Integra Q3 revenue $411.2M (+2.3%), adjusted EPS $0.59; Q4 guide implies revenue decline

INTEGRA LIFESCIENCES HOLDINGS CORP

Revenue $411.2M, up 2.3% reported and 2.5% organic, including ~$7M hit from Cincinnati flood damage; GAAP EPS $0.19 vs $(0.07), adjusted EPS $0.59 vs $0.54.
Specialty Surgery revenue $304.1M (+3.9% reported, +4.2% organic) with Neuro +6.5% organic, Instruments -0.9%, ENT -1.1%; Tissue Reconstruction $107.1M, down 2.2% organic.
Adjusted gross margin 61.1% vs 62.9%; adjusted EBITDA $79.8M (19.4% of revenue) vs $78.5M; operating cash flow $96.0M; net debt $1.5B; total leverage 3.8x.
Oct 19 closed $2.1B refinancing: $1.65B credit facility ($600M Term Loan A, $600M revolver, $450M Term Loan B) plus $450M 9.5% notes due 2033; 2027 leverage covenant eased to 4.25x from 4.0x.
Q4 guide: revenue $413-433M (-5.2% to -0.5%) and adjusted EPS $0.61-0.71; FY26 revenue $1.634-1.654B, adjusted EPS $2.30-2.40, cash flow ~$190-200M, unchanged from Oct 2.

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