Integra LifeSciences Holdings Corporation reported fourth‑quarter 2025 revenue of $434.9 million, a 1.7% decline from the same period a year earlier. The company posted a GAAP net loss of $1.7 million, or $0.02 per diluted share, largely due to a $511 million goodwill impairment charge that was recorded for the full year. Adjusted earnings before interest, taxes, depreciation and amortization reached $104.2 million, or 24.0% of revenue, up from 23.7% in the prior year, while adjusted net income was $63.7 million, or $0.83 per diluted share, a beat of $0.04 (about 5%) over the consensus estimate of $0.79.
The quarter’s performance was driven by a 2.7% increase in Codman Specialty Surgical revenue, offset by a 12.8% decline in the Tissue Technologies segment, which was impacted by remediation work on MediHoney® and challenging comparisons for Integra Skin. The company’s quality‑management system and compliance initiatives helped stabilize supply reliability and reduce safety‑stock levels, contributing to the operational gains highlighted by management.
Integra’s full‑year 2025 results showed revenue of $1,635.2 million, a 1.5% increase from 2024, and adjusted earnings per share of $2.23 versus $2.56 in 2024. The company’s cash flow from operations for the year was $50.4 million, with net debt of $1.6 billion and total liquidity of approximately $516 million.
For 2026, Integra guided revenue of $1,662 million to $1,702 million, representing 1.6% to 4.1% growth, and adjusted earnings per diluted share of $2.30 to $2.40. The guidance reflects a focus on margin expansion and tariff assumptions, and does not account for any potential recovery of amounts already paid. Management noted that the simplified operating model, portfolio prioritization, and disciplined capital allocation are expected to deliver $25‑$30 million in savings in 2026 and support long‑term margin improvement.
"In the fourth quarter, we drove tangible operational progress while continuing to deliver for our customers and patients." "During 2025, we further strengthened our quality management system, advanced our Compliance Master Plan, and progressed execution of our remediation work. Our operational and execution focus resulted in significant outcomes in key areas, namely Integra Skin supply reliability, healthier safety‑stock levels across our portfolio, and early relaunch of PriMatrix and Durepair." "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."
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