TacticScaleWhat Integra Lifesciences Does & How It Makes Money (IART)
Updated October 2026 · reflects Integra Lifesciences's latest reported financials
Medical device maker for neurosurgery, wound care and ENT. It earns revenue by selling surgical instruments, devices and tissue repair products, plus after-market services, to hospitals, surgery centers, health networks, group purchasing organizations and clinicians.
How Integra Lifesciences makes money
It earns revenue by selling surgical instruments, devices and tissue repair products, plus after-market services, to hospitals, surgery centers, health networks, group purchasing organizations and clinicians. Sales go through its own salesforces and other distribution channels in the US, Europe, Asia Pacific and other international markets.
What Integra Lifesciences does
Integra LifeSciences is a Princeton, New Jersey-based medical device company, incorporated in 1989, with two segments: Codman Specialty Surgical and Tissue Technologies. Codman Specialty Surgical covers neurosurgery and neurocritical care products, including tissue ablation equipment, dural repair, cerebrospinal fluid management, intracranial monitoring and cranial stabilization, along with surgical headlamps, instruments and lighting. These are sold to hospitals, surgery centers, and dental, podiatry and veterinary offices, and the segment also provides after-market services. Tissue Technologies addresses acute wounds such as burns, chronic wounds such as diabetic foot ulcers, and surgical tissue repair such as hernia reinforcement, tendon protection and peripheral nerve repair. It also includes plastic and reconstructive surgery products. The company's ENT business offers instruments, balloon devices for sinus and eustachian tube dilation, and surgical navigation systems. Integra sells through direct salesforces and distributors in the US, Europe, Asia Pacific and other international markets.
Products & services
- Neurosurgery devices (dural repair, CSF management, intracranial monitoring, cranial stabilization)
- Tissue ablation equipment
- Surgical headlamps, instruments and lighting products
- Skin and wound repair products for burns and diabetic foot ulcers
- Nerve and tendon repair products
- ENT sinus and eustachian tube balloon dilation and surgical navigation systems
What is Integra Lifesciences worth?
On an owner-earnings DCF, Integra Lifesciences's most-likely value is about $9 versus a recent price near $13 (36% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$6) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
⚠ High leverage — net debt is 49.6× annual cash flow. Net debt is subtracted from this fair value, but refinancing at higher rates, principal timing, and share dilution aren’t modeled — the equity can be worth far less if cash flow weakens.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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