Integra LifeSciences Holdings Corp. Files 2023 Annual Report on Form 10-K

Ticker: IART · Form: 10-K · Filed: Feb 28, 2024 · CIK: 917520

Integra Lifesciences Holdings Corp 10-K Filing Summary
FieldDetail
CompanyIntegra Lifesciences Holdings Corp (IART)
Form Type10-K
Filed DateFeb 28, 2024
Risk Levelmedium
Pages14
Reading Time17 min
Key Dollar Amounts$0.01
Sentimentneutral

Sentiment: neutral

Topics: 10-K, Integra LifeSciences, Medical Devices, Annual Report, Financials

TL;DR

<b>Integra LifeSciences Holdings Corp. has filed its annual 10-K report for the fiscal year 2023, detailing its financial performance and business operations.</b>

AI Summary

INTEGRA LIFESCIENCES HOLDINGS CORP (IART) filed a Annual Report (10-K) with the SEC on February 28, 2024. Integra LifeSciences Holdings Corp. filed its 10-K report for the fiscal year ending December 31, 2023. The company is incorporated in Delaware and headquartered in Princeton, NJ. The SIC code for Integra LifeSciences is 3841, indicating its business in Surgical & Medical Instruments & Apparatus. The filing covers the period from January 1, 2023, to December 31, 2023. The report was filed on February 28, 2024.

Why It Matters

For investors and stakeholders tracking INTEGRA LIFESCIENCES HOLDINGS CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Integra LifeSciences' financial health and strategic direction for the past fiscal year, crucial for investors and stakeholders to assess performance. The detailed financial data and risk factors outlined in the report are essential for understanding the company's market position and potential challenges in the surgical and medical instruments sector.

Risk Assessment

Risk Level: medium — INTEGRA LIFESCIENCES HOLDINGS CORP shows moderate risk based on this filing. The company operates in the highly regulated medical device industry, which presents ongoing compliance and product approval risks that could impact financial performance.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess Integra LifeSciences' performance and outlook in the medical device market.

Key Numbers

  • 2023-12-31 — Fiscal Year End (Report period)
  • 2024-02-28 — Filing Date (Date of filing)
  • 3841 — SIC Code (Industry classification)
  • 000-26224 — SEC File Number (SEC filing identifier)

Key Players & Entities

  • INTEGRA LIFESCIENCES HOLDINGS CORP (company) — Filer name
  • 0000917520 (company) — Central Index Key
  • 3841 (company) — Standard Industrial Classification
  • DE (company) — State of Incorporation
  • Princeton (company) — Business Address City
  • NJ (company) — Business Address State
  • 08540 (company) — Business Address Zip
  • 20231231 (date) — Fiscal Year End

FAQ

When did INTEGRA LIFESCIENCES HOLDINGS CORP file this 10-K?

INTEGRA LIFESCIENCES HOLDINGS CORP filed this Annual Report (10-K) with the SEC on February 28, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by INTEGRA LIFESCIENCES HOLDINGS CORP (IART).

Where can I read the original 10-K filing from INTEGRA LIFESCIENCES HOLDINGS CORP?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by INTEGRA LIFESCIENCES HOLDINGS CORP.

What are the key takeaways from INTEGRA LIFESCIENCES HOLDINGS CORP's 10-K?

INTEGRA LIFESCIENCES HOLDINGS CORP filed this 10-K on February 28, 2024. Key takeaways: Integra LifeSciences Holdings Corp. filed its 10-K report for the fiscal year ending December 31, 2023.. The company is incorporated in Delaware and headquartered in Princeton, NJ.. The SIC code for Integra LifeSciences is 3841, indicating its business in Surgical & Medical Instruments & Apparatus..

Is INTEGRA LIFESCIENCES HOLDINGS CORP a risky investment based on this filing?

Based on this 10-K, INTEGRA LIFESCIENCES HOLDINGS CORP presents a moderate-risk profile. The company operates in the highly regulated medical device industry, which presents ongoing compliance and product approval risks that could impact financial performance.

What should investors do after reading INTEGRA LIFESCIENCES HOLDINGS CORP's 10-K?

Investors should review the detailed financial statements and risk factors in the 10-K to assess Integra LifeSciences' performance and outlook in the medical device market. The overall sentiment from this filing is neutral.

How does INTEGRA LIFESCIENCES HOLDINGS CORP compare to its industry peers?

Integra LifeSciences operates within the surgical and medical instruments and apparatus industry, a sector characterized by innovation, regulatory oversight, and competitive dynamics.

Are there regulatory concerns for INTEGRA LIFESCIENCES HOLDINGS CORP?

The medical device industry is subject to stringent regulations from bodies like the FDA, requiring adherence to quality standards and approval processes that can impact product launches and market access.

Industry Context

Integra LifeSciences operates within the surgical and medical instruments and apparatus industry, a sector characterized by innovation, regulatory oversight, and competitive dynamics.

Regulatory Implications

The medical device industry is subject to stringent regulations from bodies like the FDA, requiring adherence to quality standards and approval processes that can impact product launches and market access.

What Investors Should Do

  1. Analyze the revenue and profitability trends for fiscal year 2023.
  2. Review the identified risk factors and management's mitigation strategies.
  3. Compare key financial metrics against industry benchmarks and prior year performance.

Key Dates

  • 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
  • 2024-02-28: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the annual 10-K for the fiscal year 2023, providing updated financial and operational information compared to previous filings.

Filing Stats: 4,318 words · 17 min read · ~14 pages · Grade level 15.8 · Accepted 2024-02-28 16:13:03

Key Financial Figures

  • $0.01 — hares of the registrant's Common Stock, $0.01 par value, outstanding as of February 2

Filing Documents

Risk Factors

Item 1A. Risk Factors 17

Unresolved Staff Comment s

Item 1B. Unresolved Staff Comment s 32

Cybersecurity

Item 1C. Cybersecurity 32

Properties

Item 2. Properties 34

Legal Proceedings

Item 3. Legal Proceedings 34

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 34 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 34

[ Reserved]

Item 6. [ Reserved] 36

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 36

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 51

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 52

Changes in and Disagreements with Accountants on Accounting and Financial Disclosures

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 52

Controls and Procedures

Item 9A. Controls and Procedures 53

Other Information

Item 9B. Other Information 53

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 53 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 53

Executive Compensation

Item 11. Executive Compensation 53

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matter s

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matter s 53

Certain Relationships, Related Transactions, and Director Independence

Item 13. Certain Relationships, Related Transactions, and Director Independence 53

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 53 PART IV

Exhibits and Financial Statements Schedule

Item 15. Exhibits and Financial Statements Schedule 54

Form 10-K Summary

Item 16. Form 10-K Summary 58

SIGNATURES

SIGNATURES 59 Unless otherwise stated or the context otherwise indicates, all references in this Annual Report on Form 10-K to "Integra LifeSciences," "Integra," "the Company," "we," "our," and "us" refer to Integra LifeSciences Holdings Corporation, a Delaware corporation and its consolidated subsidiaries. 3 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS We have made statements in this report, including statements under "Business" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, ("the Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended ("the "Exchange Act"). These forward-looking statements are subject to a number of risks, uncertainties and assumptions about us including, among other things: the on-going and possible future effects of global challenges, including macroeconomic uncertainties, such as supply chain disruptions, inflation, bank failures, rising interest rates and availability of capital markets, the Israel-Hamas and Ukraine-Russia wars, other economic disruptions and U.S. and global recession concerns, on our customers and suppliers, and on our business, financial condition, results of operations and cash flows; general economic and business conditions, both domestically and in our international markets, including the effect of the continuing worldwide macroeconomic uncertainty and increasing trade regulations and tariffs; our expectations and estimates concerning future financial performance, financing plans and the impact of competition; anticipated trends in our business; anticipated demand for our products, particularly capital equipment; our ability to produce and deliver products in sufficient quantities to meet sales demands; the ongoing and possible future effects of supply chain constraints, including the availability of critical raw

BUSINESS

ITEM 1. BUSINESS OVERVIEW Integra LifeSciences Holdings Corporation is a leading global medical technology company innovating treatment pathways to advance patient outcomes and set new standards of surgical, neurologic and regenerative care. Founded in 1989 with the acquisition of an engineered collagen technology platform used to repair and regenerate tissue, our common stock trades on the Nasdaq Global Select Market ("Nasdaq") under the symbol "IART." We have developed numerous product lines from this technology for applications ranging from burn and deep tissue wounds to the repair of dura mater in the brain, as well as nerves and tendons. We have expanded our base regenerative technology business to include surgical instruments, neurosurgical products and advanced wound care through global acquisitions and product development to meet the evolving needs of our customers and enhance patient care. Integra products are sold in more than 130 countries through a direct sales force as well as distributors and wholesalers. We manufacture and sell medical technologies and products in two reportable business segments: Codman Specialty Surgical ("CSS") and Tissue Technologies ("TT"). The CSS segment, which represents approximately two-thirds of our total revenue, consists of market-leading technologies and instrumentation used for a wide range of specialties, such as neurosurgery, neurocritical care and otolaryngology. We are the world leader in neurosurgery and one of the top three providers in instruments used in precision, specialty, and general surgical procedures. Our TT segment generates about one-third of our overall revenue and focuses on three main areas: complex wound surgery, surgical reconstruction, and peripheral nerve repair. We have key manufacturing and research facilities located in California, Indiana, Maryland, Massachusetts, New Jersey, Ohio, Puerto Rico, Tennessee, Utah, France, Germany, Ireland and Switzerland. We source most of our handheld surg

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