- Integra posted strong second quarter results, with not only better than expected revenue and much better than expected operating earnings, but respectable growth from Q2'19 levels as well.
- The Codman neurosurgery business is performing very well, and should get a further boost from upcoming product launches that will meaningfully expand its addressed markets.
- ACell performance has been disappointing, and it appears that the shortfalls are self-inflicted, with management choosing to disrupt established sales relationships in the integration process.
- The CEO transition creates some risk of operational turbulence.
- Integra is a fine company operating in attractive markets, but the valuation today still seems stretched to me.
For further details see:
Integra LifeSciences Seeing Good Core Growth, But Inner Turbulence Is A Concern