Intrinsic value of Integra LifeSciences Holdings - IART

Previous Close

$55.11

  Intrinsic Value

$55.35

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  Rating & Target

hold

0%

Previous close

$55.11

 
Intrinsic value

$55.35

 
Up/down potential

0%

 
Rating

hold

We calculate the intrinsic value of IART stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 4.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  29.80
  27.32
  25.09
  23.08
  21.27
  19.64
  18.18
  16.86
  15.68
  14.61
  13.65
  12.78
  12.00
  11.30
  10.67
  10.11
  9.60
  9.14
  8.72
  8.35
  8.02
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
Revenue, $m
  1,542
  1,964
  2,456
  3,023
  3,666
  4,387
  5,184
  6,058
  7,008
  8,031
  9,128
  10,294
  11,530
  12,833
  14,203
  15,639
  17,139
  18,705
  20,336
  22,035
  23,801
  25,637
  27,544
  29,527
  31,588
  33,729
  35,956
  38,273
  40,683
  43,192
Variable operating expenses, $m
  1,301
  1,599
  1,948
  2,349
  2,804
  3,313
  3,877
  4,496
  5,168
  5,892
  6,458
  7,283
  8,157
  9,079
  10,048
  11,064
  12,126
  13,233
  14,388
  15,589
  16,838
  18,137
  19,487
  20,890
  22,347
  23,863
  25,438
  27,077
  28,782
  30,558
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  1,301
  1,599
  1,948
  2,349
  2,804
  3,313
  3,877
  4,496
  5,168
  5,892
  6,458
  7,283
  8,157
  9,079
  10,048
  11,064
  12,126
  13,233
  14,388
  15,589
  16,838
  18,137
  19,487
  20,890
  22,347
  23,863
  25,438
  27,077
  28,782
  30,558
Operating income, $m
  241
  365
  509
  675
  863
  1,073
  1,307
  1,562
  1,840
  2,140
  2,670
  3,011
  3,373
  3,754
  4,155
  4,575
  5,014
  5,472
  5,949
  6,446
  6,962
  7,499
  8,057
  8,637
  9,240
  9,867
  10,518
  11,196
  11,901
  12,635
EBITDA, $m
  517
  658
  823
  1,013
  1,228
  1,469
  1,736
  2,029
  2,347
  2,690
  3,057
  3,448
  3,862
  4,299
  4,757
  5,238
  5,741
  6,265
  6,812
  7,381
  7,972
  8,587
  9,226
  9,890
  10,580
  11,298
  12,044
  12,819
  13,627
  14,467
Interest expense (income), $m
  0
  99
  136
  179
  229
  287
  353
  426
  508
  597
  694
  798
  910
  1,030
  1,156
  1,289
  1,429
  1,576
  1,729
  1,889
  2,056
  2,229
  2,410
  2,597
  2,792
  2,995
  3,205
  3,424
  3,651
  3,888
  4,134
Earnings before tax, $m
  142
  229
  330
  446
  576
  721
  881
  1,055
  1,243
  1,446
  1,872
  2,101
  2,343
  2,598
  2,866
  3,146
  3,438
  3,743
  4,060
  4,390
  4,733
  5,090
  5,460
  5,845
  6,246
  6,662
  7,094
  7,544
  8,013
  8,501
Tax expense, $m
  38
  62
  89
  120
  155
  195
  238
  285
  336
  390
  505
  567
  633
  702
  774
  849
  928
  1,011
  1,096
  1,185
  1,278
  1,374
  1,474
  1,578
  1,686
  1,799
  1,915
  2,037
  2,163
  2,295
Net income, $m
  104
  167
  241
  325
  420
  526
  643
  770
  908
  1,055
  1,366
  1,534
  1,711
  1,897
  2,092
  2,296
  2,510
  2,732
  2,964
  3,205
  3,455
  3,716
  3,986
  4,267
  4,559
  4,863
  5,179
  5,507
  5,849
  6,205

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  4,168
  5,307
  6,639
  8,171
  9,909
  11,856
  14,011
  16,373
  18,940
  21,707
  24,669
  27,822
  31,162
  34,685
  38,387
  42,266
  46,322
  50,554
  54,963
  59,553
  64,326
  69,288
  74,445
  79,803
  85,372
  91,160
  97,179
  103,440
  109,954
  116,736
Adjusted assets (=assets-cash), $m
  4,168
  5,307
  6,639
  8,171
  9,909
  11,856
  14,011
  16,373
  18,940
  21,707
  24,669
  27,822
  31,162
  34,685
  38,387
  42,266
  46,322
  50,554
  54,963
  59,553
  64,326
  69,288
  74,445
  79,803
  85,372
  91,160
  97,179
  103,440
  109,954
  116,736
Revenue / Adjusted assets
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
Average production assets, $m
  1,348
  1,716
  2,147
  2,642
  3,204
  3,834
  4,531
  5,295
  6,125
  7,020
  7,977
  8,997
  10,077
  11,216
  12,414
  13,668
  14,980
  16,348
  17,774
  19,258
  20,802
  22,406
  24,074
  25,807
  27,608
  29,479
  31,426
  33,450
  35,557
  37,750
Working capital, $m
  466
  593
  742
  913
  1,107
  1,325
  1,566
  1,830
  2,116
  2,426
  2,757
  3,109
  3,482
  3,876
  4,289
  4,723
  5,176
  5,649
  6,142
  6,654
  7,188
  7,742
  8,318
  8,917
  9,539
  10,186
  10,859
  11,558
  12,286
  13,044
Total debt, $m
  2,510
  3,307
  4,239
  5,312
  6,529
  7,891
  9,400
  11,054
  12,850
  14,787
  16,861
  19,068
  21,406
  23,872
  26,463
  29,179
  32,018
  34,980
  38,067
  41,279
  44,620
  48,094
  51,703
  55,454
  59,353
  63,405
  67,618
  72,000
  76,560
  81,308
Total liabilities, $m
  2,918
  3,715
  4,647
  5,720
  6,936
  8,299
  9,808
  11,461
  13,258
  15,195
  17,268
  19,476
  21,814
  24,279
  26,871
  29,586
  32,425
  35,388
  38,474
  41,687
  45,028
  48,502
  52,111
  55,862
  59,760
  63,812
  68,025
  72,408
  76,968
  81,715
Total equity, $m
  1,251
  1,592
  1,992
  2,451
  2,973
  3,557
  4,203
  4,912
  5,682
  6,512
  7,401
  8,347
  9,349
  10,405
  11,516
  12,680
  13,897
  15,166
  16,489
  17,866
  19,298
  20,786
  22,333
  23,941
  25,612
  27,348
  29,154
  31,032
  32,986
  35,021
Total liabilities and equity, $m
  4,169
  5,307
  6,639
  8,171
  9,909
  11,856
  14,011
  16,373
  18,940
  21,707
  24,669
  27,823
  31,163
  34,684
  38,387
  42,266
  46,322
  50,554
  54,963
  59,553
  64,326
  69,288
  74,444
  79,803
  85,372
  91,160
  97,179
  103,440
  109,954
  116,736
Debt-to-equity ratio
  2.010
  2.080
  2.130
  2.170
  2.200
  2.220
  2.240
  2.250
  2.260
  2.270
  2.280
  2.280
  2.290
  2.290
  2.300
  2.300
  2.300
  2.310
  2.310
  2.310
  2.310
  2.310
  2.320
  2.320
  2.320
  2.320
  2.320
  2.320
  2.320
  2.320
Adjusted equity ratio
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  104
  167
  241
  325
  420
  526
  643
  770
  908
  1,055
  1,366
  1,534
  1,711
  1,897
  2,092
  2,296
  2,510
  2,732
  2,964
  3,205
  3,455
  3,716
  3,986
  4,267
  4,559
  4,863
  5,179
  5,507
  5,849
  6,205
Depreciation, amort., depletion, $m
  275
  293
  314
  338
  365
  396
  430
  467
  507
  551
  387
  437
  489
  544
  603
  663
  727
  794
  863
  935
  1,010
  1,088
  1,169
  1,253
  1,340
  1,431
  1,526
  1,624
  1,726
  1,833
Funds from operations, $m
  379
  460
  555
  663
  786
  922
  1,073
  1,237
  1,415
  1,606
  1,753
  1,970
  2,200
  2,441
  2,695
  2,960
  3,237
  3,526
  3,827
  4,140
  4,465
  4,803
  5,155
  5,520
  5,899
  6,294
  6,704
  7,131
  7,575
  8,038
Change in working capital, $m
  107
  127
  149
  171
  194
  218
  241
  264
  287
  309
  331
  352
  373
  394
  414
  433
  453
  473
  493
  513
  533
  554
  576
  599
  622
  647
  673
  700
  728
  758
Cash from operations, $m
  272
  333
  406
  492
  592
  705
  832
  973
  1,128
  1,297
  1,422
  1,618
  1,826
  2,048
  2,281
  2,526
  2,784
  3,053
  3,334
  3,627
  3,932
  4,249
  4,579
  4,921
  5,277
  5,647
  6,032
  6,432
  6,847
  7,280
Maintenance CAPEX, $m
  -50
  -65
  -83
  -104
  -128
  -156
  -186
  -220
  -257
  -297
  -341
  -387
  -437
  -489
  -544
  -603
  -663
  -727
  -794
  -863
  -935
  -1,010
  -1,088
  -1,169
  -1,253
  -1,340
  -1,431
  -1,526
  -1,624
  -1,726
New CAPEX, $m
  -310
  -368
  -431
  -495
  -562
  -629
  -697
  -764
  -830
  -895
  -958
  -1,020
  -1,080
  -1,139
  -1,197
  -1,255
  -1,312
  -1,369
  -1,426
  -1,484
  -1,544
  -1,605
  -1,668
  -1,733
  -1,801
  -1,872
  -1,946
  -2,024
  -2,107
  -2,193
Cash from investing activities, $m
  -360
  -433
  -514
  -599
  -690
  -785
  -883
  -984
  -1,087
  -1,192
  -1,299
  -1,407
  -1,517
  -1,628
  -1,741
  -1,858
  -1,975
  -2,096
  -2,220
  -2,347
  -2,479
  -2,615
  -2,756
  -2,902
  -3,054
  -3,212
  -3,377
  -3,550
  -3,731
  -3,919
Free cash flow, $m
  -88
  -101
  -108
  -108
  -99
  -80
  -51
  -11
  41
  105
  124
  211
  310
  419
  539
  669
  809
  957
  1,114
  1,280
  1,453
  1,634
  1,823
  2,020
  2,224
  2,435
  2,654
  2,882
  3,117
  3,361
Issuance/(repayment) of debt, $m
  669
  797
  932
  1,073
  1,217
  1,363
  1,509
  1,654
  1,797
  1,937
  2,074
  2,207
  2,338
  2,466
  2,591
  2,716
  2,839
  2,962
  3,087
  3,213
  3,341
  3,473
  3,610
  3,751
  3,898
  4,052
  4,213
  4,382
  4,560
  4,747
Issuance/(repurchase) of shares, $m
  185
  174
  158
  134
  101
  58
  4
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  854
  971
  1,090
  1,207
  1,318
  1,421
  1,513
  1,654
  1,797
  1,937
  2,074
  2,207
  2,338
  2,466
  2,591
  2,716
  2,839
  2,962
  3,087
  3,213
  3,341
  3,473
  3,610
  3,751
  3,898
  4,052
  4,213
  4,382
  4,560
  4,747
Total cash flow (excl. dividends), $m
  765
  871
  983
  1,099
  1,219
  1,340
  1,461
  1,643
  1,838
  2,041
  2,197
  2,418
  2,648
  2,885
  3,131
  3,385
  3,648
  3,920
  4,201
  4,492
  4,795
  5,108
  5,433
  5,771
  6,122
  6,487
  6,868
  7,264
  7,677
  8,108
Retained Cash Flow (-), $m
  -288
  -342
  -399
  -460
  -521
  -584
  -647
  -709
  -770
  -830
  -889
  -946
  -1,002
  -1,057
  -1,111
  -1,164
  -1,217
  -1,270
  -1,323
  -1,377
  -1,432
  -1,489
  -1,547
  -1,608
  -1,671
  -1,737
  -1,806
  -1,878
  -1,954
  -2,035
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  477
  529
  583
  640
  697
  756
  814
  934
  1,068
  1,211
  1,309
  1,472
  1,646
  1,828
  2,020
  2,221
  2,431
  2,650
  2,878
  3,116
  3,363
  3,619
  3,886
  4,163
  4,451
  4,751
  5,062
  5,386
  5,723
  6,074
Discount rate, %
  9.80
  10.29
  10.80
  11.34
  11.91
  12.51
  13.13
  13.79
  14.48
  15.20
  15.96
  16.76
  17.60
  18.48
  19.40
  20.37
  21.39
  22.46
  23.58
  24.76
  26.00
  27.30
  28.67
  30.10
  31.61
  33.19
  34.85
  36.59
  38.42
  40.34
PV of cash for distribution, $m
  434
  435
  429
  416
  397
  373
  343
  332
  316
  294
  257
  229
  200
  170
  141
  114
  90
  69
  51
  37
  26
  18
  12
  8
  5
  3
  2
  1
  0
  0
Current shareholders' claim on cash, %
  96.2
  93.5
  91.7
  90.4
  89.7
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3

Integra LifeSciences Holdings Corporation is a medical technology company. The Company focuses on the development, manufacturing, and marketing of surgical implants and medical instruments. Its segments include Specialty Surgical Solutions, which offers specialty surgical instrumentation for a range of specialties, including product portfolio used in the neurosurgery operating suite and critical care unit, and Orthopedics and Tissue Technologies, which includes differentiated soft tissue repair and tissue regeneration products, and small bone fixation and joint replacement solutions. It sells products and solutions for dural repair, precision tools and instruments, tissue ablation and neuro critical care. It also sells regenerative technology products for treating acute wounds, such as burns, and chronic wounds, including diabetic foot ulcers and surgical tissue repair. Its products are used in neurosurgery, extremity reconstruction, orthopedics and general surgery.

FINANCIAL RATIOS  of  Integra LifeSciences Holdings (IART)

Valuation Ratios
P/E Ratio 54.9
Price to Sales 4.2
Price to Book 4.9
Price to Tangible Book
Price to Cash Flow 35.5
Price to Free Cash Flow 59.7
Growth Rates
Sales Growth Rate 12.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 42.4%
Cap. Spend. - 3 Yr. Gr. Rate -0.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 79.2%
Total Debt to Equity 79.2%
Interest Coverage 0
Management Effectiveness
Return On Assets 4.2%
Ret/ On Assets - 3 Yr. Avg. 2.3%
Return On Total Capital 5.1%
Ret/ On T. Cap. - 3 Yr. Avg. 2.5%
Return On Equity 9.4%
Return On Equity - 3 Yr. Avg. 4.6%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 66.7%
Gross Margin - 3 Yr. Avg. 65.3%
EBITDA Margin 16.4%
EBITDA Margin - 3 Yr. Avg. 14.3%
Operating Margin 10.8%
Oper. Margin - 3 Yr. Avg. 9.5%
Pre-Tax Margin 9.1%
Pre-Tax Margin - 3 Yr. Avg. 7.3%
Net Profit Margin 7.6%
Net Profit Margin - 3 Yr. Avg. 3.8%
Effective Tax Rate 16.7%
Eff/ Tax Rate - 3 Yr. Avg. 42.3%
Payout Ratio 0%

IART stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IART stock intrinsic value calculation we used $1188.236 million for the last fiscal year's total revenue generated by Integra LifeSciences Holdings. The default revenue input number comes from 0001 income statement of Integra LifeSciences Holdings. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our IART stock valuation model: a) initial revenue growth rate of 29.8% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 9.8%, whose default value for IART is calculated based on our internal credit rating of Integra LifeSciences Holdings, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Integra LifeSciences Holdings.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of IART stock the variable cost ratio is equal to 88.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for IART stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Integra LifeSciences Holdings.

Corporate tax rate of 27% is the nominal tax rate for Integra LifeSciences Holdings. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the IART stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for IART are equal to 87.4%.

Life of production assets of 20.6 years is the average useful life of capital assets used in Integra LifeSciences Holdings operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for IART is equal to 30.2%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $962.306 million for Integra LifeSciences Holdings - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 85.132 million for Integra LifeSciences Holdings is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Integra LifeSciences Holdings at the current share price and the inputted number of shares is $4.7 billion.

RELATED COMPANIES Price Int.Val. Rating
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WMGI Wright Medical 30.19 0.98  str.sell
ZBH Zimmer Biomet 117.62 87.03  sell
RTIX RTI Surgical 4.63 0.44  str.sell
SNN Smith&Nephew A 36.91 255.74  str.buy
MSON Misonix 16.44 0.68  str.sell
CNMD CONMED 69.10 45.97  sell

COMPANY NEWS

▶ Integra: 3Q Earnings Snapshot   [06:14AM  Associated Press]
▶ Integra LifeSciences Selected for Healogics iSupply Program   [Sep-10-18 04:01PM  GlobeNewswire]
▶ Integra: 2Q Earnings Snapshot   [06:08AM  Associated Press]
▶ Integra LifeSciences Prices Public Offering of Common Stock   [May-09-18 07:50PM  GlobeNewswire]
▶ Integra: 1Q Earnings Snapshot   [06:10AM  Associated Press]
▶ Integra beats 4Q profit forecasts   [06:37AM  Associated Press]
▶ Integra LifeSciences Hosts Investor Day 2017 New York City   [Dec-11-17 07:12AM  GlobeNewswire]
▶ Integra misses Street 3Q forecasts   [06:35AM  Associated Press]
▶ Integra Lifesciences Earns RS Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ J&J Completed the Divestiture of Its Neurosurgery Business   [Oct-17-17 07:37AM  Market Realist]

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