It’s always worth remembering that you can like a company without liking the stock (the reverse is less often true, at least for me), and that’s certainly the case for me with Integra LifeSciences (IART) (“Integra”). I believe Integra management has done a lot of heavy lifting over the last decade or so to craft a more focused, faster-growing, and much more profitable company with a focus on niche-like markets where incoming competition is not as much of a risk as it is for other med-techs.
That said, I don’t like how the integration of ACell is going so far, and the CEO transition creates some execution risk. I also still don’t like the valuation. Integra has lagged the S&P 500 (by around 6%) and the broader medical device space (by close to 10%) since my last write-up, and I still believe that Integra is priced for double-digit top-line growth that it’s not going to get.
Read the full article here:
Integra LifeSciences Seeing Good Core Growth, But Inner Turbulence Is A Concern
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