Intrinsic value of Integra LifeSciences Holdings - IART

Previous Close

$62.95

  Intrinsic Value

$29.93

stock screener

  Rating & Target

str. sell

-52%

Previous close

$62.95

 
Intrinsic value

$29.93

 
Up/down potential

-52%

 
Rating

str. sell

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 2017), $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 4.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  19.80
  18.32
  16.99
  15.79
  14.71
  13.74
  12.87
  12.08
  11.37
  10.73
  10.16
  9.64
  9.18
  8.76
  8.39
  8.05
  7.74
  7.47
  7.22
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
Revenue, $m
  1,423
  1,684
  1,970
  2,281
  2,617
  2,976
  3,359
  3,765
  4,193
  4,643
  5,115
  5,608
  6,123
  6,659
  7,218
  7,798
  8,402
  9,030
  9,682
  10,359
  11,064
  11,796
  12,558
  13,351
  14,176
  15,035
  15,931
  16,864
  17,838
  18,854
Variable operating expenses, $m
  1,217
  1,401
  1,603
  1,823
  2,061
  2,315
  2,586
  2,873
  3,176
  3,494
  3,618
  3,967
  4,331
  4,711
  5,106
  5,517
  5,944
  6,388
  6,849
  7,328
  7,827
  8,345
  8,883
  9,444
  10,028
  10,636
  11,269
  11,930
  12,619
  13,338
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
  1,217
  1,401
  1,603
  1,823
  2,061
  2,315
  2,586
  2,873
  3,176
  3,494
  3,618
  3,967
  4,331
  4,711
  5,106
  5,517
  5,944
  6,388
  6,849
  7,328
  7,827
  8,345
  8,883
  9,444
  10,028
  10,636
  11,269
  11,930
  12,619
  13,338
Operating income, $m
  207
  283
  367
  458
  556
  661
  773
  892
  1,017
  1,149
  1,497
  1,641
  1,792
  1,948
  2,112
  2,282
  2,458
  2,642
  2,833
  3,031
  3,237
  3,452
  3,674
  3,906
  4,148
  4,399
  4,661
  4,934
  5,219
  5,517
EBITDA, $m
  636
  752
  880
  1,019
  1,169
  1,329
  1,500
  1,681
  1,873
  2,074
  2,284
  2,504
  2,734
  2,974
  3,223
  3,483
  3,752
  4,033
  4,324
  4,627
  4,941
  5,268
  5,608
  5,962
  6,331
  6,715
  7,115
  7,532
  7,966
  8,420
Interest expense (income), $m
  0
  99
  123
  150
  179
  211
  245
  282
  321
  363
  406
  452
  500
  551
  603
  658
  715
  775
  836
  900
  967
  1,036
  1,108
  1,183
  1,261
  1,342
  1,426
  1,514
  1,605
  1,701
  1,800
Earnings before tax, $m
  107
  160
  217
  278
  345
  416
  491
  571
  654
  742
  1,044
  1,140
  1,241
  1,345
  1,454
  1,566
  1,684
  1,806
  1,932
  2,064
  2,201
  2,343
  2,491
  2,645
  2,806
  2,973
  3,147
  3,329
  3,519
  3,716
Tax expense, $m
  29
  43
  58
  75
  93
  112
  133
  154
  177
  200
  282
  308
  335
  363
  392
  423
  455
  488
  522
  557
  594
  633
  673
  714
  758
  803
  850
  899
  950
  1,003
Net income, $m
  78
  116
  158
  203
  252
  303
  358
  417
  478
  542
  762
  832
  906
  982
  1,061
  1,144
  1,229
  1,318
  1,411
  1,507
  1,607
  1,711
  1,819
  1,931
  2,048
  2,170
  2,298
  2,430
  2,569
  2,713

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
  3,847
  4,551
  5,324
  6,165
  7,072
  8,044
  9,078
  10,175
  11,332
  12,548
  13,823
  15,157
  16,548
  17,998
  19,507
  21,077
  22,709
  24,405
  26,167
  27,999
  29,902
  31,882
  33,940
  36,083
  38,313
  40,635
  43,056
  45,579
  48,211
  50,958
Adjusted assets (=assets-cash), $m
  3,847
  4,551
  5,324
  6,165
  7,072
  8,044
  9,078
  10,175
  11,332
  12,548
  13,823
  15,157
  16,548
  17,998
  19,507
  21,077
  22,709
  24,405
  26,167
  27,999
  29,902
  31,882
  33,940
  36,083
  38,313
  40,635
  43,056
  45,579
  48,211
  50,958
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
  2,192
  2,593
  3,034
  3,513
  4,030
  4,583
  5,173
  5,798
  6,457
  7,150
  7,877
  8,636
  9,429
  10,255
  11,115
  12,010
  12,939
  13,906
  14,910
  15,954
  17,038
  18,166
  19,339
  20,560
  21,831
  23,154
  24,533
  25,971
  27,471
  29,036
Working capital, $m
  242
  286
  335
  388
  445
  506
  571
  640
  713
  789
  869
  953
  1,041
  1,132
  1,227
  1,326
  1,428
  1,535
  1,646
  1,761
  1,881
  2,005
  2,135
  2,270
  2,410
  2,556
  2,708
  2,867
  3,032
  3,205
Total debt, $m
  2,284
  2,778
  3,319
  3,907
  4,542
  5,222
  5,947
  6,714
  7,524
  8,376
  9,268
  10,201
  11,175
  12,190
  13,247
  14,346
  15,488
  16,675
  17,909
  19,191
  20,523
  21,909
  23,350
  24,850
  26,411
  28,037
  29,731
  31,497
  33,340
  35,262
Total liabilities, $m
  2,693
  3,186
  3,727
  4,316
  4,950
  5,631
  6,355
  7,123
  7,932
  8,784
  9,676
  10,610
  11,584
  12,598
  13,655
  14,754
  15,896
  17,083
  18,317
  19,599
  20,932
  22,317
  23,758
  25,258
  26,819
  28,445
  30,139
  31,905
  33,748
  35,670
Total equity, $m
  1,154
  1,365
  1,597
  1,850
  2,122
  2,413
  2,724
  3,053
  3,400
  3,765
  4,147
  4,547
  4,964
  5,399
  5,852
  6,323
  6,813
  7,321
  7,850
  8,400
  8,971
  9,564
  10,182
  10,825
  11,494
  12,191
  12,917
  13,674
  14,463
  15,287
Total liabilities and equity, $m
  3,847
  4,551
  5,324
  6,166
  7,072
  8,044
  9,079
  10,176
  11,332
  12,549
  13,823
  15,157
  16,548
  17,997
  19,507
  21,077
  22,709
  24,404
  26,167
  27,999
  29,903
  31,881
  33,940
  36,083
  38,313
  40,636
  43,056
  45,579
  48,211
  50,957
Debt-to-equity ratio
  1.980
  2.030
  2.080
  2.110
  2.140
  2.160
  2.180
  2.200
  2.210
  2.220
  2.230
  2.240
  2.250
  2.260
  2.260
  2.270
  2.270
  2.280
  2.280
  2.280
  2.290
  2.290
  2.290
  2.300
  2.300
  2.300
  2.300
  2.300
  2.310
  2.310
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
  78
  116
  158
  203
  252
  303
  358
  417
  478
  542
  762
  832
  906
  982
  1,061
  1,144
  1,229
  1,318
  1,411
  1,507
  1,607
  1,711
  1,819
  1,931
  2,048
  2,170
  2,298
  2,430
  2,569
  2,713
Depreciation, amort., depletion, $m
  429
  469
  513
  561
  613
  668
  727
  790
  855
  925
  788
  864
  943
  1,026
  1,112
  1,201
  1,294
  1,391
  1,491
  1,595
  1,704
  1,817
  1,934
  2,056
  2,183
  2,315
  2,453
  2,597
  2,747
  2,904
Funds from operations, $m
  507
  586
  671
  764
  864
  972
  1,086
  1,206
  1,333
  1,467
  1,550
  1,696
  1,849
  2,007
  2,173
  2,344
  2,523
  2,709
  2,902
  3,102
  3,311
  3,527
  3,753
  3,987
  4,231
  4,486
  4,751
  5,027
  5,316
  5,617
Change in working capital, $m
  40
  44
  49
  53
  57
  61
  65
  69
  73
  77
  80
  84
  88
  91
  95
  99
  103
  107
  111
  115
  120
  125
  129
  135
  140
  146
  152
  159
  166
  173
Cash from operations, $m
  467
  541
  623
  711
  807
  910
  1,020
  1,137
  1,260
  1,390
  1,470
  1,612
  1,761
  1,916
  2,078
  2,246
  2,420
  2,602
  2,791
  2,987
  3,191
  3,403
  3,623
  3,852
  4,091
  4,340
  4,599
  4,869
  5,150
  5,444
Maintenance CAPEX, $m
  -183
  -219
  -259
  -303
  -351
  -403
  -458
  -517
  -580
  -646
  -715
  -788
  -864
  -943
  -1,026
  -1,112
  -1,201
  -1,294
  -1,391
  -1,491
  -1,595
  -1,704
  -1,817
  -1,934
  -2,056
  -2,183
  -2,315
  -2,453
  -2,597
  -2,747
New CAPEX, $m
  -361
  -402
  -441
  -479
  -517
  -554
  -590
  -625
  -659
  -693
  -726
  -760
  -793
  -826
  -860
  -894
  -930
  -966
  -1,004
  -1,044
  -1,085
  -1,128
  -1,173
  -1,221
  -1,271
  -1,323
  -1,379
  -1,438
  -1,500
  -1,565
Cash from investing activities, $m
  -544
  -621
  -700
  -782
  -868
  -957
  -1,048
  -1,142
  -1,239
  -1,339
  -1,441
  -1,548
  -1,657
  -1,769
  -1,886
  -2,006
  -2,131
  -2,260
  -2,395
  -2,535
  -2,680
  -2,832
  -2,990
  -3,155
  -3,327
  -3,506
  -3,694
  -3,891
  -4,097
  -4,312
Free cash flow, $m
  -77
  -79
  -77
  -71
  -61
  -46
  -28
  -5
  21
  51
  28
  65
  105
  147
  192
  240
  290
  342
  396
  452
  511
  571
  633
  698
  764
  833
  904
  977
  1,053
  1,132
Issuance/(repayment) of debt, $m
  443
  493
  541
  588
  635
  680
  724
  768
  810
  851
  892
  933
  974
  1,015
  1,056
  1,099
  1,142
  1,187
  1,234
  1,282
  1,333
  1,386
  1,441
  1,500
  1,561
  1,626
  1,694
  1,766
  1,842
  1,923
Issuance/(repurchase) of shares, $m
  114
  95
  74
  49
  20
  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 from financing (excl. dividends), $m  
  557
  588
  615
  637
  655
  680
  724
  768
  810
  851
  892
  933
  974
  1,015
  1,056
  1,099
  1,142
  1,187
  1,234
  1,282
  1,333
  1,386
  1,441
  1,500
  1,561
  1,626
  1,694
  1,766
  1,842
  1,923
Total cash flow (excl. dividends), $m
  480
  509
  538
  566
  595
  634
  697
  763
  831
  903
  921
  998
  1,079
  1,162
  1,249
  1,339
  1,432
  1,529
  1,630
  1,734
  1,843
  1,957
  2,075
  2,197
  2,325
  2,459
  2,598
  2,744
  2,896
  3,054
Retained Cash Flow (-), $m
  -192
  -211
  -232
  -252
  -272
  -291
  -310
  -329
  -347
  -365
  -382
  -400
  -417
  -435
  -453
  -471
  -490
  -509
  -529
  -549
  -571
  -594
  -618
  -643
  -669
  -697
  -726
  -757
  -790
  -824
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
  21
  26
  30
  35
  41
  47
  54
  60
  68
  75
  84
  92
  101
  110
  120
  130
  140
  151
  163
  174
  186
  199
  212
  226
  240
  255
  271
  287
  304
  321
Cash available for distribution, $m
  288
  297
  306
  314
  323
  343
  386
  434
  484
  538
  538
  598
  661
  727
  796
  868
  942
  1,020
  1,101
  1,185
  1,272
  1,363
  1,457
  1,555
  1,656
  1,762
  1,872
  1,987
  2,106
  2,230
Discount rate, %
  9.90
  10.40
  10.91
  11.46
  12.03
  12.64
  13.27
  13.93
  14.63
  15.36
  16.13
  16.93
  17.78
  18.67
  19.60
  20.58
  21.61
  22.69
  23.83
  25.02
  26.27
  27.58
  28.96
  30.41
  31.93
  33.52
  35.20
  36.96
  38.81
  40.75
PV of cash for distribution, $m
  262
  244
  224
  204
  183
  168
  162
  153
  142
  129
  104
  92
  79
  66
  54
  43
  34
  26
  19
  14
  9
  6
  4
  3
  2
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  97.7
  96.1
  95.1
  94.5
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3

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 62.7
Price to Sales 4.7
Price to Book 5.6
Price to Tangible Book
Price to Cash Flow 40.5
Price to Free Cash Flow 68.2
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 million for the last fiscal year's total revenue generated by Integra LifeSciences Holdings. The default revenue input number comes from 2017 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 19.8% 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 9.9%, 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 1.8%.

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 154%.

Life of production assets of 10 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 17%. 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 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 77 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 $4.8 billion.

RELATED COMPANIES Price Int.Val. Rating
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ZBH Zimmer Biomet 111.66 61.79  sell
RTIX RTI Surgical 4.75 0.47  str.sell
SNN Smith&Nephew A 35.47 10.30  str.sell
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COMPANY NEWS

▶ 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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