Fourth Quarter 2025
- Reported revenues were
$434.9 million , representing a decrease of 1.7% on a reported basis and 2.5% on an organic basis compared to the fourth quarter of 2024. - GAAP earnings per diluted share were
$(0.02) , compared to$0.25 in the fourth quarter of 2024. - Adjusted earnings per diluted share were
$0.83 , compared to$0.97 in the fourth quarter of 2024.
Full-Year 2025
- Reported revenues were
$1,635.2 million , representing an increase of 1.5% on a reported basis and a decrease of 0.7% on an organic basis compared to full-year 2024. - GAAP earnings per diluted share were
$(6.74) , compared to$(0.09) in 2024. - Adjusted earnings per diluted share were
$2.23 , compared to$2.56 in 2024.
“In the fourth quarter, we drove tangible operational progress while continuing to deliver for our customers and patients,” said
"Earlier this month we implemented a key element of our transformation plan - a simplified operating model that improves alignment, execution, and accountability. This is critical to our long-term margin improvement plan and a key contributor to our previously communicated savings of
Fourth Quarter 2025 Financial Summary
Total reported revenues for the fourth quarter were
The Company reported a GAAP net loss of
Adjusted EBITDA for the fourth quarter of 2025 was
Adjusted net income for the fourth quarter of 2025 was
Cash flows from operations totaled
Fourth Quarter 2025 Segment Performance
- Codman Specialty Surgical (75% of Revenues)
Total revenues were$323.3 million , representing an increase of 2.7% on a reported basis and 1.6% on an organic basis compared to the fourth quarter of 2024.- Sales in Neurosurgery grew 1.4% on an organic basis reflecting growth against a strong prior-year comparison, with continued strong performance across key products, including double-digit growth in CereLink®, Mayfield® capital, and Aurora®, along with high-single digit growth in CUSA®.
- Sales of Instruments grew 2.3% on an organic basis, in-line with the market.
- ENT sales grew 2.2% on an organic basis driven by AERA®, TruDi® navigated disposables, and MicroFrance® instruments, partially offset by a decline in sinuplasty balloons.
- Sales in International grew high-single digits, reflecting continued strong demand.
Tissue Technologies (25% of Revenues)
Total revenues were
-
- Sales in Wound Reconstruction declined 21.4% on an organic basis primarily due to the previously communicated remediation efforts for MediHoney® and a challenging year-over-year comp for Integra Skin, which generated record revenue in the fourth quarter of 2024 due to backorder clearance.
- Sales in private label grew 20.1% on an organic basis due in part to improved partner orders.
Full-Year 2025 Financial Summary
Total reported revenues for the full-year 2025 were
The Company reported a GAAP net loss of
Adjusted EBITDA for the full-year 2025 was
Adjusted net income for the full-year 2025 was
2025 Balance Sheet, Cash Flow and Capital Allocation
The Company generated cash flow from operations of
2026 Revenue and Adjusted Earnings Per Share Guidance
For the full-year 2026, the Company expects revenues to be in the range of
For the first quarter 2026, the Company expects reported revenues in the range of
Full year and first quarter adjusted earnings per diluted share guidance reflects the Company’s tariff assumptions in place prior to last week’s Supreme Court ruling and the subsequent announcement regarding implementation of Section 122 tariffs and does not contemplate the recovery of any amounts already paid.
Organic sales growth excludes the effects of foreign currency.
The Company is providing forward-looking guidance regarding adjusted earnings per diluted share but is not providing a reconciliation to GAAP earnings per share, because certain GAAP expense items are highly variable, and management is unable to predict them with reasonable certainty and without unreasonable effort. Specifically, the financial impact and timing of divestitures, acquisitions, integrations, structural optimization and efforts to comply with the EU Medical Device Regulation are uncertain, depend on various dynamic factors and are not reasonably ascertainable at this time. These expense items could have a material impact on GAAP results.
Conference Call and Presentation Available Online
Integra has scheduled a conference call for
A live webcast will be available on the Investors section of the Company’s website at investor.integralife.com. For those planning to participate on the call, please register here to receive dial-in details and a unique pin. While not required, it is recommended to join 10 minutes prior to the start of the event. A webcast replay of the conference call will be available on the Investor Relations section of the Company’s website following the call.
About Integra
Forward-Looking Statements
This news release 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 news release include, but are not limited to, statements concerning: future business, operational and financial performance 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,
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, except as otherwise required by law.
Discussion of Adjusted Financial Measures
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 net income, adjusted gross margin, adjusted earnings per diluted share, 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 manufacturing stoppage and voluntary global recall of all products manufactured at the Company’s
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
The Company is providing forward-looking guidance regarding adjusted earnings per diluted share but is not providing a reconciliation to GAAP earnings per share, because certain GAAP expense items are highly variable, and management is unable to predict them with reasonable certainty and without unreasonable effort. Specifically, the financial impact and timing of divestitures, acquisitions, integrations, structural optimization and efforts to comply with the EU Medical Device Regulation are uncertain, depend on various dynamic factors and are not reasonably ascertainable at this time. These expense items could have a material impact on GAAP results.
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 earnings press release filed today with the Securities and Exchange Commission. This Current Report on Form 8-K is available on the
Investor Relations Contact:
(609) 772-7736
chris.ward@integralife.com
Media Contact:
(609) 208-8121
laurene.isip@integralife.com
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
| (UNAUDITED) | |||||||||||||||
| (In thousands, except per share amounts) | |||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Total Revenue, net | $ | 434,925 | $ | 442,645 | $ | 1,635,245 | $ | 1,610,527 | |||||||
| Costs and Expenses: | |||||||||||||||
| Cost of goods sold | 214,060 | 193,573 | 803,625 | 728,466 | |||||||||||
| Research and development | 24,791 | 31,210 | 98,971 | 115,377 | |||||||||||
| Selling, general and administrative | 169,267 | 178,520 | 699,700 | 716,983 | |||||||||||
| Intangible asset amortization | 3,768 | 3,715 | 14,954 | 21,290 | |||||||||||
| — | — | 511,365 | — | ||||||||||||
| Total costs and expenses | 411,885 | 407,018 | 2,128,615 | 1,582,116 | |||||||||||
| Operating (loss) income | 23,040 | 35,627 | (493,370 | ) | 28,411 | ||||||||||
| Interest income | 4,361 | 4,893 | 18,474 | 20,040 | |||||||||||
| Interest expense | (23,673 | ) | (18,984 | ) | (86,255 | ) | (70,632 | ) | |||||||
| Other (expense) income, net | 582 | 1,005 | (2,351 | ) | 3,944 | ||||||||||
| (Loss) income before income taxes | 4,310 | 22,541 | (563,502 | ) | (18,237 | ) | |||||||||
| (Benefit) provision for income taxes | 6,014 | 3,106 | (47,028 | ) | (11,293 | ) | |||||||||
| Net (loss) income | $ | (1,704 | ) | $ | 19,435 | $ | (516,474 | ) | $ | (6,944 | ) | ||||
| Net (loss) income per share | |||||||||||||||
| Diluted | (0.02 | ) | 0.25 | (6.74 | ) | (0.09 | ) | ||||||||
| Weighted average common shares outstanding for diluted net income per share | 76,777 | 76,419 | 76,672 | 77,010 | |||||||||||
Segment revenues and growth in total revenues excluding the effects of currency exchange rates, acquisitions and discontinued products are as follows:
(In thousands)
| Three Months Ended | Twelve Months Ended | ||||||||||||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | ||||||||||
| Neurosurgery | $ | 226,200 | $ | 220,091 | 2.8 | % | $ | 827,667 | $ | 803,816 | 3.0 | % | |||
| Instruments(1) | 52,291 | 51,029 | 2.5 | % | 206,472 | 204,177 | 1.1 | % | |||||||
| ENT(1) | 44,815 | 43,540 | 2.9 | % | 166,372 | 135,643 | 22.7 | % | |||||||
| Total Codman Specialty Surgical | 323,306 | 314,660 | 2.7 | % | 1,200,511 | 1,143,636 | 5.0 | % | |||||||
| Wound Reconstruction and | 79,975 | 101,527 | (21.2 | )% | 323,488 | 350,565 | (7.7 | )% | |||||||
| Private Label | 31,644 | 26,458 | 19.6 | % | 111,246 | 116,326 | (4.4 | )% | |||||||
| Total Tissue Technologies | 111,619 | 127,985 | (12.8 | )% | 434,734 | 466,891 | (6.9 | )% | |||||||
| Total Reported Revenues | $ | 434,925 | $ | 442,645 | (1.7 | )% | $ | 1,635,245 | $ | 1,610,527 | 1.5 | % | |||
| Impact of changes in currency exchange rates | (3,523 | ) | — | (6,679 | ) | — | |||||||||
| Less contribution of revenues from acquisitions | — | — | (29,092 | ) | — | ||||||||||
| Less contribution of revenues from divested products | — | — | — | — | — | — | |||||||||
| Less contribution of revenues from discontinued products | — | — | — | — | — | — | |||||||||
| Total organic revenues | $ | 431,402 | $ | 442,645 | (2.5 | )% | $ | 1,599,474 | $ | 1,610,527 | (0.7 | )% | |||
(1) Organic revenues have been adjusted to exclude foreign currency (current period), acquisitions and to account for divested and discontinued products.
Items included in GAAP net income and from continuing operations and locations where each item is recorded are as follows:
(In thousands)
Three Months Ended
| Item | Total Amount | COGS(a) | SG&A(b) | R&D(c) | Amortization(d) | OI&E(e) | Tax(f) | ||||
| Acquisition, divestiture and integration-related charges | (1,002 | ) | 199 | (1,667 | ) | 219 | — | 248 | — | ||
| Structural Optimization charges | 20,334 | 9,645 | 10,200 | 814 | — | (324 | ) | — | |||
| EU Medical Device Regulation charges | 9,749 | 951 | 4,068 | 4,730 | — | — | — | ||||
| Boston Recall/Braintree Transition | 13,806 | 13,588 | 218 | — | — | — | — | ||||
| Intangible asset amortization expense | 26,919 | 23,152 | — | — | 3,768 | — | — | ||||
| Estimated income tax impact from above adjustments and other items | (4,362 | ) | — | — | — | — | — | (4,362 | ) | ||
| Depreciation expense | 11,287 | — | — | — | — | — | — | ||||
a) COGS - Cost of goods sold
b) SG&A - Selling, general and administrative
c) R&D - Research & development
d) Amortization - Intangible asset amortization
e) OI&E - Other income & expense
f) Tax - Income tax expense (benefit)
Three Months Ended
| Item | Total Amount | COGS(a) | SG&A(b) | R&D(c) | Amortization(d) | OI&E(e) | Tax(f) | ||
| Acquisition, divestiture and integration-related charges | 2,264 | 513 | 315 | 1,034 | — | 402 | — | ||
| Structural Optimization charges | 9,083 | 4,238 | 4,261 | 583 | — | — | — | ||
| EU Medical Device Regulation charges | 9,461 | 1,054 | 3,933 | 4,474 | — | — | — | ||
| Boston Recall/Braintree Transition | 11,358 | 10,966 | 392 | — | — | — | — | ||
| Intangible asset amortization expense | 26,557 | 22,842 | — | — | 3,715 | — | — | ||
| Estimated income tax impact from above adjustments and other items | (4,902 | ) | — | — | — | — | — | (4,902 | ) |
| Depreciation expense | 10,935 | — | — | — | — | — | — | ||
(a) COGS - Cost of goods sold
(b) SG&A - Selling, general and administrative
(c) R&D - Research and development
(d) Amortization - Intangible asset amortization
(e) OI&E - Other income and expense
(f) Tax - Income tax expense
Items included in GAAP net income and location where each item is recorded are as follows:
(In thousands)
Twelve Months Ended
| Item | Total Amount | COGS(a) | SG&A(b) | R&D(c) | Amortization(d) | OI&E(e) | Tax(f) | ||
| Acquisition, divestiture and integration-related charges | 3,597 | 1,047 | 2,234 | (1,276 | ) | — | 1,592 | — | |
| Structural Optimization charges | 47,994 | 27,521 | 20,495 | 302 | — | (324 | ) | — | |
| EU Medical Device Regulation charges | 41,928 | 4,277 | 18,471 | 19,180 | — | — | — | ||
| Boston Recall/Braintree Transition | 56,202 | 54,953 | 1,250 | — | — | — | — | ||
| Intangible asset amortization expense | 107,060 | 92,106 | — | — | 14,954 | — | — | ||
| Estimated income tax impact from above adjustments and other items | 80,292 | — | — | — | — | — | 80,292 | ||
| Depreciation expense | 43,987 | — | — | — | — | — | — | ||
(a) COGS - Cost of goods sold
(b) SG&A - Selling, general and administrative
(c) R&D - Research and development
(d) Amortization - Intangible asset amortization
(e) OI&E - Interest (income) expense, net and other (income), net
(f) Tax - Income tax expense
Twelve Months Ended
| Item | Total Amount | COGS(a) | SG&A(b) | R&D(c) | Amortization(d) | OI&E(e) | Tax(f) | |||
| Acquisition, divestiture and integration-related charges | 33,626 | 9,071 | 25,793 | (1,542 | ) | — | 304 | — | ||
| Structural Optimization charges | 24,194 | 16,195 | 7,395 | 604 | — | — | — | |||
| EU Medical Device Regulation charges | 44,570 | 4,020 | 18,875 | 21,674 | — | — | — | |||
| Boston Recall/Braintree Transition | 45,034 | 43,175 | 1,859 | — | — | — | — | |||
| Intangible asset amortization expense | 105,252 | 83,962 | — | — | 21,290 | — | — | |||
| Estimated income tax impact from above adjustments and other items | (48,792 | ) | — | — | — | — | — | (48,792 | ) | |
| Depreciation expense | 41,449 | — | — | — | — | — | — | |||
(a) COGS - Cost of goods sold
(b) SG&A - Selling, general and administrative
(c) R&D - Research and development
(d) Amortization - Intangible asset amortization
(e) OI&E - Interest (income) expense, net and other (income), net
(f) Tax - Income tax expense
RECONCILIATION OF NON-GAAP ADJUSTMENTS - GAAP NET INCOME FROM CONTINUING OPERATIONS TO ADJUSTED EBITDA (UNAUDITED) | |||||||||||||
| (In thousands) | |||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||
| GAAP net (loss) income | $ | (1,704 | ) | $ | 19,435 | $ | (516,474 | ) | $ | (6,944 | ) | ||
| Non-GAAP adjustments: | |||||||||||||
| Depreciation and intangible asset amortization expense | 38,206 | 37,491 | 151,047 | 146,701 | |||||||||
| — | — | 511,365 | — | ||||||||||
| Other (income) expense, net | (258 | ) | (1,407 | ) | 2,635 | (4,248 | ) | ||||||
| Interest expense, net | 19,064 | 14,091 | 66,229 | 50,591 | |||||||||
| Income tax expense | 6,014 | 3,106 | (47,028 | ) | (11,293 | ) | |||||||
| Structural optimization charges | 20,334 | 9,083 | 47,994 | 24,194 | |||||||||
| EU Medical Device Regulation charges | 9,749 | 9,461 | 41,928 | 44,570 | |||||||||
| Boston Recall | 13,806 | 11,358 | 56,202 | 45,034 | |||||||||
| Acquisition, divestiture and integration-related charges | (1,002 | ) | 2,264 | 3,597 | 33,626 | ||||||||
| Total of non-GAAP adjustments | 105,913 | 85,447 | 833,969 | 329,175 | |||||||||
| Adjusted EBITDA | $ | 104,209 | $ | 104,882 | $ | 317,494 | $ | 322,231 | |||||
RECONCILIATION OF NON-GAAP ADJUSTMENTS - GAAP NET INCOME FROM CONTINUING OPERATIONS TO MEASURES OF ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE (UNAUDITED) | |||||||||||||
| (In thousands, except per share amounts) | |||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||
| GAAP net (loss) income | $ | (1,704 | ) | $ | 19,435 | $ | (516,474 | ) | $ | (6,944 | ) | ||
| Non-GAAP adjustments: | |||||||||||||
| Structural optimization charges | 20,334 | 9,083 | 47,994 | 24,194 | |||||||||
| Acquisition, divestiture and integration-related charges | (1,002 | ) | 2,264 | 3,597 | 33,626 | ||||||||
| EU Medical Device Regulation charges | 9,749 | 9,461 | 41,928 | 44,570 | |||||||||
| Boston Recall | 13,806 | 11,358 | 56,202 | 45,034 | |||||||||
| Goodwill Impairment Charge | — | — | 511,365 | — | |||||||||
| Intangible asset amortization expense | 26,919 | 26,557 | 107,060 | 105,252 | |||||||||
| Estimated income tax impact from adjustments and other items | (4,362 | ) | (4,902 | ) | (80,292 | ) | (48,792 | ) | |||||
| Total of non-GAAP adjustments | 65,444 | 53,821 | 687,854 | 203,884 | |||||||||
| Adjusted net income | $ | 63,740 | $ | 73,256 | $ | 171,380 | $ | 196,940 | |||||
| Adjusted diluted net income per share | 0.83 | 0.97 | 2.23 | 2.56 | |||||||||
| Weighted average common shares outstanding for diluted net income per share | 76,918 | 76,419 | 76,786 | 77,079 | |||||||||
CONDENSED BALANCE SHEET DATA (UNAUDITED) | |||||
| (In thousands) | |||||
| 2025 | 2024 | ||||
| Short term investments | $ | 28,693 | $ | 27,192 | |
| Cash and cash equivalents | 235,048 | 246,375 | |||
| Accounts receivable, net | 278,849 | 272,370 | |||
| Inventory, net | 492,735 | 429,090 | |||
| Current and long-term borrowing under senior credit facility | 1,768,306 | 1,121,823 | |||
| Borrowings under securitization facility | 87,800 | 108,100 | |||
| Convertible securities | — | 573,170 | |||
| Stockholders' equity | 1,043,463 | 1,545,280 | |||
CONDENSED STATEMENT OF CASH FLOWS (UNAUDITED) | ||||||
| Twelve Months Ended | ||||||
| 2025 | 2024 | |||||
| Net cash provided by operating activities | $ | 50,384 | $ | 129,382 | ||
| Net cash used in investing activities | (108,063 | ) | (390,808 | ) | ||
| Net cash used in by financing activities | 28,335 | 237,863 | ||||
| Effect of exchange rate changes on cash and cash equivalents | 18,017 | (6,464 | ) | |||
| Net increase (decrease) in cash and cash equivalents | $ | (11,327 | ) | $ | (30,027 | ) |
| RECONCILIATION OF NON-GAAP ADJUSTMENTS - GAAP OPERATING CASH FLOW TO MEASURES OF ADJUSTED FREE CASH FLOW AND ADJUSTED FREE CASH FLOW CONVERSION (UNAUDITED) | ||||||
| (In thousands) | ||||||
| Three Months Ended | ||||||
| 2025 | 2024 | |||||
| GAAP Net cash provided by operating activities | $ | 11,815 | $ | 50,746 | ||
| Purchases of Property and Equipment | (17,214 | ) | (29,599 | ) | ||
| $ | (5,399 | ) | $ | 21,147 | ||
| Adjusted Net Income (1) | $ | 63,740 | $ | 73,256 | ||
| Adjusted Free Cash Flow Conversion | (8.5)% | 28.8 | % | |||
| Twelve Months Ended | ||||||
| 2025 | 2024 | |||||
| GAAP Net cash provided by operating activities | $ | 50,384 | $ | 129,382 | ||
| Purchases of Property and Equipment | (81,436 | ) | (104,418 | ) | ||
| $ | (31,052 | ) | $ | 24,964 | ||
| Adjusted Net Income (1) | $ | 171,380 | $ | 196,940 | ||
| Adjusted Free Cash Flow Conversion | (18.1)% | 12.7 | % | |||
(1) Adjusted net income for quarters and twelve months ended
The Company calculates adjusted free cash flow conversion by dividing its free cash flow by adjusted net income. The Company believes this measure is a useful metric in evaluating the significance of the cash special charges in its adjusted earnings measures.
| RECONCILIATION OF NON-GAAP ADJUSTMENTS - NET DEBT CALCULATION (UNAUDITED) | ||||||
| (In thousands) | ||||||
2025 | 2024 | |||||
| Short-term borrowings under senior credit facility | $ | 38,750 | $ | 33,906 | ||
| Long-term borrowings under senior credit facility | 1,729,556 | 1,087,917 | ||||
| Borrowings under securitization facility | 87,800 | 108,100 | ||||
| — | 573,170 | |||||
| Deferred financing costs netted in the above | 3,257 | 5,475 | ||||
| Short-term investments | (28,693 | ) | (27,192 | ) | ||
| Cash & Cash Equivalents | (235,048 | ) | (246,375 | ) | ||
| Net Debt | $ | 1,595,622 | $ | 1,535,001 | ||
| RECONCILIATION OF NON-GAAP ADJUSTMENTS - GAAP GROSS PROFIT TO MEASURES OF ADJUSTED GROSS PROFIT AND ADJUSTED GROSS MARGIN (UNAUDITED) | |||||||||||||||
| (In thousands, except percentages) | |||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Total revenues, net | $ | 434,925 | $ | 442,645 | $ | 1,635,245 | $ | 1,610,527 | |||||||
| Cost of goods sold | 214,060 | 193,573 | 803,625 | 728,466 | |||||||||||
| Reported Gross Profit | $ | 220,865 | $ | 249,072 | $ | 831,620 | $ | 882,061 | |||||||
| Structural optimization charges | 9,645 | 4,238 | 27,521 | 16,195 | |||||||||||
| Acquisition, divestiture and integration-related charges | 199 | 513 | 1,047 | 9,071 | |||||||||||
| Boston Recall/Braintree Transition | 13,588 | 10,966 | 54,953 | 43,175 | |||||||||||
| EU Medical Device Regulation | 951 | 1,054 | 4,277 | 4,020 | |||||||||||
| Intangible asset amortization expense | 23,152 | 22,842 | 92,106 | 83,962 | |||||||||||
| Adjusted Gross Profit | $ | 268,400 | $ | 288,685 | $ | 1,011,524 | $ | 1,038,484 | |||||||
| Total Revenues | $ | 434,925 | $ | 442,645 | $ | 1,635,245 | $ | 1,610,527 | |||||||
| Adjusted Gross Margin | 61.7 | % | 65.2 | % | 61.9 | % | 64.5 | % | |||||||
