Integra LifeSciences Holdings Corporation reported financial results for the third quarter ended September 30, 2026, revealing total revenues of $411.2 million. This figure represents a 2.3% increase on a reported basis and a 2.5% increase on an organic basis compared to the prior year. The company reported GAAP earnings per diluted share of $0.19, a significant improvement from a net loss of $(0.07) per share in the prior year. Adjusted earnings per diluted share were reported at $0.59, up from $0.54 in the third quarter of 2025.
Operational performance was mixed across the company's segments. Specialty Surgery, which accounts for approximately 70% of revenues, generated $304.1 million in total revenues, representing organic growth of 4.2%. However, this growth was partially offset by a $7 million revenue impact related to flood damage at the company's Cincinnati facility. Conversely, Tissue Reconstruction, representing about 30% of revenues, saw total revenues decline by 2.2% on both a reported and organic basis.
On the balance sheet, Integra generated $96.0 million in operating cash flow in the quarter. Net debt stood at $1.5 billion, resulting in a consolidated total leverage ratio of 3.8x. As of the end of the quarter, the company held total liquidity of approximately $559 million, including $311.9 million in cash and short-term investments.
Subsequent to the quarter-end, on October 19, 2026, Integra completed a $2.1 billion debt refinancing. This transaction consisted of a $1.65 billion senior secured credit facility and $450 million in 9.5% senior secured notes due in 2033. The company used the proceeds to repay existing credit facilities and pay related fees. The refinancing extended the company's debt maturity profile and enhanced financial flexibility. The amended debt covenants provide additional near-term capacity by temporarily increasing the maximum allowable net leverage ratio, followed by scheduled step-downs to 4.25x during 2027.
Regarding guidance for the full year 2026, the company expects revenues to range from $1.634 billion to $1.654 billion, representing reported growth of -0.1% to 1.2% and organic growth of -0.3% to 0.9%. Adjusted earnings per diluted share are expected to be between $2.30 and $2.40. For the fourth quarter of 2026, the company anticipates reported revenues between $413 million and $433 million and adjusted earnings per diluted share between $0.61 and $0.71.
