Integra Lifesciences Holdings Corp Dossier - Source-backed chat

Integra Lifesciences Holdings Corp

IARTNASDAQ

SectorHealth Care

IndustryMedical Devices

Beta (adjusted)1.13

Intrinsic Value $35.94median of 3 methodsbased on filings through 30 Jun 2026

Market Price $16.09Price as of 1 Oct 2026

Significantly undervaluedIntrinsic value is 123% above the market price

−50% · IV below pricenear fair value ±15%IV above price · +50%

marker beyond scale (+123%)

Data confidence Sign in to view data confidence

Market Cap $1.3B

Enterprise Value $1.7B

Shares Outstanding 77.2M diluted

Moat Rating None

Next Earnings Date4 Nov 2026

All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference.

Thesis

Street consensus, scenarios, merits, risks, and invalidation triggers

AI-assisted

Thesis Summary

Integra LifeSciences is navigating a complex operational turnaround under the leadership of returning CEO Stuart Essig. While Q1 2026 results demonstrated solid execution with an earnings beat and raised full-year adjusted EPS guidance, the company continues to face headwinds from elevated leverage (4.1x net debt-to-EBITDA) and ongoing quality remediation efforts. The successful restart of the Braintree facility and the planned Q4 2026 relaunch of SurgiMend are critical milestones that must be achieved to restore long-term organic growth and margin stability. Until these operational milestones are consistently met, a Hold recommendation is warranted.

This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today.

Street view · analyst 12-month targets9 analysts · as of 18 Aug 2026

Low · most bearish analyst$14.00

Mean target$19.56

High · most bullish analyst$27.00

Our research · scenarios, merits, risks, and invalidation triggersResearch as of 18 Sep 2026

Scenarios · 12-month scenario targetsAnchored at research date

Bear CaseDownside scenario

Production delays at the Braintree facility push the SurgiMend relaunch into 2027, and further quality issues trigger additional FDA actions or product recalls. Elevated remediation costs and supply bottlenecks compress margins, causing full-year adjusted EPS to fall below $2.30 and keeping leverage above 4.0x.

Base CaseCentral scenario

The company successfully executes its operational recovery, starting production at the Braintree facility by mid-2026 and relaunching SurgiMend in Q4 2026. Favorable tariff outcomes and steady demand for core products like Integra Skin support full-year 2026 revenue of $1.662 billion to $1.702 billion and adjusted EPS of $2.40 to $2.50. Leverage gradually declines toward the target range of 2.5x to 3.5x.

Scenarios are anchored to street consensus at the research date, with our probabilities and rationale.

Key Investment Merits

Strong market position and brand equity in niche neurosurgery and tissue reconstruction markets.
Favorable tariff outcomes and operational transformation driving adjusted gross margin expansion to 64.1% in Q1 2026.
Experienced leadership with the return of founder Stuart Essig as President and CEO to guide the turnaround.

Key Investment Risks

High leverage with a consolidated total leverage ratio of 4.1x and net debt of $1.6 billion.
Regulatory and execution risks associated with resolving the December 2024 FDA warning letter and Braintree facility timelines.
History of product recalls and shipping holds that have previously disrupted organic revenue growth.

Thesis Invalidation Triggers

Failure to begin production at the Braintree facility by the end of June 2026.
Additional warning letters or regulatory sanctions from the FDA regarding manufacturing quality.
Consolidated total leverage ratio rising above 4.5x.

All scenarios are estimates and subject to change. Past performance is not indicative of future results.

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Explore this dossier

ValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework.