q3 18 19. Full-year gross margin contracted to 54.8% from 57.4%, reflecting Boston recall-related charges, Acclarent inventory step-up amortization, and underutilized manufacturing capacity 18. GAAP net loss was $6.9 million versus net income of $67.7 million in 2023, while adjusted EPS declined to $2.56 from $3.10 and full-year adjusted EBITDA margin compressed approximately 400 basis points to 20.0% 18 19. Additional developments during the year included the October 2024 acquisition of Durepair Regeneration Matrix product rights for $45 million, an FDA warning letter issued in December 2024 regarding quality system issues at three manufacturing facilities, and the planned transition of PriMatrix and SurgiMend manufacturing to a new Braintree, Massachusetts facility targeted for first-half 2026 operationalization 18.
FY2023: Integra LifeSciences
Integra LifeSciences reported FY2023 revenues of $1,541.6 million, a decline of 1.0% on a reported basis and flat organically versus $1,557.7 million in FY2022, with growth in the Codman Specialty Surgical segment offset by a significant decline in the Tissue Technologies segment driven by the Boston manufacturing facility recall 10 11. The voluntary recall of Boston-manufactured products distributed between March 2018 and May 2023 resulted in a $24.6 million inventory write-off, an $18.7 million product return provision, and $15.0 million in idle capacity charges, compressing gross margin to 57.4% from 62.3% in the prior year 10. The Codman Specialty Surgical segment grew $39.4 million (3.9%), while the Tissue Technologies segment declined $55.5 million (10.3%); excluding the Boston recall and TWC divestiture impacts, the Tissue Technologies segment increased approximately $32.0 million driven by strong sales in IDRT and MicroMatrix/Cytal 10. Net income decreased to $67.7 million ($0.84 per diluted share) from $180.6 million ($2.16 per diluted share) in FY2022, with adjusted EPS of $3.10 compared to $3.36 in the prior year and full-year adjusted EBITDA declining $41.6 million to $369.7 million 10 11. In December 2023, the company signed a definitive agreement to acquire Acclarent Inc. from Johnson & Johnson for $275 million cash plus up to $5 million in regulatory milestone payments, targeting completion by Q2 2024 10.
Glossary
- Revenue: Revenue from contracts with customers, net of sales deductions, as the company itself reports it; not total output, gross revenue, GMV or order intake.
- Op. income: The operating line of the income statement; EBIT only as a marked fallback, never pre-tax or ordinary income.
- EBITDA (adj.): Adjusted EBITDA, verbatim and company-defined (non-GAAP), never derived.
- Net income: Net income attributable to the shareholders of the parent, after discontinued operations; not the result including minority interests, not comprehensive income.
- EPS: Diluted earnings per share attributable to the shareholders of the parent; a printed figure always beats a calculated one, calculated values are marked.
- EPS adj.: Adjusted earnings per share, verbatim and company-defined (non-GAAP).
- FCF: Free cash flow = operating cash flow minus capital expenditure on property, plant and equipment; the company's own free cash flow figure is shown separately.
- OCF: Cash flow from operating activities as reported; IFRS companies may show interest paid in financing cash flow, so the figure is not always comparable.
- Cash: Cash and cash equivalents, without securities unless the company reports them as part of the position.
- Net Debt: Net debt = financial debt excluding lease liabilities minus cash at the same reporting date; the company's own net position may differ.
- *: derived, the formula is in the hover
- ≈: calculated, approximation
- ~: uncertain; the value stays visible, verdicts do not use it
- °: repaired by a targeted query against the document, or curated with documentary evidence
- EBIT: EBIT as a fallback: the income statement carries no operating line
- basic: basic earnings per share as a fallback when diluted is missing
Sources: quarterly reports, annual reports and investor relations documents
50 sources on Integra LifeSciences since 2023; the superscript numbers in the chapters refer to these rows, older documents are in the expandable part. NadirAlpha methodology
Older sources (+18)
| # | Document type | Published |
|---|---|---|
| #201 | 10-Q quarterly report | 2016-04-27 |
| #202 | 10-Q quarterly report | 2016-07-28 |
| #203 | 10-Q quarterly report | 2016-10-28 |
| #204 | 10-K annual report | 2017-02-23 |
| #206 | 10-Q quarterly report | 2017-02-23 |
| #207 | 10-K annual report | 2017-02-23 |
| #205 | 10-Q quarterly report | 2017-07-26 |
| #209 | 10-K annual report | 2018-03-01 |
| #208 | 10-Q quarterly report | 2018-07-26 |
| #211 | 10-K annual report | 2019-02-26 |
| #210 | 10-Q quarterly report | 2019-07-25 |
| #215 | 10-K annual report | 2020-02-21 |
| #212 | 10-Q quarterly report | 2020-05-07 |
| #213 | 10-Q quarterly report | 2020-08-10 |
| #214 | 10-Q quarterly report | 2020-10-29 |
| #216 | 10-Q quarterly report | 2021-04-29 |
| #217 | 10-Q quarterly report | 2021-07-29 |
| #218 | 10-Q quarterly report | 2021-11-02 |
Integra LifeSciences Stock FAQ
Is there a management forecast (guidance) for FY2026?
Yes. Management has issued targets for FY2026, including Revenue. The guidance tracking chapter shows all targets and checks them against the actuals reported later; neutral, with no estimate of our own.
Which additional key figures does Integra LifeSciences report?
As reported for Q2 2026: Consolidated Total Leverage Ratio, Tissue Reconstruction Revenue, Specialty Surgery Revenue, Short-Term Investments, Selling, General and Administrative as % of Revenue, Research and Development as % of Revenue. The chapter Reported KPIs lists every value with its source. Revenue is broken down by Specialty Surgery, Tissue Reconstruction, ENT, Neurosurgery.
Where can I find the official investor relations documents of Integra LifeSciences?
NadirAlpha links all 50 original filings used (SEC filings) in the sources chapter: earnings release, quarterly report, annual report, each with type, publication date and a direct link; every figure in the report carries a source number.