Integra Q3 EPS Beat; 2026 Guidance Reaffirmed After $2.1B Refinancing
IART sits 52% above its 52-week low of $8.7.
Summary
Integra reported Q3 adjusted EPS of $0.59 on $411.2M revenue and reaffirmed 2026 guidance, while generating $96M of quarterly operating cash flow and cutting leverage to 3.8x following its $2.1B debt refinancing.
Key Events · Earnings and Guidance · IART
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Q3 EPS Beats, Revenue Up 2.3%
Revenue of $411.2M rose 2.3% reported and 2.5% organic; adjusted EPS was $0.59 versus $0.54 a year ago, and GAAP EPS swung to $0.19 from $(0.07).
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2026 Guidance Reaffirmed
Full-year revenue of $1.634B-$1.654B and adjusted EPS of $2.30-$2.40, unchanged from the October 2 pre-announcement. Q4 is guided to $413M-$433M revenue (-5.2% to -0.5%) and $0.61-$0.71 adjusted EPS.
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Cash Flow Strong, Leverage 3.8x
Operating cash flow of $96.0M in the quarter brought nine-month operating cash flow to $128.6M versus $38.6M a year ago; net debt was $1.5B with total liquidity of about $559M.
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Refinancing Raises Interest Cost
The $2.1B refinancing closed October 19 with a 9.5% coupon on $450M of 2033 notes; management expects the effective rate near the high end of the 100-200bp increase previously flagged.
Analysis · IART · Industrial Applications And Services
The headline is the EPS beat, but the real story is cash and balance sheet. Integra delivered Q3 adjusted EPS of $0.59 versus $0.54 a year ago on revenue of $411.2M, up 2.3%, and held its full-year outlook at $1.634B-$1.654B in revenue and $2.30-$2.40 in adjusted EPS — the same ranges it pre-announced on October 2. The quarter's substance: $96.0M of operating cash flow, net debt down to $1.5B and leverage at 3.8x, plus the just-completed $2.1B refinancing that pushed maturities out. The trade-off is cost — the new debt carries a 9.5% coupon and management expects the effective rate near the high end of the 100-200bp increase it flagged, and amended covenants only temporarily lift the leverage ceiling before stepping down to 4.25x in 2027. With Q4 guided to a revenue decline of as much as 5.2% on the Cincinnati flood and softer Tissue Reconstruction, the question is whether cash generation can outrun a higher interest bill while the plant recovers.
How filings like this one have moved
In the 30 days to Oct 21, 2026, 29.2% of the 1544 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.49%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, IART was trading at $13.25 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $1B. The 52-week trading range was $8.70 to $20.49. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.