Integra LifeSciences (IART) shares are down about 11% this morning (trading at about $14) after the company cut its 2026 guidance and launched a $600 million term loan.
The July flood at its Cincinnati plant is a major driver of the cut, though Integra said the new guidance also reflects updated assumptions for the broader business.
What Integra said about the flood
“Our third quarter results were impacted by the July flooding event at our Cincinnati facility,” CEO Stuart Essig said. The plant makes several Specialty Surgical Technologies products.
- Third-quarter revenue of about $410 million to $412 million, with about $7 million lost to the flood
- About $15 million to $20 million more lost in the fourth quarter
- 2026 revenue guidance of $1.634 billion to $1.654 billion, from $1.654 billion to $1.695 billion
- Adjusted EPS guidance of $2.30 to $2.40, from $2.40 to $2.50
- Full manufacturing back during the second quarter of 2027
How big is this for Integra?
As of Sept. 10, TIKR’s consensus had 2026 revenue at $1.67 billion, above even the top of the new range. It had $1.73 billion for 2027.
That 2027 figure is about 5% above the new guidance midpoint of $1.644 billion, within reach once the plant is back.
Normalized EPS fell from $3.10 in 2023 to $2.23 in 2025, and analysts had $2.61 penciled in for 2027. Even the lowered $2.30 to $2.40 range sits above 2025’s adjusted EPS of $2.23, meaning Integra still expects adjusted earnings growth despite the disruption.
The Integra loan
The proposed seven-year, $600 million senior secured term loan B will refinance certain existing debt and pay fees, Integra said. The release doesn’t name the borrowings, and the new debt is secured.
What’s next for IART stock
At about $14, Integra trades at roughly 6 times the midpoint of its new adjusted EPS guidance, with $190 million to $200 million of operating cash flow expected this year. I think the market is overreacting, provided Cincinnati restarts on schedule and insurance recoveries come through as expected. The disruption is temporary, and management expects insurance to mitigate a substantial portion of the earnings impact. The third-quarter report should provide more detail on how much of the guidance cut stems from the flood.
So what is Integra LifeSciences stock actually worth?
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