Revenue growth remains inconsistent at 2.4% in 2026Q1, while gross margins have compressed significantly from 57.0% in 2023Q4 to 49.5% by 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 1.64B | 1.64B | 1.61B | 1.54B | 1.56B | 1.54B | 1.37B | 1.52B | 1.47B | 1.19B | 992.08M | 882.73M | 928.3M | 836.21M | 830.87M | 780.08M | 732.07M | 682.49M | 654.6M | 550.46M | 419.3M | 277.94M | 229.82M | 185.6M | 112.63M | 93.44M | 64.99M | 42.5M | 17.5M | 14.7M | 13.1M |
| Revenue Growth % | 1.24% | 1.53% | 4.47% | -1.03% | 0.99% | 12.43% | -9.6% | 3.06% | 23.92% | 19.77% | 12.39% | -4.91% | 11.01% | 0.64% | 6.51% | 6.56% | 7.26% | 4.26% | 18.92% | 31.28% | 50.86% | 20.93% | 23.83% | 64.79% | 20.53% | 43.79% | 52.91% | 142.86% | 19.05% | 12.21% | 28.43% |
| Cost of Goods Sold | 601.79M | 790.01M | 728.47M | 656.84M | 587.36M | 597.81M | 520.83M | 564.68M | 571.5M | 435.51M | 349.09M | 326.54M | 352.8M | 334.08M | 314.43M | 299.15M | 268.19M | 244.92M | 252.83M | 214.67M | 168.31M | 105.54M | 87.3M | 70.6M | 45.77M | 36.01M | 26.82M | 21.8M | 6.1M | 5.2M | 4.7M |
| COGS % of Revenue | - | 48.31% | 45.23% | 42.61% | 37.71% | 38.76% | 37.97% | 37.21% | 38.81% | 36.65% | 35.19% | 36.99% | 38% | 39.95% | 37.84% | 38.35% | 36.63% | 35.89% | 38.62% | 39% | 40.14% | 37.97% | 37.98% | 38.04% | 40.64% | 38.54% | 41.26% | 51.29% | 34.86% | 35.37% | 35.88% |
| Gross Profit | 650.8M | 845.23M | 882.06M | 884.74M | 970.31M | 944.64M | 851.03M | 952.88M | 900.95M | 752.73M | 642.99M | 556.19M | 575.5M | 502.13M | 516.44M | 480.93M | 463.88M | 437.57M | 401.78M | 335.79M | 250.98M | 172.4M | 142.53M | 115M | 66.85M | 57.43M | 38.17M | 20.7M | 11.4M | 9.5M | 8.4M |
| Gross Margin % | 39.57% | 51.69% | 54.77% | 57.39% | 62.29% | 61.24% | 62.03% | 62.79% | 61.19% | 63.35% | 64.81% | 63.01% | 62% | 60.05% | 62.16% | 61.65% | 63.37% | 64.11% | 61.38% | 61% | 59.86% | 62.03% | 62.02% | 61.96% | 59.36% | 61.46% | 58.74% | 48.71% | 65.14% | 64.63% | 64.12% |
| Gross Profit Growth % | - | -4.18% | -0.3% | -8.82% | 2.72% | 11% | -10.69% | 5.76% | 19.69% | 17.07% | 15.6% | -3.36% | 14.61% | -2.77% | 7.38% | 3.68% | 6.01% | 8.91% | 19.65% | 33.79% | 45.58% | 20.96% | 23.93% | 72.02% | 16.41% | 50.45% | 84.4% | 81.58% | 20% | 13.1% | 25.37% |
| Operating Expenses | 768.72M | 776.92M | 853.65M | 773.21M | 731.39M | 747.41M | 699.66M | 859.12M | 789.95M | 707.92M | 527.65M | 476.61M | 509.96M | 459.04M | 442.66M | 426.02M | 365.19M | 339.75M | 354.37M | 268.5M | 192.24M | 116.29M | 117.75M | 75.36M | 45.34M | 43.14M | 56.55M | 33.1M | 25.5M | 28.5M | 17.9M |
| OpEx % of Revenue | - | 47.51% | 53% | 50.16% | 46.95% | 48.46% | 51% | 56.61% | 53.65% | 59.58% | 53.19% | 53.99% | 54.93% | 54.89% | 53.28% | 54.61% | 49.88% | 49.78% | 54.13% | 48.78% | 45.85% | 41.84% | 51.23% | 40.6% | 40.26% | 46.17% | 87.02% | 77.88% | 145.71% | 193.88% | 136.64% |
| Selling, General & Admin | 696.44M | 699.7M | 716.98M | 656.64M | 616.32M | 637.45M | 594.53M | 687.6M | 690.75M | 624.1M | 455.63M | 415.76M | 445.97M | 394.25M | 373.11M | 358.13M | 305.06M | 281.1M | 281M | 225.19M | 157.71M | 98.27M | 99.36M | 59.46M | 40.59M | 32.37M | 43.85M | 22.2M | 15.8M | 20.3M | 9.6M |
| SG&A % of Revenue | - | 42.79% | 44.52% | 42.6% | 39.57% | 41.33% | 43.34% | 45.31% | 46.91% | 52.52% | 45.93% | 47.1% | 48.04% | 47.15% | 44.91% | 45.91% | 41.67% | 41.19% | 42.93% | 40.91% | 37.61% | 35.36% | 43.23% | 32.04% | 36.04% | 34.64% | 67.48% | 52.24% | 90.29% | 138.1% | 73.28% |
| Research & Development | 97.75M | 98.97M | 115.38M | 104.19M | 101.19M | 93.05M | 77.38M | 79.57M | 78.04M | 63.45M | 58.16M | 50.9M | 51.6M | 52.09M | 51.01M | 51.45M | 48.11M | 44.28M | 60.49M | 30.66M | 25.73M | 11.96M | 14.12M | 12.81M | 8.3M | 7.99M | 7.52M | 8.7M | 8.4M | 6.4M | 6.3M |
| R&D % of Revenue | - | 6.05% | 7.16% | 6.76% | 6.5% | 6.03% | 5.64% | 5.24% | 5.3% | 5.34% | 5.86% | 5.77% | 5.56% | 6.23% | 6.14% | 6.6% | 6.57% | 6.49% | 9.24% | 5.57% | 6.14% | 4.3% | 6.14% | 6.9% | 7.37% | 8.55% | 11.58% | 20.47% | 48% | 43.54% | 48.09% |
| Other Operating Expenses | -1000K | -21.75M | 21.29M | 12.38M | 13.88M | 16.91M | 27.76M | 91.94M | 8.29M | 1.34M | 845K | 4.59M | -763K | -1.8M | -721K | 16.43M | 12.02M | 14.36M | 12.88M | 12.65M | 8.8M | 6.06M | 4.27M | 3.08M | -3.55M | 2.78M | 5.18M | 2.2M | 1.3M | 1.8M | 2M |
| Operating Income | 95.28M | 68.32M | 28.41M | 111.53M | 238.92M | 197.23M | 151.37M | 93.76M | 111M | 44.8M | 115.34M | 79.59M | 65.54M | -3.64M | 73.78M | 54.91M | 98.69M | 97.82M | 47.41M | 67.29M | 58.74M | 56.1M | 24.78M | 39.65M | 19.19M | 14.29M | -18.38M | -12.4M | -14.1M | -19M | -9.5M |
| Operating Margin % | 5.79% | 4.18% | 1.76% | 7.23% | 15.34% | 12.79% | 11.03% | 6.18% | 7.54% | 3.77% | 11.63% | 9.02% | 7.06% | -0.44% | 8.88% | 7.04% | 13.48% | 14.33% | 7.24% | 12.22% | 14.01% | 20.19% | 10.78% | 21.36% | 17.04% | 15.29% | -28.29% | -29.18% | -80.57% | -129.25% | -72.52% |
| Operating Income Growth % | - | 140.46% | -74.53% | -53.32% | 21.14% | 30.3% | 61.44% | -15.53% | 147.74% | -61.15% | 44.92% | 21.43% | 1898.6% | -104.94% | 34.36% | -44.36% | 0.89% | 106.33% | -29.54% | 14.54% | 4.7% | 126.42% | -37.5% | 106.63% | 34.31% | 177.71% | -48.25% | 12.06% | 25.79% | -100% | -58.33% |
| EBITDA | 209.14M | 219.37M | 168.91M | 235.04M | 360.04M | 320.9M | 270.36M | 203.22M | 226.7M | 133.7M | 188M | 89.54M | 77.94M | 43.37M | 92.32M | 71.34M | 137.87M | 137.51M | 80.56M | 94.33M | 80.22M | 69.33M | 36.37M | 48.69M | 26.35M | 20.54M | -13.21M | -10.2M | -12.8M | -17.2M | -7.5M |
| EBITDA Margin % | 12.72% | 13.41% | 10.49% | 15.25% | 23.11% | 20.8% | 19.71% | 13.39% | 15.4% | 11.25% | 18.95% | 10.14% | 8.4% | 5.19% | 11.11% | 9.15% | 18.83% | 20.15% | 12.31% | 17.14% | 19.13% | 24.94% | 15.83% | 26.23% | 23.4% | 21.98% | -20.32% | -24% | -73.14% | -117.01% | -57.25% |
| EBITDA Growth % | 33.75% | 29.87% | -28.13% | -34.72% | 12.2% | 18.7% | 33.03% | -10.36% | 69.55% | -28.88% | 109.97% | 14.88% | 79.73% | -53.03% | 29.4% | -48.25% | 0.26% | 70.7% | -14.6% | 17.58% | 15.72% | 90.61% | -25.3% | 84.79% | 28.26% | 255.55% | -29.48% | 20.31% | 25.58% | -129.33% | -63.04% |
| D&A (Non-Cash Add-back) | 113.86M | 151.05M | 140.5M | 123.51M | 121.11M | 123.67M | 118.99M | 109.46M | 115.7M | 88.9M | 72.67M | 9.95M | 12.4M | 47.01M | 18.54M | 16.43M | 39.17M | 39.69M | 33.15M | 27.04M | 21.48M | 13.22M | 11.59M | 9.04M | 7.16M | 6.26M | 5.18M | 2.2M | 1.3M | 1.8M | 2M |
| EBIT | -466.03M | -477.25M | 52.4M | 132.45M | 263.49M | 242.66M | 148.95M | 114.06M | 125.34M | 46.33M | 116.21M | 84.2M | 67.53M | -6.94M | 74.27M | 56.13M | 100.47M | 96.38M | 48.62M | 67.29M | 58.74M | 56.1M | 24.78M | 39.65M | 21.52M | 14.29M | -18.38M | -15.21M | -17.56M | -19M | -9.5M |
| Net Interest Income | -53.39M | -67.78M | -50.59M | -34.17M | -37.68M | -43.66M | -62.28M | -43.18M | -61.88M | -34.76M | -25.78M | -23.5M | -21.8M | -14.79M | -21.03M | -27.18M | -18.13M | -22.6M | -27.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 18.16M | 18.47M | 20.04M | 17.2M | 11.92M | 6.74M | 9.3M | 10.78M | 2.8M | 255K | 24K | 13K | 168K | 4.93M | 1.21M | 465K | 225K | 631K | 2.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 44.98M | 86.25M | 70.63M | 51.38M | 49.59M | 50.4M | 71.58M | 53.96M | 64.68M | 35.02M | 25.8M | 23.52M | 21.97M | 19.73M | 22.24M | 27.64M | 18.36M | 23.23M | 30.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -631.16M | -631.82M | -46.65M | -30.46M | -25.03M | 17.45M | -57.85M | -33.66M | -53.59M | -33.42M | -24.93M | -18.92M | -24.88M | -21.15M | -21.75M | -26.42M | -16.58M | -24.67M | -16.41M | -7.23M | -10.44M | -1M | 3.23M | 3.54M | 3.54M | 1.26M | 7.54M | 7.42M | 5.26M | 2M | 1.9M |
| Pretax Income | -535.88M | -563.5M | -18.24M | 81.07M | 213.89M | 214.68M | 93.52M | 60.1M | 57.4M | 11.38M | 90.41M | 60.67M | 42.98M | -24.79M | 52.03M | 28.49M | 82.11M | 73.15M | 31.01M | 60.06M | 48.31M | 55.1M | 28.01M | 43.19M | 22.73M | 15.54M | -10.85M | -7.8M | -12.3M | -17M | -7.6M |
| Pretax Margin % | -32.59% | -34.46% | -1.13% | 5.26% | 13.73% | 13.92% | 6.82% | 3.96% | 3.9% | 0.96% | 9.11% | 6.87% | 4.63% | -2.96% | 6.26% | 3.65% | 11.22% | 10.72% | 4.74% | 10.91% | 11.52% | 19.83% | 12.19% | 23.27% | 20.18% | 16.63% | -16.69% | -18.35% | -70.29% | -115.65% | -58.02% |
| Income Tax | -40.08M | -47.03M | -11.29M | 13.33M | 33.34M | 45.6M | -40.37M | 9.9M | -3.4M | -53.36M | 15.84M | 53.82M | 8.97M | -7.81M | 10.82M | 505K | 16.45M | 22.2M | -3.93M | 26.59M | 18.9M | 17.91M | 10.81M | 16.33M | -12.55M | -10.86M | 108K | -1.8M | -1.8M | 0 | -2M |
| Effective Tax Rate % | 7.48% | 8.35% | 61.92% | 16.44% | 15.59% | 21.24% | -43.17% | 16.48% | -5.92% | -468.67% | 17.52% | 88.71% | 20.88% | 31.52% | 20.81% | 1.77% | 20.03% | 30.34% | -12.67% | 44.27% | 39.13% | 32.5% | 38.6% | 37.81% | -55.23% | -69.89% | -1% | 23.08% | 14.63% | 0% | 26.32% |
| Net Income | -495.8M | -516.47M | -6.94M | 67.74M | 180.55M | 169.07M | 133.89M | 50.2M | 60.8M | 64.74M | 74.56M | -3.52M | 34M | -16.98M | 41.2M | 27.99M | 65.67M | 50.95M | 34.93M | 33.47M | 29.41M | 37.19M | 17.2M | 26.86M | 35.28M | 26.16M | -11.43M | -6M | -12.3M | -17M | -7.5M |
| Net Margin % | -30.15% | -31.58% | -0.43% | 4.39% | 11.59% | 10.96% | 9.76% | 3.31% | 4.13% | 5.45% | 7.52% | -0.4% | 3.66% | -2.03% | 4.96% | 3.59% | 8.97% | 7.47% | 5.34% | 6.08% | 7.01% | 13.38% | 7.48% | 14.47% | 31.32% | 28% | -17.58% | -14.12% | -70.29% | -115.65% | -57.25% |
| Net Income Growth % | -1612.31% | -7337.7% | -110.25% | -62.48% | 6.79% | 26.28% | 166.71% | -17.43% | -6.09% | -13.17% | 2218.9% | -110.35% | 300.29% | -141.2% | 47.22% | -57.38% | 28.88% | 45.86% | 4.37% | 13.82% | -20.94% | 116.28% | -35.98% | -23.86% | 34.84% | 329% | -90.42% | 51.22% | 27.65% | -126.67% | 70.47% |
| Net Income (Continuing) | -495.8M | -516.47M | -6.94M | 67.74M | 180.55M | 169.07M | 133.89M | 50.2M | 60.8M | 64.74M | 74.56M | 6.85M | 36.3M | 22.03M | 41.2M | 27.99M | 65.67M | 50.95M | 34.93M | 33.47M | 29.41M | 37.19M | 17.2M | 26.86M | 35.28M | 26.41M | -10.96M | -5.97M | -12.34M | -17M | -7.5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -6.44 | -6.73 | -0.09 | 0.84 | 2.16 | 1.98 | 1.57 | 0.58 | 0.72 | 0.82 | 0.94 | -0.05 | 0.52 | -0.29 | 0.72 | 0.48 | 1.09 | 0.87 | 0.48 | 0.56 | 0.49 | 0.57 | 0.28 | 0.43 | 0.57 | 0.47 | -0.33 | -0.18 | -0.38 | -0.58 | -0.27 |
| EPS Growth % | -1605.95% | -7361.2% | -110.74% | -61.11% | 9.09% | 26.11% | 170.69% | -19.44% | -12.2% | -12.77% | 2074.79% | -109.15% | 279.31% | -140.28% | 50% | -55.96% | 25.29% | 81.25% | -14.29% | 14.29% | -14.04% | 103.57% | -34.88% | -24.56% | 21.28% | 242.42% | -83.33% | 52.63% | 34.48% | -114.81% | 77.69% |
| EPS (Basic) | - | -6.73 | -0.09 | 0.87 | 2.18 | 2.00 | 1.58 | 0.59 | 0.73 | 0.83 | 1.00 | -0.05 | 0.52 | -0.30 | 0.74 | 0.52 | 1.11 | 0.88 | 0.49 | 0.61 | 0.50 | 0.62 | 0.28 | 0.46 | 0.61 | 0.54 | -0.33 | -0.18 | -0.38 | -0.58 | -0.27 |
| Diluted Shares Outstanding | 76.95M | 76.75M | 77.01M | 80.34M | 83.52M | 85.48M | 85.23M | 86.49M | 84.45M | 79.12M | 79.19M | 73.88M | 65.92M | 57.6M | 57.03M | 58.99M | 60.3M | 58.58M | 56.76M | 59.16M | 65.49M | 69.13M | 62.2M | 66.21M | 61.79M | 55.59M | 35.11M | 34.12M | 32.28M | 29.57M | 28.11M |
| Basic Shares Outstanding | 76.95M | 76.75M | 77.01M | 78.17M | 83M | 84.7M | 84.65M | 85.64M | 82.86M | 78.39M | 74.72M | 73.88M | 65.48M | 56.83M | 55.9M | 53.66M | 59.1M | 58.08M | 55.56M | 55.42M | 58.6M | 60.39M | 60.13M | 58.14M | 58.04M | 46.71M | 35.11M | 33.6M | 32.28M | 29.57M | 28.11M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Manufacturing and regulatory remediation
As reported in recent financial filings, Integra's revenue growth has remained inconsistent, with a 2.4% year-over-year increase in 2026Q1 following a period of erratic quarterly performance, suggesting that the company is struggling to achieve sustained top-line momentum in its core neurosurgery and tissue technology segments.
The lack of consistent revenue expansion appears to reflect ongoing supply chain constraints and potential market share erosion in the competitive wound care space. Investors should monitor whether the company can stabilize its product delivery timelines, as current growth rates remain insufficient to offset the high fixed-cost burden inherent in its manufacturing operations.
Based on the provided income statement data, gross margins have fluctuated significantly, dropping from 57.0% in 2023Q4 to 49.5% by 2025Q4, which indicates that the company is facing persistent pricing pressure or rising production costs that are eroding its core profitability profile.
The volatility in gross margins suggests that Integra lacks the pricing power to fully pass on inflationary costs to hospital systems, particularly within its commoditized surgical instrument lines. This margin instability complicates the path to profitability, as the company requires consistent gross profit generation to cover its substantial administrative and R&D overhead.
According to the company's historical income statements, operating leverage has been severely compromised, with operating margins swinging from positive territory to a deep -123.4% in 2025Q2, highlighting an inability to scale operating income effectively against a rigid and increasingly expensive cost structure.
The erratic nature of operating income suggests that the company is frequently burdened by non-recurring charges, likely related to manufacturing remediation and quality control failures. This lack of operating discipline implies that management has yet to successfully decouple revenue growth from the rising costs of maintaining its specialized biological manufacturing facilities.
As evidenced by the reported net income figures, which include a massive loss of $484.1 million in 2025Q2, the quality of earnings appears poor, with frequent non-operating charges and impairment events masking the underlying cash-generative potential of the Codman neurosurgery franchise.
The wide gap between operational performance and bottom-line results suggests that investors should be wary of relying on GAAP net income as a proxy for business health. The recurring nature of these large, negative adjustments warrants further investigation into whether these are truly one-time events or symptomatic of deeper, systemic operational inefficiencies.
Based on the persistent manufacturing quality issues highlighted in recent filings, the primary risk to the investment thesis is that the company's aging production infrastructure may require capital expenditures far exceeding current projections, potentially leading to long-term margin dilution and loss of market relevance.
Short-sellers would likely focus on the company's inability to resolve site-specific recalls, which threatens the 'standard of care' status of key products like DuraGen. If these operational lapses continue, the company may face a permanent impairment of its competitive moat, regardless of the strength of its underlying collagen-based intellectual property.
Quick answers to the most common questions about buying IART stock.
For fiscal year 2025, Integra LifeSciences Holdings Corporation (IART) reported total revenue of $1.64B. This represents a 12382.8% increase compared to $13.1M in 1996.
Integra LifeSciences Holdings Corporation (IART) reported a net loss of $516.5M for the fiscal year ending 2025.
Integra LifeSciences Holdings Corporation (IART) reported an operating income of $68.3M, resulting in an operating profit margin of 4.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Integra LifeSciences Holdings Corporation (IART) generated $845.2M in gross profit for the year, representing a gross profit margin of 51.7%. This demonstrates the company's core pricing power and production efficiency.