IARTINTEGRA LIFESCIENCES HOLDINGS CORP

Surgical & Medical Instruments & Apparatus

Revenue: $1.6B; 1.5% YoY
Operating margin: -30.2%; 1810% YoY
EBITDA: −$449M; 733% YoY
Market cap: $992M
Employees: —
Net debt / EBITDA: —; $445M net debt
AI in 10-K: 1.4; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
17% of assets
Over 40% of assets
Shareholder dissentNo
99% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
1.4 per 10K words · 43rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$992M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$102K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.5B	$1.6B	$1.5B	$1.6B	$1.6B	1.5%
Operating income	$197M	$239M	$112M	$28M	−$493M	1837%
Net income	$169M	$181M	$68M	−$7M	−$517M	7390%
Operating cash flow	$312M	$264M	$140M	$129M	$50M	61%
Capex	$48M	$42M	$67M	$104M	$81M	22%
Stock-based comp	$36M	$28M	$20M	$24M	$19M	24%
Buybacks	$0	$125M	$275M	$52M	$221K	100%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $102K · 1
Open-market sells, 12 mo: $0 · 0
Net: $102K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	19	123
FY2024	—	—	39	138
FY2023	—	—	75	138
FY2022	—	—	96	134
FY2021	—	—	115	145