ITGR
Integer Holdings Corporation73.90
+0.81+1.11%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A reaffirms headwinds, adds clarifications.
Q&A largely reaffirmed prepared remarks on 2026 headwinds from three new products, with management clarifying the organic guidance trim to flat-to-+3% as mere rounding around October's midpoint—no customer forecast changes or January softness. Analysts grilled Q1 margins; Diron pinned 200-250bps pressure on fixed costs amid lower sales, but stressed no structural cuts to preserve 2027 positioning. DSO ticked up from limiting factoring for flexibility. EP end-market seen at high-teens 2025, mid-teens 2026. No surprises. Core stays strong. Watch H2 ramp, new launches.
Key Stats
Market Cap
2.59BP/E (TTM)
30.41Basic EPS (TTM)
2.43Dividend Yield
0%Recent Filings
10-K
FY2025 results
Integer Holdings grew sales 8% to $1.85B in FY2025 ended December 31, 2025, with Cardio & Vascular surging 17% to $1.11B on electrophysiology ramps, acquisitions, and neurovascular demand—contributing $58.7M from tuck-ins—while CRM&N edged up 1% and Other Markets dropped 27% amid portable medical exit. Gross margin expanded 30bps to 27%, operating income rose 6% to $221M (11.9% margin), but net income fell 15% to $103M ($2.89 diluted EPS) due to $47M induced conversion expense from exchanging 2028 notes. Q4 momentum shone in C&V strength; $196M operating cash funded $91M capex and $50M buybacks under new program, leaving $150M capacity. Year-end debt stood at $1.2B (92% fixed), with $795M revolver availability. Customer concentration risks loom large.
8-K
8% sales, 21% adj. EPS growth
Integer Holdings reported Q4 sales up 5% to $472M and full-year 2025 sales up 8% to $1.854B, with adjusted EPS surging 21% to $6.40. Cardio & Vascular drove growth via acquisitions and demand, yet debt climbed to $1.185B from buybacks and deals. 2026 outlook targets sales of $1.826B-$1.876B; leverage holds at 3.0x. Share repurchases accelerate.
8-K
Approves $200M buyback
Integer Holdings' board approved a $200 million share repurchase program on November 3, 2025, with no expiration date. Management will fund it opportunistically from cash on hand and free cash flows, signaling confidence in strategy and finances. Repurchases are discretionary. CEO Khales emphasized strong free cash flow generation.
8-K
CEO transition completed
Integer Holdings completed its planned CEO transition on October 24, 2025, appointing Payman Khales as President, CEO, and Board member, succeeding Joseph Dziedzic, who shifts to Special Advisor through March 31, 2026. Khales signed a new employment agreement with $875,000 base salary, 100% STI target, and $5M minimum 2026 long-term incentives, plus a $550,000 special RSU grant. Transition smooth. Dziedzic aids handover.
10-Q
Q3 FY2025 results
Integer Holdings posted solid Q3 results, with sales climbing 8.4% year-over-year to $467.7M, fueled by 15% growth in Cardio & Vascular from new product ramps and $14.9M from recent acquisitions, while Cardiac Rhythm Management & Neuromodulation edged up 2.5%. Gross margin held steady at 27.0%, but operating income dipped 2.7% to $56.4M amid higher SG&A and restructuring charges tied to labor alignment. Diluted EPS from continuing operations rose 9.9% to $1.11, supported by lower interest expense after swapping high-rate debt for $1B in 1.875% convertible notes due 2030; YTD EPS fell to $1.52 from $2.49, hit by a $46.7M induced conversion expense. Cash swelled to $58.9M with $140.7M in operating cash flow, free cash flow at $77.2M (derived), and $794.7M revolver availability, though total debt stands at $1.194B. Acquisitions of Precision Coating in January 2025 for $153.5M (cash, $1.4M contingent) and VSi Parylene in February for $24.0M (cash/stock, $1.1M contingent) added $56.0M goodwill and $86.3M finite-lived intangibles amortized over 10-17 years. Yet customer concentration risks loom large, with three clients accounting for 49% of sales.
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