Integra LifeSciences Holdings Corporation Q4 FY2025 earnings call

• Advanced transformation in Q4, had revenue of $435 million and adjusted earnings per share of 83 cents. - Strengthened quality management system, advanced compliance master plan, improved supply reliability. - Welcomed six new leaders to executive leadership team. - Created transformation and program management office, launched supply chain control tower. - Made progress in innovation and clinical evidence, launched Mayfield Ghost in U.S. and expanded indication for KUSA clarity. - Put in place new operating model to reduce complexity and improve efficiency. - Focused on four strategic imperatives: delivering best-in-class quality, driving supply chain reliability, accelerating growth, igniting innovation.

Global Neurosurgery: In Q4, delivered 1.4% organic growth with double-digit performance in Serolink, Mayfield Capital, and Aurora, and above-market contributions from Vactocele, Dorigen, and CRUSA; capital business grew in low double digits, instruments had low single-digit growth. ENT: Revenue grew 2.2% with double-digit growth in Aera and Trudy Navigated Disposables, mid-single-digit gains in Microfrance ENT Instruments but offset by reimbursement headwinds on sinuplasty blooms; international markets had high single-digit growth led by double-digit in China and Canada. Tissue Technologies: Revenues were $111.6 million, down 12.8% on reported and organic basis; Q4 wound reconstruction franchise declined 21.4% due to MetaHoney remediation and tough comp; private label sales up 20.1% due to improved partner orders; international sales declined by low double digits reflecting Integra Skin lapping strong prior year quarter.

• 2026 full year and first quarter guidance do not incorporate recent Supreme Court decision and tariff changes. - First quarter 2026 revenues expected $375 - $390 million, reported growth -2% to +1.9%, organic growth -3.4% to +0.5%, adjusted EPS 37 - 45 cents. - Full year 2026 revenues expected $1.66 - $1.7 billion, reported growth 1.6% to 4.1%, organic growth 0.8% to 3.3%, adjusted EPS $2.30 - $2.40. - Expect improved cash flow profile in 2026 with operating cash flow north of $200 million.

• Uncertainty around implementation and timing of recent Supreme Court decision and new Section 122 tariffs, which aren't incorporated in 2026 guidance. - Remediation efforts for MetaHoney continuing into 2026 with unknown impact on revenue if timeline is longer than expected.

Q: On free cash flow generation and improvement and tissue technologies business.

A: Free cash flow negative $5.4 million in quarter due to timing of collections and restructuring costs; expect improved cash flow in 2026 with operating cash flow north of $200 million. Tissue technologies business: 90% in acute care setting, pricing within new reimbursement range, customers curious about reimbursement changes.

Q: On growth assumptions for CSS and tissue tech, and health of underlying markets.

A: CSS had low single-digit growth in Q4 on tough comp, tissue had declines in Q4 due to remediation and comp; growth expectations for both below market due to supply, but underlying demand strong.

Q: On Braintree and Surgiment milestones, and Prime Matrix and Duo Repair outlook.

A: On track to operationalize Braintree by end of June 2026, milestones include process validations; Duo Repair and Prime Matrix relaunched early in Q4 2025, performing well.

Q: On MediHoney remediation and tissue technology organic growth.

A: No revenues accounted for MediHoney in 2026 guide, remediation continuing; international component of tissue tech not major driver of decline, China and Canada performing strongly in international business.