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INTEGRA LIMIT UNCERTAINTY Integra LifeSciences Reports Third Quarter 2021 Financial Results November 2 , 2021 Third Quarter 2021 Highlights • Revenues of $ 386.9 million increased 4.5 % on a reported basis and 6.7 % on an organic basis compared to the prior year ; • GAAP earnings per diluted share of $ 0.51 , compared to $ 0.38 in the third quarter of 2020 ; adjusted earnings per diluted share of $ 0.86 , compared to $ 0.80 in the prior year ; • Cash flow from operations of $ 82.8 million increased 18.9 % from the prior year ; • The Company is reaffirming its previous full - year 2021 revenue guidance of $ 1,540 million to $ 1,550 million , with an expectation to be at the low end of the range . The Company is raising its full - year 2021 adjusted earnings per share guidance range from $ 2.98 to $ 3.05 to a new range of $ 3.16 to $ 3.20 . PRINCETON , N.J. , Nov. 02 , 2021 ( GLOBE NEWSWIRE ) -- Integra LifeSciences Holdings Corporation ( NASDAQ : IART ) , a leading global medical technology company , today reported financial results for the third quarter ending September 30 , 2021 . " Strength across most of our product portfolio , driven by commercial and operational execution and a contribution from our recently launched CereLink ICP monitor , led to third quarter results near the high end of our guidance range , despite ongoing COVID and supply challenges , " said Peter Arduini , Integra's president and chief executive officer . " Last week we announced Jan De Witte as the next president and CEO of Integra . It has been an honor to serve the many talented Integra colleagues who are so dedicated to fulfilling our mission of improving patients ' lives around the world every day . I am confident that under the leadership of Jan and the strong management team in place , Integra is well - positioned for continued growth and success in the coming years . " Third Quarter 2021 Consolidated Performance Total reported revenues of $ 386.9 million increased 4.5 % on a reported basis and 6.7 % on an organic basis compared to the prior year . Total reported revenues include $ 16.8 million from the acquisition of ACell , which was completed on January 20 , 2021 . The Company reported GAAP gross margin of 62.7 % , compared to 63.6 % in the third quarter of 2020. Adjusted gross margin was 68.3 % , compared to 68.6 % in the prior year . Adjusted EBITDA for the third quarter of 2021 was $ 104.3 million , or 27.0 % of revenue , compared to $ 103.2 million , or 27.9 % of revenue , in the prior year . Adjusted EBITDA benefited from higher revenue , partially offset by higher operating expenses attributable to the gradual return of spending , which was below normal levels in the prior year in response to the global pandemic . The Company reported GAAP net income of $ 43.2 million , or $ 0.51 per diluted share , in the third quarter of 2021 , compared to a GAAP net income of $ 32.3 million , or $ 0.38 per diluted share , in the prior year . Adjusted net income for the third quarter of 2021 was $ 73.1 million , or $ 0.86 per diluted share , compared to $ 67.7 million , or $ 0.80 per diluted share , in the prior year . Third Quarter 2021 Segment Performance • Codman Specialty Surgical ( 66 % of Revenues ) o Total revenues were $ 256.5 million , representing reported growth of 7.2 % and organic growth of 8.0 % compared to the third quarter of 2020. Sales in Instruments benefited from a strong recovery in order demand , while the strength in Neurosurgery was broad - based and included sales of our recently launched CereLink® ICP Monitor System . • Tissue Technologies ( 34 % of Revenue ) o Total revenues were $ 130.4 million , representing a decrease on a reported basis of ( 0.4 ) % and organic growth of 3.7 % compared to the third quarter of 2020. Growth in Wound Reconstruction and Care was led by sales in our IntegraⓇ Dermal Matrices and SurgiMendⓇ , and sales in Private Label benefited from continuing recovery in customer orders . Strategic Initiatives and Key Developments • CEO transition update • On October 28 , 2021 , the Company's board of directors announced Jan De Witte as its next president and chief executive officer . Mr. De Witte succeeds Peter Arduini , who previously announced he will step down as chief executive officer to accept the role of president and chief executive officer of GE Healthcare . Mr. De Witte will join