Integra Lifesciences
IART · Health Care Equipment
$11.91
3.4%LivaNova
LIVN · Health Care Equipment
$80.90
0.5%The short version
- Integra Lifesciences is the larger business, with $1.6B of revenue in fiscal 2025 against $1.4B for LivaNova.
- LivaNova grew revenue faster (10.7%, against 1.5%).
- LivaNova kept more of each dollar of sales as operating profit (14.4% operating margin, against −30.2% operating margin).
- LivaNova turned more of its sales into free cash flow (12.5% FCF margin, against −1.9% FCF margin).
- LivaNova earned a higher return on the capital invested in it (12.8%, against −22.0%).
- Investors pay more for each dollar of Integra Lifesciences’s earnings: a P/E of 70.1x against 23.9x for LivaNova.
| Latest fiscal year | IART · FY25 | LIVN · FY25 |
|---|---|---|
| Size | ||
| Market cap | $936M | $4.6B |
| Revenue | $1.6B | $1.4B |
| Free cash flow | −$31.1M | $173M |
| Net income | −$517M | −$243M |
| Growth | ||
| Revenue growth | 1.5% | 10.7% |
| 5-year growth | 3.6% | 8.2% |
| Share count change | −0.4% | −0.1% |
| Profitability | ||
| Gross margin | 50.9% | 67.7% |
| Operating margin | −30.2% | 14.4% |
| Net margin | −31.6% | −17.5% |
| FCF margin | −1.9% | 12.5% |
| Return on capital | −22.0% | 12.8% |
| Return on equity | −39.9% | −19.2% |
| Balance sheet | ||
| Net debt | $463M | −$260M |
| Net debt / EBITDA | — | — |
| Dividends and buybacks | $0.2M | $0.0M |
| Valuation & quality | ||
| P/E | 70.1x | 23.9x |
| Piotroski F-score | 5 | 5 |
FY16
IART $992M
LIVN $965M
FY17
IART $1.2B
LIVN $1.0B
FY18
IART $1.5B
LIVN $1.1B
FY19
IART $1.5B
LIVN $1.1B
FY20
IART $1.4B
LIVN $934M
FY21
IART $1.5B
LIVN $1.0B
FY22
IART $1.6B
LIVN $1.0B
FY23
IART $1.5B
LIVN $1.2B
FY24
IART $1.6B
LIVN $1.3B
FY25
IART $1.6B
LIVN $1.4B
IART
LIVN
FY16
IART 11.6%
LIVN 3.5%
FY17
IART 3.8%
LIVN 9.5%
FY18
IART 7.5%
LIVN −22.4%
FY19
IART 6.2%
LIVN −15.8%
FY20
IART 11.0%
LIVN −29.3%
FY21
IART 12.8%
LIVN −0.1%
FY22
IART 15.3%
LIVN −7.5%
FY23
IART 7.2%
LIVN −5.9%
FY24
IART 1.8%
LIVN 10.3%
FY25
IART −30.2%
LIVN 14.4%
IART
LIVN
FY16
IART $69.1M
LIVN $51.8M
FY17
IART $71.0M
LIVN $58.4M
FY18
IART $122M
LIVN $83.3M
FY19
IART $162M
LIVN −$116M
FY20
IART $165M
LIVN −$114M
FY21
IART $264M
LIVN $77.1M
FY22
IART $222M
LIVN $43.4M
FY23
IART $73.1M
LIVN $39.9M
FY24
IART $25.0M
LIVN $136M
FY25
IART −$31.1M
LIVN $173M
IART
LIVN
FY16
IART 11.5%
LIVN 2.7%
FY17
IART 5.9%
LIVN —
FY18
IART 7.6%
LIVN —
FY19
IART 3.7%
LIVN −8.3%
FY20
IART 7.5%
LIVN −13.7%
FY21
IART 7.9%
LIVN −0.0%
FY22
IART 9.8%
LIVN −4.3%
FY23
IART 4.5%
LIVN −3.5%
FY24
IART 1.1%
LIVN 5.9%
FY25
IART −22.0%
LIVN 12.8%
IART
LIVN
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