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美國
證券交易委員會
華盛頓特區20549
 
表格 10-Q
 
（標記一）
☒根據1934年證券交易法第13或15(d)節的季度報告

截至季度結束日期的財務報告2024年9月30日
或者
☐根據1934年證券交易法第13或15(d)節的轉型報告書

在從某某到某某的過渡期間           
佣金檔案號 000-26224
 
英特格拉生命科學控股有限公司CORATION
（按其憲章規定的註冊機構的確切名稱）
 
特拉華州 51-0317849
(公司實體的屬地或其他管轄區)
公司註冊或組織）		 （總部地址）
（郵政編碼）
校園路1100號 08540
普林斯頓,新澤西州。符號
登記人電話號碼，包括區號 
註冊人的電話號碼，包括區號: (609) 275-0500
如自上次報告以來更改，前名稱、前地址及前財政年度：
在法案第12(b)條的規定下注冊的證券：
每種類別的名稱交易標的註冊的交易所名稱
普通股，每股面值0.01美元。IART納斯達克全球精選市場
 
請用勾號表示註冊者是否（1）已在過去的12個月內（或在註冊者需要提交此類報告的較短期間內）提交了《1934年證券交易法》第13或15（d）部分規定的所有要求的報告，並且（2）註冊者已受到過去90天內的這些報告要求的審視。是  ☒    否  ☐

請在以下選項上打勾表明註冊公司：在過去12個月內（或者在註冊公司需要提交這些報告的較短時間內），註冊公司是否已經電子提交了根據執行S-T條款規則405需要提交的所有互動式數據文件。 ☒ 否 ☐ 是  ☒    否  ☐

請勾選表示註冊申報人是否爲大型加速歸檔者、加速歸檔者、非加速歸檔者、較小報告公司或新興成長公司。請參閱《交易所法規》第120億.2規定中"大型加速歸檔者"、"加速歸檔者"、"較小報告公司"和"新興成長公司"的定義。




大型加速報告人☒加速文件申報人☐
非加速文件提交人
☐  
更小的報告公司☐
新興成長公司☐

如果是新興增長型企業，請勾選複選框，表示註冊人已決定不使用延長過渡期來遵守根據《證券交易法》第13(a)條規定提供的任何新的或修訂後的財務會計準則。 ☐
請勾選以下內容。申報人是否是外殼公司（根據證券交易法規則12b-2定義）。    是  ☐    否  ☒
註冊人的普通股，面值0.01美元，截至目前爲止流通股數爲 2024年11月1日爲 461.4 百萬77,163,524.
英特格拉生命科學控股公司
指數

 
 
數量
三季度及其他綜合收益壓縮合並利潤及綜合收益報表 有九起類似訴訟針對JAVELIN的要約收購和合並被提起，稱違反信託責任，尋求公正補償，包括但不限於，禁止交易的達成、撤銷、解除已經交易的事項，以及發送費用、補貼成本，包括合理的律師費和費用。唯一的佛羅里達州訴訟從未向被告送達，該案件於2017年1月20日自願撤回並關閉。2016年4月25日，馬里蘭法院頒佈了一項命令，將馬里蘭案件合併成一起訴訟，標題爲JAVELIN Mortgage Investment Corp.股東訴訟（案號24-C-16-001542），並指定一個馬里蘭案件的律師作爲臨時首席聯合法律顧問。2016年5月26日，臨時首席律師提交了經修訂的釩化鐵質量投訴，聲稱違反信託責任的集體索賠，教唆和共謀違反信託責任以及浪費。2016年6月27日，被告提出了駁回合併修訂集體投訴申請的動議，聲稱未陳述可以獲得救濟的規定。在2017年3月3日，聽證會召開了駁回動議，法院保留了裁定。法院數次推遲動議陳述的裁定。2024年2月14日，法院頒佈裁定，支持被告的駁回動議，並駁回所有原告的權利，無需上訴。在2024年3月11日，原告提出了對法院裁定的上訴通知。2024年7月3日，原告自願撤回之前提出的上訴通知。 和202 九月 2024年和2023年（未經審計）
的現金流簡明彙總表 有九起類似訴訟針對JAVELIN的要約收購和合並被提起，稱違反信託責任，尋求公正補償，包括但不限於，禁止交易的達成、撤銷、解除已經交易的事項，以及發送費用、補貼成本，包括合理的律師費和費用。唯一的佛羅里達州訴訟從未向被告送達，該案件於2017年1月20日自願撤回並關閉。2016年4月25日，馬里蘭法院頒佈了一項命令，將馬里蘭案件合併成一起訴訟，標題爲JAVELIN Mortgage Investment Corp.股東訴訟（案號24-C-16-001542），並指定一個馬里蘭案件的律師作爲臨時首席聯合法律顧問。2016年5月26日，臨時首席律師提交了經修訂的釩化鐵質量投訴，聲稱違反信託責任的集體索賠，教唆和共謀違反信託責任以及浪費。2016年6月27日，被告提出了駁回合併修訂集體投訴申請的動議，聲稱未陳述可以獲得救濟的規定。在2017年3月3日，聽證會召開了駁回動議，法院保留了裁定。法院數次推遲動議陳述的裁定。2024年2月14日，法院頒佈裁定，支持被告的駁回動議，並駁回所有原告的權利，無需上訴。在2024年3月11日，原告提出了對法院裁定的上訴通知。2024年7月3日，原告自願撤回之前提出的上訴通知。 和202 九月 2024年和2023年（未經審計）
股東權益變動表 有九起類似訴訟針對JAVELIN的要約收購和合並被提起，稱違反信託責任，尋求公正補償，包括但不限於，禁止交易的達成、撤銷、解除已經交易的事項，以及發送費用、補貼成本，包括合理的律師費和費用。唯一的佛羅里達州訴訟從未向被告送達，該案件於2017年1月20日自願撤回並關閉。2016年4月25日，馬里蘭法院頒佈了一項命令，將馬里蘭案件合併成一起訴訟，標題爲JAVELIN Mortgage Investment Corp.股東訴訟（案號24-C-16-001542），並指定一個馬里蘭案件的律師作爲臨時首席聯合法律顧問。2016年5月26日，臨時首席律師提交了經修訂的釩化鐵質量投訴，聲稱違反信託責任的集體索賠，教唆和共謀違反信託責任以及浪費。2016年6月27日，被告提出了駁回合併修訂集體投訴申請的動議，聲稱未陳述可以獲得救濟的規定。在2017年3月3日，聽證會召開了駁回動議，法院保留了裁定。法院數次推遲動議陳述的裁定。2024年2月14日，法院頒佈裁定，支持被告的駁回動議，並駁回所有原告的權利，無需上訴。在2024年3月11日，原告提出了對法院裁定的上訴通知。2024年7月3日，原告自願撤回之前提出的上訴通知。 和202 九月 2024年和2023年（未經審計）



目錄
第一部分 財務信息

項目1.基本報表

英特格拉生命科學控股公司
簡明合併利潤表
及綜合收益
(未經審計)
（以千美元爲單位，除每股金額外）
 截至9月30日的三個月截至9月30日的九個月
 2024202320242023
淨營業收入總額$380,834 $382,421 $1,167,881 $1,144,534 
成本和費用：
營業成本180,596 164,076 534,892 486,292 
研發27,435 26,596 84,167 79,908 
銷售、一般及行政費用177,193 161,948 538,463 493,513 
無形資產攤銷3,760 3,208 17,575 9,342 
總成本和費用388,984 355,828 1,175,097 1,069,055 
營業（虧損）收入(8,150)26,593 (7,216)75,479 
利息收入5,049 4,607 15,147 12,653 
利息支出(19,373)(13,062)(51,648)(37,626)
其他收入，淨額2,112 471 2,939 1,705 
（虧損）所得稅前收入(20,362)18,609 (40,778)52,211 
所得稅（益）費用(9,667)(888)(14,399)4,304 
淨（虧損）利潤$(10,695)$19,497 $(26,379)$47,907 
每股淨(虧損)收益爲
基本$(0.14)$0.24 $(0.34)$0.59 
稀釋$(0.14)$0.24 $(0.34)$0.59 
加權平均流通在外普通股數量（見附註13）：
基本76,448 79,690 77,196 80,842 
稀釋76,448 79,811 77,196 81,112 
綜合收益（見附註14）
(16,823)16,412 (36,126)$39,387 

附表中未經審計的附註是這些簡明合併基本報表的一部分。
3
目錄
英特格拉生命科學控股公司
簡化聯合資產負債表（未經審計）
（以千美元爲單位，除每股金額外）
2024年9月30日2023年12月31日
資產
流動資產：
現金及現金等價物$215,157 $276,402 
短期投資62,441 32,694 
應收賬款、減除$的折扣7,423 和 $4,879
248,298 259,327 
淨存貨436,930 389,608 
預付費用86,326 67,362 
其他流動資產50,370 32,643 
總流動資產1,099,522 1,058,036 
物業、廠房和設備，淨值390,906 340,199 
使用權資產 - 經營租賃146,342 156,184 
無形資產, 淨額1,209,548 1,067,833 
商譽1,116,535 1,055,462 
48,936 46,080 
其他54,014 58,194 
總資產$4,065,803 $3,781,988 
負債和股東權益
流動負債:
按照高級信貸協議的借款的流動部分$29,063 $14,531 
經營租賃的租賃負債的流動部分15,039 15,284 
可轉換證券572,442 — 
交易應付賬款77,666 92,326 
合同負債9,990 8,540 
應計的薪資76,424 75,455 
應計費用及其他流動負債131,939 100,844 
流動負債合計912,563 306,980 
高級信貸貸款的長期借款1,132,292 825,563 
證券化設施下的長期借款72,800 89,200 
長期可轉換證券— 570,255 
租賃負債 - 經營租賃167,808 166,849 
遞延稅款負債68,945 35,317 
其他負債189,808 199,940 
負債合計2,544,216 2,194,104 
股東權益:
優先股;否每股面值; 15,000 授權股數； 無未行權的
— — 
普通股; $0.01每股面值; 240,000 授權股數； 91,588和頁面。90,920 分別於2024年9月30日和2023年12月31日發行
916 909 
額外實收資本1,316,854 1,302,484 
即期收購庫藏股；截至2022年9月25日，共計157,773股，截至2022年6月26日，共計157,087股。14,454持續經營活動中普通股股東的收益12,751 分別爲2024年9月30日和2023年12月31日的股份
(691,810)(647,262)
累計其他綜合損失(24,854)(15,106)
保留盈餘920,481 946,859 
股東權益總額1,521,587 1,587,884 
負債和股東權益總額$4,065,803 $3,781,988 
The accompanying unaudited notes are an integral part of these condensed consolidated financial statements.
4
目錄

英特格拉生命科學控股公司
現金流量表簡明綜合報表
(未經審計)
(以千美元計)
 截至9月30日的九個月
 20242023
運營活動：
淨利潤（虧損）$(26,379)$47,907 
調整淨利潤以計入經營活動現金流量:
折舊和攤銷103,304 92,527 
非現金減值費用12,173 — 
遞延所得稅（收益）計提(13,743)2,963 
股權酬金17,225 14,350 
債務發行成本攤銷和與債務再融資相關的費用4,193 4,731 
非現金租賃費用(129)2,120 
處置固定資產的損益1,337 (4)
應收款項公允價值變動和其他(319)8,278 
資產和負債變動：
應收賬款38,861 5,050 
存貨(27,579)(43,350)
預付費用和其他流動資產(34,401)(21,700)
其他非流動資產(1,745)(8,774)
應付賬款、應計費用及其他流動負債2,686 (22,141)
合同負債1,822 141 
其他非流動負債1,336 (893)
經營活動產生的現金流量淨額78,642 81,205 
投資活動：
購買固定資產(74,818)(42,330)
用於企業收購的現金（支付），淨計現金獲取(281,994)— 
短期投資的購買(48,997)— 
來自短期投資到期的收益19,250 — 
作爲指定爲淨投資對沖的掉期的淨收益— 5,381 
投資活動產生的淨現金流出(386,559)(36,949)
融資活動：
長期債務借款收入451,100 146,900 
償還債務(147,188)(85,900)
支付債務發行成本— (7,578)
購買公司股票(50,000)(275,000)
支付應付款項 (11,923)— 
來自行使期權所得款項6,398 4,092 
淨股權結算中支付的現金稅款(3,374)(5,549)
籌集資金的淨現金流量245,013 (223,035)
匯率變動對現金及現金等價物的影響1,659 (4,150)
現金及現金等價物淨減少(61,245)(182,929)
期初現金及現金等價物餘額276,402 456,661 
期末現金及現金等價物$215,157 $273,732 
附表中未經審計的附註是這些簡明合併基本報表的一部分。
5
目錄
英特格拉生命科學控股公司
股東權益變動簡明綜合表
(未經審計)
(以千美元計)
2024年9月30日止九個月
普通股庫存股資本公積金累計其他綜合損失未分配利潤總股本
股份數量股份數量
2024年1月1日餘額90,920 $909 (12,751)$(647,262)$1,302,484 $(15,106)$946,859 $1,587,884 
淨損失— — — — — — (3,281)(3,281)
其他綜合收益（虧損），淨額— — — — — 4,460 — 4,460 
通過員工股票購買計劃發行普通股23 — — — 965 — — 965 
發行普通股以換取股權獎勵，扣除用於支付稅款和沒收的股份541 2 16 840 1,470 — — 2,312 
股權酬金— 4 — — 5,608 — — 5,612 
加速回購股份— $— — — — $— — — 
2024 年 3 月 31 日餘額91,484 $915 (12,735)$(646,422)$1,310,527 $(10,646)$943,578 $1,597,952 
淨損失— — — — — — (12,402)(12,402)
其他綜合損失，淨額— — — — — (8,080)— (8,080)
發行普通股以支付基於股票的獎勵，扣除用於稅金和沒收的股份107 1 — 20 (101)— — (80)
股權酬金— — — — 7,305 — — 7,305 
加速回購股份— $— (1,273)(34,351)(16,149)$— $— (50,500)
2024年6月30日結餘91,591 $916 (14,008)$(680,753)$1,301,582 $(18,726)$931,176 $1,534,195 
淨損失— — — — — — (10,695)(10,695)
其他綜合收益，扣除稅後— — — — — (6,128)— (6,128)
發行普通股以結算基於股份獎勵的股份，扣除用於繳納稅款和沒收的股份(3)— — 10 (181)— — (171)
股權酬金— — — — 4,386 — — 4,386 
加速回購股份— — (446)(11,067)11,067 — — — 
2024年9月30日餘額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日止九個月
普通股庫存股資本公積金累計其他綜合損失未分配利潤總股本
股份數量股份數量
2023年1月1日的餘額
90,476 $905 (6,823)$(362,862)$1,276,977 $10,265 $879,118 $1,804,403 
淨收入— — — — — — 24,226 24,226 
其他綜合收益，扣除稅後— — — — — (3,198)— (3,198)
通過員工股票購買計劃發行普通股21 — — — 1,107 — — 1,107 
發行普通股以換取員工股權獎勵的股份，扣除用於支付稅款和沒收的股份316 1 16 846 (4,858)— — (4,011)
股權酬金— 2 — — 3,609 — — 3,611 
加速回購股份— — (2,111)(119,662)(31,538)— — (151,200)
2023年3月31日的結存
90,813 $908 (8,918)$(481,678)$1,245,297 $7,067 $903,344 $1,674,938 
淨收入— — — — — — 4,184 4,184 
其他綜合收益（虧損），淨額— — — — — (2,237)— (2,237)
發行普通股用於股份獎勵的歸屬，扣除用於繳納稅款和沒收的股份68 1 — 21 985 — — 1,007 
股權酬金— — — — 5,268 — — 5,268 
加速回購股份— — (609)(32,125)32,125 — — — 
2023年6月30日，餘額
90,881 909 (9,527)(513,782)1,283,675 4,830 907,528 1,683,160 
淨收入— — — — — — 19,497 19,497 
其他綜合收益，扣除稅後— — — — — (3,085)— (3,085)
發行普通股以換取股份獎勵，扣除用於稅收和沒收的股票54 — — 17 424 — — 441 
股權酬金— — — — 5,457 — — 5,457 
加速回購股份— — (2,296)(99,012)(27,237)— — (126,249)
2023年9月30日餘額
90,935 909 (11,823)(612,777)1,262,319 1,745 927,025 1,579,221 
附表中未經審計的附註是這些簡明合併基本報表的一部分。
7
Table of Contents
INTEGRA LIFESCIENCES HOLDINGS CORPORATION
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1. 提供的基礎
總體來說
術語「我們」，「我們的」，「我們」，「公司」和「英特格拉」指的是英特格拉生命科學控股公司，一家特拉華州的公司及其子公司，除非上下文另有說明。
在管理層的意見中，2024年9月30日的未經審計的簡明合併基本報表包含所有必要的調整（僅由正常經常性調整組成），以公正地陳述公司的財務狀況、股東權益變動表、經營成果和現金流量。根據10-Q表格的相關說明和S-X法規10-01條規的規定，按照美國通用會計準則（「GAAP」）編制的財務報表中通常包含的某些信息和腳註披露已經進行了簡化或省略。應當閱讀這些未經審計的簡明合併基本報表，並結合公司截至2023年12月31日的財務報表，這些財務報表已在公司的10-K表格報告中包含。2023年12月31日的合併資產負債表來源於經過審計的財務報表，但未包含GAAP要求的所有披露。截至2024年9月30日的三個月和九個月期間的營運業績不一定代表整個年度的預期業績。
編制合併基本報表符合普通會計準則，要求管理層進行估計和假設，影響資產和負債報告金額、附註事項披露以及收入和費用報告金額的估計。影響未經審計的簡明合併財務報表中報告金額或披露的重大估計包括壞賬準備、銷售退貨和折讓、存貨淨變現價值、無形資產估值（包括已取得的無形資產攤銷期限）、用於估值和測試長期資產和商譽減值的折現率和預計現金流量、預測現金流量和長期資產折舊和攤銷期限的估計、稅金計算、遞延稅資產計提的減值準備、股權補償估值、衍生工具估值、附帶責任估值、債務工具的公允價值和損失風險。這些估計基於歷史經驗和其他各種認爲在當前情況下是合理的假設。實際結果可能與這些估計不同。
最近的會計聲明
2020年3月，財務會計準則委員會（「FASB」）發佈了ASU 2020-04，參考利率改革（主題848）：有關參考利率改革在財務報告中的作用的便利（「ASU No. 2020-04」）。，並於2021年1月隨後修訂了最初的指導方針，: ASU 2021-01， 參考利率改革（主題848）：範疇。 （統稱爲「主題848」）。主題848爲適用美國通用會計準則的合同、對沖關係和其他受參考利率改革影響的交易提供了可選的便利和例外，前提是符合某些標準。這些修訂僅適用於參考倫敦銀行同業拆放利率（「LIBOR」）或其他有望因參考利率改革而停用的參考利率的合同、對沖關係和其他交易。2022年12月，FASB發佈了ASU 2022-06，，有關參考利率改革（主題848）：延期主題848的日落日期，，將生效日期從2022年12月31日延期至2024年12月31日。另外，由美國聯邦儲備委員會和紐約聯邦儲備召集的私人市場參與者組成的備選參考利率委員會已建議使用隔夜擔保拆借利率（「SOFR」）作爲LIBOR更可靠的替代參考利率。2023年3月24日，公司與以美國銀行爲行政代理的貸款銀行聯合體簽訂了第七份修訂協議（「2023年3月修訂」），以替換其所有LIBOR爲SOFR的貸款合同，SOFR是基於由國債支持的回購協議下的隔夜交易計算的。此外，於2023年4月17日，公司簽訂了一項對貸款資產證券化融資工具（以下簡稱「貸款資產證券化融資工具」）的修訂協議（「2023年4月修訂」），並將利率從LIBOR調整爲基於SOFR的利率。（詳情請參閱 注6 債務2023年3月，公司參與了一項基礎掉期交易，公司將接收期限SOFR並支付每日複利的SOFR，以將掉期組合從日複利的SOFR轉換爲期限SOFR。公司已選擇採用主題848下的可選便利措施，這將允許利率互換對沖關係繼續進行，不必撤銷，因爲指數利率從LIBOR變更爲SOFR。
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英特格拉生命科學控股公司
未經審計的綜合財務報表附註（未經審計）（續）
2023年12月，FASB發佈了ASU 2023-09，所得稅（題目740）：改進所得稅披露 通過擴大與匯率複覈和所繳所得稅有關的年度披露要求，增進了所得稅披露的透明度。這些修訂自2024年12月15日之後的財政年度生效。允許提前採用。這些修訂應在基本報表中呈現的所有之前期間中進行追溯運用。公司不打算提前採用，目前正在評估這項ASU，以判斷其對公司披露的影響。
2023年11月，FASB發佈了ASU 2023-07，分部報告（主題 280）：報告服務部門（主題 280）變更披露方式，通過升級對意義重大的分部費用的披露來改進分部報告披露要求。該準則適用於 2023 年 12 月 15 日之後的財年和 2024 年 12 月 15 日之後的財年間隔期。該準則必須適用於財務報表中呈現的所有期間的追溯。該公司目前正在評估該標準對合並財務報表的影響。通過增加對重要板塊費用的披露，更新了主要的可報告細分要求。修訂於2023年12月15日後開始的財政年度起生效，並適用於2024年12月15日後開始的財政年度內的中期時段。允許提前採用。修訂應追溯至財務報表中呈現的所有以前時段。公司不計劃提前採用，並目前正在評估這項ASU以判斷其對公司披露的影響。
最近沒有其他已發佈的會計準則預計會對公司的財務狀況、經營業績或現金流量產生重大影響。
現金及現金等價物
公司持有現金及現金等價物，主要包括手頭現金以及原始期限不超過三個月的定期存款和高度流動且可立即轉換爲現金的貨幣市場基金，合計約$215.2萬美元和276.4 於2024年9月30日和2013年12月31日分別約$百萬。原始期限不超過三個月的定期存款和貨幣市場基金的價值是根據FASB 820《ASC 820》內建立的公允價值層次結構中的1級衡量標準來確定的。一級輸入代表 公允價值計量 同一資產或負債的活躍市場上的報價價格。
短期投資
公司有短期投資，主要包括原始到期日在三個月至一年之間的定期存款，根據公允價值層次中的一級測量進行估值，總額約爲$62.4 年9月30日的金額爲百萬美元，相比之下，年爲百萬美元。32.7百萬美元。
2. 收購和剝離
Acqui- sition of Acclarent, Inc.
2024年4月1日，公司完成了收購Acclarent, Inc.（「Acclarent」）的全部優先股，後者是一家開發和銷售用於耳鼻喉（「ENT」）手術的醫療設備的公司，從莊信嘉（Johnson & Johnson的子公司）處以約數百萬美元的現金。282.0根據相關的購買協議規定的一般性調整，公司於2024年9月完成了金額爲數百萬美元的營運資本調整。4.2 這個調整將在截至2024年三月的三個月內解決。 十二月三十一日收購Acclarent的ENT產品系列，包括鼻竇球囊擴張、咽鼓管球囊擴張以及手術導航系統技術，以及專門的賽富時，將提升公司在ENT專業設備市場的地位。
Acclarent的經營業績已經在公司的Codman Specialty Surgical報告段中報告，從收購日期起。公司在截至2024年9月30日的綜合損益表中記錄了來自Acclarent的約$ 營業收入。62.3由於正在整合到公司的業務中，因此無法單獨確定歸屬於這一收購的淨利潤或淨損失。
資產以及負債以公允價值取得
Acclarent收購業務採用了根據FASB第ASC 805號規定的收購會計方法。 商業組合 （ASC 805）。該方法要求在企業合併中獲得的資產和負債必須按其獲取日期的公允價值進行確認。公司估計了在收購日期的資產和負債的初步分配中考慮淨有形和無形資產及承擔的負債的公允價值。公司尚未完成對所得資產和負債的分析。因此，對無形資產、商譽和所得稅的分配是初步的，需要最終確定。在結束不晚於收購日期後一年的計量期間內，公司將繼續獲取信息，以幫助最終確定所獲淨資產的公允價值，這可能與這些初步估計有實質性差異。如果任何計量期間的調整是重大的，則公司將記錄該調整，包括對淨利潤的任何相關影響，在確定調整的報告期內記錄。
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英特格拉生命科學控股公司
未經審計的綜合財務報表附註（未經審計）（續）
以下表格總結了在收購日期取得的資產的初步公允價值和承擔的負債。
千美元估算公允價值預計使用年限
流動資產：
現金$— 
貿易應收賬款，扣減費用 23,716 
淨存貨20,294 
預付費用273 
其他資產476 
總流動資產$44,759 
物業、廠房和設備，淨值7,716 
使用權資產 - 經營租賃989 
無形資產, 淨額
已完成的科技202,000 12年
商標/品牌名稱3,000 5年
其他全部17,000 4年
商譽61,396 
遞延所得稅資產6,863 
獲取的總資產$343,723 
流動負債:
交易應付賬款3,989 
合同負債3,984 
應計的薪資1,037 
應計費用及其他流動負債2,278 
經營租賃的租賃負債的流動部分365 
流動負債合計$11,653 
租賃負債 - 經營租賃624 
遞延稅款負債53,635 
承擔的總負債65,912 
已獲得淨資產$277,811 
交易應收賬款、預付費用、其他流動資產、應付賬款、合同負債、計提的補償、計提費用和其他流動負債的賬面價值，以及某些其他流動和非流動資產和負債，通常代表了收購日期的公允價值。
無形資產
通過收入法中的多期超額收益法確定獲取的無形資產的預估公允價值，該方法根據與無形資產相關的未來經濟利益的現值來估算價值。在開發估值時使用的重要假設包括估計的年度淨現金流，其中包括預測的營業收入，適當反映未來每筆現金流中固有風險的折現率，以及對資產生命週期的評估，以及其他因素。財務預測中使用的假設基於歷史數據，並輔以當前和預期的增長率、管理計劃和市場可比信息。公允價值的確定需要相當多的判斷，並對基本假設和因素的變化敏感。初步假設可能會變化，並可能導致對最終估值的重大變化。獲取的無形資產具有加權平均有用壽命。 11年。
公司使用折現率爲 12.2％，以獲得收購無形資產的現值，以反映市場參與者期望獲得的收益率以及現金流量預測中的增量商業不確定性。不能保證用於準備貼現現金流量分析的基本假設不會發生變化。因此，實際結果可能會與估計結果有顯著差異。
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英特格拉生命科學控股公司
未經審計的綜合財務報表附註（未經審計）（續）
商譽
商譽是指支付的代價超過承認的淨資產，代表了合併公司和集團員工的預期協同效應。商譽已分配給Codman Specialty Surgical部門，如下所示 注5. 商譽和其他無形資產。由於這項收購而確認的商譽在所得稅目的上不可扣除。
遞延所得稅負債
遞延稅負是由可識別無形資產的公允價值調整所導致的。這些調整造成了賬面基礎超過稅基礎，需要根據適用司法管轄區的法定稅率進行稅收處理。
收購Durepair®
於2024年10月2日，公司完成了對Durepair產品權限的收購。® Regeneration Matrix (「Durepair」)是一種非合成的硬腦膜替代品，在神經外科手術中修復硬腦膜時使用，該產品的所有權來自美敦力有限公司，總代價爲$45.0 百萬美元。公司在完成收購交易時支付了$10.0 百萬美元的現金，並將在收購第一週年時再次支付$15.0 百萬美元的現金，在收購第二週年時再次支付$20.0 百萬美元。
公司將會對Durepair產品權的收購進行賬務處理，其中包括某些專利和商標、監管批准以及其他記錄，按照ASC 805的規定，這將被視爲資產收購，因爲此次收購不包括已經集成的員工隊伍，且所獲得資產的淨公允價值幾乎全部集中於單一可識別資產，因此這些資產不被視爲業務。
3. 與客戶簽訂合同的收入
營業收入確認會計政策摘要
營業收入是指在向客戶轉讓承諾的產品或服務的控制權時確認，金額應反映公司預計收到的與這些產品和服務交換的對價。
履行責任
公司的履約義務主要包括在合同、採購訂單或發票中明確的貨物和服務的控制轉移。公司沒有與客戶簽訂重大多元合同。
重要的會計估計
基於使用量的特許權和許可費用是根據與客戶的合同規定估計的，並在公司戰略合作伙伴銷售基於特許權的產品的同一期間內確認。公司根據與許可方的溝通、歷史信息和預期銷售趨勢來估計和確認特許權收入。實際報告許可方銷售額與估計值之間的差異將在變得已知的期間（通常是下一個季度）進行調整。以往，此類調整並不重要。
公司根據歷史趨勢和其他已知因素，使用預期價值方法估計退貨、價格讓步和折扣津貼。每位客戶合同的返利津貼估計採用最可能的方法。
公司的退貨政策要求在產品目錄和銷售發票中明確規定，需要提前審查和授權，然後才能退貨。經授權後，從發貨日起一定天數內退回貨物，將會發放信用額度。 90日。
如果公司預計，在合同簽訂之初，貨物或服務的轉讓與客戶付款之間的期間將在一年或一年以下，那麼公司會忽視融資成分的影響。公司沒有在產品或服務的控制權轉讓後一年後預計收到的付款上確認重要收入。
合同資產和負債
作爲公司的自有品牌業務所確認的收入未因隨時間確認收入而向客戶開具發票，將被記錄爲合同資產，包括在合併資產負債表中的其他流動資產帳戶中。
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英特格拉生命科學控股公司
未經審計的綜合財務報表附註（未經審計）（續）
其他營業收入可能包括根據服務協議收取的費用。根據多期服務協議收取的不可退還費用，在公司履行對其他方的履約義務時確認爲營業收入。分配給未來期間履行義務的交易價格的一部分被確認爲合同負債。
以下表格總結了截至2024年9月30日九個月結束時合同資產和負債餘額的變化：
千美元總費用
合同資產
2024年1月1日的合同資產
$9,233 
從年初合同資產中轉入應收賬款$(9,233)
期間內合同資產淨額，減去轉入交易應收款$7,828 
2024年9月30日的合同資產
$7,828 
合同負債
2024年1月1日的合同責任
$16,252 
年初合同責任中包括的營業收入確認$(6,616)
通過Acclarent獲得的合同責任$3,984 
期間內合同責任相關的已確認營業收入淨額$4,447 
外幣翻譯$21 
2024年9月30日的合同責任
$18,088 
2024年9月30日，合同負債的短期部分爲$開空百萬美元10.0 長期部分爲開多百萬美元分別計入綜合資產負債表的流動負債和其他負債。8.1 2024年9月30日，合同負債的短期部分爲$開空百萬美元和長期部分爲開多百萬美元分別計入綜合資產負債表的流動負債和其他負債。
截至2024年9月30日，公司預計將認可約營業收入的 55%的未滿足（或部分未滿足）履約義務作爲收入 12多個月內，剩餘的餘額將在此後確認。
運費和手續費
公司選擇將運輸和處理活動列爲實現成本，而不是單獨的履約義務。向客戶開具的運輸和處理費用包含在交易價格中，並在基礎產品控制權移交給客戶時確認爲營業收入。公司發生的相關運輸和運費費用已包括在營業成本中。
產品保修
公司的某些醫療設備，包括監控系統和神經外科系統，設計用於長時間運行。這些產品附帶的保修期可能延長至 發生 從購買日期起。這些保修期不被視爲單獨的履約義務。公司使用期望值法估計其產品保修，基於歷史趨勢和其他已知因素。公司將其包括在合併資產負債表的應計費用和其他流動負債中。
向客戶收取的稅款
公司選擇排除由政府機構徵收的與特定產生營業收入的交易同時並與之同時徵收並由客戶支付的所有稅款，不計入交易價格的測定。
12
英特格拉生命科學控股公司
未經審計的綜合財務報表附註（未經審計）（續）
收入分解
下表顯示了2024年和2023年9月30日結束的三個月和九個月的收入，按主要收入來源進行細分（金額單位爲千美元）：
2024年9月30日止三個月2023年9月30日止三個月2024年9月30日止九個月2023年9月30日止九個月
神經外科$175,956 $209,229 $583,726 $607,902 
實驗室54,238 49,920 153,148 152,523 
ENT(1)
40,588 9,056 92,103 26,946 
總Codman特殊外科270,782 268,205 828,977 787,371 
創傷重建和護理80,460 88,071 249,032 280,129 
自有品牌29,592 26,145 89,872 77,034 
總組織技術110,052 114,216 338,904 357,163 
總收入$380,834 $382,421 $1,167,881 $1,144,534 
(1) 以往期間在我們儀器業務中的收入已經重新分類至業務。
請參閱 注意15. 分部和地理信息，有關基於客戶所在地的收入詳情。
4. 存貨
存貨淨值如下:
以千美元計2024年9月30日2023 年 12 月 31 日
成品$219,347 $196,402 
工作正在進行中85,493 74,035 
原材料132,090 119,171 
庫存總額，淨額$436,930 $389,608 
5. 商譽和其他無形資產
商譽
2024年9月30日止的九個月期間，商譽的賬面價值變動情況如下：
千美元Codman專業
手術		組織技術總費用
2023年12月31日的商譽$666,937 $388,525 $1,055,462 
Acclarent收購 61,396 — 61,396 
外幣翻譯(210)(113)(323)
2024年9月30日的商譽
$728,123 $388,412 $1,116,535 
公司根據FASB ASC 主題 350年度審計商譽和無形資產的減值情況，通常在第三季度進行。 無形資產-商譽和其他 此外，如果發生某一事件或情況變化可能導致報告單位或無形資產減值至其賬面價值以下，公司也可能進行中期測試。每個報告單位的賬面價值是通過將資產和負債分配給相應的報告單位來確定的，其中包括現有的商譽和無形資產。
公司通過進行定性評估或定量測試來測試減值。定性評估考慮了因素，包括報告單位特定的營運結果以及行業、市場和一般經濟狀況，以判斷報告單位的公允價值是否有可能低於其賬面價值，包括商譽。公司可以選擇放棄對某些或所有報告單位進行此定性評估，並進行定量測試。定量測試採用收益方法和市場方法的組合來確定報告單位的公允價值。收益方法利用報告單位的預估折現現金流量，而市場方法利用可比的上市公司的營業收入和EBITDA。
13
英特格拉生命科學控股公司
未經審計的綜合財務報表附註（未經審計）（續）
多個。用於計算未來折現現金流的收入增長率、營業利潤率和每個報告單元的折現率等估計和假設包括風險因素，具體適用於每個報告單元和其他市場和行業數據的加權平均資本成本。使用的假設固有地存在不確定性，並且這些假設的輕微變化可能對結論價值產生重大影響。所使用的估計和假設代表了公允價值層次中的三級度量。三級輸入受到有限或無市場活動的支持，並反映了公司在測量公允價值時的假設。
爲了善意，2024年第三季度，公司選擇繞過組織技術、神經外科和工具及耳鼻喉報告單位的定性評估，進行定量測試。組織技術報告單位的定量測試利用了一個終端增長率 2.5%和一個折現率 12.5%。公司在進行定量分析後確定，組織技術報告單位的公允價值不低於其賬面價值，有 21.2%空間。神經外科報告單位的定量測試利用了一個終端增長率 2.5%和一個折現率 12.0%。公司在進行定量分析後確定，神經外科報告單位的公允價值不低於其賬面價值，有 11.7%空間。工具和耳鼻喉報告單位的定量測試利用了一個終端增長率 2.5%和一個折現率 11.5在收入方法中的%。公司在進行定量分析後確定，工具和ENT報告單位的公允價值不低於其賬面價值， 22.1的空間。根據這些定量測試結果， 否 對組織技術、神經外科或工具和ENT報告單位的商譽減值。
公司對每個報告單位的公允價值進行了假設敏感性分析，通過增加貼現率%s個基 點，降低終極增長率%s個點子，並保持所有其他假設不變，導致組織技術報告單位的估計公允價值下降%s，神經外科報告單位的估計公允價值下降%s，儀器與ENT報告單位的估計公允價值下降%s。根據假設敏感性分析的結果，公司仍未記錄組織技術、神經外科或儀器與ENT報告單位商譽減值。 50 點子，將終端增長率降低%s個點子，並保持所有其他假設不變，導致組織技術報告單位的估計公允價值下降%s，神經外科報告單位的估計公允價值下降%s，儀器與ENT報告單位的估計公允價值下降%s。根據假設敏感性分析的結果，公司仍未記錄組織技術、神經外科或儀器與ENT報告單位商譽減值。 50 ％，將終端增長率降低%s個點子，並保持所有其他假設不變，導致組織技術報告單位的估計公允價值下降%s，神經外科報告單位的估計公允價值下降%s，儀器與ENT報告單位的估計公允價值下降%s。根據假設敏感性分析的結果，公司仍未記錄組織技術、神經外科或儀器與ENT報告單位商譽減值。 4.5％，將終端增長率降低%s個點子，並保持所有其他假設不變，導致組織技術報告單位的估計公允價值下降%s，神經外科報告單位的估計公允價值下降%s，儀器與ENT報告單位的估計公允價值下降%s。根據假設敏感性分析的結果，公司仍未記錄組織技術、神經外科或儀器與ENT報告單位商譽減值。 3.8％，將終端增長率降低%s個點子，並保持所有其他假設不變，導致組織技術報告單位的估計公允價值下降%s，神經外科報告單位的估計公允價值下降%s，儀器與ENT報告單位的估計公允價值下降%s。根據假設敏感性分析的結果，公司仍未記錄組織技術、神經外科或儀器與ENT報告單位商譽減值。 3.5％。根據假設敏感性分析的結果，公司仍未記錄組織技術、神經外科或儀器與ENT報告單位商譽減值。
對於無形資產的無限生命，公司選擇在2024年第三季度跳過對Codman商標無形資產的定性評估，進行定量測試。在進行這項測試時，公司採用了折現率 13.0％。評估Codman商標減值所使用的假設可能會發生變化，並由管理層與歷史結果進行跟蹤。根據定量測試的結果，公司確認 否 Codman商標無形資產減值。
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英特格拉生命科學控股公司
未經審計的綜合財務報表附註（未經審計）（續）
其他無形資產
公司可辨識無形資產的組成部分如下:
 2024年9月30日
千美元已授予和預期於2021年1月2日授予股份
平均數
壽命		成本累積的
攤銷		淨利
已完成的科技17年$1,427,186 $(509,825)$917,361 
客戶關係12年168,396 (138,022)30,374 
商標/品牌名稱27年101,896 (41,833)60,063 
Codman商標無限期174,118 — 174,118 
供應商關係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
千美元已授予和預期於2021年1月2日授予股份
平均數
壽命		成本累積的
攤銷		淨利
已完成的科技18年$1,226,128 $(448,519)$777,609 
客戶關係12年193,895 (152,160)41,735 
商標/品牌名稱28年98,892 (38,754)60,138 
Codman商標無限期174,531 — 174,531 
供應商關係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日結束的三個和九個月的無形資產攤銷總額爲美元25.6萬美元和78.7 百萬，分別。其中，有關技術類無形資產的攤銷分別爲$21.8萬美元和61.1 百萬，分別，並計入營業成本中。有關客戶關係無形資產減值的$7.1 百萬，其餘部分列入損益表中的無形資產攤銷費用。
2023年9月30日結束的三個月和九個月的無形資產攤銷總額分別爲$20.9萬美元和62.1 百萬。其中，分別有$17.7萬美元和52.8 百萬與技術基礎無形資產攤銷有關，並計入營業成本，其餘部分計入損益表中的無形資產攤銷。
根據季末匯率，預計攤銷費用（包括營業成本中報告的金額）將約爲$25.6 其餘2024年餘額爲370萬美元，2025年至2028年爲2,710萬美元，2029年及以後爲2,330萬美元。102.42025年，美元爲萬美元，102.22026年，美元爲萬美元，101.22027年，美元爲萬美元，97.62028年，美元爲萬美元，92.42029年，美元爲萬美元，以及此後的百萬美元。511.8注10 租約
公司定期進行資產減值測試，每當事件或情況的變化表明資產的賬面價值可能無法收回時。
在2024年第一季度，由於第三方的審計結果以及恢復在波士頓工廠生產的產品的商業分銷的預計時間表的更新，公司選擇根據FasB ASC Topic 360對某些固定壽命的無形資產進行量化減值測試，包括已完成的技術和客戶關係， 不動產、廠房和設備。公司記錄了與與客戶關係相關的固定壽命無形資產相關的減值費用7.1 合併運營報表中的無形資產攤銷額爲百萬美元。關於與Surgimend® 和PriMatrix® 完整技術相關的固定壽命無形資產，公司確定這些固定壽命的無形資產的賬面金額是可以收回的，因此，這些無形資產不被視爲減值。2024年第二季度，該公司批准了一項計劃，將Surgimend® 和PriMatrix® 的商業分銷從波士頓工廠過渡到該公司位於馬薩諸塞州布倫特裏的製造工廠（「布倫特裏工廠」）。該公司根據2024年第一季度完成的確定壽命無形資產定量評估中使用的假設，考慮了更新波士頓工廠生產的產品的商業分銷的預計時間表所產生的影響，該評估不需要進一步的減值評估。Surgimend® 和 PriMatrix® 的賬面價值爲 $34.6 百萬和美元25.5 截至2024年9月30日，分別爲百萬人。
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英特格拉生命科學控股公司
未經審計的綜合財務報表附註（未經審計）（續）
6. 債務
修正第七次修訂和重新授信的高級信貸協議
2023年3月24日，公司簽訂了優先信貸額度（「優先信貸額度」）的第七修正案和重述（「2023年3月修正案」），由北卡羅來納州美國銀行擔任行政代理人的貸款銀團。2023年3月修正案將到期日延長至2028年3月24日，修改了定期貸款部分的合同還款額，並將利率從倫敦銀行同業拆借利率修訂爲SOFR指數利息。該公司的本金總額仍然高達約美元2.1 通過以下設施向其提供十億美元：(i) 一美元775.0 百萬定期貸款額度，以及（ii）一美元1.3 十億美元的循環信貸額度，其中包括一美元60 簽發備用信用證的百萬分項限額和一美元60 時效貸款的百萬分期限額。優先信貸額度的條款限制了我們可以支付的股息金額。
公司在財務契約中規定的最大綜合總槓桿比率（定義見2023年3月修正案）如下。同時與Durepair收購（見 注2. 收購和剝離）， 根據2023年3月修正案的條款，公司選擇將最大綜合總槓桿比率增加至 5.00 自2024年12月31日結束的財政季度至2025年9月30日結束的財政季度。
財政季度結束最大合併總槓桿比率
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 日及其後每個財政季度的最後一天
4.00 到 1.00
按照公司選擇的方式，優先信貸額度下的借款利息率如下：
i.不時生效的SOFR利率加 0.10％ 加上適用利率（範圍從 1.00可以降低至0.75%每年1.75％），或
ii.最高的：
1.根據紐約聯邦儲備銀行發佈的加權平均隔夜聯邦基金利率，再加上 0.50%;
2.美國銀行N.A.的主要貸款利率; 或
3.一個月期SOFR加 1.00%.
適用利率基於公司的綜合總槓桿比率（定義爲任何確定日期時的比率（a）確定日期作爲（信貸協議中定義的）的綜合籌資債務減去不受任何限制的現金，用於（b）綜合EBITDA（由第七次修訂和重新規定信貸協議定義），爲在該日期結束的連續四個財政季度期間）。
公司將按照年度承諾費(範圍從 0.15可以降低至0.75%每年0.30%)，根據公司的綜合總槓桿比率，在高級信貸工具的循環信貸額度可借款金額上支付。
高級貸款設施以公司美國子公司的幾乎所有資產作爲抵押，不包括無形資產。該高級貸款設施受各種財務和負面契約約束，截至2024年9月30日，公司符合所有這些契約。公司資本化了$7.6百萬美元的遞延融資成本，用於修改高級貸款設施，並在2023年第一季度註銷了$0.2百萬美元之前資本化的融資成本。
在2024年9月30日和2023年12月31日，發生了s $400.0萬美元和70.0 百萬美元分別發生在高級信貸設施的循環信貸組成部分。在2024年9月30日和2013年12月31日，高級信貸設施的授信額度組成部分已經了765.3萬美元和775.0 百萬美元的債項支出在2024年9月30日和2013年12月31日的動態平均利率下的長期貸款組成部分。 6.4%和6.8%，分別爲2024年9月30日和2023年12月31日，賬上有$29.1萬美元和14.5 百萬美元，分別爲本公司資產負債表上的流動部分。
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英特格拉生命科學控股公司
未經審計的綜合財務報表附註（未經審計）（續）
2024年9月30日，長期貸款和優先信貸設施的循環部分的公允價值分別爲xx百萬。公允價值是通過基於公司可獲得的當前市場利率使用折現現金流模型確定的。這些輸入得到了類似負債的可觀察市場數據的證實，因此被分類爲公允價值層次結構中的第2級。第2級輸入代表資產或負債的可觀察輸入，可以是直接的或間接的，並且不是反映未經調整的相同資產或負債的報價價格的活躍市場可觀察輸入。 比上一期低11%，反映出黃金和銅的銷售量增加，實現了更高的銅價格，較低的支撐資本和生產剝離開支，以及澳元兌美元的走軟對澳元計價的運營成本的好處。這些好處部分抵消了相關的較高的版權支付和處理、精煉和運輸成本。 $756.3公司對該計劃中所支付的所有款項均列入簡明合併現金流量表中「應付賬款」的減少。395.3 百萬美元，分別。“公司利用基於公司可獲得的當前市場利率的貼現現金流模型確定了公允價值。這些輸入通過觀察到的類似負債的市場數據加以支持，因此被分類爲公允價值層次結構中的2級別。第2級別輸入表示對於資產或負債是可觀察的輸入，可以是直接或間接的，並且除了主動市場可觀察輸入之外的其他輸入是未調整的相同資產或負債的報價價格的不活躍市場可觀察輸入。
2024年9月30日和2023年12月31日期間未用信用證額度分別爲1.7在2024年5月31日結束的三個月和九個月中，購買的股票數量不大。否 2024年9月30日尚未用信用證額度。
老年信用額度的貸款組成部分的合約償還應如下：
截至2024年9月30日
本金還款
千美元
2024年餘下的時間
$4,844 
2025
33,906 
2026
38,750 
2027
53,281 
2028634,531 
$765,312 
基於當前利率的期貨，預計未來Senior信用額度的長期貸款利息支付將約爲$12.3 其餘2024年餘額爲370萬美元，2025年至2028年爲2,710萬美元，2029年及以後爲2,330萬美元。48.12025年，美元爲萬美元，45.62026年，美元爲萬美元，42.6百萬，2028年及以後收到$9.4 2028年在Senior信用額度的長期貸款部分根據SOFR加上信貸協議中規定的特定金額進行利息計算。由於循環信用額度和證券化設施（如下所定義）可以隨時償還，因此在計算中未包括任何利息。
高級信貸設施的循環信貸部分上的任何未償債務將於2028年3月24日到期。
可轉換資本性債券
2020年2月7日，公司發行了$575.02028年到期票據的初始轉換比率爲每$1,000本金金額的票據可轉換爲3.5104股普通股（代表初始轉換價格約爲$284.87/股）。轉換時，公司將通過現金、其普通股或現金和其普通股的組合，按公司選擇，解決2028年到期票據的轉換。0.5年%可轉換優先票據，截至2025年到期（「2025票據」），根據一項於2020年2月7日簽署的債券契約（「原始契約」）發行，公司與花旗銀行有限公司作爲受託人簽署。2025票據將於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，除非根據2025票據條款提前轉換、回購或贖回。爲了這次發行，公司對$13.2 百萬的融資費用進行了資本化。
2025年債券是公司的優先、無擔保債務，根據初始轉換比率，可以轉換爲現金和普通股，每1000美元面值的2025年債券調整爲13.5739股（這代表了每股的初始轉換價格爲$73.67 每股）。2025年債券僅在以下情況下轉換：（1）如果公司普通股的收盤價格至少爲轉換價格的 130%期間; （2）如果2025年債券每1000美元面額的平均交易價格低於或等於2025年債券的平均轉換價值的 98%在原始契約規定的期間; （3）如果公司根據原始契約中描述的自由選擇贖回通知贖回債券; 或（4）如果發生指定的企業交易。截至2024年9月30日，這些條件均不存在，2025年債券在合併資產負債表上被分類爲流動可轉換證券，因爲它們在一年內到期。
2020年12月9日，公司與原始契據訂立了首份補充契約（「第一份補充契約」及與原始契約一起稱爲「契約」），根據該補充契約，公司不可撤銷地選擇（1）在第一份補充契約日期之後發生的關於2025年票據的任何轉換時消除公司選擇現金結算的選項，以及（2）關於任何聯合結算（在第一份補充契約中定義）關於2025年票據的轉換，爲每1000美元2025年票據的本金金額解決的指定美元金額（在第一份補充契約中定義）不得低於$1,000.
2025年到期的債券持有人有權要求公司以現金收購其2025年到期的全部或部分債券，價格爲 100其本金額的%，再加上任何應計未付利息，在基本變更（如義務協議中定義）發生時。公司還將被要求增加轉股率，以供那些在到期日前或公司發出贖回通知後與某些基本變更（如原始債券中定義）有關的債券持有人轉股。
17
英特格拉生命科學控股公司
未經審計的綜合財務報表附註（未經審計）（續）
就2025年債券發行一事，公司進行了看漲交易和認股權交易，主要是與2025年債券的初始購買者的關聯方（「對沖交易參與者」）進行的。看漲交易的成本爲$104.2 百萬美元用於2025年債券。公司從認股權交易中獲得了$44.5 百萬美元的收入，用於2025年債券。看漲交易涉及從對沖交易參與者購買期權，而認股權交易涉及向對沖交易參與者出售看漲期權，其行使價格高於所購買的看漲期權的價格。看漲交易的初始行使價格爲$73.67，受類似於2025年債券中的防稀釋調整的約束。認股權交易的初始行使價格爲$113.34 ，用於2025年債券，受習慣的防稀釋調整約束。
在 2024年9月30日2025年票據的負債賬面金額爲美元575.0百萬2024年9月30日2025年票據的公允價值爲 $547.7百萬. 在估計2025年票據的公允價值時，公司考慮的因素包括最近的報價市場價格或經銷商報價。2025年票據的價值基於公允價值層次中的1級測量。1級輸入代表 在活躍市場上，相同資產或負債的報價。
證券化設施
2018年，公司簽訂了應收賬款證券化設施（「證券化設施」），根據該設施，某些國內子公司的應收賬款以不可追索的方式出售給一家特殊目的實體（「SPE」），該實體是公司的破產隔離、合併子公司。因此，SPE的資產不可用於清償公司或其任何子公司的債務。SPE可能會不時地使用應收賬款進行融資，融資由這些應收賬款的質押擔保。證券化設施的未償借款額度在任何時候都受限於$150.0百萬。證券化設施協議（「證券化協議」）管理着證券化設施，其中包含一些契約和終止事件。根據此證券化協議的違約事件或終止事件的發生可能導致對方有權終止該設施。截至2024年9月30日，公司遵守了契約，沒有發生任何終止事件。
2023年12月15日，公司與證券化融資機構簽訂了一項修正協議（「2023年12月修正協議」），將到期日從2024年5月28日延長至2026年12月15日。公司因2023年12月修正協議產生了約$0.3百萬的新發行費用，這些費用將在 3 年內攤銷，與2023年12月修正協議修改的證券化協議的長度相同。由於借款額度增加，剩餘的$0.1百萬自之前協議中未攤銷的費用也將在修正協議的長度內攤銷， 三年。此外，2023年4月17日，公司與證券化融資機構簽訂了一項修正協議（「2023年4月修正協議」），並將利率從LIBOR調整爲SOFR指數利率。2023年12月修正協議和2023年4月修正協議並未增加公司的總負債。
截至2024年9月30日和2023年12月31日，公司在其證券化融資機構下分別負有$的未償借款。72.8萬美元和89.2 % 的利率。5.9%和6.4分別爲$的證券化融資機構未償借款的公允價值。71.2 這些公允價值是通過根據公司可獲取的當前市場利率所基於的折現現金流模型確定的。這些輸入得到了類似負債的可觀市場數據的證實，因此被分類在公允價值層次結構的第2級中。第2級輸入代表對資產或負債的觀察到的輸入，直接或間接的，除了活躍市場可觀測的之外。是未調整的相同資產或負債的報價價格的不活躍市場可觀察輸入。
18
英特格拉生命科學控股公司
未經審計的綜合財務報表附註（未經審計）（續）
7. 衍生工具
利率套期保值
公司的利率期貨風險涉及美元計價的變量利率借款。 公司使用利率掉期衍生工具來管理因利率變動而帶來的盈利和現金流暴露。 這些利率掉期應用固定利率於公司預期的SOFR指數借款的部分。2023年3月，公司進行了一筆基差掉期，公司收取Term SOFR，支付每日複利SOFR，將掉期組合從每日複利SOFR轉換爲Term SOFR。
截至2024年9月30日和2023年12月31日期間，公司持有以下利率互換交易（金額以千美元計）：
2024年9月30日2023年12月31日2024年9月30日2023年12月31日
被避險物品名義金額 生效日期。終止日期固定利率估算公允價值
資產（負債）
1個月期SOFR貸款— 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個月期SOFR貸款200,000 200,000 2017年12月13日開始。2024年12月31日2.313 %1,246 4,978 
1個月期SOFR貸款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個月期SOFR貸款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個月期SOFR貸款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個月期SOFR貸款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個月期SOFR貸款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個月期SOFR貸款575,000 575,000 2020年12月15日7月31日，2025年美國國債到期。2027年12月31日1.415 %22,809 22,965 
1個月期SOFR貸款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 
基礎互換 (1)
—— 2023年3月31日2023年3月24日。2027年12月31日無數據(1,949)0(1,829)
$1,325,000 $1,475,000 $31,847 $43,556 
(1) 基礎互換的名義金額會分期攤銷，以逐步與利率互換投資組合的總名義金額相匹配
利率互換以公允價值計入合併資產負債表，公允價值變動記入未實現收益或損失合計中的其他累積收益（「AOCI」）。截至2024年9月30日止三個月和九個月，公司記錄了分別爲$的虧損，17.12023年三個月和九個月的營收中，分別記錄了1百萬美元和2百萬美元的增益；這些增益基於期末重新計量的認股權和收益分配不確定性負債的公允市值變化，並計入綜合收益（虧損）中的權益變動。2.7 百萬與利率互換公允價值變動相關，AOCI虧損。截至2023年9月30日止三個月和九個月，公司記錄了分別爲$的收益，與利率互換公允價值變動相關。15.3萬美元和23.5 百萬與利率互換公允價值變動相關，AOCI收益。截至2023年9月30日止三個月和九個月，公司記錄了分別爲$的收益，與利率互換公允價值變動相關。
截至2024年9月30日止的三個月和九個月，公司在利率互換的綜合利益表中記錄的收益分別爲$4.1萬美元和14.4 百萬美元，公司在於利率互換的利率差異的綜合損益的三個月和九個月截至2023年9月30日的記錄收益$5.0萬美元和12.9 百萬美元，公司在於利率互換的利率差異的綜合損益中，預計在未來十二個月內將重新分類爲2024年9月30日的利息收入的估計收益爲$7.1百萬美元。
公司已經將這些衍生工具指定爲現金流量套期工具。公司評估這些衍生工具的有效性，並將作爲現金流量套期工具指定的衍生工具的公允價值變動記錄爲未實現的收益或損失，淨額扣除稅金，直到套期項目影響收益，此時任何收益或損失均被重新分類爲收入。如果套期現金流未發生，或者變得可能不會發生，公司將在那時將在AOCI記錄的相關現金流套期工具上的任何收益或損失的剩餘金額重新分類爲利息費用。
19
英特格拉生命科學控股公司
未經審計的綜合財務報表附註（未經審計）（續）
外幣對沖
公司不時簽訂外匯對沖合同，旨在保護特定預測的以外幣計價的交易的美元價值。公司評估被指定爲對沖工具的合同的有效性。外匯現金流對沖的公允價值變動淨額減稅後記錄在AOCI中。這些金額隨後會在受到被對沖項目影響時，從AOCI重新分類到收益中。如果對沖的預測交易未發生或變得可能不會發生，公司將在那時將任何相關現金流對沖的收益或損失額重新分類至收益中。對於未被指定爲對沖工具的合同，合同的公允價值變動將與基礎資產或負債的相應外幣收益或損失一起，在權益變動表的其他收益中確認。
公司進行套期保值的成功程度預計將會預測到貨幣兌換收益或損失，在貨幣波動期間預測與實際活動存在差異的程度。此外，與任何未進行套期保值的交易相關的貨幣匯率變化可能會影響收入和現金流。
跨貨幣利率互換
這些跨貨幣互換的目的是降低與外匯匯率變動相關的收益和現金流波動。根據這些合同的條款，已指定爲現金流量套期保值，公司將支付瑞士法郎（「CHF」）的利息，並收到美元的利息。在這些合同到期時，公司將支付瑞士法郎貸款的本金，並從交易對手處收到美元。
2023年9月22日，公司修改了以瑞士法郎計價的公司間貸款，以部分結算瑞士法郎 20.0 百萬美元，並將終止日期延長至2024年9月，因此，公司終止了名義總額爲美元的公司間貸款的現金流對沖的跨貨幣互換48.5百萬。同時，公司簽訂了跨貨幣互換協議，對沖名義金額的瑞士法郎 28.5 百萬等於美元31.5修改後的公司間貸款中有100萬美元爲美元。2024年9月23日，公司結算了這筆跨貨幣互換，該互換被指定爲公司間貸款的現金流對沖。根據收盤匯率，結算時的虧損約爲美元2.3百萬美元被公司間貸款結算的收益所抵消。
2020年12月21日，公司簽訂了跨貨幣互換協議，將名義金額轉換爲美元471.6百萬相當於 420.1 以瑞士法郎計價的公司間貸款中的百萬美元。以瑞士法郎計價的公司間貸款是2020年第四季度完成的向瑞士子公司的某些知識產權的實體內轉讓的結果。公司間貸款需要每季度支付瑞士法郎 5.8 百萬加上應計利息。因此，相關跨貨幣掉期的總名義金額將減少相應的金額。
該公司截至2024年9月30日和2023年12月31日持有以下跨貨幣利率互換協議（金額以千美元計）：
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。終止日期固定利率歸集名義金額公正價值
資產（負債）
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 
總費用$(30,892)$(40,672)
20
英特格拉生命科學控股公司
未經審計的綜合財務報表附註（未經審計）（續）
指定爲現金流量套期交易的跨貨幣互換工具在合併資產負債表上以公允價值計量，並其公允價值變動確認爲AOCI中未實現的收益或損失。截至2024年9月30日止三個月和九個月，公司在AOCI中認列了$損失16.62023年三個月和九個月的營收中，分別記錄了1百萬美元和2百萬美元的增益；這些增益基於期末重新計量的認股權和收益分配不確定性負債的公允市值變化，並計入綜合收益（虧損）中的權益變動。13.5 分別爲2024年9月30日止三個月和九個月，公司根據跨貨幣互換工具公允價值變動，在AOCI中分別錄得了$百萬的損失。13.8萬美元和3.1 分別爲2023年9月30日止三個月和九個月，公司根據跨貨幣互換工具公允價值變動，在AOCI中分別錄得了$百萬的收益。
截至2024年9月30日的三個月和九個月，該公司在其他收入方面分別錄得了損失$23.22023年三個月和九個月的營收中，分別記錄了1百萬美元和2百萬美元的增益；這些增益基於期末重新計量的認股權和收益分配不確定性負債的公允市值變化，並計入綜合收益（虧損）中的權益變動。5.4 百萬，分別與外匯匯率變動相關的其他收入淨額相抵，以抵消對關聯公司貸款確認的收益和損失。截至2023年9月30日的三個月和九個月，該公司在其他收入方面分別錄得了收益$15.3萬美元和3.3 百萬，分別與外匯匯率變動相關的其他收入淨額相抵，以抵消對關聯公司貸款確認的損失。
截至2024年9月30日的三個和九個月，公司在包含在綜合損益表中的其他收入中記錄了＄盈利。1.1萬美元和3.7 分別爲2023年9月30日結束的三個和九個月，公司在包含在綜合損益表中的其他收入中記錄了＄盈利，與跨貨幣互換的利率差異有關。1.5萬美元和4.4 分別爲2023年9月30日結束的三個和九個月，公司在包含在綜合損益表中的其他收入中記錄了＄盈利，與跨貨幣互換的利率差異有關。
預計到2024年9月30日的下一年度將會從AOCI重新分類至其他收入（支出）淨額的估計增益爲$0.7 百萬。截至2024年9月30日，公司不預計會出現任何收益或損失被重新分類至收益，因爲最初預測的交易不會發生。
淨投資套期保值
公司通過各種策略管理特定的匯率期貨風險，包括套期保值。公司在國際業務中通過外幣購買、對外子公司的淨投資以及業務過程中產生的外幣資產和負債而面臨匯率風險。
2024年5月2日，公司與另一家公司簽署了一份名義金額爲瑞士法郎的跨貨幣互換協議 68.5百萬美元的換算金額，相當於$75.0美元以指定匯率換取瑞士法郎的交易。該新的跨貨幣互換協議被指定爲淨投資套期保值，部分抵消了外幣對外國子公司的影響。
2018年10月1日，2022年5月24日和2023年11月21日，公司與外匯掉期協議，標記爲淨投資對沖，部分抵消了外幣對外國子公司的影響。
該公司按如下跨貨幣利率互換率進行了指定的淨投資套期保值，分別截至2024年9月30日和2023年12月31日（金額以千美元計）：
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。終止日期固定利率總名義金額公正價值
資產（負債）
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)
收到美元1.94%$300,000 300,000 
支付瑞士法郎2023年11月17日在2029年12月17日之前，公司可在任何時候在沒有罰款或溢價的情況下贖回債券。—%瑞郎66,525 66,525 (5,248)(4,037)
收到美元2.54%$75,000 75,000 
支付瑞士法郎2024年5月6日2030年12月18日—%瑞郎68,483 — (6,071)— 
收到美元2.74%$75,000 — 
總費用(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.
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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 $3.8 million benefit related to the filing of prior year tax returns.
Changes to income tax laws and regulations, in any of the tax jurisdictions in which the Company operates, could impact the effective tax rate. Various governments, both U.S. and non-U.S., are increasingly focused on tax reform and revenue-raising legislation. On August 16, 2022, the Inflation Act was signed into law. The Company did not experience a material impact on the Company’s effective tax rate under the Inflation Act. Further, legislation in foreign jurisdictions may be enacted, in continued response to the base erosion and profit-sharing (“BEPS”) project begun by the Organization for Economic Cooperation and Development (“OECD”).
The OECD released model rules related to a new 15% global minimum tax regime (“Pillar 2”). Several of the jurisdictions that the Company operates in have already adopted some form of the model rules, which could impact the amount of taxes that the Company pays after 2023. However, the rules are complex and provide for delays for implementing the tax during the early transition years, if certain conditions are met. At this time, the Company is projecting an immaterial amount related to Pillar 2 tax liability for the year ending December 31, 2024. Related changes in U.S. and non-U.S. jurisdictions could have an adverse effect on the Company’s effective tax rate.
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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued)
13. NET INCOME PER SHARE
Basic and diluted net income per share was as follows:
 Three Months Ended September 30,Nine Months Ended September 30,
 Dollars in thousands, except per share amounts2024202320242023
Basic net (loss) income per share:
Net (loss) income$(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 
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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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