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EARNINGS PRESENTATION Q4 2025 February 26, 2026
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This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties and reflect the Company's judgment as of the date of this release. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. Some of these forward-looking statements may contain words like “will,” “believe,” “may,” “could,” “would,” “might,” “possible,” “should,” “expect,” “intend,” "forecast," "guidance," “plan,” “anticipate,” "target," or “continue,” the negative of these words, other terms of similar meaning or they may use future dates. Forward-looking statements contained in this presentation include, but are not limited to, statements concerning: the future business, operational and financial performance of the Company and the Company’s expectations and plans with respect to market opportunity, business and operational performance, strategic initiatives, capabilities, resources, manufacturing capabilities, product development, product availability and regulatory approvals, including expectations regarding the Company’s compliance master plan to improve the Company's quality systems. It is important to note that the Company’s goals and expectations are not predictions of actual performance. Such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from predicted or expected results. Such risks and uncertainties include, but are not limited to, the following: the ongoing and possible future effects of global challenges, including macroeconomic uncertainties, U.S. and global trade policies, inflation, supply chain disruptions, geopolitical conflicts, on the Company’s suppliers, vendors and customers and on the Company’s business and financial condition, results of operations and cash flows; the Company's ability to execute its financial, strategic and operating plans effectively; the Company's ability to remediate quality systems violations; difficulties in implementing the Company’s compliance master plan; difficulties or delays in obtaining and maintaining required regulatory approvals, including the costs thereof potential difficulties, delays and disruptions in manufacturing, distribution or sale of products; the failure of the company’s suppliers, vendors, and other third parties to meet contractual, regulatory and other obligations; the anticipated development of markets the Company sells its products into and the success of the Company’s products in these markets; the Company’s ability to predict accurately the demand for its products, and products under development; increasing industry competition; the coverage and reimbursement decisions of third-party payors; trends toward health care cost containment; difficulties in controlling expenses, including costs to procure and manufacture the Company’s products; the ability of the Company to successfully manage leadership and organizational changes and the impact of changes in management or staff levels; the impact of goodwill and intangible asset impairment charges if future operating results of acquired businesses are significantly less than the results anticipated at the time of the acquisitions, the geographic distribution of where the Company generates its taxable income; changes to applicable laws, regulations and enforcement guidance, including tax laws and global health care reforms; fluctuations in foreign currency exchange rates; the amount of our bank borrowings outstanding and other factors influencing liquidity; breaches, failures or other disruptions of our or our vendors’ or customers’ information technology systems or products; and the economic, competitive, governmental, technological, and other risk factors and uncertainties identified under the heading “Risk Factors” included in Item 1A of Integra's Annual Report on Form 10-K for the year ended December 31, 2025 to be filed with the Securities and Exchange Commission. These forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events, or otherwise. Safe Harbor Statement IART Q4 2025 Earnings Presentation2
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In addition to our GAAP results, we provide certain non-GAAP measures, including organic revenues, adjusted earnings before interest, taxes, depreciation and amortization ("EBITDA"), adjusted EBITDA margin, adjusted net income, adjusted gross profit, adjusted gross margin, adjusted earnings per diluted share, free cash flow, adjusted free cash flow conversion, and net debt. Organic revenues consist of total revenues excluding the effects of currency exchange rates, revenues from current-period acquisitions and product divestitures. Adjusted EBITDA consists of GAAP net income excluding: (i) depreciation and amortization; (ii) other income (expense); (iii) interest income and expense; (iv) income tax expense (benefit); (v) impairment charges; and (vi) those operating expenses also excluded from adjusted net income. The measure of adjusted EBITDA margin is calculated by dividing adjusted EBITDA by GAAP revenues. The measure of adjusted net income consists of GAAP net income, excluding: (i) structural optimization charges; (ii) divestiture, acquisition and integration-related charges; (iii) EU Medical Device Regulation-related charges; (iv) charges related to the voluntary global recall of products manufactured at the Company’s Boston, Massachusetts facility and distributed between March 1, 2018 and May 22, 2023, as previously disclosed in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 23, 2023 (the “recall”) and the transition of Boston-related manufacturing operations to the Company’s Braintree, Massachusetts facility; (v) intangible asset amortization expense; (vi) income tax impact from adjustments; and (vii) impairment charges. The measure of adjusted gross margin is calculated by dividing adjusted gross profit by total revenues. Adjusted gross profit consists of GAAP gross profit adjusted for: (i) structural optimization charges; (ii) divestiture, acquisition and integration-related charges; (iii) charges related to the recall and the transition of Boston-related manufacturing operations to the Company’s Braintree, Massachusetts facility; (iv) EU Medical Device Regulation-related charges; and (v) intangible asset amortization expense. The adjusted earnings per diluted share measure is calculated by dividing adjusted net income attributable to diluted shares by diluted weighted average shares outstanding. The measure of free cash flow consists of GAAP net cash provided by operating activities less purchases of property and equipment. The adjusted free cash flow conversion measure is calculated by dividing free cash flow by adjusted net income. The measure of net debt consists of GAAP total debt (excluding deferred financing costs) less short-term investments, cash and cash equivalents. Reconciliations of GAAP revenues to organic revenues, GAAP net income to adjusted EBITDA and adjusted net income, GAAP gross profit to adjusted gross profit, GAAP gross margin to adjusted gross margin, and GAAP earnings per diluted share to adjusted earnings per diluted share all for the quarters and years ended December 31, 2025 and 2024, the GAAP total debt to net debt for the years ended December 31, 2025 and 2024, and the GAAP operating cash flow to free cash flow and adjusted free cash flow conversion for the quarters and years ended December 31, 2025 and 2024, appear in the financial tables in this presentation. The Company believes that the presentation of organic revenues and the other non-GAAP measures provide important supplemental information to management and investors regarding financial and business trends relating to the Company's financial condition and results of operations. For further information regarding why Integra believes that these non-GAAP financial measures provide useful information to investors, the specific manner in which management uses these measures, and some of the limitations associated with the use of these measures, please refer to the Company's Current Report on Form 8-K regarding this presentation filed today with the Securities and Exchange Commission. This Current Report on Form 8-K is available on the SEC's website at www.sec.gov or on our website at www.integralife.com. Non-GAAP Financial Measures 3 IART Q4 2025 Earnings Presentation
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Building a foundation for sustainable growth and profitability Advanced Our 2025 Priorities COMPLIANCE MASTER PLAN IMPLEMENTATION OPERATIONAL AND EXECUTION EXCELLENCE DELIVERING OUR FINANCIAL COMMITMENTS $435M Q4 2025 reported revenue $0.83 Q4 2025 adjusted EPS • Completed comprehensive site assessments • Implemented risk-based remediation plans • Advanced FDA commitments • Implemented enterprise-wide electronic quality management system • Improved prioritization and execution discipline through Program Management Office • Improved supply reliability for key products • Relaunched PriMatrix® & Durepair ® ahead of plan • On-track for SurgiMend® relaunch in Q4 2026 Note: Adj. EBITDA margin, adj. EPS, and FCF conversion are non-GAAP financial measures. 4 IART Q4 2025 Earnings Presentation
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Delivering Our Vision in 2026 and Beyond DELIVER BEST-IN-CLASS QUALITY DRIVE SUPPLY CHAIN RELIABILITY ACCELERATE GROWTH IGNITE INNOVATION INTEGRA’S STRATEGIC IMPERATIVES TRANSFORM TO EXCEL AND CONSISTENTLY DELIVER OUR FINANCIAL COMMITMENTS Horizon 2 Delivering accelerated growth Horizon 1 Building a sustainable foundation Build a culture of quality and execution excellence, solidify market leadership, drive company performance 5 IART Q4 2025 Earnings Presentation
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$1,635 $1,611 FY'25 FY'24 2025 Full-Year Financial Highlights $2.23 (12.9)% vs. 2024 ADJUSTED EPS 19.4% (60) bps vs. 2024 ADJUSTED EBITDA MARGIN (0.7%) vs. 2024 ORGANIC FULL YEAR REVENUE (in $M) Note: Adj. EBITDA margin, adj. EPS, and FCF conversion are non-GAAP financial measures. Continued strong demand offset by remediation efforts and supply constraints 1.5% vs. 2024 REPORTED 61.9% (260 bps) vs. 2024 ADJUSTED GROSS MARGIN $50.4M and (18.1%) FCF Conversion OPERATING CASH FLOW 6 IART Q4 2025 Earnings Presentation
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$435 $443 Q4 25 Q4 24 2025 Q4 Financial Highlights $0.83 (14.4%) vs. 2024 ADJUSTED EPS 24.0% +30 bps vs. 2024 ADJUSTED EBITDA MARGIN (2.5%) vs. 2024 ORGANIC Q4 REVENUE (in $M) Note: Adj. EBITDA margin, adj. EPS, and FCF conversion are non-GAAP financial measures. Delivered revenue and adjusted EPS in line with our guidance (1.7%) vs. 2024 REPORTED 61.7% (350 bps) vs. 2024 ADJUSTED GROSS MARGIN $11.8M and (8.5%) FCF Conversion OPERATING CASH FLOW 7 IART Q4 2025 Earnings Presentation
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Codman Specialty Surgical Q4 Revenue REPORTED $323.3M $314.7M 2.7% Q4 25 Q4 24 Growth ORGANIC1 $320.0M $314.7M 1.6% Q4 25 Q4 24 Growth NEUROSURGERY INSTRUMENTS ENT3 INTERNATIONAL 1.4% 2.3% 2.2% HIGH SINGLE- DIGIT GROWTH Double-digit growth in CereLink®; Mayfield® Capital and Aurora®; HSD growth in CUSA® Growth in-line with the market Growth in AERA®; TruDi® navigated disposables and MicroFrance® instruments partially offset by sinuplasty balloons Continued demand strength Growth against a strong prior-year comparison Q4 2025 GROWTH AND PERFORMANCE DRIVERS Q4 2025 Revenue Composition Neurosurgery 70.0% ENT 13.8%Q4 2025 REVENUE 1Q4 2025 excludes $3.3M in foreign exchange; Comparisons are to prior year, taking into account some shifts across the portfolio 2Percentages based on organic revenue; Commentary represents organic performance; Comparisons are to prior year 3 Includes MicroFrance® ENT instrument and Acclarent® ENT 2 8 IART Q4 2025 Earnings Presentation
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WOUND RECONSTRUCTION PRIVATE LABEL INTERNATIONAL (21.4%) 20.1% LOW DOUBLE- DIGIT DECLINE Decline primarily due to MediHoney® and a difficult prior- year Integra Skin comp driven by record Q4 2024 revenue following production recovery Partner demand trends stabilizing Medihoney and prior-year Integra Skin comp Tissue Technologies Q4 Revenue REPORTED $111.6M $128.0M (12.8%) Q4 25 Q4 24 Growth ORGANIC1 $111.4M $128.0M (12.8%) Q4 25 Q4 24 Growth Medihoney® impact and strong prior-year Integra Skin comp Q4 2025 GROWTH AND PERFORMANCE DRIVERS Q4 2025 Revenue Composition ENT 13.8% Q4 2025 REVENUE 1 Q4 2025 excludes $0.2M in foreign exchange; Comparisons are to prior year; taking into account some shifts across the portfolio 2 Percentages based on organic revenue; Commentary represents organic performance; Comparisons are to prior year Wound Reconstruction 71.6% 2 9 IART Q4 2025 Earnings Presentation
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Balance Sheet and Cash Flow Performance Note: Adj. FCF conversion is a non-GAAP financial measure; Numbers may not add due to rounding Change in net debt driven by Acclarent acquisition Improved second-half 2025 cash flow generation 12/31/24 12/31/25 CASH AND CASH EQUIVALENTS $246 $235 SHORT-TERM INVESTMENTS $27 $29 TOTAL DEBT $1,809 $1,859 NET DEBT $1,535 $1,596 AVAILABLE CREDIT $933 $252 TOTAL AVAILABLE LIQUIDITY $1,207 $516 CONSOLIDATED TOTAL LEVERAGE RATIO 4.0X 4.5X FCF Capex 28.8% (8.5%) 12.7% (18.1%) 25.0 (31.0) 104.4 81.4 Q4'24 TTM Q4'25 TTM $129.4 $50.4 21.1 (5.4) 29.6 17.2 Q4'24 Q4'25 $50.7 $11.8 SUMMARY BALANCE SHEET ($M) Adjusted FCF Conversion OPERATING CASH FLOW, FREE CASH FLOW ($M) & ADJUSTED FCF CONVERSION (%) 10 IART Q4 2025 Earnings Presentation
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Q1 2025 Organic Growth FX Q1 2026 Outlook 2025 Organic Growth FX 2026 Outlook Q1 and FY 2026 Outlook Note: Organic growth and adj. EPS are non-GAAP financial measures. ~0.8% $1,635 ~2.0% $1,662 - $1,702 ~(1.5)%$383 $375 - $390~1.4% Organic Growth (at mid-point) Organic Growth (at mid-point) Guidance reflects strengthening the foundation and solid underlying demand Q1 2026 REPORTED REVENUE GUIDANCE BRIDGE ($M) FY 2026 REPORTED REVENUE GUIDANCE BRIDGE ($M) Q1 2026 $375M - $390M REPORTED Reported Growth (2.0%) to 1.9% Organic Growth (3.4%) to 0.5% $0.37 - $0.45 ADJUSTED EPS FY 2026 $1.662B - $1.702B REPORTED Reported Growth 1.6% to 4.1% Organic Growth 0.8% to 3.3% $2.30 - $2.40 ADJUSTED EPS 11 IART Q4 2025 Earnings Presentation
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Key 2026 Guidance Assumptions and Considerations REVENUE OUTLOOK Revenue expected to build through the year supported by seasonality, share recapture and supply recovery ADJUSTED GROSS MARGINS EXPECTED TO REMAIN FLAT VS 2025 ~180bps headwind from tariffs, offset by cost savings initiatives and efficiencies ADJUSTED EBITDA EXPECTED TO IMPROVE VS 2025 40 bps Adj. EBITDA margin improvement expected due in large part to cost savings initiatives targeted in Operating Expense KEY TARIFF ASSUMPTIONS (included in guidance) Reflects the tariff assumptions in place prior to last week’s Supreme Court ruling Does not contemplate the recovery of any amounts paid prior ~32 cent full year impact in adjusted EPS Country-specific tariff rates on exports to U.S. (incl. 15% on Switzerland and the E.U.) 30% tariff on China exports to U.S. 14% tariff on U.S. exports to China FY 2026 FX RATES EUR/USD USD/JPY USD/CNY 1.17 159 6.97 ADJ. TAX RATE 19.0% AVG. SHARES OUTSTANDING 77 – 78 MILLION Note: Organic growth and adj. EPS are non-GAAP financial measures. 12 IART Q4 2025 Earnings Presentation
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• Advance skin substitutes and implant- based breast reconstruction • Capitalize on CTP1 reimbursement changes • PriMatrix®, SurgiMend®, Durepair® • Consistent product delivery • Expand Neurosurgery and ENT category leadership Supply chain resiliency to meet global demand Return of Braintree product portfolio Strength of portfolio and clinical evidence in skin substitutes Clinical evidence generation New product introductions 1CTP = Cell & Tissue-based Products (aka skin substitutes) Building the Foundation for Sustainable Growth Focused execution enabling innovation and growth 13 IART Q4 2025 Earnings Presentation13
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APPENDIX Non-GAAP Reconciliations
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Fourth Quarter and FY 2025 Financial Results (1) These are non-GAAP financial measures. Please see the slides appearing below for a reconciliation to the nearest GAAP measure. Note: Numbers may not add due to rounding 15 IART Q4 2025 Earnings Presentation % of Revenues Q4 2025 Q4 2024 Change Q4 YTD 2025 Q4 YTD 2024 Change Total Revenues $434.9 $442.6 (1.7%) $1,635.2 $1,610.5 1.5% Gross Margin 50.8% 56.3% -550BPS 50.9% 54.8% -390BPS Adj. Gross Margin(1) 61.7% 65.2% -350BPS 61.9% 64.5% -260BPS Net Income ($1.7) $19.4 108.8% ($516.5) ($6.9) (7337.8%) Adj. Net Income(1) $63.7 $73.3 (13.0%) $171.4 $196.9 (13.0%) Adj. EBITDA Margin(1) 24.0% 23.7% +30BPS 19.4% 20.0% -60BPS Diluted Shares Out (M) 76.9 76.4 0.7% 76.8 77.1 (0.4%) Earnings per Share ($0.02) $0.25 108.0% ($6.74) ($0.09) (7370.6%) Adj. Earnings per Share(1) $0.83 $0.97 (14.4%) $2.23 $2.56 (12.9%)
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(In millions) Q4 2025 Q4 2024 Q4 YTD 2025 Q4 YTD 2024 Neurosurgery $226.2 $220.1 $827.7 $803.8 Instruments $52.3 $51.0 $206.5 $204.2 ENT $44.8 $43.5 $166.4 $135.6 Total Codman Specialty Surgical $323.3 $314.7 $1,200.5 $1,143.6 Wound Reconstruction and Care $80.0 $101.5 $323.5 $350.6 Private Label $31.6 $26.3 $111.2 $116.3 Total Tissue Technologies $111.6 $127.8 $434.7 $466.9 Total Reported Revenues $434.9 $442.6 $1,635.2 $1,610.5 Impact of changes in currency exchange ($3.5) $0.0 ($6.7) $0.0 Revenues from acquisitions (1) $0.0 $0.0 ($29.1) $0.0 Total Organic Revenues $431.4 $442.6 $1,599.5 $1,610.5 Organic Revenue Growth -2.5% -0.7% Fourth Quarter and FY 2025 Organic Growth Reconciliation (1) Revenue from acquisitions Note: Numbers may not add due to rounding 16 IART Q4 2025 Earnings Presentation
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(In millions) Q4 2025 Q4 2024 TTM 2025 TTM 2024 Net Cash from Operating Activities $11.8 $50.7 $50.4 $129.4 Purchases of Property and Equipment ($17.2) ($29.6) ($81.4) ($104.4) Free Cash Flow ($5.4) $21.1 ($31.0) $25.0 Adjusted Net Income $63.7 $73.3 $171.4 $196.9 Adjusted Free Cash Flow Conversion (8.5%) 28.8% (18.1%) 12.7% Fourth Quarter and FY 2025 Adjusted Free Cash Flow Reconciliation Note: Numbers may not add due to rounding 17 IART Q4 2025 Earnings Presentation
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(In millions) Q4 2025 Q4 2024 Q4 YTD 2025 Q4 YTD 2024 GAAP Net Income ($1.7) $19.4 ($516.5) ($6.9) Depreciation 11.3 10.9 44.0 41.4 Intangible asset amortization 26.9 26.6 107.1 105.3 Goodwill impairment charge - - 511.4 - Other (income), net (0.3) (1.4) 2.6 (4.2) Interest expense, net 19.1 14.1 66.2 50.6 Income tax expense/(benefit) 6.0 3.1 (47.0) (11.3) Acquisition, divestiture and integration-related charges (1) (1.0) 2.3 3.6 33.6 Structural optimization charges 20.3 9.1 48.0 24.2 Boston Recall/Braintree Transition 13.8 11.4 56.2 45.0 EU Medical Device Regulation 9.7 9.5 41.9 44.6 Total of non-GAAP adjustments: 105.9 85.4 834.0 329.2 Adjusted EBITDA $104.2 $104.9 $317.5 $322.2 Total Revenues 434.9 442.6 1,635.2 1,610.5 Adjusted EBITDA Margin 24.0% 23.7% 19.4% 20.0% Fourth Quarter and FY 2025 Adjusted EBITDA Margin Reconciliation Note: Numbers may not add due to rounding (1) Acquisition, divestiture and integration-related charges are associated with the Acclarent acquisitions and includes banking, legal, consulting, systems, and other income and expenses. 18 IART Q4 2025 Earnings Presentation
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(In millions) Q4 2025 Q4 2024 Q4 YTD 2025 Q4 YTD 2024 GAAP Net Income ($1.7) $19.4 ($516.5) ($6.9) Acquisition, divestiture and integration-related charges (1) (1.0) 2.3 3.6 33.6 Structural optimization charges 20.3 9.1 48.0 24.2 Boston Recall/Braintree Transition 13.8 11.4 56.2 45.0 EU Medical Device Regulation 9.7 9.5 41.9 44.6 Goodwill impairment charge (0.0) - 511.4 - Intangible asset amortization expense 26.9 26.6 107.1 105.3 Estimated income tax impact from adjustments and other items (4.4) (4.9) (80.3) (48.8) Total of non-GAAP adjustments: 65.4 53.8 687.9 203.9 Adjusted Net Income $63.7 $73.3 $171.4 $196.9 Adjusted Diluted Net Income per Share $0.83 $ 0.97 $2.23 $2.56 Weighted average common shares outstanding for diluted net income from continuing operations per share 76.9 76.4 76.8 77.1 Fourth Quarter and FY 2025 Adjusted EPS Reconciliation Note: Numbers may not add due to rounding (1) Acquisition, divestiture and integration-related charges are associated with the Acclarent acquisitions and includes banking, legal, consulting, systems, and other income and expenses. 19 IART Q4 2025 Earnings Presentation
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Fourth Quarter and FY 2025 Adjusted Gross Margin Reconciliation Note: Numbers may not add due to rounding (1) Acquisition, divestiture and integration-related charges are associated with the Acclarent acquisitions and includes banking, legal, consulting, systems, and other income and expenses. 20 IART Q4 2025 Earnings Presentation (In millions) Q4 2025 Q4 2024 Q4 YTD 2025 Q4 YTD 2024 Reported Gross Profit $220.9 $249.1 $831.6 $882.1 Structural optimization charges 9.6 4.2 27.5 16.2 Acquisition, divestiture and integration-related charges (1) 0.2 0.5 1.0 9.1 Boston Recall/Braintree Transition 13.6 11.0 55.0 43.2 EU Medical Device Regulation 1.0 1.1 4.3 4.0 Intangible asset amortization expense 23.2 22.8 92.1 84.0 Adjusted Gross Profit $268.4 $288.7 $1,011.5 $1,038.5 Total Revenues $434.9 $442.6 $1,635.2 $1,610.5 Adjusted Gross Margin 61.7% 65.2% 61.9% 64.5%
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Fourth Quarter and FY 2025 Adjusted SG&A Reconciliation Note: Numbers may not add due to rounding (1) Acquisition, divestiture and integration-related charges are associated with the Acclarent acquisitions and includes banking, legal, consulting, systems, and other income and expenses. 21 IART Q4 2025 Earnings Presentation (In millions) Q4 2025 Q4 2024 YTD 2025 YTD 2024 Reported SG&A $169.3 $178.5 $699.7 $717.0 Structural optimization charges 10.2 4.3 20.5 7.4 Acquisition, divestiture and integration-related charges (1) (1.7) 0.3 2.2 25.8 Boston Recall/Braintree Transition 0.2 0.4 1.2 1.9 EU Medical Device Regulation 4.1 3.9 18.5 18.9 Adjusted SG&A $156.4 $169.6 $657.3 663.1 Total Revenues $434.9 $442.6 $1,635.2 $1,610.5 Adjusted SG&A (% of Revenues) 36.0% 38.3% 40.2% 41.2%
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Fourth Quarter 2025 Net Debt Reconciliation Note: Numbers may not add due to rounding 22 IART Q4 2025 Earnings Presentation ($ in millions) 12/31/2025 12/31/2024 Short-term borrowings under senior credit facility 38.8 33.9 Long-term borrowings under senior credit facility 1,729.6 1,087.9 Borrowings under securitization facility 87.8 108.1 Convertible securities - 573.2 Deferred financing costs netted in the above 3.3 5.5 Short-term Investments (28.7) (27.2) Cash & Cash Equivalents (235.0) (246.4) Net Debt $ 1,595.6 $ 1,535.0 Capitalization