Integra LifeSciences Holdings Wells Fargo 21st Annual Healthcare Conference

Let me take that and I will start with, first I will point to our performance in the first two quarters of this year. If you look at our revenue performance through the first and second quarter, we performed at or above expectations for the quarter, fueled by stronger supply reliability and stronger operational discipline. I think the first thing investors should expect is consistency in execution, for us to demonstrate an ability to do that again, and again, and again. But beyond just revenue performance, investors should also look for us continuing to execute on our plans to drive margin expansion, improve overall cash flow generation, which will allow us to delever the balance sheet and drive execution quality. Beyond that, I think investors should look for those longer term value drivers of growth and value, namely stronger commercial execution. We are bringing more products back to market.

We are slowly but surely demonstrating ability to recapture our share. They should look for a continued momentum towards that end, and they should look for signs that we are continuing to drive forward our innovation strategy. Example of that is the progress that we are making with respect to our PMAs and expanded indications in implant-based breast reconstruction as a telltale indicator of our ability to drive longer term durable growth and profitability for the business.

Yeah. The biggest opportunity we have done over the course of this year in terms of the first two quarters, where we have seen impact as a result of stronger supply reliability is in our specialty surgery business. We saw that materialize in Q2 with growth in the low single digits. We expect that to continue certainly as we extend beyond into international markets in particular. As we have had opportunity to bring products back, the international markets have been kind of on the latter stages of reestablishing supply reliability, and that is where we expect to see more momentum in the second half and certainly as we move into 2027.

Well, international grew in Q2, so we do expect growth this year to contribute to overall enterprise growth. But we do, in terms of what that business has the potential to do, we expect more mid-single to high single digit growth. And we do anticipate in 2027 for us to demonstrate an ability to get back to that trajectory.

Yeah, I think you're also going to see, and we've already seen it, is with more predictability in supply, from a commercial lead perspective, what you want to see is the conversation shifting much more to clinical. As you can imagine, with the situation that we've been in, it's been appropriate for us to be managing our relationship with our accounts, getting inventory where it needs to be, when it needs to be, to the best of our ability. Now that we've started to bring products back, it's much more focused on conversations that are clinical in nature that will drive growth. And for someone who runs global sales forces, you end up with very excited salespeople, and this is what they do. So I think their confidence continuing to build on their inventory will create more clinical conversations, which leads to more growth.

Yeah, I'll take that one to begin.

Yeah, please. Yeah, I think when you look at the history of Integra, we play in markets that are highly specialized and often the term niche, but what that really means is they're scalable to the point that we can be a number one player, and we can go deep into those markets.

When I think about those markets, our really sustainable advantages are longstanding relationships with not only our surgeons but the economic side of the businesses, be it either the IDNs, the GPO, a strategic account, nationalized medicine in a country around the world. Our second is in all likelihood is the product lines we have that are clinically proven with deep evidence that in many cases, doctors were trained on, they count on. We've got a series of number one brands, and as a commercial lead, that's a great luxury.

I think at its core, those are things that are very much core to our strengths.