Integra LifeSciences Holdings Corporation IART has been in the headlines lately, thanks to its efforts to focus on its core and profitable business segments. Integra has completed the divestment of its non-profitable Extremity Orthopedics business to London-based Smith & Nephew SNN. This came close on the heels of its definitive deal to acquire Columbia, MD-based regenerative medicine firm, ACell Inc.Given the developments, the company is expected to successfully capitalize on its core products and technologies in neurosurgery surgical instrumentation and regenerative medicine space. This will help the company to get closer to achieving its long-term growth and profitability targets.The Divestment to SNN at a GlanceThe transaction includes the sale of Integra’s upper and lower extremity orthopedics product portfolio, including ankle and shoulder arthroplasty and hand and wrist product lines.The financial terms of the agreement, as announced last September, included receipt of $240 million in cash, subject to certain customary adjustments. Integra too was entitled to pay $41.5 million to the Consortium of Focused Orthopedists, LLC pursuant to the terms of certain agreements between Integra and CFO relating to the development of shoulder arthroplasty products. The Extremity Orthopedics business of Integra generated $90 million and $32.7 million in revenues in 2019 and in the first half of 2020, respectively. The company does not expect the selloff to have a material impact on its 2020 results.Industry ProspectsPer a report by Allied Market Research, the global regenerative medicine market was valued at $5,444 million in 2016, and is estimated to reach $39, 325 million by 2023 at a CAGR of 32.2%. The emergence of the stem cell technology, the untapped potential of nanotechnology, the increase in chronic diseases & trauma emergencies, and the advancement in monitoring devices and surgical technologies are the factors driving market growth.Recent Development in this SpaceIn December, Integra announced its agreement to acquire ACell. The acquisition is expected to strengthen Integra’s orthopedics and tissue segment by adding ACell’s proprietary technologies and innovative products. The buyout will help fill a gap, noting that ACell’s product portfolio is based on a unique porcine urinary bladder matrix (UBM) platform technology, Matristem, which aims to help the body in restoring natural tissue while minimizing scarring.ACell is also going to provide an added advantage to Integra Life by offering Cytal wound matrix for healing acute and chronic wounds. Another product offered is Gentrix surgical matrix, indicated for use in surgical reinforcement of soft tissue and hernia repair.Price PerformanceShares of Integra have gained 9.2% in the past year compared with the industry’s growth of 21.9%.Zacks Rank and Other Key PicksIntegra currently carries a Zack Rank #2 (Buy).Some other top-ranked stocks from the broader medical space are Merit Medical Systems, Inc. MMSI and McKesson Corporation MCK, each carrying a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Merit Medical has a projected long-term earnings growth rate of 12.6%.McKesson has a projected long-term earnings growth rate of 6.6%.5 Stocks Set to DoubleEach was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Smith & Nephew SNATS, Inc. (SNN): Free Stock Analysis Report McKesson Corporation (MCK): Free Stock Analysis Report Integra LifeSciences Holdings Corporation (IART): Free Stock Analysis Report Merit Medical Systems, Inc. (MMSI): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research