$IART

INTEGRA LIFESCIENCES HOLDINGS CORP

CIK:0000917520|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Total revenue, net	$ 418,761	$ 415,605	$ 810,679	$ 798,258
Costs and expenses:
Cost of goods sold	199,017	206,273	373,953	394,494
Research and development	24,253	26,997	47,754	51,725
Selling, general and administrative	172,436	179,890	350,671	361,387
Intangible asset amortization	3,770	3,754	7,546	7,458
Goodwill impairment charge	0	511,365	0	511,365
Total costs and expenses	399,476	928,279	779,924	1,326,429
Operating income (loss)	19,285	(512,674)	30,755	(528,171)
Interest income	4,267	4,710	8,372	9,130
Interest expense	(22,994)	(21,042)	(45,459)	(39,857)
Other income (expense), net	4,186	(1,946)	8,665	(2,090)
Income (loss) before income taxes	4,744	(530,952)	2,333	(560,988)
Provision (benefit) for income taxes	262	(46,879)	2,467	(51,622)
Net income (loss)	$ 4,482	$ (484,073)	$ (134)	$ (509,366)
Net income (loss) per share
Basic (in dollars per share)	$ 0.06	$ (6.31)	$ 0	$ (6.65)
Diluted (in dollars per share)	$ 0.06	$ (6.31)	$ 0	$ (6.65)
Weighted average common shares outstanding (See Note 12):
Basic (in shares)	77,293	76,695	77,122	76,579
Diluted (in shares)	78,168	76,695	77,122	76,579
Comprehensive loss (See Note 13)	$ (4,775)	$ (490,874)	$ (10,254)	$ (512,702)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
OPERATING ACTIVITIES:
Net loss	$ (134)	$ (509,366)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	76,565	74,880
Non-cash impairment charges	0	511,365
Deferred income tax provision (benefit)	(3,007)	(46,663)
Share-based compensation	11,009	7,165
Amortization of debt issuance costs and expenses associated with debt refinancing	2,015	3,275
Non-cash lease adjustment	2,948	(599)
Loss on disposal of property and equipment	733	494
Change in fair value of contingent consideration and others	(774)	(203)
Changes in assets and liabilities:
Accounts receivable	10,604	(6,540)
Inventories	(3,855)	(20,074)
Prepaid expenses and other current assets	(29,317)	(21,216)
Other non-current assets	389	2,334
Accounts payable, accrued expenses and other current liabilities	(34,384)	(2,078)
Contract liabilities	(1,392)	2,344
Other non-current liabilities	1,205	2,544
Net cash provided by (used in) operating activities	32,605	(2,338)
INVESTING ACTIVITIES:
Purchases of property and equipment	(27,155)	(49,066)
Purchases of short-term investments	(30,976)	(8,502)
Net cash used in investing activities	(58,131)	(57,568)
FINANCING ACTIVITIES:
Proceeds from borrowings of long-term indebtedness	75,900	67,300
Payments on debt	(60,475)	(31,131)
Payment of debt issuance costs	(275)	(3,855)
Purchases of treasury stock	0	(221)
Payments for contingent considerations	(6,842)	(16,451)
Proceeds from exercised stock options and employee stock purchase plan	760	957
Cash taxes paid in net equity settlement	(1,589)	(2,361)
Net cash provided by financing activities	7,479	14,238
Effect of exchange rate changes on cash and cash equivalents	(2,586)	17,207
Net decrease in cash and cash equivalents	(20,633)	(28,461)
Cash and cash equivalents at beginning of period	235,048	246,375
Cash and cash equivalents at end of period	$ 214,415	$ 217,914

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 214,415	$ 235,048
Short-term investments	59,669	28,693
Trade accounts receivable, net of allowances of $7,326 and $7,230	267,188	278,849
Inventories, net	492,005	492,735
Prepaid expenses	104,344	96,089
Other current assets	53,861	28,130
Total current assets	1,191,482	1,159,544
Property, plant and equipment, net	446,202	444,335
Right of use asset - operating leases	137,085	140,568
Intangible assets, net	1,075,542	1,134,663
Goodwill	611,145	615,157
Deferred tax assets, net	70,443	69,854
Other assets	31,591	37,880
Total assets	3,563,490	3,602,001
Current liabilities:
Current portion of borrowings under senior credit facility	43,594	38,750
Current portion of borrowings under securitization facility	0	87,800
Current portion of lease liability - operating leases	13,920	14,019
Accounts payable, trade	82,637	95,726
Contract liabilities	11,699	11,463
Income tax payable	3,236	3,651
Accrued compensation	68,177	74,079
Accrued expenses and other current liabilities	107,618	130,493
Total current liabilities	330,881	455,981
Long-term borrowings under senior credit facility	1,736,105	1,729,556
Long-term borrowings under securitization facility	92,600	0
Lease liability - operating leases	162,660	163,059
Deferred tax liabilities	3,470	5,664
Other liabilities	194,397	204,278
Total liabilities	2,520,113	2,558,538
Stockholders’ equity:
Preferred stock; no par value; 15,000 authorized shares; none outstanding	0	0
Common stock; $0.01 par value; 240,000 authorized shares; 92,130 and 92,286 issued at June 30, 2026 and December 31, 2025, respectively	921	923
Additional paid-in capital	1,346,265	1,338,386
Treasury stock, at cost; 14,351 shares and 14,399 shares at June 30, 2026 and December 31, 2025, respectively	(686,918)	(689,210)
Accumulated other comprehensive loss	(40,197)	(30,077)
Retained earnings	423,306	423,441
Total stockholders’ equity	1,043,377	1,043,463
Total liabilities and stockholders’ equity	$ 3,563,490	$ 3,602,001