- Integra is well-placed to benefit from post-pandemic normalization, as trauma cases will likely increase, driving more demand for neurosurgical tools and wound care products.
- Selling the extremities business and buying ACell is a good trade, boosting growth, margins, and capital efficiency, while also rounding out the wound/burn care portfolio.
- Integra's valuation is not unreasonable based on 2021's likely organic revenue growth rate, but double-digit growth doesn't seem sustainable and multiple contraction is a risk.
For further details see:
Integra LifeSciences Shifts Toward A Better Growth/Margin Mix And Looks To Procedure Normalization