INTEGRA LIFESCIENCES HOLDINGS CORP Q1 FY2025 earnings call

• Mojdeh Poul provided an overview of first quarter performance, compliance master plan progress, new initiatives (transformation and program management office), and leadership appointments. - Lea Knight walked through first quarter financial results, guidance details, and tariff impact. - Key operational highlights include progress on compliance master plan assessments, establishment of transformation and program management office, and strengthening of operations and supply chain with new leadership.

Codman Specialty Surgical: First quarter revenues were $281 million, reflecting 9.4% reported growth and -1.1% organic growth. Organic growth in ENT was flat due to supply constraints on MicroFrance ENT. Capital sales declined low-single-digits, but instruments portfolio grew 15%. International performance declined high-single-digits. Tissue Technologies: Revenues were $102 million, down approximately 9% on reported and organic basis. Wound Reconstruction down due to Integra skin and ship holds, but DuraSorb and UBM platform had double-digit growth. Private label sales down 13% due to component supply delays, and international sales down low-double-digits due to Integra Skin production ramp-up.

• Second quarter revenue expected to be in range of $390 million to $400 million, with reported decline of approximately -6.8% to -4.4% and organic decline of -7.5% to -5.1%. - Full year revenue guidance maintained at $1.65 billion to $1.72 billion. - Adjusted EPS for second quarter expected in range of $0.40 to $0.45, and full year expected in range of $2.19 to $2.29. - Tariff impact estimated at approximately $22 million in 2025, with mitigation strategies being evaluated.

• Ship holds impacting revenue, with total ship holds now expected to be between $55 million and $70 million. - Tariff uncertainties with potential impact on financials, including exposure to tariffs in China and other regions. - International supply chain delays affecting fulfillment of customer demand in certain markets. - Compliance remediation challenges with some remediations potentially continuing into 2026.

Q: About 2Q guidance and shipment delays, and confidence in second half ramp A: Lea Knight explained Q2 guide reflects newly identified ship holds, but midpoint has step-up from improved Integra production, normal seasonality, and offset by shipping holds. Second half has step-up due to Integra Skin production improvement, private label supply constraint alleviation, stronger demand in unaffected portfolio parts, and supply improvement.

Q: On tariff impact mitigation and 2026 outlook A: Mojdeh Poul mentioned pursuing tariff exemptions, pricing/surcharges, sourcing optimization, and supply chain network optimization; Lea Knight stated $22M impact is specific to 2025 and 2026 outlook is premature to determine Q: On private label demand and instruments growth A: Mojdeh Poul said private label expected to step up in second half but full year forecast is low-single-digit decline; instruments business tends to be lumpy but expected low mid-single digit growth Q: On what surprised Mojdeh and convert maturity A: Mojdeh Poul talked about execution opportunities and need for prioritization and program management; Lea Knight said convert maturing in August will be satisfied on revolver with swap portfolio fixing over half debt at low 3% range Q: On tariff impact breakdown and guide conservatism A: Mojdeh Poul explained tariff impact on P&L with different inventory turnover times; Lea Knight said guide is conservative as high end remains possible with momentum from Integra Skin, private label, and unaffected portfolio parts Q: On remediation and Braintree live A: Mojdeh Poul said assessments nearly complete, remediations mostly by year end with some into 2026, and working to resolve warning letters in time for Braintree live Q: On tariff mitigation and remediation impact A: Mojdeh Poul said tariff mitigation measures are incremental to CMP and won't conflict with remediation efforts Q: On tariff impact and organic growth guide A: Lea Knight explained incremental ship holds add to annual impact, and organic growth guide change is due to ship holds and FX tailwind Q: On debt leverage and covenant A: Lea Knight said will remain within covenant levels by managing OpEx, pacing spend, and maintaining dialog with bank partners