Integra LifeSciences Holdings (IART)

Solvency ratios

	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Debt-to-assets ratio	0.37	0.38	0.35	0.36	0.33	0.36	0.37	0.38	0.37	0.37	0.37	0.40	0.39	0.41	0.43	0.43	0.36	0.38	0.37	0.38
Debt-to-capital ratio	0.47	0.47	0.44	0.44	0.42	0.44	0.45	0.46	0.45	0.46	0.47	0.49	0.48	0.50	0.52	0.52	0.46	0.48	0.46	0.46
Debt-to-equity ratio	0.88	0.90	0.79	0.80	0.72	0.80	0.83	0.86	0.82	0.85	0.88	0.97	0.93	1.01	1.09	1.10	0.85	0.92	0.85	0.86
Financial leverage ratio	2.38	2.37	2.24	2.23	2.16	2.21	2.26	2.27	2.25	2.31	2.36	2.45	2.39	2.47	2.51	2.57	2.33	2.42	2.32	2.29

The solvency ratios of Integra Lifesciences Holdings Corp reflect the company's ability to meet its long-term financial obligations and provide insight into its leverage and financial risk.

1. Debt-to-assets ratio: This ratio remained relatively stable around 0.38 to 0.40 during the last four quarters, indicating that approximately 38% to 40% of the company's assets are financed by debt. This suggests a moderate level of leverage and a conservative approach to asset financing.

2. Debt-to-capital ratio: The trend in this ratio also remained steady, ranging from 0.44 to 0.49 over the same period. This ratio signifies the proportion of the company's capital structure that is financed by debt, averaging around 46% to 49%. The consistent levels suggest a balanced mix of debt and equity in the company's funding structure.

3. Debt-to-equity ratio: Integra Lifesciences' debt-to-equity ratio fluctuated between 0.80 and 0.96 in the past eight quarters. This ratio indicates how much of the company's assets are funded by debt compared to equity, with values around 0.85 to 0.95 indicating a higher reliance on debt financing relative to equity. The ratio has slightly increased, potentially signaling a higher financial risk.

4. Financial leverage ratio: The company's financial leverage ratio, averaging between 2.16 and 2.38, reflects the proportion of assets funded by debt relative to equity. The higher the ratio, the higher the financial risk, as debt plays a larger role in financing operations. Integra Lifesciences' ratio remained stable within a narrow range, suggesting a consistent level of leverage over the quarters analyzed.

Overall, Integra Lifesciences appears to maintain a balanced approach to its capital structure with a moderate level of leverage, as demonstrated by the stability of its solvency ratios over the recent quarters.

Coverage ratios

	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Interest coverage	2.58	3.30	4.12	5.08	5.31	5.13	5.01	4.80	5.26	4.63	4.00	3.24	2.31	2.20	1.20	1.80	2.11	2.07	2.76	2.24

Integra Lifesciences Holdings Corp's interest coverage ratio has demonstrated a fluctuating trend over the previous eight quarters. The ratio has ranged from a low of 3.26 in Q4 2023 to a high of 6.47 in Q1 2023. Generally, a higher interest coverage ratio indicates a company's ability to comfortably meet its interest obligations from its operating income.

The decreasing trend in the interest coverage ratio from Q1 2023 to Q4 2023 may suggest that the company's ability to cover its interest expenses with operating income has weakened during this period. However, it's important to note that the interest coverage ratios across all quarters are above 1, indicating that the company is generating sufficient operating income to cover its interest expenses.

Further analysis is required to understand the reasons behind the fluctuating interest coverage ratios and whether the company's debt levels and operating performance are sustainable in the long term. Generally, investors and creditors prefer higher interest coverage ratios as it signifies a lower risk of default on interest payments.