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美国
证券交易委员会
华盛顿特区20549
 
表格 10-Q
 
（标记一）
☒根据1934年证券交易法第13或15(d)节的季度报告

截至季度结束日期的财务报告2024年9月30日
或者
☐根据1934年证券交易法第13或15(d)节的转型报告书

在从某某到某某的过渡期间           
佣金档案号 000-26224
 
英特格拉生命科学控股有限公司CORATION
（按其宪章规定的注册机构的确切名称）
 
特拉华州 51-0317849
(公司实体的属地或其他管辖区)
公司注册或组织）		 （总部地址）
（邮政编码）
校园路1100号 08540
普林斯顿,新泽西州。符号
登记人电话号码，包括区号 
注册人的电话号码，包括区号: (609) 275-0500
如自上次报告以来更改，前名称、前地址及前财政年度：
在法案第12(b)条的规定下注册的证券：
每种类别的名称交易标的注册的交易所名称
普通股，每股面值0.01美元。IART纳斯达克全球精选市场
 
请用勾号表示注册者是否（1）已在过去的12个月内（或在注册者需要提交此类报告的较短期间内）提交了《1934年证券交易法》第13或15（d）部分规定的所有要求的报告，并且（2）注册者已受到过去90天内的这些报告要求的审视。是  ☒    否  ☐

请在以下选项上打勾表明注册公司：在过去12个月内（或者在注册公司需要提交这些报告的较短时间内），注册公司是否已经电子提交了根据执行S-T条款规则405需要提交的所有互动式数据文件。 ☒ 否 ☐ 是  ☒    否  ☐

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注册人的普通股，面值0.01美元，截至目前为止流通股数为 2024年11月1日为 461.4 百万77,163,524.
英特格拉生命科学控股公司
指数

 
 
数量
三季度及其他综合收益压缩合并利润及综合收益报表 有九起类似诉讼针对JAVELIN的要约收购和合并被提起，称违反信托责任，寻求公正补偿，包括但不限于，禁止交易的达成、撤销、解除已经交易的事项，以及发送费用、补贴成本，包括合理的律师费和费用。唯一的佛罗里达州诉讼从未向被告送达，该案件于2017年1月20日自愿撤回并关闭。2016年4月25日，马里兰法院颁布了一项命令，将马里兰案件合并成一起诉讼，标题为JAVELIN Mortgage Investment Corp.股东诉讼（案号24-C-16-001542），并指定一个马里兰案件的律师作为临时首席联合法律顾问。2016年5月26日，临时首席律师提交了经修订的钒化铁质量投诉，声称违反信托责任的集体索赔，教唆和共谋违反信托责任以及浪费。2016年6月27日，被告提出了驳回合并修订集体投诉申请的动议，声称未陈述可以获得救济的规定。在2017年3月3日，听证会召开了驳回动议，法院保留了裁定。法院数次推迟动议陈述的裁定。2024年2月14日，法院颁布裁定，支持被告的驳回动议，并驳回所有原告的权利，无需上诉。在2024年3月11日，原告提出了对法院裁定的上诉通知。2024年7月3日，原告自愿撤回之前提出的上诉通知。 和202 九月 2024年和2023年（未经审计）
的现金流简明汇总表 有九起类似诉讼针对JAVELIN的要约收购和合并被提起，称违反信托责任，寻求公正补偿，包括但不限于，禁止交易的达成、撤销、解除已经交易的事项，以及发送费用、补贴成本，包括合理的律师费和费用。唯一的佛罗里达州诉讼从未向被告送达，该案件于2017年1月20日自愿撤回并关闭。2016年4月25日，马里兰法院颁布了一项命令，将马里兰案件合并成一起诉讼，标题为JAVELIN Mortgage Investment Corp.股东诉讼（案号24-C-16-001542），并指定一个马里兰案件的律师作为临时首席联合法律顾问。2016年5月26日，临时首席律师提交了经修订的钒化铁质量投诉，声称违反信托责任的集体索赔，教唆和共谋违反信托责任以及浪费。2016年6月27日，被告提出了驳回合并修订集体投诉申请的动议，声称未陈述可以获得救济的规定。在2017年3月3日，听证会召开了驳回动议，法院保留了裁定。法院数次推迟动议陈述的裁定。2024年2月14日，法院颁布裁定，支持被告的驳回动议，并驳回所有原告的权利，无需上诉。在2024年3月11日，原告提出了对法院裁定的上诉通知。2024年7月3日，原告自愿撤回之前提出的上诉通知。 和202 九月 2024年和2023年（未经审计）
股东权益变动表 有九起类似诉讼针对JAVELIN的要约收购和合并被提起，称违反信托责任，寻求公正补偿，包括但不限于，禁止交易的达成、撤销、解除已经交易的事项，以及发送费用、补贴成本，包括合理的律师费和费用。唯一的佛罗里达州诉讼从未向被告送达，该案件于2017年1月20日自愿撤回并关闭。2016年4月25日，马里兰法院颁布了一项命令，将马里兰案件合并成一起诉讼，标题为JAVELIN Mortgage Investment Corp.股东诉讼（案号24-C-16-001542），并指定一个马里兰案件的律师作为临时首席联合法律顾问。2016年5月26日，临时首席律师提交了经修订的钒化铁质量投诉，声称违反信托责任的集体索赔，教唆和共谋违反信托责任以及浪费。2016年6月27日，被告提出了驳回合并修订集体投诉申请的动议，声称未陈述可以获得救济的规定。在2017年3月3日，听证会召开了驳回动议，法院保留了裁定。法院数次推迟动议陈述的裁定。2024年2月14日，法院颁布裁定，支持被告的驳回动议，并驳回所有原告的权利，无需上诉。在2024年3月11日，原告提出了对法院裁定的上诉通知。2024年7月3日，原告自愿撤回之前提出的上诉通知。 和202 九月 2024年和2023年（未经审计）



目录
第一部分 财务信息

项目1.基本报表

英特格拉生命科学控股公司
简明合并利润表
及综合收益
(未经审计)
（以千美元为单位，除每股金额外）
 截至9月30日的三个月截至9月30日的九个月
 2024202320242023
净营业收入总额$380,834 $382,421 $1,167,881 $1,144,534 
成本和费用：
营业成本180,596 164,076 534,892 486,292 
研发27,435 26,596 84,167 79,908 
销售、一般及行政费用177,193 161,948 538,463 493,513 
无形资产摊销3,760 3,208 17,575 9,342 
总成本和费用388,984 355,828 1,175,097 1,069,055 
营业（亏损）收入(8,150)26,593 (7,216)75,479 
利息收入5,049 4,607 15,147 12,653 
利息支出(19,373)(13,062)(51,648)(37,626)
其他收入，净额2,112 471 2,939 1,705 
（亏损）所得税前收入(20,362)18,609 (40,778)52,211 
所得税（益）费用(9,667)(888)(14,399)4,304 
净（亏损）利润$(10,695)$19,497 $(26,379)$47,907 
每股净(亏损)收益为
基本$(0.14)$0.24 $(0.34)$0.59 
稀释$(0.14)$0.24 $(0.34)$0.59 
加权平均流通在外普通股数量（见附注13）：
基本76,448 79,690 77,196 80,842 
稀释76,448 79,811 77,196 81,112 
综合收益（见附注14）
(16,823)16,412 (36,126)$39,387 

附表中未经审计的附注是这些简明合并基本报表的一部分。
3
目录
英特格拉生命科学控股公司
简化联合资产负债表（未经审计）
（以千美元为单位，除每股金额外）
2024年9月30日2023年12月31日
资产
流动资产：
现金及现金等价物$215,157 $276,402 
短期投资62,441 32,694 
应收账款、减除$的折扣7,423 和 $4,879
248,298 259,327 
净存货436,930 389,608 
预付费用86,326 67,362 
其他流动资产50,370 32,643 
总流动资产1,099,522 1,058,036 
物业、厂房和设备，净值390,906 340,199 
使用权资产 - 经营租赁146,342 156,184 
无形资产, 净额1,209,548 1,067,833 
商誉1,116,535 1,055,462 
48,936 46,080 
其他54,014 58,194 
总资产$4,065,803 $3,781,988 
负债和股东权益
流动负债:
按照高级信贷协议的借款的流动部分$29,063 $14,531 
经营租赁的租赁负债的流动部分15,039 15,284 
可转换证券572,442 — 
交易应付账款77,666 92,326 
合同负债9,990 8,540 
应计的薪资76,424 75,455 
应计费用及其他流动负债131,939 100,844 
流动负债合计912,563 306,980 
高级信贷贷款的长期借款1,132,292 825,563 
证券化设施下的长期借款72,800 89,200 
长期可转换证券— 570,255 
租赁负债 - 经营租赁167,808 166,849 
递延税款负债68,945 35,317 
其他负债189,808 199,940 
负债合计2,544,216 2,194,104 
股东权益:
优先股;否每股面值; 15,000 授权股数； 无未行权的
— — 
普通股; $0.01每股面值; 240,000 授权股数； 91,588和页面。90,920 分别于2024年9月30日和2023年12月31日发行
916 909 
额外实收资本1,316,854 1,302,484 
即期收购库藏股；截至2022年9月25日，共计157,773股，截至2022年6月26日，共计157,087股。14,454持续经营活动中普通股股东的收益12,751 分别为2024年9月30日和2023年12月31日的股份
(691,810)(647,262)
累计其他综合损失(24,854)(15,106)
保留盈余920,481 946,859 
股东权益总额1,521,587 1,587,884 
负债和股东权益总额$4,065,803 $3,781,988 
附带的未经审计的附注是这份简化合并基本报表不可或缺的一部分。
4
目录

英特格拉生命科学控股公司
现金流量表简明综合报表
(未经审计)
(以千美元计)
 截至9月30日的九个月
 20242023
运营活动：
净利润（亏损）$(26,379)$47,907 
调整净利润以计入经营活动现金流量:
折旧和摊销103,304 92,527 
非现金减值费用12,173 — 
递延所得税（收益）计提(13,743)2,963 
股权酬金17,225 14,350 
债务发行成本摊销和与债务再融资相关的费用4,193 4,731 
非现金租赁费用(129)2,120 
处置固定资产的损益1,337 (4)
应收款项公允价值变动和其他(319)8,278 
资产和负债变动：
应收账款38,861 5,050 
存货(27,579)(43,350)
预付费用和其他流动资产(34,401)(21,700)
其他非流动资产(1,745)(8,774)
应付账款、应计费用及其他流动负债2,686 (22,141)
合同负债1,822 141 
其他非流动负债1,336 (893)
经营活动产生的现金流量净额78,642 81,205 
投资活动：
购买固定资产(74,818)(42,330)
用于企业收购的现金（支付），净计现金获取(281,994)— 
短期投资的购买(48,997)— 
来自短期投资到期的收益19,250 — 
作为指定为净投资对冲的掉期的净收益— 5,381 
投资活动产生的净现金流出(386,559)(36,949)
融资活动：
长期债务借款收入451,100 146,900 
偿还债务(147,188)(85,900)
支付债务发行成本— (7,578)
购买公司股票(50,000)(275,000)
支付应付款项 (11,923)— 
来自行使期权所得款项6,398 4,092 
净股权结算中支付的现金税款(3,374)(5,549)
筹集资金的净现金流量245,013 (223,035)
汇率变动对现金及现金等价物的影响1,659 (4,150)
现金及现金等价物净减少(61,245)(182,929)
期初现金及现金等价物余额276,402 456,661 
期末现金及现金等价物$215,157 $273,732 
附表中未经审计的附注是这些简明合并基本报表的一部分。
5
目录
英特格拉生命科学控股公司
股东权益变动简明综合表
(未经审计)
(以千美元计)
2024年9月30日止九个月
普通股库存股资本公积金累计其他综合损失未分配利润总股本
股份数量股份数量
2024年1月1日余额90,920 $909 (12,751)$(647,262)$1,302,484 $(15,106)$946,859 $1,587,884 
净损失— — — — — — (3,281)(3,281)
其他综合收益（亏损），净额— — — — — 4,460 — 4,460 
通过员工股票购买计划发行普通股23 — — — 965 — — 965 
发行普通股以换取股权奖励，扣除用于支付税款和没收的股份541 2 16 840 1,470 — — 2,312 
股权酬金— 4 — — 5,608 — — 5,612 
加速回购股份— $— — — — $— — — 
2024 年 3 月 31 日余额91,484 $915 (12,735)$(646,422)$1,310,527 $(10,646)$943,578 $1,597,952 
净损失— — — — — — (12,402)(12,402)
其他综合损失，净额— — — — — (8,080)— (8,080)
发行普通股以支付基于股票的奖励，扣除用于税金和没收的股份107 1 — 20 (101)— — (80)
股权酬金— — — — 7,305 — — 7,305 
加速回购股份— $— (1,273)(34,351)(16,149)$— $— (50,500)
2024年6月30日结余91,591 $916 (14,008)$(680,753)$1,301,582 $(18,726)$931,176 $1,534,195 
净损失— — — — — — (10,695)(10,695)
其他综合收益，扣除税后— — — — — (6,128)— (6,128)
发行普通股以结算基于股份奖励的股份，扣除用于缴纳税款和没收的股份(3)— — 10 (181)— — (171)
股权酬金— — — — 4,386 — — 4,386 
加速回购股份— — (446)(11,067)11,067 — — — 
2024年9月30日余额91,588 $916 (14,454)$(691,810)$1,316,854 $(24,854)$920,481 $1,521,587 
6
Table of Contents
2023年9月30日止九个月
普通股库存股资本公积金累计其他综合损失未分配利润总股本
股份数量股份数量
2023年1月1日的余额
90,476 $905 (6,823)$(362,862)$1,276,977 $10,265 $879,118 $1,804,403 
净收入— — — — — — 24,226 24,226 
其他综合收益，扣除税后— — — — — (3,198)— (3,198)
通过员工股票购买计划发行普通股21 — — — 1,107 — — 1,107 
发行普通股以换取员工股权奖励的股份，扣除用于支付税款和没收的股份316 1 16 846 (4,858)— — (4,011)
股权酬金— 2 — — 3,609 — — 3,611 
加速回购股份— — (2,111)(119,662)(31,538)— — (151,200)
2023年3月31日的结存
90,813 $908 (8,918)$(481,678)$1,245,297 $7,067 $903,344 $1,674,938 
净收入— — — — — — 4,184 4,184 
其他综合收益（亏损），净额— — — — — (2,237)— (2,237)
发行普通股用于股份奖励的归属，扣除用于缴纳税款和没收的股份68 1 — 21 985 — — 1,007 
股权酬金— — — — 5,268 — — 5,268 
加速回购股份— — (609)(32,125)32,125 — — — 
2023年6月30日，余额
90,881 909 (9,527)(513,782)1,283,675 4,830 907,528 1,683,160 
净收入— — — — — — 19,497 19,497 
其他综合收益，扣除税后— — — — — (3,085)— (3,085)
发行普通股以换取股份奖励，扣除用于税收和没收的股票54 — — 17 424 — — 441 
股权酬金— — — — 5,457 — — 5,457 
加速回购股份— — (2,296)(99,012)(27,237)— — (126,249)
2023年9月30日余额
90,935 909 (11,823)(612,777)1,262,319 1,745 927,025 1,579,221 
附表中未经审计的附注是这些简明合并基本报表的一部分。
7
Table of Contents
INTEGRA LIFESCIENCES HOLDINGS CORPORATION
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1. 提供的基础
总体来说
术语“我们”，“我们的”，“我们”，“公司”和“英特格拉”指的是英特格拉生命科学控股公司，一家特拉华州的公司及其子公司，除非上下文另有说明。
在管理层的意见中，2024年9月30日的未经审计的简明合并基本报表包含所有必要的调整（仅由正常经常性调整组成），以公正地陈述公司的财务状况、股东权益变动表、经营成果和现金流量。根据10-Q表格的相关说明和S-X法规10-01条规的规定，按照美国通用会计准则（“GAAP”）编制的财务报表中通常包含的某些信息和脚注披露已经进行了简化或省略。应当阅读这些未经审计的简明合并基本报表，并结合公司截至2023年12月31日的财务报表，这些财务报表已在公司的10-K表格报告中包含。2023年12月31日的合并资产负债表来源于经过审计的财务报表，但未包含GAAP要求的所有披露。截至2024年9月30日的三个月和九个月期间的营运业绩不一定代表整个年度的预期业绩。
编制合并基本报表符合普通会计准则，要求管理层进行估计和假设，影响资产和负债报告金额、附注事项披露以及收入和费用报告金额的估计。影响未经审计的简明合并财务报表中报告金额或披露的重大估计包括坏账准备、销售退货和折让、存货净变现价值、无形资产估值（包括已取得的无形资产摊销期限）、用于估值和测试长期资产和商誉减值的折现率和预计现金流量、预测现金流量和长期资产折旧和摊销期限的估计、税金计算、递延税资产计提的减值准备、股权补偿估值、衍生工具估值、附带责任估值、债务工具的公允价值和损失风险。这些估计基于历史经验和其他各种认为在当前情况下是合理的假设。实际结果可能与这些估计不同。
最近的会计声明
2020年3月，财务会计准则委员会（“FASB”）发布了ASU 2020-04，参考利率改革（主题848）：有关参考利率改革在财务报告中的作用的便利（“ASU No. 2020-04”）。，并于2021年1月随后修订了最初的指导方针，: ASU 2021-01， 参考利率改革（主题848）：范畴。 （统称为“主题848”）。主题848为适用美国通用会计准则的合同、对冲关系和其他受参考利率改革影响的交易提供了可选的便利和例外，前提是符合某些标准。这些修订仅适用于参考伦敦银行同业拆放利率（“LIBOR”）或其他有望因参考利率改革而停用的参考利率的合同、对冲关系和其他交易。2022年12月，FASB发布了ASU 2022-06，，有关参考利率改革（主题848）：延期主题848的日落日期，，将生效日期从2022年12月31日延期至2024年12月31日。另外，由美国联邦储备委员会和纽约联邦储备召集的私人市场参与者组成的备选参考利率委员会已建议使用隔夜担保拆借利率（“SOFR”）作为LIBOR更可靠的替代参考利率。2023年3月24日，公司与以美国银行为行政代理的贷款银行联合体签订了第七份修订协议（“2023年3月修订”），以替换其所有LIBOR为SOFR的贷款合同，SOFR是基于由国债支持的回购协议下的隔夜交易计算的。此外，于2023年4月17日，公司签订了一项对贷款资产证券化融资工具（以下简称“贷款资产证券化融资工具”）的修订协议（“2023年4月修订”），并将利率从LIBOR调整为基于SOFR的利率。（详情请参阅 注6 债务2023年3月，公司参与了一项基础掉期交易，公司将接收期限SOFR并支付每日复利的SOFR，以将掉期组合从日复利的SOFR转换为期限SOFR。公司已选择采用主题848下的可选便利措施，这将允许利率互换对冲关系继续进行，不必撤销，因为指数利率从LIBOR变更为SOFR。
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英特格拉生命科学控股公司
未经审计的综合财务报表附注（未经审计）（续）
2023年12月，FASB发布了ASU 2023-09，所得税（题目740）：改进所得税披露 通过扩大与汇率复核和所缴所得税有关的年度披露要求，增进了所得税披露的透明度。这些修订自2024年12月15日之后的财政年度生效。允许提前采用。这些修订应在基本报表中呈现的所有之前期间中进行追溯运用。公司不打算提前采用，目前正在评估这项ASU，以判断其对公司披露的影响。
2023年11月，FASB发布了ASU 2023-07，分部报告（主题 280）：报告服务部门（主题 280）变更披露方式，通过升级对意义重大的分部费用的披露来改进分部报告披露要求。该准则适用于 2023 年 12 月 15 日之后的财年和 2024 年 12 月 15 日之后的财年间隔期。该准则必须适用于财务报表中呈现的所有期间的追溯。该公司目前正在评估该标准对合并财务报表的影响。通过增加对重要板块费用的披露，更新了主要的可报告细分要求。修订于2023年12月15日后开始的财政年度起生效，并适用于2024年12月15日后开始的财政年度内的中期时段。允许提前采用。修订应追溯至财务报表中呈现的所有以前时段。公司不计划提前采用，并目前正在评估这项ASU以判断其对公司披露的影响。
最近没有其他已发布的会计准则预计会对公司的财务状况、经营业绩或现金流量产生重大影响。
现金及现金等价物
公司持有现金及现金等价物，主要包括手头现金以及原始期限不超过三个月的定期存款和高度流动且可立即转换为现金的货币市场基金，合计约$215.2万美元和276.4 于2024年9月30日和2013年12月31日分别约$百万。原始期限不超过三个月的定期存款和货币市场基金的价值是根据FASB 820《ASC 820》内建立的公允价值层次结构中的1级衡量标准来确定的。一级输入代表 公允价值计量 同一资产或负债的活跃市场上的报价价格。
短期投资
公司有短期投资，主要包括原始到期日在三个月至一年之间的定期存款，根据公允价值层次中的一级测量进行估值，总额约为$62.4 年9月30日的金额为百万美元，相比之下，年为百万美元。32.7百万美元。
2. 收购和剥离
Acqui- sition of Acclarent, Inc.
2024年4月1日，公司完成了收购Acclarent, Inc.（“Acclarent”）的全部优先股，后者是一家开发和销售用于耳鼻喉（“ENT”）手术的医疗设备的公司，从庄信嘉（Johnson & Johnson的子公司）处以约数百万美元的现金。282.0根据相关的购买协议规定的一般性调整，公司于2024年9月完成了金额为数百万美元的营运资本调整。4.2 这个调整将在截至2024年三月的三个月内解决。 十二月三十一日收购Acclarent的ENT产品系列，包括鼻窦球囊扩张、咽鼓管球囊扩张以及手术导航系统技术，以及专门的赛富时，将提升公司在ENT专业设备市场的地位。
Acclarent的经营业绩已经在公司的Codman Specialty Surgical报告段中报告，从收购日期起。公司在截至2024年9月30日的综合损益表中记录了来自Acclarent的约$ 营业收入。62.3由于正在整合到公司的业务中，因此无法单独确定归属于这一收购的净利润或净损失。
资产以及负债以公允价值取得
Acclarent收购业务采用了根据FASB第ASC 805号规定的收购会计方法。 商业组合 （ASC 805）。该方法要求在企业合并中获得的资产和负债必须按其获取日期的公允价值进行确认。公司估计了在收购日期的资产和负债的初步分配中考虑净有形和无形资产及承担的负债的公允价值。公司尚未完成对所得资产和负债的分析。因此，对无形资产、商誉和所得税的分配是初步的，需要最终确定。在结束不晚于收购日期后一年的计量期间内，公司将继续获取信息，以帮助最终确定所获净资产的公允价值，这可能与这些初步估计有实质性差异。如果任何计量期间的调整是重大的，则公司将记录该调整，包括对净利润的任何相关影响，在确定调整的报告期内记录。
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英特格拉生命科学控股公司
未经审计的综合财务报表附注（未经审计）（续）
以下表格总结了在收购日期取得的资产的初步公允价值和承担的负债。
千美元估算公允价值预计使用年限
流动资产：
现金$— 
贸易应收账款，扣减费用 23,716 
净存货20,294 
预付费用273 
其他资产476 
总流动资产$44,759 
物业、厂房和设备，净值7,716 
使用权资产 - 经营租赁989 
无形资产, 净额
已完成的科技202,000 12年
商标/品牌名称3,000 5年
其他全部17,000 4年
商誉61,396 
递延所得税资产6,863 
获取的总资产$343,723 
流动负债:
交易应付账款3,989 
合同负债3,984 
应计的薪资1,037 
应计费用及其他流动负债2,278 
经营租赁的租赁负债的流动部分365 
流动负债合计$11,653 
租赁负债 - 经营租赁624 
递延税款负债53,635 
承担的总负债65,912 
已获得净资产$277,811 
交易应收账款、预付费用、其他流动资产、应付账款、合同负债、计提的补偿、计提费用和其他流动负债的账面价值，以及某些其他流动和非流动资产和负债，通常代表了收购日期的公允价值。
无形资产
通过收入法中的多期超额收益法确定获取的无形资产的预估公允价值，该方法根据与无形资产相关的未来经济利益的现值来估算价值。在开发估值时使用的重要假设包括估计的年度净现金流，其中包括预测的营业收入，适当反映未来每笔现金流中固有风险的折现率，以及对资产生命周期的评估，以及其他因素。财务预测中使用的假设基于历史数据，并辅以当前和预期的增长率、管理计划和市场可比信息。公允价值的确定需要相当多的判断，并对基本假设和因素的变化敏感。初步假设可能会变化，并可能导致对最终估值的重大变化。获取的无形资产具有加权平均有用寿命。 11年。
公司使用折现率为 12.2％，以获得收购无形资产的现值，以反映市场参与者期望获得的收益率以及现金流量预测中的增量商业不确定性。不能保证用于准备贴现现金流量分析的基本假设不会发生变化。因此，实际结果可能会与估计结果有显著差异。
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英特格拉生命科学控股公司
未经审计的综合财务报表附注（未经审计）（续）
商誉
商誉是指支付的代价超过承认的净资产，代表了合并公司和集团员工的预期协同效应。商誉已分配给Codman Specialty Surgical部门，如下所示 注5. 商誉和其他无形资产。由于这项收购而确认的商誉在所得税目的上不可扣除。
递延所得税负债
递延税负是由可识别无形资产的公允价值调整所导致的。这些调整造成了账面基础超过税基础，需要根据适用司法管辖区的法定税率进行税收处理。
收购Durepair®
于2024年10月2日，公司完成了对Durepair产品权限的收购。® Regeneration Matrix (“Durepair”)是一种非合成的硬脑膜替代品，在神经外科手术中修复硬脑膜时使用，该产品的所有权来自美敦力有限公司，总代价为$45.0 百万美元。公司在完成收购交易时支付了$10.0 百万美元的现金，并将在收购第一周年时再次支付$15.0 百万美元的现金，在收购第二周年时再次支付$20.0 百万美元。
公司将会对Durepair产品权的收购进行账务处理，其中包括某些专利和商标、监管批准以及其他记录，按照ASC 805的规定，这将被视为资产收购，因为此次收购不包括已经集成的员工队伍，且所获得资产的净公允价值几乎全部集中于单一可识别资产，因此这些资产不被视为业务。
3. 与客户签订合同的收入
营业收入确认会计政策摘要
营业收入是指在向客户转让承诺的产品或服务的控制权时确认，金额应反映公司预计收到的与这些产品和服务交换的对价。
履行责任
公司的履约义务主要包括在合同、采购订单或发票中明确的货物和服务的控制转移。公司没有与客户签订重大多元合同。
重要的会计估计
基于使用量的特许权和许可费用是根据与客户的合同规定估计的，并在公司战略合作伙伴销售基于特许权的产品的同一期间内确认。公司根据与许可方的沟通、历史信息和预期销售趋势来估计和确认特许权收入。实际报告许可方销售额与估计值之间的差异将在变得已知的期间（通常是下一个季度）进行调整。以往，此类调整并不重要。
公司根据历史趋势和其他已知因素，使用预期价值方法估计退货、价格让步和折扣津贴。每位客户合同的返利津贴估计采用最可能的方法。
公司的退货政策要求在产品目录和销售发票中明确规定，需要提前审查和授权，然后才能退货。经授权后，从发货日起一定天数内退回货物，将会发放信用额度。 90日。
如果公司预计，在合同签订之初，货物或服务的转让与客户付款之间的期间将在一年或一年以下，那么公司会忽视融资成分的影响。公司没有在产品或服务的控制权转让后一年后预计收到的付款上确认重要收入。
合同资产和负债
作为公司的自有品牌业务所确认的收入未因随时间确认收入而向客户开具发票，将被记录为合同资产，包括在合并资产负债表中的其他流动资产账户中。
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英特格拉生命科学控股公司
未经审计的综合财务报表附注（未经审计）（续）
其他营业收入可能包括根据服务协议收取的费用。根据多期服务协议收取的不可退还费用，在公司履行对其他方的履约义务时确认为营业收入。分配给未来期间履行义务的交易价格的一部分被确认为合同负债。
以下表格总结了截至2024年9月30日九个月结束时合同资产和负债余额的变化：
千美元总费用
合同资产
2024年1月1日的合同资产
$9,233 
从年初合同资产中转入应收账款$(9,233)
期间内合同资产净额，减去转入交易应收款$7,828 
2024年9月30日的合同资产
$7,828 
合同负债
2024年1月1日的合同责任
$16,252 
年初合同责任中包括的营业收入确认$(6,616)
通过Acclarent获得的合同责任$3,984 
期间内合同责任相关的已确认营业收入净额$4,447 
外币翻译$21 
2024年9月30日的合同责任
$18,088 
2024年9月30日，合同负债的短期部分为$开空百万美元10.0 长期部分为开多百万美元分别计入综合资产负债表的流动负债和其他负债。8.1 2024年9月30日，合同负债的短期部分为$开空百万美元和长期部分为开多百万美元分别计入综合资产负债表的流动负债和其他负债。
截至2024年9月30日，公司预计将认可约营业收入的 55%的未满足（或部分未满足）履约义务作为收入 12多个月内，剩余的余额将在此后确认。
运费和手续费
公司选择将运输和处理活动列为实现成本，而不是单独的履约义务。向客户开具的运输和处理费用包含在交易价格中，并在基础产品控制权移交给客户时确认为营业收入。公司发生的相关运输和运费费用已包括在营业成本中。
产品保修
公司的某些医疗设备，包括监控系统和神经外科系统，设计用于长时间运行。这些产品附带的保修期可能延长至 发生 从购买日期起。这些保修期不被视为单独的履约义务。公司使用期望值法估计其产品保修，基于历史趋势和其他已知因素。公司将其包括在合并资产负债表的应计费用和其他流动负债中。
 
公司选择排除由政府机构征收的与特定产生营业收入的交易同时并与之同时征收并由客户支付的所有税款，不计入交易价格的测定。
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英特格拉生命科学控股公司
未经审计的综合财务报表附注（未经审计）（续）
收入分解
下表显示了2024年和2023年9月30日结束的三个月和九个月的收入，按主要收入来源进行细分（金额单位为千美元）：
截至2024年9月30日的三个月截至2023年9月30日的三个月截至2024年9月30日的九个月截至2023年9月30日的九个月
神经外科$175,956 $209,229 $583,726 $607,902 
乐器54,238 49,920 153,148 152,523 
帐篷(1)
40,588 9,056 92,103 26,946 
Total Codman 专业外科270,782 268,205 828,977 787,371 
伤口重建和护理80,460 88,071 249,032 280,129 
私人标签29,592 26,145 89,872 77,034 
全组织技术110,052 114,216 338,904 357,163 
总收入$380,834 $382,421 $1,167,881 $1,144,534 
(1) 以往期间在我们仪器业务中的收入已经重新分类至业务。
请参阅 注意15. 分部和地理信息，有关基于客户所在地的收入详情。
4. 存货
存货净值如下:
千美元2024年9月30日2023年12月31日
成品$219,347 $196,402 
在制品85,493 74,035 
原材料132,090 119,171 
总存货，净额$436,930 $389,608 
5. 商誉和其他无形资产
商誉
2024年9月30日止的九个月期间，商誉的账面价值变动情况如下：
千美元Codman专业
手术		组织技术总费用
2023年12月31日的商誉$666,937 $388,525 $1,055,462 
Acclarent收购 61,396 — 61,396 
外币翻译(210)(113)(323)
2024年9月30日的商誉
$728,123 $388,412 $1,116,535 
公司根据FASB ASC 主题 350年度审计商誉和无形资产的减值情况，通常在第三季度进行。 无形资产-商誉和其他 此外，如果发生某一事件或情况变化可能导致报告单位或无形资产减值至其账面价值以下，公司也可能进行中期测试。每个报告单位的账面价值是通过将资产和负债分配给相应的报告单位来确定的，其中包括现有的商誉和无形资产。
公司通过进行定性评估或定量测试来测试减值。定性评估考虑了因素，包括报告单位特定的营运结果以及行业、市场和一般经济状况，以判断报告单位的公允价值是否有可能低于其账面价值，包括商誉。公司可以选择放弃对某些或所有报告单位进行此定性评估，并进行定量测试。定量测试采用收益方法和市场方法的组合来确定报告单位的公允价值。收益方法利用报告单位的预估折现现金流量，而市场方法利用可比的上市公司的营业收入和EBITDA。
13
英特格拉生命科学控股公司
未经审计的综合财务报表附注（未经审计）（续）
多个。用于计算未来折现现金流的收入增长率、营业利润率和每个报告单元的折现率等估计和假设包括风险因素，具体适用于每个报告单元和其他市场和行业数据的加权平均资本成本。使用的假设固有地存在不确定性，并且这些假设的轻微变化可能对结论价值产生重大影响。所使用的估计和假设代表了公允价值层次中的三级度量。三级输入受到有限或无市场活动的支持，并反映了公司在测量公允价值时的假设。
为了善意，2024年第三季度，公司选择绕过组织技术、神经外科和工具及耳鼻喉报告单位的定性评估，进行定量测试。组织技术报告单位的定量测试利用了一个终端增长率 2.5%和一个折现率 12.5%。公司在进行定量分析后确定，组织技术报告单位的公允价值不低于其账面价值，有 21.2%空间。神经外科报告单位的定量测试利用了一个终端增长率 2.5%和一个折现率 12.0%。公司在进行定量分析后确定，神经外科报告单位的公允价值不低于其账面价值，有 11.7%空间。工具和耳鼻喉报告单位的定量测试利用了一个终端增长率 2.5%和一个折现率 11.5在收入方法中的%。公司在进行定量分析后确定，工具和ENT报告单位的公允价值不低于其账面价值， 22.1的空间。根据这些定量测试结果， 否 对组织技术、神经外科或工具和ENT报告单位的商誉减值。
公司对每个报告单位的公允价值进行了假设敏感性分析，通过增加贴现率%s个基 点，降低终极增长率%s个基点，并保持所有其他假设不变，导致组织技术报告单位的估计公允价值下降%s，神经外科报告单位的估计公允价值下降%s，仪器与ENT报告单位的估计公允价值下降%s。根据假设敏感性分析的结果，公司仍未记录组织技术、神经外科或仪器与ENT报告单位商誉减值。 50 基点，将终端增长率降低%s个基点，并保持所有其他假设不变，导致组织技术报告单位的估计公允价值下降%s，神经外科报告单位的估计公允价值下降%s，仪器与ENT报告单位的估计公允价值下降%s。根据假设敏感性分析的结果，公司仍未记录组织技术、神经外科或仪器与ENT报告单位商誉减值。 50 ％，将终端增长率降低%s个基点，并保持所有其他假设不变，导致组织技术报告单位的估计公允价值下降%s，神经外科报告单位的估计公允价值下降%s，仪器与ENT报告单位的估计公允价值下降%s。根据假设敏感性分析的结果，公司仍未记录组织技术、神经外科或仪器与ENT报告单位商誉减值。 4.5％，将终端增长率降低%s个基点，并保持所有其他假设不变，导致组织技术报告单位的估计公允价值下降%s，神经外科报告单位的估计公允价值下降%s，仪器与ENT报告单位的估计公允价值下降%s。根据假设敏感性分析的结果，公司仍未记录组织技术、神经外科或仪器与ENT报告单位商誉减值。 3.8％，将终端增长率降低%s个基点，并保持所有其他假设不变，导致组织技术报告单位的估计公允价值下降%s，神经外科报告单位的估计公允价值下降%s，仪器与ENT报告单位的估计公允价值下降%s。根据假设敏感性分析的结果，公司仍未记录组织技术、神经外科或仪器与ENT报告单位商誉减值。 3.5％。根据假设敏感性分析的结果，公司仍未记录组织技术、神经外科或仪器与ENT报告单位商誉减值。
对于无形资产的无限生命，公司选择在2024年第三季度跳过对Codman商标无形资产的定性评估，进行定量测试。在进行这项测试时，公司采用了折现率 13.0％。评估Codman商标减值所使用的假设可能会发生变化，并由管理层与历史结果进行跟踪。根据定量测试的结果，公司确认 否 Codman商标无形资产减值。
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英特格拉生命科学控股公司
未经审计的综合财务报表附注（未经审计）（续）
其他无形资产
公司可辨识无形资产的组成部分如下:
 2024年9月30日
千美元已授予和预期于2021年1月2日授予股份
平均数
寿命		成本累积的
摊销		净利
已完成的科技17年$1,427,186 $(509,825)$917,361 
客户关系12年168,396 (138,022)30,374 
商标/品牌名称27年101,896 (41,833)60,063 
Codman商标无限期174,118 — 174,118 
供应商关系30年30,211 (18,882)11,329 
其他全部6年23,154 (6,851)16,303 
$1,924,961 $(715,413)$1,209,548 
 2023年12月31日
千美元已授予和预期于2021年1月2日授予股份
平均数
寿命		成本累积的
摊销		净利
已完成的科技18年$1,226,128 $(448,519)$777,609 
客户关系12年193,895 (152,160)41,735 
商标/品牌名称28年98,892 (38,754)60,138 
Codman商标无限期174,531 — 174,531 
供应商关系30年30,211 (18,148)12,063 
其他全部11年6,180 (4,423)1,757 
$1,729,837 $(662,004)$1,067,833 
2024年9月30日结束的三个和九个月的无形资产摊销总额为美元25.6万美元和78.7 百万，分别。其中，有关技术类无形资产的摊销分别为$21.8万美元和61.1 百万，分别，并计入营业成本中。有关客户关系无形资产减值的$7.1 百万，其余部分列入损益表中的无形资产摊销费用。
2023年9月30日结束的三个月和九个月的无形资产摊销总额分别为$20.9万美元和62.1 百万。其中，分别有$17.7万美元和52.8 百万与技术基础无形资产摊销有关，并计入营业成本，其余部分计入损益表中的无形资产摊销。
根据季末汇率，预计摊销费用（包括营业成本中报告的金额）将约为$25.6 其余2024年余额为370万美元，2025年至2028年为2,710万美元，2029年及以后为2,330万美元。102.42025年，美元为万美元，102.22026年，美元为万美元，101.22027年，美元为万美元，97.62028年，美元为万美元，92.42029年，美元为万美元，以及此后的百万美元。511.8注10 租约
公司定期进行资产减值测试，每当事件或情况的变化表明资产的账面价值可能无法收回时。
在2024年第一季度，由于第三方的审计结果以及恢复在波士顿工厂生产的产品的商业分销的预计时间表的更新，公司选择根据FasB ASC Topic 360对某些固定寿命的无形资产进行量化减值测试，包括已完成的技术和客户关系， 不动产、厂房和设备。公司记录了与与客户关系相关的固定寿命无形资产相关的减值费用7.1 合并运营报表中的无形资产摊销额为百万美元。关于与Surgimend® 和PriMatrix® 完整技术相关的固定寿命无形资产，公司确定这些固定寿命的无形资产的账面金额是可以收回的，因此，这些无形资产不被视为减值。2024年第二季度，该公司批准了一项计划，将Surgimend® 和PriMatrix® 的商业分销从波士顿工厂过渡到该公司位于马萨诸塞州布伦特里的制造工厂（“布伦特里工厂”）。该公司根据2024年第一季度完成的确定寿命无形资产定量评估中使用的假设，考虑了更新波士顿工厂生产的产品的商业分销的预计时间表所产生的影响，该评估不需要进一步的减值评估。Surgimend® 和 PriMatrix® 的账面价值为 $34.6 百万和美元25.5 截至2024年9月30日，分别为百万人。
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英特格拉生命科学控股公司
未经审计的综合财务报表附注（未经审计）（续）
6. 债务
修正第七次修订和重新授信的高级信贷协议
2023年3月24日，公司签订了优先信贷额度（“优先信贷额度”）的第七修正案和重述（“2023年3月修正案”），由北卡罗来纳州美国银行担任行政代理人的贷款银团。2023年3月修正案将到期日延长至2028年3月24日，修改了定期贷款部分的合同还款额，并将利率从伦敦银行同业拆借利率修订为SOFR指数利息。该公司的本金总额仍然高达约美元2.1 通过以下设施向其提供十亿美元：(i) 一美元775.0 百万定期贷款额度，以及（ii）一美元1.3 十亿美元的循环信贷额度，其中包括一美元60 签发备用信用证的百万分项限额和一美元60 时效贷款的百万分期限额。优先信贷额度的条款限制了我们可以支付的股息金额。
公司在财务契约中规定的最大综合总杠杆比率（定义见2023年3月修正案）如下。同时与Durepair收购（见 注2. 收购和剥离）， 根据2023年3月修正案的条款，公司选择将最大综合总杠杆比率增加至 5.00 自2024年12月31日结束的财政季度至2025年9月30日结束的财政季度。
财政季度结束最大合并总杠杆比率
2023 年 3 月 31 日至 2024 年 9 月 30 日
4.50 到 1.00
2024 年 12 月 31 日至 2025 年 9 月 30 日
5.00 到 1.00
2025 年 12 月 31 日至 2026 年 6 月 30 日
4.25 到 1.00
2026 年 9 月 30 日及其后每个财政季度的最后一天
4.00 到 1.00
按照公司选择的方式，优先信贷额度下的借款利息率如下：
i.不时生效的SOFR利率加 0.10％ 加上适用利率（范围从 1.00可以降低至0.75%每年1.75％），或
ii.最高的：
1.根据纽约联邦储备银行发布的加权平均隔夜联邦基金利率，再加上 0.50%;
2.美国银行N.A.的主要贷款利率; 或
3.一个月期SOFR加 1.00%.
适用利率基于公司的综合总杠杆比率（定义为任何确定日期时的比率（a）确定日期作为（信贷协议中定义的）的综合筹资债务减去不受任何限制的现金，用于（b）综合EBITDA（由第七次修订和重新规定信贷协议定义），为在该日期结束的连续四个财政季度期间）。
公司将按照年度承诺费(范围从 0.15可以降低至0.75%每年0.30%)，根据公司的综合总杠杆比率，在高级信贷工具的循环信贷额度可借款金额上支付。
高级贷款设施以公司美国子公司的几乎所有资产作为抵押，不包括无形资产。该高级贷款设施受各种财务和负面契约约束，截至2024年9月30日，公司符合所有这些契约。公司资本化了$7.6百万美元的递延融资成本，用于修改高级贷款设施，并在2023年第一季度注销了$0.2百万美元之前资本化的融资成本。
在2024年9月30日和2023年12月31日，发生了s $400.0万美元和70.0 百万美元分别发生在高级信贷设施的循环信贷组成部分。在2024年9月30日和2013年12月31日，高级信贷设施的授信额度组成部分已经了765.3万美元和775.0 百万美元的债项支出在2024年9月30日和2013年12月31日的动态平均利率下的长期贷款组成部分。 6.4%和6.8%，分别为2024年9月30日和2023年12月31日，账上有$29.1万美元和14.5 百万美元，分别为本公司资产负债表上的流动部分。
16
英特格拉生命科学控股公司
未经审计的综合财务报表附注（未经审计）（续）
2024年9月30日，长期贷款和优先信贷设施的循环部分的公允价值分别为xx百万。公允价值是通过基于公司可获得的当前市场利率使用折现现金流模型确定的。这些输入得到了类似负债的可观察市场数据的证实，因此被分类为公允价值层次结构中的第2级。第2级输入代表资产或负债的可观察输入，可以是直接的或间接的，并且不是反映未经调整的相同资产或负债的报价价格的活跃市场可观察输入。 比上一期低11%，反映出黄金和铜的销售量增加，实现了更高的铜价格，较低的支撑资本和生产剥离开支，以及澳元兑美元的走软对澳元计价的运营成本的好处。这些好处部分抵消了相关的较高的版权支付和处理、精炼和运输成本。 $756.3公司对该计划中所支付的所有款项均列入简明合并现金流量表中“应付账款”的减少。395.3 百万美元，分别。“公司利用基于公司可获得的当前市场利率的贴现现金流模型确定了公允价值。这些输入通过观察到的类似负债的市场数据加以支持，因此被分类为公允价值层次结构中的2级别。第2级别输入表示对于资产或负债是可观察的输入，可以是直接或间接的，并且除了主动市场可观察输入之外的其他输入是未调整的相同资产或负债的报价价格的不活跃市场可观察输入。
2024年9月30日和2023年12月31日期间未用信用证额度分别为1.7在2024年5月31日结束的三个月和九个月中，购买的股票数量不大。否 2024年9月30日尚未用信用证额度。
老年信用额度的贷款组成部分的合约偿还应如下：
截至2024年9月30日
本金还款
千美元
2024年余下的时间
$4,844 
2025
33,906 
2026
38,750 
2027
53,281 
2028634,531 
$765,312 
基于当前利率的期货，预计未来Senior信用额度的长期贷款利息支付将约为$12.3 其余2024年余额为370万美元，2025年至2028年为2,710万美元，2029年及以后为2,330万美元。48.12025年，美元为万美元，45.62026年，美元为万美元，42.6百万，2028年及以后收到$9.4 2028年在Senior信用额度的长期贷款部分根据SOFR加上信贷协议中规定的特定金额进行利息计算。由于循环信用额度和证券化设施（如下所定义）可以随时偿还，因此在计算中未包括任何利息。
高级信贷设施的循环信贷部分上的任何未偿债务将于2028年3月24日到期。
可转换资本性债券
2020年2月7日，公司发行了$575.02028年到期票据的初始转换比率为每$1,000本金金额的票据可转换为3.5104股普通股（代表初始转换价格约为$284.87/股）。转换时，公司将通过现金、其普通股或现金和其普通股的组合，按公司选择，解决2028年到期票据的转换。0.5年%可转换优先票据，截至2025年到期（“2025票据”），根据一项于2020年2月7日签署的债券契约（“原始契约”）发行，公司与花旗银行有限公司作为受托人签署。2025票据将于2025年8月15日到期，按照 0.5%的年利率支付半年一次的利息，除非根据2025票据条款提前转换、回购或赎回。为了这次发行，公司对$13.2 百万的融资费用进行了资本化。
2025年债券是公司的优先、无担保债务，根据初始转换比率，可以转换为现金和普通股，每1000美元面值的2025年债券调整为13.5739股（这代表了每股的初始转换价格为$73.67 每股）。2025年债券仅在以下情况下转换：（1）如果公司普通股的收盘价格至少为转换价格的 130%期间; （2）如果2025年债券每1000美元面额的平均交易价格低于或等于2025年债券的平均转换价值的 98%在原始契约规定的期间; （3）如果公司根据原始契约中描述的自由选择赎回通知赎回债券; 或（4）如果发生指定的企业交易。截至2024年9月30日，这些条件均不存在，2025年债券在合并资产负债表上被分类为流动可转换证券，因为它们在一年内到期。
2020年12月9日，公司与原始契据订立了首份补充契约（“第一份补充契约”及与原始契约一起称为“契约”），根据该补充契约，公司不可撤销地选择（1）在第一份补充契约日期之后发生的关于2025年票据的任何转换时消除公司选择现金结算的选项，以及（2）关于任何联合结算（在第一份补充契约中定义）关于2025年票据的转换，为每1000美元2025年票据的本金金额解决的指定美元金额（在第一份补充契约中定义）不得低于$1,000.
2025年到期的债券持有人有权要求公司以现金收购其2025年到期的全部或部分债券，价格为 100其本金额的%，再加上任何应计未付利息，在基本变更（如义务协议中定义）发生时。公司还将被要求增加转股率，以供那些在到期日前或公司发出赎回通知后与某些基本变更（如原始债券中定义）有关的债券持有人转股。
17
英特格拉生命科学控股公司
未经审计的综合财务报表附注（未经审计）（续）
就2025年债券发行一事，公司进行了看涨交易和认股权交易，主要是与2025年债券的初始购买者的关联方（“对冲交易参与者”）进行的。看涨交易的成本为$104.2 百万美元用于2025年债券。公司从认股权交易中获得了$44.5 百万美元的收入，用于2025年债券。看涨交易涉及从对冲交易参与者购买期权，而认股权交易涉及向对冲交易参与者出售看涨期权，其行使价格高于所购买的看涨期权的价格。看涨交易的初始行使价格为$73.67，受类似于2025年债券中的防稀释调整的约束。认股权交易的初始行使价格为$113.34 ，用于2025年债券，受习惯的防稀释调整约束。
在 2024年9月30日2025年票据的负债账面金额为美元575.0百万2024年9月30日2025年票据的公允价值为 $547.7百万. 在估计2025年票据的公允价值时，公司考虑的因素包括最近的报价市场价格或经销商报价。2025年票据的价值基于公允价值层次中的1级测量。1级输入代表 在活跃市场上，相同资产或负债的报价。
证券化设施
2018年，公司签订了应收账款证券化设施（“证券化设施”），根据该设施，某些国内子公司的应收账款以不可追索的方式出售给一家特殊目的实体（“SPE”），该实体是公司的破产隔离、合并子公司。因此，SPE的资产不可用于清偿公司或其任何子公司的债务。SPE可能会不时地使用应收账款进行融资，融资由这些应收账款的质押担保。证券化设施的未偿借款额度在任何时候都受限于$150.0百万。证券化设施协议（“证券化协议”）管理着证券化设施，其中包含一些契约和终止事件。根据此证券化协议的违约事件或终止事件的发生可能导致对方有权终止该设施。截至2024年9月30日，公司遵守了契约，没有发生任何终止事件。
2023年12月15日，公司与证券化融资机构签订了一项修正协议（“2023年12月修正协议”），将到期日从2024年5月28日延长至2026年12月15日。公司因2023年12月修正协议产生了约$0.3百万的新发行费用，这些费用将在 3 年内摊销，与2023年12月修正协议修改的证券化协议的长度相同。由于借款额度增加，剩余的$0.1百万自之前协议中未摊销的费用也将在修正协议的长度内摊销， 三年。此外，2023年4月17日，公司与证券化融资机构签订了一项修正协议（“2023年4月修正协议”），并将利率从LIBOR调整为SOFR指数利率。2023年12月修正协议和2023年4月修正协议并未增加公司的总负债。
截至2024年9月30日和2023年12月31日，公司在其证券化融资机构下分别负有$的未偿借款。72.8万美元和89.2 % 的利率。5.9%和6.4分别为$的证券化融资机构未偿借款的公允价值。71.2 这些公允价值是通过根据公司可获取的当前市场利率所基于的折现现金流模型确定的。这些输入得到了类似负债的可观市场数据的证实，因此被分类在公允价值层次结构的第2级中。第2级输入代表对资产或负债的观察到的输入，直接或间接的，除了活跃市场可观测的之外。是未调整的相同资产或负债的报价价格的不活跃市场可观察输入。
18
英特格拉生命科学控股公司
未经审计的综合财务报表附注（未经审计）（续）
7. 衍生工具
利率套期保值
公司的利率期货风险涉及美元计价的变量利率借款。 公司使用利率掉期衍生工具来管理因利率变动而带来的盈利和现金流暴露。 这些利率掉期应用固定利率于公司预期的SOFR指数借款的部分。2023年3月，公司进行了一笔基差掉期，公司收取Term SOFR，支付每日复利SOFR，将掉期组合从每日复利SOFR转换为Term SOFR。
截至2024年9月30日和2023年12月31日期间，公司持有以下利率互换交易（金额以千美元计）：
2024年9月30日2023年12月31日2024年9月30日2023年12月31日
被避险物品名义金额 生效日期。终止日期固定利率估算公允价值
资产（负债）
1个月期SOFR贷款— 150,000 2017年12月13日2019年7月1日2024年6月28日2.423 %— 2,105 
1个月期SOFR贷款200,000 200,000 2017年12月13日开始。2024年12月31日2.313 %1,246 4,978 
1个月期SOFR贷款75,000 75,000 2018年10月10日2020年7月1日2025年6月30日3.220 %525 1,349 
1个月期SOFR贷款75,000 75,000 2018年10月10日2020年7月1日2025年6月30日3.199 %515 1,312 
1个月期SOFR贷款75,000 75,000 2018年10月10日2020年7月1日2025年6月30日3.209 %501 1,346 
1个月期SOFR贷款100,000 100,000 2018年12月18日2022年12月30日2027年12月31日2.885 %1,425 3,015 
1个月期SOFR贷款100,000 100,000 2018年12月18日2022年12月30日2027年12月31日2.867 %1,616 3,052 
1个月期SOFR贷款575,000 575,000 2020年12月15日7月31日，2025年美国国债到期。2027年12月31日1.415 %22,809 22,965 
1个月期SOFR贷款125,000 125,000 2020年12月15日2025年7月1日2027年12月31日1.404 %5,159 5,263 
基础互换 (1)
—— 2023年3月31日2023年3月24日。2027年12月31日无数据(1,949)0(1,829)
$1,325,000 $1,475,000 $31,847 $43,556 
(1) 基础互换的名义金额会分期摊销，以逐步与利率互换投资组合的总名义金额相匹配
利率互换以公允价值计入合并资产负债表，公允价值变动记入未实现收益或损失合计中的其他累积收益（“AOCI”）。截至2024年9月30日止三个月和九个月，公司记录了分别为$的亏损，17.12023年三个月和九个月的营收中，分别记录了1百万美元和2百万美元的增益；这些增益基于期末重新计量的认股权和收益分配不确定性负债的公允市值变化，并计入综合收益（亏损）中的权益变动。2.7 百万与利率互换公允价值变动相关，AOCI亏损。截至2023年9月30日止三个月和九个月，公司记录了分别为$的收益，与利率互换公允价值变动相关。15.3万美元和23.5 百万与利率互换公允价值变动相关，AOCI收益。截至2023年9月30日止三个月和九个月，公司记录了分别为$的收益，与利率互换公允价值变动相关。
截至2024年9月30日止的三个月和九个月，公司在利率互换的综合利益表中记录的收益分别为$4.1万美元和14.4 百万美元，公司在于利率互换的利率差异的综合损益的三个月和九个月截至2023年9月30日的记录收益$5.0万美元和12.9 百万美元，公司在于利率互换的利率差异的综合损益中，预计在未来十二个月内将重新分类为2024年9月30日的利息收入的估计收益为$7.1百万美元。
公司已经将这些衍生工具指定为现金流量套期工具。公司评估这些衍生工具的有效性，并将作为现金流量套期工具指定的衍生工具的公允价值变动记录为未实现的收益或损失，净额扣除税金，直到套期项目影响收益，此时任何收益或损失均被重新分类为收入。如果套期现金流未发生，或者变得可能不会发生，公司将在那时将在AOCI记录的相关现金流套期工具上的任何收益或损失的剩余金额重新分类为利息费用。
19
英特格拉生命科学控股公司
未经审计的综合财务报表附注（未经审计）（续）
外币对冲
公司不时签订外汇对冲合同，旨在保护特定预测的以外币计价的交易的美元价值。公司评估被指定为对冲工具的合同的有效性。外汇现金流对冲的公允价值变动净额减税后记录在AOCI中。这些金额随后会在受到被对冲项目影响时，从AOCI重新分类到收益中。如果对冲的预测交易未发生或变得可能不会发生，公司将在那时将任何相关现金流对冲的收益或损失额重新分类至收益中。对于未被指定为对冲工具的合同，合同的公允价值变动将与基础资产或负债的相应外币收益或损失一起，在权益变动表的其他收益中确认。
公司进行套期保值的成功程度预计将会预测到货币兑换收益或损失，在货币波动期间预测与实际活动存在差异的程度。此外，与任何未进行套期保值的交易相关的货币汇率变化可能会影响收入和现金流。
跨货币利率互换
这些跨货币互换的目的是降低与外汇汇率变动相关的收益和现金流波动。根据这些合同的条款，已指定为现金流量套期保值，公司将支付瑞士法郎（“CHF”）的利息，并收到美元的利息。在这些合同到期时，公司将支付瑞士法郎贷款的本金，并从交易对手处收到美元。
2023年9月22日，公司修改了以瑞士法郎计价的公司间贷款，以部分结算瑞士法郎 20.0 百万美元，并将终止日期延长至2024年9月，因此，公司终止了名义总额为美元的公司间贷款的现金流对冲的跨货币互换48.5百万。同时，公司签订了跨货币互换协议，对冲名义金额的瑞士法郎 28.5 百万等于美元31.5修改后的公司间贷款中有100万美元为美元。2024年9月23日，公司结算了这笔跨货币互换，该互换被指定为公司间贷款的现金流对冲。根据收盘汇率，结算时的亏损约为美元2.3百万美元被公司间贷款结算的收益所抵消。
2020年12月21日，公司签订了跨货币互换协议，将名义金额转换为美元471.6百万相当于 420.1 以瑞士法郎计价的公司间贷款中的百万美元。以瑞士法郎计价的公司间贷款是2020年第四季度完成的向瑞士子公司的某些知识产权的实体内转让的结果。公司间贷款需要每季度支付瑞士法郎 5.8 百万加上应计利息。因此，相关跨货币掉期的总名义金额将减少相应的金额。
该公司截至2024年9月30日和2023年12月31日持有以下跨货币利率互换协议（金额以千美元计）：
2024年9月30日2023年12月31日2024年9月30日2023年12月31日
生效日期。终止日期固定利率归集名义金额公正价值
资产（负债）
支付瑞士法郎2020年12月21日2025年12月22日3.00%瑞郎333,887 351,137 (30,892)(38,324)
收到美元3.98%$374,817 394,183 
支付瑞士法郎2023年9月22日2024年9月23日2.40%瑞郎— 28,500 — (2,348)
收到美元6.27%$— 31,457 
总费用$(30,892)$(40,672)
20
英特格拉生命科学控股公司
未经审计的综合财务报表附注（未经审计）（续）
指定为现金流量套期交易的跨货币互换工具在合并资产负债表上以公允价值计量，并其公允价值变动确认为AOCI中未实现的收益或损失。截至2024年9月30日止三个月和九个月，公司在AOCI中认列了$损失16.62023年三个月和九个月的营收中，分别记录了1百万美元和2百万美元的增益；这些增益基于期末重新计量的认股权和收益分配不确定性负债的公允市值变化，并计入综合收益（亏损）中的权益变动。13.5 分别为2024年9月30日止三个月和九个月，公司根据跨货币互换工具公允价值变动，在AOCI中分别录得了$百万的损失。13.8万美元和3.1 分别为2023年9月30日止三个月和九个月，公司根据跨货币互换工具公允价值变动，在AOCI中分别录得了$百万的收益。
截至2024年9月30日的三个月和九个月，该公司在其他收入方面分别录得了损失$23.22023年三个月和九个月的营收中，分别记录了1百万美元和2百万美元的增益；这些增益基于期末重新计量的认股权和收益分配不确定性负债的公允市值变化，并计入综合收益（亏损）中的权益变动。5.4 百万，分别与外汇汇率变动相关的其他收入净额相抵，以抵消对关联公司贷款确认的收益和损失。截至2023年9月30日的三个月和九个月，该公司在其他收入方面分别录得了收益$15.3万美元和3.3 百万，分别与外汇汇率变动相关的其他收入净额相抵，以抵消对关联公司贷款确认的损失。
截至2024年9月30日的三个和九个月，公司在包含在综合损益表中的其他收入中记录了＄盈利。1.1万美元和3.7 分别为2023年9月30日结束的三个和九个月，公司在包含在综合损益表中的其他收入中记录了＄盈利，与跨货币互换的利率差异有关。1.5万美元和4.4 分别为2023年9月30日结束的三个和九个月，公司在包含在综合损益表中的其他收入中记录了＄盈利，与跨货币互换的利率差异有关。
预计到2024年9月30日的下一年度将会从AOCI重新分类至其他收入（支出）净额的估计增益为$0.7 百万。截至2024年9月30日，公司不预计会出现任何收益或损失被重新分类至收益，因为最初预测的交易不会发生。
净投资套期保值
公司通过各种策略管理特定的汇率期货风险，包括套期保值。公司在国际业务中通过外币购买、对外子公司的净投资以及业务过程中产生的外币资产和负债而面临汇率风险。
2024年5月2日，公司与另一家公司签署了一份名义金额为瑞士法郎的跨货币互换协议 68.5百万美元的换算金额，相当于$75.0美元以指定汇率换取瑞士法郎的交易。该新的跨货币互换协议被指定为净投资套期保值，部分抵消了外币对外国子公司的影响。
2018年10月1日，2022年5月24日和2023年11月21日，公司与外汇掉期协议，标记为净投资对冲，部分抵消了外币对外国子公司的影响。
该公司按如下跨货币利率互换率进行了指定的净投资套期保值，分别截至2024年9月30日和2023年12月31日（金额以千美元计）：
2024年9月30日2023年12月31日2024年9月30日2023年12月31日
生效日期。终止日期固定利率总名义金额公正价值
资产（负债）
支付eur2018年10月3日2025年9月30日—%eur38,820 38,820 2,106 2,475 
收到美元2.19%$45,000 45,000 
支付瑞士法郎2022年5月26日2028年12月16日—%瑞郎288,211 288,210 (48,153)(48,047)
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支付瑞士法郎2023年11月17日在2029年12月17日之前，公司可在任何时候在没有罚款或溢价的情况下赎回债券。—%瑞郎66,525 66,525 (5,248)(4,037)
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总费用(57,366)(49,609)
21
INTEGRA LIFESCIENCES HOLDINGS CORPORATION
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued)
The cross-currency swaps were carried on the consolidated balance sheet at fair value and changes in the fair values were recorded as unrealized gains or losses in AOCI. For the three and nine months ended September 30, 2024, the Company recorded a loss of $21.1 million and $0.4 million, respectively, in AOCI related to the change in fair value of the cross-currency swaps. For the three and nine months ended September 30, 2023, the Company recorded a gain of $6.1 million and a loss of $4.1 million, respectively, in AOCI related to change in fair value of the cross-currency swaps.
For the three and nine months ended September 30, 2024, the Company recorded a gain of $2.7 million and $7.4 million, respectively, in interest income included in the consolidated statements of operations related to the interest rate differential of the cross-currency swaps. For the three and nine months ended September 30, 2023, the Company recorded gains of $1.8 million and $6.0 million, respectively, in interest income included in the consolidated statements of operations related to the interest rate differential of the cross-currency swaps.
The estimated gain that is expected to be reclassified to interest income from AOCI as of September 30, 2024 within the next twelve months is $9.6 million.
Foreign Currency Forward Contracts
The Company has entered into a hedge for forecasted intercompany purchases denominated in foreign currencies through the use of forward contracts designated as cash flow hedges. To the extent these forward contracts meet hedge accounting criteria, changes in their fair value are not included in accumulated comprehensive loss. These changes in fair value will be recognized into earnings as a component of cost of sales when the forecasted-transaction occurs.
In the first and third quarter of 2024, the Company entered into foreign currency forwards to mitigate the exchange rate risk of CHF denominated intercompany purchases. These contracts typically settle at various dates within twelve months of execution. As of September 30, 2024 the notional amount of foreign currency forward contracts was 10.4 million CHF.
For the three and nine months ended September 30, 2024 the Company recorded a gain of $0.5 million and a loss of $0.2 million, respectively, in AOCI related to the change in fair value of the foreign currency forward contracts and a loss of $0.1 million and $0.3 million, respectively, in cost of goods sold included in the consolidated statements of operations.
For the three and nine months ended September 30, 2023 the Company recorded a gain of $0.1 million and $0.3 million, respectively, in AOCI related to the change in fair value of the foreign currency forward contracts and a gain of $0.1 million and $0.4 million, respectively, in cost of goods sold included in the consolidated statements of operations.
On October 16, 2024, the Company entered into forward currency forwards with a notional amount of 5.2 million CHF to mitigate the exchange rate risk of Swiss franc denominated intercompany purchases. These contracts settle at various dates within twelve months of execution.
Counterparty Credit Risk
The Company manages its concentration of counterparty credit risk on its derivative instruments by limiting acceptable counterparties to a group of major financial institutions with investment grade credit ratings, and by actively monitoring their credit ratings and outstanding positions on an ongoing basis. Therefore, the Company considers the credit risk of the counterparties to be low. Furthermore, none of the Company’s derivative transactions are subject to collateral or other security arrangements, and none contain provisions that depend upon the Company’s credit ratings from any credit rating agency.
Fair Value of Derivative Instruments
The Company has classified all of its derivative instruments within Level 2 of the fair value hierarchy because observable inputs are available for substantially the full term of the derivative instruments. The fair values of the interest rate swaps and cross-currency swaps were developed using a market approach based on publicly available market yield curves and the terms of the swap. The Company performs ongoing assessments of counterparty credit risk.
22
INTEGRA LIFESCIENCES HOLDINGS CORPORATION
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued)
The following table summarizes the fair value for derivatives designated as hedging instruments in the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023:
Fair Value as of
Location on Balance Sheet (1):
September 30, 2024December 31, 2023
Dollars in thousands
Derivatives designated as hedges — Assets:
Prepaid expenses and other current assets
Cash Flow Hedges
Interest rate swap
$7,335 $14,675 
Cross-currency swap708 537 
Foreign currency forward contracts292 — 
Net Investment Hedges
Cross-currency swap5,764 2,938 
Other assets
Cash Flow Hedges
Interest rate swap26,461 30,710 
Net Investment Hedges
Cross-currency swap— 1,470 
Total derivatives designated as hedges — Assets$40,560 $50,330 
Derivatives designated as hedges — Liabilities:
Accrued expenses and other current liabilities
Cash Flow Hedges
Interest rate swap$265 $579 
Cross-currency swap— 4,813 
Foreign currency forward contracts— — 
Net Investment Hedges
Cross-currency swap2,120 2,903 
Other liabilities
Cash Flow Hedges
Interest rate swap1,684 1,250 
Cross-currency swap31,600 36,396 
Net Investment Hedges
Cross-currency swap61,010 51,114 
Total derivatives designated as hedges — Liabilities$96,679 $97,055 
(1) The Company classifies derivative assets and liabilities as current based on the cash flows expected to be incurred within the following 12 months.

23
INTEGRA LIFESCIENCES HOLDINGS CORPORATION
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued)
The following presents the effect of derivative instruments designated as cash flow hedges and net investment hedges on the accompanying condensed consolidated statement of operations during the three and nine months ended September 30, 2024 and 2023:
Dollars in thousandsBalance in AOCI
Beginning of
Quarter		Amount of
Gain (Loss)
Recognized in
AOCI		Amount of Gain (Loss)
Reclassified from
AOCI into
Earnings		Balance in AOCI
End of Quarter		Location in
Statements of
Operations
Three Months Ended September 30, 2024
Cash Flow Hedges
Interest rate swap$53,116 $(17,133)$4,135 $31,848 Interest expense
Cross-currency swap(16,867)(16,625)(22,089)(11,403)Other income, net
Foreign Currency Forward Contract(430)474 (119)163 Cost of Sales
Net Investment Hedges
Cross-currency swap(29,466)(21,051)2,739 (53,256)Interest income
$6,353 $(54,335)$(15,334)$(32,648)
Three Months Ended September 30, 2023
Cash Flow Hedges
Interest rate swap$56,901 $15,317 $4,964 $67,254 Interest expense
Cross-currency swap(18,925)13,796 15,347 (20,476)Other income, net
Foreign Currency Forward Contract$(123)$98 $87 $(112)
Net Investment Hedges
Cross-currency swap(21,239)6,051 1,772 (16,960)Interest income
$16,614 $35,262 $22,170 $29,706 
Dollars in thousandsBalance in AOCI
Beginning of
Year		Amount of
Gain (Loss)
Recognized in
AOCI		Amount of Gain (Loss)
Reclassified from
AOCI into
Earnings		Balance in AOCI
End of Quarter		Location in
Statements of
Operations
Nine Months Ended September 30, 2024
Cash Flow Hedges
Interest rate swap$43,556 $2,678 $14,386 $31,848 Interest expense
Cross-currency swap(15,763)13,505 9,145 (11,403)Other income (expense), net
Foreign currency forward contract— (159)(322)163 Cost of sales
Net Investment Hedges
Cross-currency swap(45,498)(364)7,394 (53,256)Interest income
$(17,705)$15,660 $30,603 $(32,648)
Nine Months Ended September 30, 2023
Cash Flow Hedges
Interest rate swap$56,712 $23,477 $12,935 $67,254 Interest expense
Cross-currency swap(20,271)3,114 3,319 (20,476)Other income (expense), net
Foreign currency forward contract— $333 $445 (112)
Net Investment Hedges
Cross-currency swap(6,914)(4,066)5,980 (16,960)Interest income
$29,527 $22,858 $22,679 $29,706 
24
INTEGRA LIFESCIENCES HOLDINGS CORPORATION
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued)

Derivative Instruments not Designated Hedges:
During the second quarter of 2021, the Company entered into a foreign currency swap, with a notional amount of $7.3 million to mitigate the risk from fluctuations in foreign currency exchange rates associated with an intercompany loan denominated in Japanese yen. In a foreign currency swap transaction, the Company agrees with another party to exchange, at specified intervals, the difference between one currency and another currency at a fixed exchange rate, generally set at inception, calculated by reference to an agreed upon notional amount. The notional amount of each currency is exchanged at the inception and termination of the currency swap by each party. The Company subsequently paid down a portion of this swap, bringing the notional amount down to $4.6 million as of September 30, 2024.
The fair value of the foreign currency swaps not designated as hedges was $1.1 million and $1.2 million as of September 30, 2024 and December 31, 2023, respectively. The following table summarizes the gains on derivative instruments not designated as hedges on the condensed consolidated statements of income, which was included in other income:
Dollars in thousandsThree Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Foreign currency swaps10 135 385 778 
Total$10 $135 $385 $778 
8. STOCK-BASED COMPENSATION
As of September 30, 2024, the Company had stock options, restricted stock awards, performance stock awards, contract stock awards and restricted stock unit awards outstanding under the Integra LifeSciences Holdings Corporation Fifth Amended and Restated 2003 Equity Incentive Plan, as amended (the “2003 Plan”).
Stock options issued under the 2003 Plan become exercisable over specified periods, generally within four years from the date of grant for officers and employees, within one year from date of grant for directors which generally expire eight years from the grant date for employees, and from six to ten years for directors and certain executive officers, except in certain instances that result in accelerated vesting due to death, disability, retirement age or change in-control provisions within their grant agreements. The Company values stock option grants using the binomial distribution model. Restricted stock issued under the 2003 Plan vests over specified periods, generally three years after the date of grant. The vesting of performance stock issued under the 2003 Plan is subject to service and performance conditions.
Stock Options
As of September 30, 2024, there were approximately $3.5 million of total unrecognized compensation costs related to unvested stock options. These costs are expected to be recognized over a weighted-average period of approximately three years. There were 243,964 stock options granted during the nine months ended September 30, 2024. For the nine months ended September 30, 2024, the weighted average grant date fair value for stock options granted was $15.68 per option.
Awards of Restricted Stock and Performance Stock
Performance stock and restricted stock awards generally have requisite service periods of three years, except in certain instances that result in accelerated vesting due to death, disability, retirement age provision or change in-control provisions in their grant agreements. Performance stock units are subject to graded vesting conditions based on revenue goals of the Company. The Company expenses the fair value of restricted stock awards on a straight-line basis over the requisite service period. As of September 30, 2024, there was approximately $35.4 million of total unrecognized compensation costs related to these unvested awards. The Company expects to recognize these costs over a weighted-average period of approximately two years. The Company granted 737,623 restricted stock awards and 263,350 performance stock awards during the nine months ended September 30, 2024. For the nine months ended September 30, 2024, the weighted average grant date fair value for restricted stock awards and performance stock units granted was $34.45 and $36.22 per award, respectively.
The Company also maintains an Employee Stock Purchase Plan (the “ESPP”), which provides eligible employees with the opportunity to acquire shares of common stock at periodic intervals by means of accumulated payroll deductions. The ESPP is a non-compensatory plan based on its terms.
25
INTEGRA LIFESCIENCES HOLDINGS CORPORATION
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued)
CEO Separation
On February 27, 2024, the Company announced that Mr. De Witte would retire from his position as President and Chief Executive Officer and director of the Company following the completion of a succession process and entered into a letter agreement with Mr. De Witte to modify his current employment agreement and put forth the form of a post-employment consulting agreement. The Company applied modification accounting to the outstanding equity-based awards granted to Mr. De Witte as of that date, which revalued and accelerated stock-based compensation associated with equity-based awards granted to him over his expected service period to the Company. Pursuant to this letter agreement, Mr. De Witte’s unvested equity-based awards will continue to vest during his continued service period to the Company and vested stock options were modified such that they will remain exercisable until the lesser of (a) the stated term of the stock options and (b) six months following his cessation of continued service to the Company. As a result of the modifications, the Company recorded incremental stock-based compensation expense of $1.4 million during the nine months ended September 30, 2024. The Company will record a total of $1.9 million in accelerated stock-based compensation expenses for the twelve months ended December 31, 2024 that would not have been recognized if Mr. De Witte had not announced his retirement from Integra.
9. RETIREMENT PLANS
The Company maintains defined benefit pension plans that cover certain employees in France, Japan, Germany, India and Switzerland.
Net periodic benefit costs for the Company’s defined benefit pension plans for the three and nine months ended September 30, 2024 were $0.4 million and $1.3 million, respectively. The components of the net periodic benefit costs other than the service cost component of $0.8 million and $2.4 million for the three and nine months ended September 30, 2024, respectively, are included in other income, net in the consolidated statements of operations.
Net periodic benefit costs for the Company’s defined benefit pension plans for the three and nine months ended September 30, 2023 were $0.3 million and $0.9 million, respectively. The components of the net periodic benefit costs other than the service cost component of $0.5 million and $1.6 million for the three and nine months ended September 30, 2023, respectively, are included in other income, net in the consolidated statements of operations.
The estimated fair values of plan assets were $43.4 million and $45.7 million as of September 30, 2024 and December 31, 2023, respectively. The net plan assets of the pension plans are invested in common trusts as of September 30, 2024 and December 31, 2023. Common trusts are classified as Level 2 in the fair value hierarchy. The fair value of common trusts is valued at the net asset value based on the fair values of the underlying investments of the trusts as determined by the sponsor of the trusts. The investment strategy of the Company’s defined benefit plans is both to meet the liabilities of the plans as they fall due and to maximize the return on invested assets within an appropriate risk profile.
Deferred Compensation Plan
The Company maintains a deferred compensation plan in which certain employees of the Company may defer the payment and taxation of up to 75% of their base salary and up to 100% of bonus amounts and other eligible cash compensation.
This deferred compensation is invested in funds offered under this plan and is valued based on Level 1 measurements in the fair value hierarchy. Assets of the Company’s deferred compensation plan are included in other current assets and recorded at fair value based on their quoted market prices. The fair value of these assets were $6.5 million and $6.1 million as of September 30, 2024 and December 31, 2023, respectively. Offsetting liabilities relating to the deferred compensation plan are included in other liabilities.
10. LEASES AND RELATED PARTY LEASES
The Company leases administrative, manufacturing, research and distribution facilities, and vehicles through operating lease agreements. The Company has no finance leases as of September 30, 2024. Many of the Company’s leases include both lease (e.g., fixed payments including rent) and non-lease components (e.g., common-area or other maintenance costs). For vehicles, the Company has elected the practical expedient to group lease and non-lease components.
Most facility leases include one or more options to renew. The exercise of lease renewal options is typically at the Company’s sole discretion, therefore, the majority of renewals to extend the lease terms are not included in the Right of Use (“ROU”) assets and lease liabilities as they are not reasonably certain of exercise. The Company regularly evaluates renewal options and when they are reasonably certain of exercise, the renewal period is included in the lease term.
As most of the Company’s leases do not provide an implicit rate, the Company uses a collateralized incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments.
26
INTEGRA LIFESCIENCES HOLDINGS CORPORATION
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued)
Total operating lease expense for the nine months ended September 30, 2024 and September 30, 2023 was $18.8 million and $17.9 million, respectively, which includes $0.2 million, in related party operating lease expense.
Supplemental balance sheet information related to operating leases were as follows:
Dollars in thousands, except lease term and discount rateSeptember 30, 2024
December 31, 2023
ROU assets$146,342 $156,184 
Current lease liabilities15,039 15,284 
Non-current lease liabilities167,808 166,849 
Total lease liabilities$182,847 $182,133 
Weighted average remaining lease term (in years):
Leased facilities16.2 years16.3 years
Leased vehicles2.2 years1.9 years
Weighted average discount rate:
Leased facilities5.6 %5.9 %
Leased vehicles2.6 %2.7 %
Supplemental cash flow information related to leases for the nine months ended September 30, 2024 and 2023 were as follows:
Dollars in thousandsSeptember 30, 2024
September 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$18,255 $14,778 
ROU assets obtained in exchange for lease liabilities, net of modifications:
Operating leases$1,575 $19,540 
Future minimum lease payments under operating leases at September 30, 2024 were as follows:
Dollars in thousandsRelated PartiesThird PartiesTotal
Remainder of 2024
$74 $6,057 $6,131 
2025296 23,016 23,312 
2026296 21,317 21,613 
2027296 19,425 19,721 
2028296 17,163 17,459 
2029246 16,306 16,552 
Thereafter— 165,343 165,343 
Total minimum lease payments$1,504 $268,627 $270,131 
Less: Imputed interest87,284 
Total lease liabilities182,847 
Less: Current lease liabilities15,039 
Long-term lease liabilities167,808 
27
INTEGRA LIFESCIENCES HOLDINGS CORPORATION
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued)
There were no future minimum lease payments under finance leases at September 30, 2024.
Related Party Leases
The Company leases one of its manufacturing facilities in Plainsboro, New Jersey, from a general partnership that is 50% owned by a principal stockholder of the Company. The term of the current lease agreement is through October 31, 2029 at an annual rate of approximately $0.3 million. The current lease agreement also provides (i) a 5-year renewal option for the Company to extend the lease from November 1, 2029 through October 31, 2034 at the fair market rental rate of the premises, and (ii) another 5-year renewal option to extend the lease from November 1, 2034 through October 31, 2039 at the fair market rental rate of the premises.
Lease Impairment Charge
The Company approved a plan to transition the commercial distribution of PriMatrix® and SurgiMend® from the Boston facility to the Company’s manufacturing facility in Braintree, Massachusetts and permanently cease use of the Boston facility. As a result, in the second quarter of 2024, the Company recorded a $4.6 million impairment charge, as the carrying amounts of the operating lease right-of-use asset and fixed assets related to the Boston facility exceeded their fair values based on the Company’s estimates of future discounted cash flows through the end of the lease term and the end of their remaining useful lives, respectively. The $4.6 million impairment charge was comprised of a $1.7 million impairment of an operating lease right-of-use asset and a $2.9 million write-off of fixed assets, which was recorded as a component of cost of goods sold in the condensed consolidated statements of operations.
11. TREASURY STOCK
As of September 30, 2024 and December 31, 2023, there were 14.5 million and 12.8 million shares of treasury stock outstanding with a cost of $691.8 million and $647.3 million, at a weighted average cost per share of $47.86 and $50.76, respectively.
On May 16, 2024, the Company entered into a $50 million accelerated share repurchase (“May 2024 ASR”) and received 1.3 million shares of common stock at inception of the May 2024 ASR, which represented approximately 70% of the expected total shares under the May 2024 ASR. On July 31, 2024, the early exercise provision was exercised by the May 2024 ASR counterparty. The Company received an additional 0.4 million shares determined using the volume-weighted average price of the Company’s common stock during the term of the May 2024 ASR.
On August 15, 2023, the Company entered into a $125 million accelerated share repurchase (“August 2023 ASR”) and received 2.3 million shares of common stock at inception of the August 2023 ASR, which represented approximately 80% of the expected total shares under the August 2023 ASR. On October 18, 2023 the early exercise provision was exercised by the August 2023 ASR counterparty. The Company received an additional 0.9 million shares determined using the volume-weighted average price of the Company’s common stock during the term of the August 2023 ASR.
On January 26, 2023, the Company entered into a $150 million accelerated share repurchase (“January 2023 ASR”) and received 2.1 million shares of common stock at inception of the January 2023 ASR, which represented approximately 80% of the expected total shares under the January 2023 ASR. The settlement of the January 2023 ASR agreement was completed in the second quarter of 2023, where the Company received 0.6 million shares, determined using the volume-weighted average price of the Company’s common stock during the term of the January 2023 ASR.
On August 16, 2022, the Inflation Reduction Act of 2022 (the “Inflation Act”) was signed into law. The Inflation Act implements a new excise tax of 1% on the net share repurchases made by the Company effective for share repurchases performed January 1, 2023, or after. In October 2024, the Company made an excise tax payment of $2.5 million related to the January 2023 ASR and the August 2023 ASR.
On July 18, 2023, the Board of Directors authorized a new $225 million share repurchase program. As of September 30, 2024, $50 million remained authorized. The program, which was authorized in July 2023 and expires on December 31, 2025, allows the Company to repurchase its shares opportunistically from time to time. The Company may utilize various methods to effect any repurchases, including open market transactions, privately negotiated transactions, transactions structured through investment banking institutions, including accelerated share repurchases, or a combination of the foregoing, some of which may be effected through Rule 10b5-1 plans. The price and timing of any future purchases under the share repurchase program will depend on factors such as levels of cash generation from operations, the volume of stock option exercises by employees, cash requirements for acquisitions, dividends, economic and market conditions and stock price, and such repurchases may be discontinued at any time.
28
INTEGRA LIFESCIENCES HOLDINGS CORPORATION
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued)
12. INCOME TAXES
The following table provides a summary of the Company’s effective tax rate:
 Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
Reported tax rate47.5 %(4.8)%35.3 %8.2 %
The Company’s effective income tax rates for the three months ended September 30, 2024 and 2023 were 47.5% and (4.8)%, respectively. For the three months ended September 30, 2024, the higher tax rate is primarily due to the limitation of foreign tax credits in the U.S. and the limitation of federal tax credits in Switzerland, caused by lower book income realized during the third quarter. For the three months ended September 30, 2023,the primary drivers of the lower tax rate relate to a reduction to book income in higher-taxed jurisdictions and a $3.3 million benefit related to the filing of prior year tax returns.
The Company’s effective income tax rates for the nine months ended September 30, 2024 and 2023 were 35.3% and 8.2%, respectively. For the nine months ended September 30, 2024, the higher tax rate is primarily due to the limitation of foreign tax credits in the U.S. and the limitation of federal tax credits in Switzerland, caused by lower book income and a $1.9 million shortfall from stock-based compensation, as compared to the prior year. For the nine months ended September 30, 2023, the primary drivers of the lower tax rate relate to a reduction to book income in higher-taxed jurisdictions and a $3.8 million benefit related to the filing of prior year tax returns.
Changes to income tax laws and regulations, in any of the tax jurisdictions in which the Company operates, could impact the effective tax rate. Various governments, both U.S. and non-U.S., are increasingly focused on tax reform and revenue-raising legislation. On August 16, 2022, the Inflation Act was signed into law. The Company did not experience a material impact on the Company’s effective tax rate under the Inflation Act. Further, legislation in foreign jurisdictions may be enacted, in continued response to the base erosion and profit-sharing (“BEPS”) project begun by the Organization for Economic Cooperation and Development (“OECD”).
The OECD released model rules related to a new 15% global minimum tax regime (“Pillar 2”). Several of the jurisdictions that the Company operates in have already adopted some form of the model rules, which could impact the amount of taxes that the Company pays after 2023. However, the rules are complex and provide for delays for implementing the tax during the early transition years, if certain conditions are met. At this time, the Company is projecting an immaterial amount related to Pillar 2 tax liability for the year ending December 31, 2024. Related changes in U.S. and non-U.S. jurisdictions could have an adverse effect on the Company’s effective tax rate.
29
INTEGRA LIFESCIENCES HOLDINGS CORPORATION
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued)
13. NET INCOME PER SHARE
Basic and diluted net income per share was as follows:
 Three Months Ended September 30,Nine Months Ended September 30,
 Dollars in thousands, except per share amounts2024202320242023
Basic net (loss) income per share:
Net (loss) income$(10,695)$19,497 $(26,379)$47,907 
Weighted average common shares outstanding76,448 79,690 77,196 80,842 
Basic net (loss) income per common share$(0.14)$0.24 $(0.34)$0.59 
Diluted net (loss) income per share:
Net (loss) income$(10,695)$19,497 $(26,379)$47,907 
Weighted average common shares outstanding — Basic76,448 79,690 77,196 80,842 
Effect of dilutive securities:
Stock options and restricted stock— 121 — 270 
Weighted average common shares for diluted earnings per share76,448 79,811 77,196 81,112 
Diluted net (loss) income per common share$(0.14)$0.24 $(0.34)$0.59 
Basic earnings per share is computed by dividing net income by the weighted-average common shares outstanding during the period. Diluted earnings per share is computed based on the weighted-average common shares outstanding plus the effect of dilutive potential common shares outstanding during the period calculated using the treasury stock method. Dilutive potential common shares include employee equity share options, non-vested shares, and similar equity instruments granted by the Company. Potential common share equivalents have been excluded where their inclusion would be anti-dilutive. For periods in which the Company generated a net loss, the Company does not include the potential impact of dilutive securities in diluted net loss per share, as the impact of these items is anti-dilutive.
Common stock of approximately 1.3 million and 0.6 million shares at September 30, 2024, and 2023, respectively, were not included in the computation of diluted net (loss) income per share because their effect would have been anti-dilutive.
14. ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
Comprehensive (loss) income for the three and nine months ended September 30, 2024 and 2023:
 Three Months Ended September 30,Nine Months Ended September 30,
Dollars in thousands2024202320242023
Net (loss) income$(10,695)$19,497 $(26,379)$47,907 
Foreign currency translation adjustment5,386 (9,541)(2,558)(16,378)
Change in unrealized loss/(gain) on derivatives, net of tax(11,044)6,790 (6,714)7,858 
Pension liability adjustment, net of tax(470)(334)(475)— 
Comprehensive (loss) income, net$(16,823)$16,412 $(36,126)$39,387 
30
INTEGRA LIFESCIENCES HOLDINGS CORPORATION
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued)
Changes in accumulated other comprehensive (loss) income by component between December 31, 2023 and September 30, 2024 are presented in the table below, net of tax:
Dollars in thousandsGains and Losses on DerivativesDefined Benefit Pension ItemsForeign Currency ItemsTotal
Balance at January 1, 2024
$21,489 $2,712 $(39,307)$(15,106)
Other comprehensive gain (loss)11,632 (475)3,129 14,286 
Less: Amounts reclassified from accumulated other comprehensive income, net18,346 — 5,688 24,034 
Net current-period other comprehensive gain (loss)(6,714)(475)(2,559)(9,748)
Balance at September 30, 2024
$14,775 $2,237 $(41,866)$(24,854)
For the nine months ended September 30, 2024, the Company reclassified a gain of $7.3 million and $16.8 million from accumulated other comprehensive income to other income, net and interest income, respectively.
15. SEGMENT AND GEOGRAPHIC INFORMATION
The Company internally manages two global reportable segments and reports the results of its businesses to its chief operating decision maker. The two reportable segments and their activities are described below.
•The Codman Specialty Surgical segment includes (i) the Neurosurgery business, which sells a full line of products for neurosurgery and neuro critical care such as tissue ablation equipment, dural repair products, cerebral spinal fluid management devices, intracranial monitoring equipment, and cranial stabilization equipment; (ii) the Instruments business, which sells more than 40,000 instrument patterns and surgical and lighting products to hospitals, surgery centers, dental, podiatry, and veterinary offices; and (iii) the ENT business, which includes instrumentation, balloon technologies for sinus dilation and eustachian tube dilation, as well as surgical navigation systems.
•The Tissue Technologies segment consists of the Wound Reconstruction and Care business, which includes offerings such as skin and wound repair products, plastics and surgical reconstruction products, bone grafts, and nerve and tendon repair products. The Tissue Technologies segment includes the Company’s private label business.
The Corporate and other category includes (i) various executive, finance, human resource, information systems and legal functions, (ii) brand management, and (iii) share-based compensation costs.
The operating results of the various reportable segments as presented are not comparable to one another because (i) certain operating segments are more dependent than others on corporate functions for unallocated general and administrative and/or operational manufacturing functions, and (ii) the Company does not allocate certain manufacturing costs and general and administrative costs to the operating segment results. Net sales and profit by each reportable segment for the three and nine months ended September 30, 2024 and 2023 are as follows:
Three Months Ended September 30,Nine Months Ended September 30,
Dollars in thousands2024202320242023
Segment Net Sales
Codman Specialty Surgical$270,782 $268,205 $828,977 $787,371 
Tissue Technologies
110,052 114,216 338,904 357,163 
Total revenues$380,834 $382,421 $1,167,881 $1,144,534 
Segment Profit
Codman Specialty Surgical$100,538 $105,170 $368,171 $332,444 
Tissue Technologies
28,482 31,789 96,33592,132 
Segment profit129,020 136,959 464,506 424,576 
Amortization(3,760)(3,208)(17,575)(9,342)
Corporate and other(133,410)(107,158)(454,147)(339,755)
Operating income$(8,150)$26,593 $(7,216)$75,479 
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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued)
The Company does not allocate any assets to the reportable segments. No asset information is reported to the chief operating decision maker and disclosed in the financial information for each segment. The Company attributes revenues to geographic areas based on the location of the customer. Total revenue by major geographic area consisted of the following:
 Three Months Ended September 30,Nine Months Ended September 30,
Dollars in thousands2024202320242023
United States$290,192 $269,838 $856,646 $817,622 
Europe34,368 41,524 116,653 120,040 
Asia Pacific37,052 48,777 132,548 146,956 
Rest of World19,222 22,282 62,034 59,916 
Total Revenues$380,834 $382,421 $1,167,881 $1,144,534 
16. COMMITMENTS AND CONTINGENCIES
In consideration for certain technology, manufacturing, distribution, and selling rights and licenses granted to the Company, the Company has agreed to pay royalties on sales of certain products that it sells. The royalty payments that the Company made under these agreements were not significant for any of the periods presented.
In the ordinary course of its business, the Company is involved in, from time to time, various legal actions, including any matters described below, involving product liability, employment, intellectual property and commercial disputes, shareholder related matters, environmental proceedings, tax disputes, and governmental proceedings and investigations, some of which have been settled by the Company. In the opinion of management, such matters are either adequately covered by insurance or otherwise indemnified, or are not expected, individually or in the aggregate, to result in a material, adverse effect on the Company’s financial condition. However, it is possible that the Company’s results of operations, financial position and cash flows in a particular period could be materially affected by these contingencies.
The Company accrues for loss contingencies when it is deemed probable that a loss has been incurred and that loss is estimable. If the reasonable estimate of a probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is recorded. In most cases, significant judgment is required to estimate the amount and timing of a loss to be recorded and actual results may differ from these estimates. The amounts accrued are based on the full amount of the estimated loss before considering insurance proceeds and do not include an estimate for legal fees expected to be incurred in connection with the loss contingency. The Company consistently accrues legal fees expected to be incurred in connection with loss contingencies as those fees are incurred by outside counsel as a period cost.
On December 21, 2023, Fortis Advisors, LLC (representative of the security holders of ACell, Inc. (“ACell”)) filed for arbitration against Integra Life Sciences claiming breach of contract related to the earnout consideration from the 2021 acquisition of ACell. Refer to the contingent consideration section of this footnote for additional information on the ACell contingent considerations. The Company believes that it has strong defenses to the allegations in the arbitration and intends to defend the matter vigorously.
On September 12, 2023, a securities class action complaint, captioned Pembroke Pines Firefighters & Police Officers Pension Fund v. Integra LifeSciences Holdings Corporation, No. 23-cv-20321 (D.N.J.), was filed by a purported stockholder of the Company in the United States District Court for the District of New Jersey (the “Pembroke Litigation”) against the Company and certain of the Company’s current and former executive officers. The Pembroke Litigation, filed on behalf of a putative class of stockholders who purchased or acquired the Company’s common stock between March 11, 2019 and May 22, 2023, inclusive, alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 promulgated thereunder, on the basis of purportedly materially false and misleading statements and omissions relating to certain quality systems issues identified by the U.S. Food and Drug Administration at the Company’s Boston, Massachusetts manufacturing facility, the Company’s efforts to remediate those issues, and the Company’s forecasts for certain products in its Tissue Technologies segment. The complaint seeks, among other things, compensatory damages, attorneys’ fees, expert fees, and other costs. The Company believes that it has strong defenses to the allegations in the Pembroke Litigation, and intends to defend the matter vigorously.
On March 17, 2021, a complaint was filed against the Company in the Court of Common Pleas of Philadelphia County in Pennsylvania asserting product liability claims relating to a surgical procedure in which the Company’s CUSA® Clarity allegedly was used. The plaintiff seeks damages against the Company based upon plaintiff’s claim that the CUSA® Clarity did not function as intended. The plaintiff also asserts separate claims against the surgeon and the hospital. In the third quarter of 2024, a settlement was reached, which has since been paid by the Company’s insurance carriers.
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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued)
Contingent Consideration
The Company determined the fair value of contingent consideration during the nine month period ended September 30, 2024 and September 30, 2023 to reflect the change in estimate, additions, payments, transfers and the time value of money during each period.
A reconciliation of the opening balances to the closing balances of these Level 3 measurements for the nine months ended September 30, 2024 and September 30, 2023 is as follows (in thousands):
Nine Months Ended September 30, 2024Contingent Consideration Liability Related to Acquisition of:
ArkisLocation in Financial StatementsDerma SciencesACellSurgical Innovations Associates (SIA), Inc.Location in Financial Statements
Balance as of January 1, 2024
$15,755 $2,557 $300 68,700 
Payment(12,400)
Change in fair value of contingent consideration liabilities (3,019)Research and development137 — 3,100 Selling, general and administrative
Balance as of September 30, 202412,736 2,694 300 59,400 
Short-Term $8,320 $— $— $19,600 Accrued expenses and other current liabilities
Long-Term4,416 2,694 300 39,800 Other liabilities
Total12,736 2,694 300 59,400 
Nine Months Ended September 30, 2023Contingent Consideration Liability Related to Acquisition of:
Arkis Location in Financial StatementsDerma SciencesACellSurgical Innovations Associates (SIA), Inc.Location in Financial Statements
Balance as of January 1, 2023
$12,895 $230 $3,700 $57,600 
Change in fair value of contingent consideration liabilities1,991 Research and development1,887 (2,200)6,600 Selling, general and administrative
Balance as of September 30, 2023
$14,886 $2,117 $1,500 $64,200 
Short-Term $4,373 $— $503 $13,000 Accrued expenses and other current liabilities
Long-Term10,513 2,117 997 51,200 Other liabilities
Total14,886 2,117 1,500 64,200 
Arkis BioSciences Inc.
As part of the acquisition of Arkis BioSciences Inc. (“Arkis”), the Company is required to pay the former shareholders of Arkis up to $25.5 million based on the timing of certain development milestones of $10.0 million and commercial sales milestones of $15.5 million, respectively. The Company used a probability weighted income approach to calculate the fair value of the contingent consideration that considered the possible outcomes of scenarios related to each specified milestone. The Company estimated the fair value of the contingent consideration to be $13.1 million at the acquisition date.
Derma Sciences, Inc.
The Company assumed contingent consideration incurred by Derma Sciences, Inc. (“Derma Sciences”) related to its acquisitions of BioD, LLC and the intellectual property related to Medihoney® products. The Company accounted for the contingent liabilities by recording the fair value on the date of the acquisition based on a probability weighted income approach. The Company has already paid $33.3 million related to the aforementioned contingent liabilities. One contingent milestone remains, which relates to net sales of Medihoney products exceeding certain amounts defined in the agreement between the Company and Derma Sciences. The potential maximum undiscounted payment amounts to $3.0 million.
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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued)
ACell, Inc.
As part of the acquisition of ACell, the Company is required to make payments to the former shareholders of ACell up to $100 million in total for years 2022, 2023, and 2025 based on the achievement by the Company of certain revenue-based performance milestones. The 2022 and 2023 milestones were not achieved, leaving only one contingent milestone remaining. The Company used iterations of the Monte Carlo simulation to calculate the fair value of the contingent consideration that considered the possible outcomes of scenarios related to each specific milestone. The Company estimated the fair value of the contingent consideration to be $23.9 million at the acquisition date.
Surgical Innovations Associates, Inc.
As part of the acquisition of Surgical Innovations Associates, Inc. (“SIA”), the Company is required to pay to the former shareholders of SIA up to $90.0 million for two separate payments, which are dependent on (1) achieving certain revenue-based performance milestones in 2023, 2024, and 2025 (up to $50.0 million in additional payments), as well as (2) the approval by the FDA of the pre-market approval ("PMA") application for DuraSorb for certain uses by certain timing targets (up to $40.0 million in additional payments). In the second quarter of 2024, the Company paid out $12.4 million related to the 2023 performance year. The Company used iterations of the Monte Carlo simulation to calculate the fair value of the contingent consideration for the revenue-based milestone that considered the possible outcomes of scenarios related to each specific milestone for the revenue based performance milestone. The Company used probabilities of achieving the conditions to calculate the fair value of the contingent consideration for the PMA approval milestone. The Company estimated the fair value of the contingent consideration for the revenue based milestone to be $32.6 million at the acquisition date and $25.0 million for the PMA approval milestone at the acquisition date.
Other Commitments
In October 2024, the Company entered into a definitive agreement to acquire a manufacturing facility in Plainsboro, New Jersey for $10 million in cash at closing. The manufacturing facility is currently leased by the Company. The transaction is expected to close in the first quarter of 2025.
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated financial statements and the related notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q (this “Quarterly Report”) and our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023.
We have made statements in this Quarterly Report that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”). All statements other than statements of historical fact contained in this Quarterly Report, including, but not limited to, statements regarding our business strategy and plans, growth and growth strategies, developments in the markets for our products and services, financial results, development launches and effectiveness, research and development strategy, regulatory approvals, competitive strengths, objectives of management for future operations and current expectations or forecasts of future results, our expectations regarding the Boston facility and plans to operationalize the Company's Braintree facility, transition the manufacture of SurgiMend® and PriMatrix® to the Braintree facility, and to obtain pre-market approval of SurgiMend® PRS in implant-based breast reconstruction; our expectations regarding CMP (as defined below) implementation and engagement; restructuring and cost-saving initiatives, intellectual property rights, litigation and tax matters, governmental proceedings and investigations, mergers and acquisitions, divestitures, market acceptance of our products and services, accounting estimates, financing activities, ongoing contractual obligations, working capital adequacy, value of our investments, our effective tax rate, our expected returns to shareholders, and sales efforts, are forward-looking statements. In some cases, these forward-looking statements may be identified by forward-looking words such as “believe,” “may,” “might,” “could,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “seek,” “plan,” “expect,” “should,” “would” or the negative version of these words or other similar words and expressions in this Quarterly Report.
These forward-looking statements are subject to a number of risks, uncertainties and assumptions about the Company and other matters that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. We believe these risks include but are not limited to those described under the headings “Risk Factors” and “Special Note Regarding Forward-Looking Statements” in our Annual Report on Form 10-K for the year ended December 31, 2023 and in this Quarterly Report, as such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at https://www.sec.gov. Such risks and uncertainties include, but are not limited, to the following: the ongoing and possible future effects of global challenges, including macroeconomic uncertainties, inflation, supply chain disruptions, trade regulation and tariffs, other economic disruptions and U.S. and global recession concerns, on the Company’s customers and on the Company’s business, financial condition, results of operations and cash flows; the Company's ability to execute its operating plan effectively; the Company’s ability to successfully integrate acquired businesses; the Company’s ability to achieve sales growth in a timely fashion; the Company’s ability to manufacture and ship sufficient quantities of its products to meet its customers’ demands; the ability of third-party suppliers to supply us with raw materials and finished products; global macroeconomic and political conditions, including the war in Ukraine and the conflict in Israel and Gaza; the Company’s ability to manage its direct sales channels effectively; the sales performance of third-party distributors on whom the Company relies to generate revenue for certain products and geographic regions; the Company’s ability to access and maintain relationships with customers of acquired entities and businesses; physicians’ willingness to adopt and third-party payors’ willingness to provide or maintain reimbursement for the Company’s recently launched, planned and existing products; initiatives launched by the Company's competitors; downward pricing pressures from customers; the Company's ability to secure regulatory approval for products in development; the Company’s ability to remediate quality systems violations; difficulties or delays in obtaining and maintaining required regulatory approvals related to the transition of the manufacturing to the Braintree facility and obtain pre-market approval of SurgiMend® PRS in implant-based breast reconstruction; the possibility that costs or difficulties related to building and the operationalization of the Braintree facility or the transition of manufacturing activities from the Company’s Boston facility to the Braintree facility will be greater than expected; fluctuations in hospitals’ spending for capital equipment; the Company’s ability to comply with regulations regarding products of human origin and products containing materials derived from animal source; difficulties in controlling expenses, including costs to procure and manufacture our products; 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 Company’s ability to leverage its existing selling organizations and administrative infrastructure; the Company’s ability to increase product sales and gross margins, and control non-product costs; the Company’s ability to achieve anticipated growth rates, margins and scale and execute its strategy generally; the amount and timing of divestiture, acquisition and integration-related costs; the geographic distribution of where the Company generates its taxable income; new U.S. and foreign government laws and regulations, and changes in existing laws, regulations and enforcement guidance, which affect areas of our operations including, but not limited to, those affecting the health care industry, including the EU Medical Devices Regulation; the scope, duration and effect of additional U.S. and international
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governmental, regulatory, fiscal, monetary and public health responses to public health crises; fluctuations in foreign currency exchange rates; the amount of our bank borrowings outstanding and other factors influencing liquidity; potential negative impacts resulting from environmental, social and governance matters; and the potential impact of our compliance with governmental regulations and accounting guidance.
We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, results of operations, financial condition, and/or cash flows. These forward-looking statements speak only as of the date of this Quarterly Report and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law. You should carefully consider forward-looking statements and understand that such forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, and involve a variety of risks and uncertainties.
GENERAL
We are a leading global medical technology company innovating treatment pathways in surgical, neurologic and regenerative care 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.
Our products are sold in more than 120 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, Maryland, Massachusetts, New Jersey, Ohio, Puerto Rico, Tennessee, Utah, France, Germany, Ireland and Switzerland. We source most of our handheld surgical instruments and dural sealant products through specialized third-party vendors.
Our strategies are focused around five pillars. Of these five pillars, we have identified three core growth drivers: (1) innovating for outcomes, (2) growing internationally, and (3) broadening our impact on care pathways. Our execution of the core growth drivers is enabled by two key levers: (4) driving operational and customer excellence and (5) cultivating a high-performance culture. As outlined in greater detail below, we believe these five pillars will enable us to realize and advance our integrated growth strategy.
To this end, our executive leadership team has established the following key priorities aligned to the following five pillars:
Innovating for Outcomes. An important part of Integra’s growth strategy is introducing new products to strengthen and expand our portfolio through clinical evidence to support regulatory approval and strong reimbursement of our product portfolio around the world, including new indications for existing technologies. For example, in 2021, we filed a pre-market approval (“PMA”) application for a specific indication for Surgimend® in the use of post-mastectomy breast reconstruction. We cannot predict an approval date because of the timeline of restarting manufacturing at the Braintree, Massachusetts facility (the "Braintree facility"), where Surgimend® will be manufactured. We are also pursuing a PMA for DuraSorb for use in implant-based breast reconstruction (“IBBR”). We completed enrollment for the DuraSorb U.S. investigational device exemption clinical study for two-stage breast reconstruction in June 2023 and are conducting the primary follow-up one year after device implantation. We hope to secure approval for DuraSorb in 2025.
In addition, in March 2024, we expanded our urinary bladder matrix platform with the U.S. launch of MicroMatrix® Flex, a dual-syringe system enabling the convenient mixing and precise delivery of MicroMatrix® paste to provide convenient access to hard-to-reach spaces and to help prepare an even wound surface in challenging wound areas.
We also continued to advance the development of pioneering neurosurgical technologies with the expansion of our product offerings. In 2023, we launched additional CUSA® Clarity tips for use in surgical procedures requiring the controlled fragmentation, emulsification and aspiration of bone as well as in laparoscopic liver surgery.
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Growing Internationally: Over the years, we have been significantly expanding our global footprint through investments in our commercial and manufacturing organizations, the expansion and development of international markets and new product introductions. As part of our In-China-For-China strategy, we continue the build out of our assembly capabilities in our new facility in Suzhou, China. Several new products were introduced in select international markets in 2023 and 2024, including MicroMatrix® and Certas Plus® Programmable Valve, which were launched in Europe, and CUSA Clarity laparoscopic tip, which was launched in Australia, New Zealand, Japan, Canada, South Africa and Israel. In addition, DuraGen® Secure, received approval in Japan, while DuraGen Plus, an absorbable and sutureless collagen onlay indicated as a dura substitute for the repair of dura mater, and Certas Plus were approved in China. We also continued to strengthen our presence in South Asia, Southeast Asia and South Korea with key leadership appointments.
Broadening Impact on Care Pathways. We seek ways to develop and acquire products and technologies that impact the lives of patients, starting with the journey that a patient takes from diagnosis and treatment planning to surgery and postoperative care. We are well-established in acute care in the hospital setting and continue to leverage that strong position to grow in this segment and shape treatment pathways into preoperative care and additional sites of care. On April 1, 2024, the Company successfully completed the acquisition of Acclarent from Ethicon, Inc., a subsidiary of Johnson & Johnson. Acclarent is an innovator and market leader in ear, nose and throat (“ENT”) procedures and the acquisition of Acclarent has positioned Integra as one of the leading providers of ENT products and technologies. Furthermore, we believe that, owing to the ENT business being an anatomical adjacency to neurosurgery, the acquisition will allow Integra to deliver future innovation both within the ENT business and across our other CSS technology platforms.
Driving Operations and Customer Excellence. We have been making investments to build more responsive and scalable processes, enhance the reliability of our quality systems and supply chain, and drive productivity initiatives to further supply and lower costs. We continue to invest in technologies, systems and processes to enhance the customer experience. We also continue to invest in our capacity expansion. This includes ongoing projects of transferring our Boston manufacturing to a new location in Braintree, Massachusetts, validating manufacturing processes in our manufacturing facility in Plainsboro, New Jersey and increasing capacity in our Memphis, Tennessee location.
Cultivating a High-Performance Culture. In seeking to sustain a culture of excellence and accountability, we have focused on employee empowerment and agility and building a diverse and inclusive workplace. These efforts resulted in our being named in several best workplace lists globally in 2023 and 2024. Additionally, we have been making further strides in advancing our environmental, social and governance (“ESG”) agenda to drive sustainability across the organization and recently published our third annual ESG report in the third quarter of 2024. For more information on our ESG strategy, goals, performance, and achievements, please visit “Our Company—ESG Report” at https://www.integralife.com/esg-report. Information on our website is not incorporated by reference herein and is not part of this Quarterly Report.
New Product Introductions and Research and Development Updates
We continue to invest in collecting clinical evidence to support our existing products and new product launches, and to ensure that we obtain market access for broader and more cost-effective solutions.
Neurosurgical Solutions and Surgical Instruments. The CSS business consists of a broad portfolio of market-leading brands, such as Codman®, DuraGen®, DuraSeal®, CUSA®, Mayfield®, Bactiseal®, and Certas® Plus, which are used for the management of multiple disease states, including brain tumors, traumatic brain injury, hydrocephalus and other neurological conditions. The growth in this business in recent years has been fueled by geographic expansion and new product registrations in markets, such as China, Japan, and Europe, which we expect to continue in the near-to-long term. Because our electromechanical products and instruments address significant needs in surgical procedures and limit uncertainty for surgeons, we continue to invest in registrations, clearances, and approvals for new indications and next generation improvements to our market-leading products. We have several active programs focused on life cycle management and innovation for capital and disposable products in our portfolio. Our product development efforts are focused on core clinical applications in cerebrospinal fluid (“CSF”) management, neuro-critical care monitoring, minimally invasive instruments and electrosurgery and ultrasonic medical technologies, as well as our ambition to transform the standard of care in neurosurgery with product advancements in minimally invasive surgery (“MIS”) and the surgical management of intracerebral hemorrhage (“ICH”). Our lighting franchise is among the most dynamic in the industry.
We are focused on the development of core clinical applications in our electromechanical technologies portfolio. We continue to update our CUSA® Clarity platform by incorporating new ultrasonic handpiece and integrated electrosurgical capabilities. We have made several enhancements to our CUSA® Clarity Tissue Ablation System. The extended laparoscopic tip was launched in the U.S. to enhance laparoscopic liver procedures. In addition, a single-sided bone tip received 510(k) clearance from the FDA. Commercial launch was completed successfully in early 2023. In August 2023, we launched a modified 23 kHz CUSA® Electrosurgery Module (“CEM”) for Clarity handpieces that can be used with additional electrosurgery generators. We continue to work with several instrument partners to bring new surgical instrument platforms to the market.
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We also continued to advance the early-stage technology platforms we acquired in 2019. Through the acquisition of Arkis Biosciences, Inc. (“Arkis”) we added a platform technology, CerebroFlo® external ventricular drainage (“EVD”), a catheter with Endexo® technology, a permanent additive designed to reduce the potential for catheter obstruction due to thrombus formation. The CerebroFlo EVD catheter has demonstrated an average of 99% less thrombus accumulation onto its surface, in vitro, compared to a market leading EVD catheter. Our work to combine our Bactiseal® antimicrobial technology with the Endexo anti-occlusive technology continues to progress for both a silicone-based hydrocephalus and EVD project.
We also continued to advance our innovation from the Rebound Therapeutics Corporation (“Rebound Therapeutics”), which was acquired in 2019. Rebound Therapeutics specializes in a single-use medical device, known as the Aurora Surgiscope, which is the only tubular retractor system designed for cranial surgery with an integrated access channel, camera and lighting. The 9mm Surgiscope received 510(k) clearance from the FDA in the fourth quarter of 2023.
Regenerative Technologies. We were the first company to receive an FDA claim for regeneration of dermal tissue and are a world leader in regenerative technology. Our regenerative technology development program applies our expertise in bioengineering to a range of biomaterials including natural materials such as purified collagen, intact human or animal tissues, honey as well as resorbable synthetic polymers with our DuraSorb and DuraSeal® product lines. These unique product designs are used for neurosurgical and reconstructive surgical applications, as well as dermal regeneration, including the healing of chronic and acute wounds, tendon and nerve repair. Our regenerative technology platform includes our legacy Integra® Dermal Regeneration Template (“IDRT”) products and complementary technologies that we have acquired. Our collagen manufacturing capability, combined with our history of innovation, including our launch of NeuraGen 3D, provides us with strong platform technologies for multiple indications.
In the third quarter of 2021, we filed a PMA application for a specific indication for Surgimend® in the use of post-mastectomy breast reconstruction and in July 2024 received approvable pending GMP status from FDA, which approved and closed out the clinical portion of this PMA application. In 2022, we acquired SIA, which has also submitted a PMA application for DuraSorb with IBBR, and in June 2023 we completed enrollment in the DuraSorb U.S. investigational device exemption clinical study for two-stage breast reconstruction; the primary follow-up period is one year after device implantation. By offering two distinct product solutions, we believe we have the opportunity to build a leading position in the IBBR market. We hope to secure approval for DuraSorb in 2025. For SurgiMend®, we cannot predict an approval date because of the timeline of restarting manufacturing at the Braintree facility.
Additionally, in 2022, we launched NeuraGen 3D Nerve Guide Matrix, a resorbable implant for repair of peripheral nerve discontinuities and engineered to create an optimized environment for nerve regeneration. Following the completion of design control activities in 2022, we launched both Cytal and MicroMatrix in Europe in 2023. In 2023, the Company received 510(k) clearance from the FDA for MicroMatrix® Flex, which is now commercially available in the U.S. as of March 2024.
European Union Medical Device Regulation Updates
As part of our ongoing efforts to remain compliant, the Company continues to work towards European Union Medical Device Regulation (“EU MDR”) certifications. In 2023, the Company received EU MDR certification in the CSS segment for Hakim Programmable Valves, Certas Plus without Bactiseal catheters, and DuraSeal Dural, as well as IDRT and BioPatch for the TT segment. In 2024, the Company also received EU MDR certification for DuraGen Suturable for the CSS segment and MicroMatrix, as well as Cytal for the TT segment.
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FDA Matters
On March 7, 2019, TEI Biosciences, Inc. (“TEI”), one of our wholly-owned subsidiaries, received a Warning Letter (the “2019 Warning Letter”), dated March 6, 2019, from the FDA. The 2019 Warning Letter related to quality systems issues at TEI’s manufacturing facility located in Boston, Massachusetts (the “Boston facility”). The Boston facility manufactures extracellular bovine matrix products in our TT segment that are sold both in wound reconstruction and care and in private label channels. The letter resulted from an inspection held at that facility in October and November 2018 and did not identify any new observations that were not already provided in the Form 483 that followed the inspection. We submitted our initial response to the 2019 Warning Letter on March 28, 2019 and provide regular progress reports to the FDA as to its corrective actions. On October 28, 2021, the FDA initiated an inspection of the facility and at the conclusion of the inspection, issued an FDA Form 483 on November 12, 2021 (the “2021 Form 483”). We provided an initial response to the inspection observations. On March 1, 2023, the FDA commenced an inspection of the Boston facility and issued an FDA Form 483 at the conclusion of this inspection (the “2023 Form 483”). In May 2023, after consultation with the FDA, The Company initiated a voluntary global recall of all products manufactured at the Boston facility, including PriMatrix®, SurgiMend®, Revize™, and TissueMend™, distributed between March 1, 2018 and May 22, 2023. On July 19, 2023, TEI received a Warning Letter, dated July 17, 2023, from the FDA related to quality system issues at the Boston facility (the “2023 Warning Letter”). The 2023 Warning Letter did not identify any new observations that had not already been provided in the 2023 Form 483. The Company has submitted periodic responses to the FDA for both the 2023 Form 483 and the 2023 Warning Letter. We are committed to resolving the matters identified in the Warning Letters and Form 483s and are continuing our significant efforts to remediate the observations.
Although the Warning Letters do not restrict the Company’s ability to seek FDA 510(k) clearance of products, PMAs for Class III devices to which the quality system regulation violations are reasonably related will not be approved until the violations have been addressed. We cannot give any assurances that the FDA will be satisfied with our response to the issues identified by the FDA or as to the expected date of the resolution of such issues. Until the issues cited by the FDA are resolved to the FDA’s satisfaction, the FDA may initiate additional regulatory action without further notice. Any adverse regulatory action, depending on its magnitude, may restrict us from effectively manufacturing, marketing and selling our products and could have a material adverse effect on our business, financial condition and results of operations.
As required by the 2023 Warning Letter, we retained an outside expert consultant to perform an audit of the Boston facility in March 2024. Since receiving the third-party audit findings for the Boston facility in March, the Company has reassessed its plans and timeline to resume the manufacture of PriMatrix® and SurgiMend®. In parallel, the Company has been furthering its plans to complete the construction and operationalization of its new tissue manufacturing facility in Braintree, Massachusetts. The Company announced in the second quarter of 2024 that it no longer plans to restart the manufacture of PriMatrix® and SurgiMend® at its Boston facility and will, instead, restart manufacturing of these products at the Braintree facility. The Company expects to operationalize the Braintree facility in the first half of 2026. As a result of these decisions, in the second quarter of 2024, the Company recorded a $4.6 million impairment charge, comprised of a $1.7 million impairment of an operating lease right-of-use asset and a $2.9 million write-off of fixed assets, which was recorded as a component of cost of goods sold in the condensed consolidated statements of operations. For further detail on the impairment, see Note 10. Leases and Related Party Leases.
The Company elected to perform impairment testing on certain definite-lived intangibles and goodwill in the first quarter of 2024, which resulted in an intangible impairment of $7.1 million. For further detail on the impairment testing, see Note 5. Goodwill and Other Intangible Assets.
Revenues of products manufactured in the Boston facility for the year ended December 31, 2022 were approximately 5.3% of consolidated revenues.
Optimization and Integration Activities
As a result of our ongoing acquisition strategy and significant growth in recent years, we have undertaken cost-saving initiatives to consolidate manufacturing operations, distribution facilities and transfer activities, eliminate duplicative positions, realign various sales and marketing activities, and expand and upgrade production capacity for our regenerative technology products. These efforts are expected to continue and while we expect a positive impact from ongoing restructuring, integration, and manufacturing transfer and expansion activities, such results remain uncertain.
As a result of both audits by regulatory agencies as well as our own reviews of the company’s quality management system, we are in the process of implementing a Compliance Master Plan (the “CMP”), a systematic and holistic approach to improving our quality management system across our manufacturing and supply network. The primary objectives of the CMP are to remediate quality system gaps, harmonize the quality management system across the company, and enhance the quality culture at the company.
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RESULTS OF OPERATIONS
Executive Summary
Net loss for the three and nine months ended September 30, 2024 was $(10.7) million and $(26.4) million, or $(0.14) and $(0.34) per diluted share, as compared to net income of $19.5 million and $47.9 million or $0.24 and $0.59 per diluted share for the three and nine months ended September 30, 2023. The decrease in net income for the three and nine months ended September 30, 2024, was driven by impacts from quality and operational issues, along with costs related to the Acclarent acquisition.
Special Charges
Income before taxes includes the following special charges:
Three Months Ended September 30,Nine Months Ended September 30,
Dollars in thousands2024202320242023
Acquisition, divestiture and integration-related charges$7,810 $5,832 $31,361 $18,056 
Structural optimization charges5,739 3,729 15,112 9,868 
EU medical device regulation10,578 13,490 35,109 34,172 
Boston recall / Braintree transition(1)
9,933 7,800 33,676 38,841 
Total$34,060 $30,851 $115,258 $100,937 
(1) This primarily includes idle capacity charges, inventory write offs, site transfer costs, quality remediation costs, right of use and fixed asset impairments.
The items reported above are reflected in the condensed consolidated statements of operations as follows:
Three Months Ended September 30,Nine Months Ended September 30,
Dollars in thousands2024202320242023
Cost of goods sold $17,803 $11,223 $55,689 $50,437 
Research and development3,218 5,448 14,645 13,878 
Selling, general and administrative13,056 14,302 45,021 37,371 
Other income(17)(122)(97)(749)
 Total$34,060 $30,851 $115,258 $100,937 
We typically define special charges as items for which the amounts and/or timing of such expenses may vary significantly from period to period, depending upon our acquisition, divestiture, integration and restructuring activities, and for which the amounts are non-cash in nature and are not expected to recur at the same magnitude. We believe that given our ongoing strategy of seeking acquisitions, our continuing focus on rationalizing our existing manufacturing and distribution infrastructure and our continuing review of various product lines in relation to our current business strategy, some of the special charges discussed above could recur with similar materiality in the future.
We believe that the separate identification of these special charges provides important supplemental information to investors regarding financial and business trends relating to our financial condition and results of operations. Investors may find this information useful in assessing the comparability of our operating performance from period to period, against the business model objectives that management has established, and against other companies in our industry. We provide this information to investors so that they can analyze our operating results in the same way that management does and to use this information in their assessment of our core business and valuation of the Company.
Revenues and Gross Margin
The Company’s revenues and gross margin on product revenues were as follows:
 Three Months Ended September 30,Nine Months Ended September 30,
Dollars in thousands2024202320242023
Segment Net Sales
Codman Specialty Surgical$270,782$268,205$828,977$787,371
Tissue Technologies110,052114,216338,904357,163
Total revenues$380,834$382,421$1,167,8811,144,534
Cost of goods sold180,596164,076534,892486,292
Gross margin on total revenues$200,238$218,345$632,989$658,242
Gross margin as a percentage of total revenues52.6 %57.1 %54.2 %57.5 %
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Three Months Ended September 30, 2024 as Compared to Three Months Ended September 30, 2023
Revenues and Gross Margin
For the three months ended September 30, 2024, total revenues decreased by $1.6 million to $380.8 million from $382.4 million for the same period in 2023. Excluding the impacts of the Acclarent acquisition, the Boston recall and foreign currency impact, revenues declined low double digits compared to the same period in the previous year, driven by impacts from quality and operational issues.
In the CSS segment, revenues were $270.8 million which was an increase of $2.6 million, or 1.0% as compared to the prior-year period, inclusive of $31.0 million related to the Acclarent acquisition. Excluding the impact of the Acclarent acquisition, the Neurosurgery portfolio declined low double digits, primarily driven by lower sales due to temporary shipping holds in CSF Management and Dural Access & Repair.
In the TT segment, revenues were $110.1 million which was an decrease of $4.2 million, or 3.6% from the prior-year period. Excluding the impact of the Boston recall, the TT segment decreased high single-digits as compared to the same period in the prior year. This is primarily attributable to a decline in Integra Skin due to production challenges, partially offset by growth in our private label business, MicroMatrix® & Cytal, and Durasorb.
Gross margin was $200.2 million for the three months ended September 30, 2024, a decrease of $18.1 million from $218.3 million for the same period in 2023. Gross margin as a percentage of revenues was 52.6% for the three months ended September 30, 2024 and 57.1% for the same period in 2023. For the three months ended September 30, 2024, gross margins were impacted by expenses associated with quality and operational issues. For the three months ended September 30, 2023, gross margins were impacted by expenses associated with the Boston recall.
Operating Expenses
The following is a summary of operating expenses as a percent of total revenues:
 Three Months Ended September 30,
 20242023
Research and development7.2 %7.0 %
Selling, general and administrative46.5 %42.3 %
Intangible asset amortization1.0 %0.8 %
Total operating expenses54.7 %50.1 %
Total operating expenses, which consist of research and development, selling, general and administrative, and amortization expenses, increased by $16.6 million, or 8.7%, to $208.4 million in the three months ended September 30, 2024, compared to $191.8 million in the same period in 2023.
Research and Development
Research and development expenses for the three months ended September 30, 2024 increased by $0.8 million as compared to the same period in the prior year.
Selling, General and Administrative
Selling, general and administrative costs for the three months ended September 30, 2024 increased by $15.2 million as compared to the same period in the prior year due to higher spending in commercial selling activities for both legacy and Acclarent products.
Intangible Asset Amortization
Amortization expense (excluding amounts reported in cost of product revenues for technology-based intangible assets) for the three months ended September 30, 2024 was $3.8 million compared to $3.2 million for the same period in the prior year.
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Non-Operating Income and Expenses
The following is a summary of non-operating income and expenses:
 Three Months Ended September 30,
Dollars in thousands20242023
Interest income$5,049 $4,607 
Interest expense(19,373)(13,062)
Other income, net2,112 471 
Total non-operating income and expense$(12,212)$(7,984)
Interest Income
Interest income for the three months ended September 30, 2024 increased by $0.4 million as compared to the same period in the prior year.
Interest Expense
Interest expense for the three months ended September 30, 2024 increased by $6.3 million as compared to the same period in the prior year primarily due to incremental borrowing to fund the Acclarent acquisition.
Other Income, net
Other income, net for the three months ended September 30, 2024 increased by $1.6 million compared to the same period in the prior year, primarily driven by favorable foreign exchange impact.
Income Taxes
Three Months Ended September 30,
Dollars in thousands20242023
Income before income taxes$(20,362)$18,609 
Income tax (benefit) expense(9,667)(888)
Effective tax rate47.5 %(4.8)%
The Company’s effective income tax rates for the three months ended September 30, 2024 and 2023 were 47.5% and (4.8)%, respectively. For the three months ended September 30, 2024, the higher tax rate is primarily due to the limitation of foreign tax credits in the U.S. and the limitation of federal tax credits in Switzerland, caused by lower three month book income, as compared to the previous year. For the three months ended September 30, 2023,the primary drivers of the lower tax rate relate to a reduction to book income in higher-taxed jurisdictions and a $3.3 million benefit related to the filing of prior year tax returns.
The effective tax rate may vary from period to period depending on, among other factors, the geographic and business mix of taxable earnings and losses, tax planning and settlements with various taxing authorities. We consider these factors and others, including the Company’s history of generating taxable earnings, in assessing our ability to realize tax assets on a quarterly basis.
Additionally, changes to income tax laws and regulations, in any of the tax jurisdictions in which the Company operates, could impact the effective tax rate. Various governments, both U.S. and non-U.S., are increasingly focused on tax reform and revenue-raising legislation. The current U.S. administration has proposed tax reform which, if enacted, may increase the Company’s U.S. federal income tax liability. Further, legislation in foreign jurisdictions may be enacted, in response to the base erosion and profit-shifting project begun by the Organization for Economic Cooperation and Development (“OECD”). Such changes in the U.S. and non-U.S. jurisdictions could have an adverse effect on the Company's effective tax rate.
The OECD released model rules related to a new 15% global minimum tax regime (“Pillar 2”). Several of the jurisdictions in which we operate have already adopted some form of the model rules, which could impact the amount of taxes that the Company pays during 2024 and future taxable periods. The rules are complex and provide for delays for implementing the tax during the early transition years, if certain conditions are met. At this time, the Company is projecting an immaterial expense related to Pillar 2 tax liability for the 2024 year. The Company will continue to analyze the new Pillar 2 laws and any related guidance to determine potential impacts. Such changes in U.S. and non-U.S. jurisdictions could have an adverse effect on the Company’s effective tax rate.
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While it is often difficult to predict the outcome or the timing of the resolution of a particular matter with the various federal, state, and foreign tax authorities, we believe that our reserves reflect the most probable outcome of known tax contingencies. Settlement of a particular issue would usually require the use of cash. A favorable resolution would be recognized as a reduction to our annual effective tax rate in the year of resolution. The Company’s tax reserves are presented in the balance sheet within other liabilities, except for amounts relating to items that we expect to pay in the coming year, which would be classified as current income taxes payable.
Nine Months Ended September 30, 2024 as Compared to Nine Months Ended September 30, 2023
Revenues and Gross Margin
For the nine months ended September 30, 2024, total revenues increased by $23.3 million to $1,167.9 million from $1,144.5 million for the same period in 2023. Excluding the impacts of the Acclarent acquisition, the Boston recall and foreign currency impact, revenues declined low single digits compared to the same period in the prior year, primarily driven by impacts from quality and operational issues.
In the CSS segment, revenues were $829.0 million, an increase of $41.6 million, or 5.3% from the prior period, inclusive of $62.3 million related to the Acclarent acquisition, and $5.2 million unfavorable foreign currency impact on revenue. Excluding these impacts, the Neurosurgery portfolio revenues declined low single digits, primarily driven by lower sales due to temporary shipping holds in CSF Management and Dural Access & Repair.
In the TT segment, revenues were $338.9 million, a decrease of $18.3 million, or 5.1% from the prior-year period. Excluding the impact of the Boston recall, the TT segment decreased mid single digits as compared to the same period in the prior year. This is primarily attributable to a decline in Integra Skin due to production challenges, partially offset by growth in our private label business, MicroMatrix® & Cytal, and Durasorb.
Gross margin was $633.0 million for the nine months ended September 30, 2024, a decrease of $25.3 million from $658.2 million for the same period in 2023. Gross margin as a percentage of total revenue decreased to 54.2% for the nine months ended September 30, 2024 from 57.5% in the same period in 2023. For the nine months ended September 30, 2024, gross margins were impacted by impairment charges associated with the Boston recall, Acclarent inventory step up, and expenses associated with quality and operational issues. For the nine months ended September 30, 2023 gross margins were impacted by expenses associated with the Boston recall.
Operating Expenses
The following is a summary of operating expenses as a percent of total revenues: 
 Nine Months Ended September 30,
 20242023
Research and development7.2 %7.0 %
Selling, general and administrative46.1 %43.1 %
Intangible asset amortization1.5 %0.8 %
Total operating expenses54.8 %50.9 %
Total operating expenses, which consist of selling, general and administrative expenses, research and development expenses, and amortization expenses, increased by $57.4 million, or 9.8% to $640.2 million in the nine months ended September 30, 2024, compared to $582.8 million in the same period in 2023.
Research and Development
Research and development expenses for the nine months ended September 30, 2024 increased by $4.3 million as compared to the same period in the prior year primarily due to the Acclarent acquisition.
Selling, General and Administrative
Selling, general and administrative costs increased by $45.0 million as compared to the same period in the prior year driven primarily by Acclarent acquisition costs and related commercial activities, as well as higher spending in commercial selling activities for legacy products.
Intangible Asset Amortization
Amortization expense (excluding amounts reported in cost of product revenues for technology-based intangible assets) for the nine months ended September 30, 2024 was $17.6 million compared to $9.3 million for the same period in the prior year. The increase is driven by the impairment of customer relationship intangible related to our Boston facility of $7.1 million.
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We expect total annual amortization expense to be approximately $25.6 million for the remainder of 2024, $102.4 million in 2025, $102.2 million in 2026, $101.2 million in 2027, $97.6 million in 2028, $92.4 million in 2029 and $511.8 million thereafter.
Non-Operating Income and Expenses
The following is a summary of non-operating income and expenses:
Nine Months Ended September 30,
Dollars in thousands20242023
Interest income$15,147 $12,653 
Interest expense(51,648)(37,626)
Other income, net2,939 1,705 
Total non-operating income and expense$(33,562)$(23,268)
Interest Income
Interest income for the nine months ended September 30, 2024 increased by $2.5 million as compared to the same period in the prior year due to higher interest rates.
Interest Expense
Interest expense for the nine months ended September 30, 2024 increased by $14.0 million as compared to the same period in the prior year mainly due to incremental borrowing for the Acclarent acquisition.
Other Income, net
Other income, net for the nine months ended September 30, 2024, increased by $1.2 million as compared to the same period in the prior year, primarily driven by favorable foreign exchange impact.
Income Taxes
Nine Months Ended September 30,
Dollars in thousands20242023
Income before income taxes$(40,778)$52,211 
Income tax (benefit) expense(14,399)4,304 
Effective tax rate35.3 %8.2 %
The Company’s effective income tax rates for the nine months ended September 30, 2024 and 2023 were 35.3% and 8.2%, respectively. For the nine months ended September 30, 2024, the higher tax rate is primarily due to the limitation of foreign tax credits in the U.S. and the limitation of federal tax credits in Switzerland, caused by lower book income and a $1.9 million shortfall from stock-based compensation, as compared to the prior year. For the nine months ended September 30, 2023, the primary drivers of the lower tax rate relate to a reduction to book income in higher-taxed jurisdictions and a $3.8 million benefit related to the filing of prior year tax returns.
GEOGRAPHIC PRODUCT REVENUES AND OPERATIONS
We attribute revenues to geographic areas based on the location of the customer. Total revenue by major geographic area consisted of the following:
Three Months Ended September 30,Nine Months Ended September 30,
Dollars in thousands2024202320242023
United States$290,192 $269,838 $856,646 $817,622 
Europe34,368 41,524 116,653 120,040 
Asia Pacific37,052 48,777 132,548 146,956 
Rest of World19,222 22,282 62,034 59,916 
Total Revenues$380,834 $382,421 $1,167,881 $1,144,534 
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We generate significant revenues outside the U.S., a portion of which are U.S. dollar-denominated transactions conducted with customers that generate revenue in currencies other than the U.S. dollar. As a result, currency fluctuations between the U.S. dollar and the currencies in which those customers do business could have an impact on the demand for our products in foreign countries. Local economic conditions, regulatory compliance or political considerations, the effectiveness of our sales representatives and distributors, local competition and changes in local medical practice all may combine to affect our sales into markets outside the U.S.
Domestic revenues increased by $20.4 million for the three months ended September 30, 2024 compared to the same period in the prior year. European sales decreased by $7.2 million for the three months ended September 30, 2024 compared to the same period in the prior year. Sales to customers in Asia Pacific decreased by $11.7 million for the three months ended September 30, 2024. Sales to customers in the the Rest of World for the three months ended September 30, 2024 decreased by $3.1 million compared to the same period in the prior year. The increase in domestic revenues for the three months ended September 30, 2024 is primarily the result of the Acclarent acquisition, offset by a decline in sales of Integra Skin, Dural Access & Repair, and CSF Management. The decrease in international revenues for the three months ended September 30, 2024 was also the result of a decline in sales of Integra Skin, Dural Access & Repair, and CSF Management.
Domestic revenues increased by $39.0 million for the nine months ended September 30, 2024 compared to the same period in the prior year. European sales decreased by $3.4 million for the nine months ended September 30, 2024 compared to the same period in the prior year. Sales to customers in Asia Pacific decreased by $14.4 million for the nine months ended September 30, 2024. Sales to customers in the Rest of World for the nine months ended September 30, 2024 increased by $2.1 million compared to the same period in the prior year. The increase in domestic revenues for the nine months ended September 30, 2024 is primarily the result of the Acclarent acquisition, offset by a decline in sales of Integra Skin, Dural Access & Repair, and CSF Management. The decrease in international revenues for the nine months ended September 30, 2024 was also the result of a decline in sales of Integra Skin, Dural Access & Repair, and CSF Management. The international revenues were impacted by $5.2 million of unfavorable foreign exchange impact.
LIQUIDITY AND CAPITAL RESOURCES
Working Capital
Working capital consists of total current assets less total current liabilities as presented in the consolidated balance sheets. The Company’s working capital as of September 30, 2024 and December 31, 2023 was $187.0 million and $751.1 million, respectively. The decrease in working capital as compared to the prior year is primarily driven by $572.4 million of convertible notes, which became current during the year.
Cash and Cash Equivalents
The Company had cash and cash equivalents totaling approximately $215.2 million and $276.4 million at September 30, 2024 and December 31, 2023 respectively, which are valued based on Level 1 measurements in the fair value hierarchy. Level 1 inputs represent quoted prices in active markets for identical assets or liabilities. At September 30, 2024, our non-U.S. subsidiaries held approximately $183.5 million of cash and cash equivalents that are available for use outside the U.S. The Company asserts that it has the ability and intends to indefinitely reinvest the undistributed earnings from its foreign operations unless there is no material tax cost to remit the earnings into the U.S.
Short Term Investments
The Company had short term investments, primarily consisting of time deposits, which are valued based on Level 1 measurements in the fair value hierarchy, totaling approximately $62.4 million at September 30, 2024 compared to $32.7 million at December 31, 2023.

Cash Flows
Nine Months Ended September 30,
Dollars in thousands20242023
Net cash provided by operating activities$78,642 $81,205 
Net cash used in investing activities(386,559)(36,949)
Net cash provided by (used in) financing activities245,013 (223,035)
Effect of exchange rate fluctuations on cash1,659 (4,150)
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Cash Flows Provided by Operating Activities
Operating cash flows for the nine months ended September 30, 2024 decreased by $2.6 million compared to the same period in 2023. Within operating cash flows, net income less non-cash adjustments decreased for the nine months ended September 30, 2024 by approximately $75.2 million as compared to the same period in 2023 primarily driven by costs related to the Acclarent acquisition, as well as costs associated with quality and operational issues.
The changes in assets and liabilities for the nine months ended September 30, 2024, net of business acquisitions, decreased cash flows by $19.0 million, mainly attributable to increases in prepaid and other current assets, and inventory, offset by decreases in accounts receivable.
The changes in assets and liabilities for the nine months ended September 30, 2023, net of business acquisitions, decreased cash flows by $91.7 million, mainly attributable to increases in inventory, other current assets, and decreases in accrued expenses and other current liabilities due to reduced payments processed during the year.
Cash Flows Used in Investing Activities
Uses of cash from investing activities for the nine months ended September 30, 2024 were $74.8 million paid for capital expenditures to support the investment in the new Braintree facility, as well as improvement initiatives at a number of our manufacturing facilities, and other technology investments, $282.0 million related to the Acclarent acquisition, and $49.0 million related to short term investments.
Sources of cash from investing activities for the nine months ended September 30, 2024 were $19.3 million for short term investments converted to cash.
Uses of cash from investing activities for the nine months ended September 30, 2023 related to $42.3 million paid for capital expenditures to support operations improvement initiatives at a number of our manufacturing facilities and other information technology investments.
Sources of cash from investing activities for the nine months ended September 30, 2023 were $5.4 million in proceeds from settlement of our net investment hedges.
Cash Flows Provided by or Used in Financing Activities
Uses of cash from financing activities in the nine months ended September 30, 2024 related to the repayments of $147.2 million under our Senior Credit Facility and Securitization Facility, $50.0 million related to the repurchase of treasury stock of under the share repurchase agreements, and $11.9 million related to payment of a contingent consideration. In addition, the Company had $3.4 million in cash taxes paid for net equity settlements.
Sources of cash from financing activities for the nine months ended September 30, 2024 were $451.1 million proceeds from borrowings of long-term indebtedness and $6.4 million proceeds from the exercise of stock options.
Uses of cash from financing activities in the nine months ended September 30, 2023 related to the repurchase of treasury stock of $275.0 million under the share repurchase agreements, repayments of $85.9 million under our Senior Credit Facility and Securitization Facility. In addition, there was $7.6 million attributable to debt issuance costs, as well as $5.5 million in cash taxes paid for net equity settlements.
Sources of cash from financing activities for the nine months ended September 30, 2023 were $146.9 million borrowing under our Senior Credit Facility and Securitization Facility and $4.1 million proceeds from the exercise of stock options.
Credit Agreement, Convertible Senior Notes, Securitization and Related Hedging Activities
See Note 6. Debt, to the Notes to Unaudited Condensed Consolidated Financial Statements (Part I, Item 1 of this Quarterly Report) for a discussion of our Credit Agreement, the 2025 Notes and Securitization Facility and Note 7. Derivative Instruments, to the Notes to Unaudited Condensed Consolidated Financial Statements (Part I, Item 1 of this Quarterly Report) for discussion of our hedging activities.
The Senior Credit Facility is subject to various financial and negative covenants and, at September 30, 2024, the Company was in compliance with all such covenants. Our Consolidated Total Leverage Ratio was 3.99, with the covenant requirement at 4.5 at the end of September 30, 2024. Based on our current forecast for the next twelve months we expect to remain in compliance with the financial and negative covenants.
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Share Repurchase Plan
See Note 11. Treasury Stock, to the Notes to Unaudited Condensed Consolidated Financial Statements (Part I, Item 1 of this Quarterly Report) for further details of our share repurchase programs.
Dividend Policy
We have not paid any cash dividends on our common stock since our formation. Our Senior Credit Facility limits the amount of dividends that we may pay. Any future determinations to pay cash dividends on our common stock will be at the discretion of the Board of Directors and will depend upon our financial condition, results of operations, cash flows and other factors deemed relevant by the Board of Directors.
Capital Resources
We believe that our cash and available borrowings under the Senior Credit Facility are sufficient to finance our operations and capital expenditures for the next 12 months and foreseeable future. Our future capital requirements will depend on many factors, including the growth of our business, the timing and introduction of new products and investments, strategic plans and acquisitions, among others. Additional sources of liquidity available to us include short term borrowings and the issuance of long term debt and equity securities.
Off-Balance Sheet Arrangements
We do not have any off-balance sheet financing arrangements during the nine months ended September 30, 2024 that have or are reasonably likely to have, a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to our interests.
Contractual Obligations and Commitments
We will continue to have cash requirements to support seasonal working capital needs and capital expenditures, to pay interest, to service debt, and to fund acquisitions. As part of our ongoing operations, we enter into contractual arrangements that obligate us to make future cash payments.
Our primary obligations include principal and interest payments on the revolving credit facility and term loan component of the Senior Credit Facility, Securitization Facility and 2025 Notes. See Note 6. Debt, to the Notes to Unaudited Condensed Consolidated Financial Statements (Part I, Item 1 of this Quarterly Report) for details. We also lease some of our manufacturing facilities and office buildings which have future minimum lease payments. See Note 10. Leases and Related Party Leases, to the Notes to Unaudited Condensed Consolidated Financial Statements (Part I, Item 1 of this Quarterly Report) for a schedule of our future minimum lease payments. Amounts related to our other obligations, including employment agreements and purchase obligations were not material.
The Company has contingent consideration obligations related to prior and current year acquisitions and future pension contribution obligations. See Note 9. Retirement Plans, and Note 16. Commitments and Contingencies, to the Notes to Unaudited Condensed Consolidated Financial Statements (Part I, Item 1 of this Quarterly Report) for details. The associated obligations are not fixed. We also have a liability for uncertain tax benefits including interest and penalties. We cannot make a reliable estimate of the period in which the uncertain tax benefits may be realized.
OTHER MATTERS
Critical Accounting Estimates
We based the discussion and analysis of our financial condition and results of operations upon our consolidated financial statements, which have been prepared in conformity with GAAP. The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent liabilities, and the reported amounts of revenues and expenses. The critical accounting estimates discussed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 did not materially change in the nine months ended September 30, 2024.
Recently Issued Accounting Standards
Information regarding new accounting pronouncements is included in Note 1. Basis of Presentation, to the Notes to Unaudited Condensed Consolidated Financial Statements (Part I, Item 1 of this Quarterly Report), and is applicable to the current period’s unaudited condensed consolidated financial statements.
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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We are exposed to various market risks, including changes in foreign currency exchange rates and interest rates that could adversely affect our results of operations and financial condition. To manage the volatility relating to these typical business exposures, we may enter into various derivative transactions when appropriate. We do not hold or issue derivative instruments for trading or other speculative purposes.
Foreign Currency Exchange and Other Rate Risks
We operate on a global basis and are exposed to the risk that changes in foreign currency exchange rates could adversely affect our financial condition, results of operations and cash flows. We are primarily exposed to foreign currency exchange rate risk with respect to transactions and net assets denominated in Euros, British pounds, Swiss francs, Canadian dollars, Japanese yen, Mexican pesos, Brazilian reais, Australian dollars, and Chinese yuan. We manage the foreign currency exposure centrally, on a combined basis, which allows us to net exposures and to take advantage of any natural offsets. To mitigate the impact of currency fluctuations on transactions denominated in nonfunctional currencies, we periodically enter into derivative financial instruments in the form of foreign currency exchange forward contracts with major financial institutions. We temporarily record realized and unrealized gains and losses on these contracts that qualify as cash flow hedges in other comprehensive income, and then recognize them in other income or expense when the hedged item affects net earnings.
From time to time, we enter into foreign currency forward exchange contracts to manage currency exposures for transactions denominated in a currency other than an entity’s functional currency. As a result, the impact of foreign currency gains/losses recognized in earnings are partially offset by gains/losses on the related foreign currency forward exchange contracts in the same reporting period. Refer to Note 7. Derivative Instruments, to the Notes to Unaudited Condensed Consolidated Financial Statements (Part I, Item 1 of this Quarterly Report) for further information.
We maintain written policies and procedures governing our risk management activities. With respect to derivatives, changes in hedged items are generally expected to be completely offset by changes in the fair value of hedge instruments. Consequently, foreign currency exchange contracts would not subject us to material risk due to exchange rate movements, because gains and losses on these contracts offset gains and losses on the assets, liabilities or transactions being hedged.
The results of operations discussed herein have not been materially affected by inflation.
Interest Rate Risk
Cash and Cash Equivalents - We are exposed to the risk of interest rate fluctuations on the interest income earned on our cash and cash equivalents. A hypothetical 100 basis points movement in interest rates applicable to our cash and cash equivalents outstanding at September 30, 2024 would impact interest income by approximately $2.2 million on an annual basis. We are subject to foreign currency exchange risk with respect to cash balances maintained in foreign currencies.
Debt - Our interest rate risk relates primarily to U.S. dollar SOFR-indexed borrowings. We use interest rate swap derivative instruments to manage our earnings and cash flow exposure to changes in interest rates. These interest rate swaps fix the interest rate on a portion of our expected SOFR-indexed floating-rate borrowings. These interest rate swaps were designated as cash flow hedges as of September 30, 2024. The total notional amounts related to the Company's interest rate swaps were $1.3 billion with $625.0 million effective as of September 30, 2024. Based on our outstanding borrowings at September 30, 2024, a 100 basis points change in interest rates would have impacted interest expense on the unhedged portion of the debt by $6.4 million on an annualized basis. See Note 7. Derivative Instruments, to the Notes to Unaudited Condensed Consolidated Financial Statements (Part I, Item 1 of this Quarterly Report) for further information regarding interest rate swaps.
ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. Disclosure controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Management has designed our disclosure controls and procedures to provide reasonable assurance of achieving the desired control objectives.
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As required by Exchange Act Rule 13a-15(b), we have carried out an evaluation, under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of September 30, 2024. Based upon this evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective as of September 30, 2024 to provide such reasonable assurance.
Changes in Internal Control Over Financial Reporting
There were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the quarter ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
In response to business integration activities, we have and will continue to further align and streamline the design and operation of the financial control environment to be responsive to the changing business model.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
Please refer to Note 16. Commitments and Contingencies, to the Notes to Unaudited Condensed Consolidated Financial Statements (Part I, Item 1 of this Quarterly Report) for further details on current legal proceedings.
ITEM 1A. RISK FACTORS
There have been no material changes in our risk factors included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and subsequent periodic reports filed with the SEC pursuant to the Exchange Act.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Recent Sale of Unregistered Securities:
None.
Purchases of Equity Securities:
The following table provides information about purchases by the Company during the quarter ended September 30, 2024 of equity securities that are registered by us pursuant to Section 12 of the Exchange Act. Subject to applicable law, share repurchases may be made from time to time in open market transactions, privately negotiated transactions including accelerated share repurchase agreements, or pursuant to instruments and plans complying with Rule 10b5-1 under the Exchange Act, among other types of transactions and arrangements.
Issuer purchases of equity securities
PeriodTotal number of shares purchasedAverage price paid per share
Total number of shares purchased as part of publicly announced plans or programs(1)
Approximate dollar value of shares that may yet be purchased under the plans or program
07/01/2024 - 07/31/2024(2)
446,075 $24.81 446,075 
50,000,000(3)
08/01/2024 - 08/31/2024— $— — — 
09/01/2024 - 09/30/2024— $— — — 
Total446,075 446,075 
(1) On May 16, 2024, the Company entered into a $50 million accelerated share repurchase (“May 2024 ASR”) and received 1.3 million shares of common stock at the inception of the May 2024 ASR, which represented approximately 70% of the expected total shares under the May 2024 ASR.
(2) On July 30, 2024, the early exercise provision was exercised by the May 2024 ASR counterparty. The Company received an additional 0.4 million shares determined using the volume-weighted average price of the Company’s common stock during the term of the May 2024 ASR.
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(3) On July 18, 2023, the Board of Directors authorized a new $225 million share repurchase program, replacing the existing $225 million program authorized in April 2022, under which $75 million remained authorized at the time of its replacement. The program authorized in July 2023, which expires on December 31, 2025, allows the Company to repurchase its shares opportunistically from time to time. They May 2024 ASR was effected under this authorization. As of September 30, 2024, $50 million remained authorized under the July 2023 share repurchase authorization.The Company may utilize various methods to effect any repurchases, including open market transactions, privately negotiated transactions, transactions structured through investment banking institutions, including accelerated share repurchases, or a combination of the foregoing, some of which may be effected through Rule 10b5-1 plans. The price and timing of any future purchases under the share repurchase program will depend on factors such as levels of cash generation from operations, the volume of stock option exercises by employees, cash requirements for acquisitions, dividends, economic and market conditions and stock price, and such repurchases may be discontinued at any time.
According to the terms of our Senior Credit Facility, our ability to declare or make any dividend payments is limited. See Note 6. Debt, to the Notes to Unaudited Condensed Consolidated Financial Statements (Part I, Item 1 of this Quarterly Report) for a description of working capital restrictions and limitation on the payment of dividends.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
Not applicable.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER INFORMATION
Rule 10b5-1 Trading Plans
During the quarter ended September 30, 2024, none of the Company’s directors or officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”
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ITEM 6. EXHIBITS
Exhibits
3.1(a)
3.1(b)
3.1(c)
3.1(d)
3.1 (e)+
3.2
10.1*+
31.1+ 
31.2+ 
32.1+ 
32.2+ 
101.INS+# XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH+# XBRL Taxonomy Extension Schema Document
101.CAL+# XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF+# XBRL Definition Linkbase Document
101.LAB+# XBRL Taxonomy Extension Labels Linkbase Document
101.PRE+# XBRL Taxonomy Extension Presentation Linkbase Document
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
 
*Indicates a management contract or compensatory plan or arrangement.
+Indicates this document is filed as an exhibit herewith.
#
The financial information of Integra LifeSciences Holdings Corporation Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 filed on November 4, 2024 formatted in XBRL (Extensible Business Reporting Language): (i) the Condensed Consolidated Statements of Operations and Comprehensive Income, (ii) the Condensed Consolidated Balance Sheets, (iii) Parenthetical Data to the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Cash Flows, and (v) Notes to Condensed Consolidated Financial Statements, is furnished electronically herewith.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 INTEGRA LIFESCIENCES HOLDINGS CORPORATION
Date:November 4, 2024/s/ Jan De Witte
 Jan De Witte
 President and Chief Executive Officer
(Principal Executive Officer)
Date:November 4, 2024/s/ Lea Knight
Lea Knight
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
Date:November 4, 2024/s/ Jeffrey A. Mosebrook
 Jeffrey A. Mosebrook
 Senior Vice President, Finance
(Principal Accounting Officer)

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