Integer Holdings Corporation
65.30-2.70 (-3.97%)
Oct 29, 4:00:02 PM EDT · NYSE · ITGR · USD
Key Stats
Market Cap
2.29BP/E (TTM)
26.87Basic EPS (TTM)
2.43Dividend Yield
0%Recent Filings
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.
8-K
Q3 sales up 8%, outlook mixed
Integer Holdings Corporation reported third-quarter 2025 sales of $468 million, up 8% from last year, with organic growth of 7%, fueled by 15% gains in Cardio & Vascular from new product ramps and acquisitions, while Other Markets dropped 16% due to a planned exit. Adjusted operating income rose 14% to $86 million, and adjusted EPS climbed 25% to $1.79, but debt swelled to $1.194 billion from financing deals. Sales hit hard in 2026, yet rebound to 200 basis points above-market growth in 2027.
10-Q
Q2 FY2025 results
Integer Holdings posted solid Q2 FY2025 results, with sales climbing 11.4% y/y to $476.5M, fueled by 24% growth in the Cardio & Vascular segment from new product ramps and acquisitions, while Cardiac Rhythm Management & Neuromodulation edged up 2.3% y/y. Gross margin dipped slightly to 27.1% amid higher costs, yet operating income rose 8.9% y/y to $59.3M, reflecting volume leverage and supply chain gains. Diluted EPS from continuing operations improved 18.2% y/y to $1.04, aligning with 35,713 diluted shares; YTD EPS of $0.41 reflects Q1's $46.7M induced conversion expense from the 2028 Convertible Notes exchange, but reconciles consistently. Acquisitions of Precision Coating in January 2025 for $153.5M (cash, recognizing $51.5M goodwill and $72.7M finite-lived intangibles amortized over 10.5-16 years) and VSi Parylene in February for $24.0M (cash/stock, $5.2M goodwill, $13.6M intangibles over 16-17 years) bolstered coatings capabilities, contributing $14.0M in Q2 sales. Cash fell to $23.1M amid $170.9M acquisition spend and $44.2M capex, offset by $75.1M operating cash flow; free cash flow not disclosed in the 10-Q. Total debt stands at $1.202B, including $1.0B 2030 Convertible Notes at 1.875% due 2030, with $784.7M revolver availability and covenant compliance. Intense competition in medical device manufacturing poses ongoing risks to market share.
8-K
Strong Q2 sales, raised outlook
Integer Holdings Corporation reported robust Q2 2025 results, with sales climbing 11% to $476 million on 11% organic growth, fueled by 24% gains in Cardio & Vascular from acquisitions and electrophysiology ramps, while Other Markets dropped 38% due to the planned portable medical exit. Adjusted operating income rose 15% to $81 million, and adjusted EPS hit $1.55, up 19%. The company raised its full-year 2025 guidance, targeting 12-16% adjusted operating income growth and 18-23% adjusted EPS growth. Debt swelled to $1.202 billion for acquisitions and convertible notes, pushing leverage to 3.2 times adjusted EBITDA.
8-K
Integer appoints industry veteran Coyle
Integer Holdings Corporation appointed Michael J. Coyle to its Board of Directors on July 10, 2025, expanding the board to 11 members. Coyle, with over 40 years in medical devices including CEO roles at iRhythm and Medtronic's cardio group, joins the Audit, Compensation & Organization, and Technology Strategy Committees. This bolsters Integer's strategic push in contract development and manufacturing. Expertise drives growth.
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