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Integer Holdings Corporation (NYSE: ITGR) is a leading global contract development and manufacturing organization (CDMO) specializing in medical device technologies. The company partners with medical device companies and original equipment manufacturers (OEMs) to deliver innovative solutions that enhance patient care. Integer's offerings include a wide range of medical technologies and custom power solutions for niche applications in energy, military, and environmental markets.
- Cardio & Vascular - Develops and manufactures advanced medical devices and components for cardiovascular procedures, including catheters and guidewires.
- Cardiac Rhythm Management & Neuromodulation - Produces implantable devices and components that support heart rhythm management and neurological therapies.
- Advanced Surgical, Orthopedics & Portable Medical - Provides specialized devices and components for surgical, orthopedic, and portable medical applications.
- Non-Medical (Electrochem) - Offers custom power solutions for energy, military, and environmental applications. This segment was recently divested to focus on core medical operations.
- Your guidance suggests an acceleration to 11% organic growth in Q4 from 4% in Q3; given the anticipated lower CRM demand and potential lingering hurricane impacts, what gives you confidence in achieving this heightened growth in the fourth quarter?
- While you've explained that the reduction in R&D expenses is due to higher customer reimbursements, can you clarify whether your actual R&D investment levels are sufficient to support future growth, particularly for 2025 and 2026 product pipelines?
- Considering the softness in the CRM business and your expectation of normalized demand, are there signs of market share erosion or increased competition in this segment, and how are you addressing these potential challenges?
- You aim to surpass pre-COVID gross margins of 31%, but with ongoing supply chain disruptions and inflationary pressures, what specific initiatives will enable you to achieve and sustain this level of gross margin expansion?
- As you divest Electrochem to become a pure-play medical technology company, how do you plan to mitigate the loss of revenue and ensure that the EPS neutrality of this transaction doesn't adversely affect shareholder value in the long term?
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Abbott Laboratories | Manufactures medical devices, high-volume purchase contracts | Medical | 17% of total sales in 2023. Represented part of 45% combined top-three customer revenue. |
Boston Scientific | Manufactures medical devices, high-volume purchase contracts | Medical | 16% of total sales in 2023. Represented part of 45% combined top-three customer revenue. |
Medtronic | Manufactures medical devices, high-volume purchase contracts | Medical | 13% of total sales in 2023. Represented part of 45% combined top-three customer revenue. |
Recent press releases and 8-K filings for ITGR.
Integer Holdings Corp Outlines Strategy for PFAS Coating Alternatives
$ITGRNew Projects/Investments
Regulatory Changes
Supply Chain
- Integer Holdings Corp, a leading medical device Contract Development and Manufacturing Organization (CDMO), is actively navigating the evolving regulatory landscape concerning PFAS (Per- and Polyfluoroalkyl Substances) coatings.
- The company is committed to continuing PTFE coating provision while proactively developing and offering PFAS-free alternatives, including Perylene (selected for its proven track record and regulatory familiarity) and other early-stage solutions, to address potential health and environmental concerns.
- Integer stresses the importance of early engagement in product development for coating considerations to ensure a streamlined transition and maintain device compliance and market availability.
- The company is closely monitoring potential impacts from both regulatory changes and supply chain restrictions related to PFAS materials.
Jun 24, 2025, 8:00 PM
Integer Holdings outlines CEO succession and growth strategy
$ITGRCEO Change
M&A
Revenue Acceleration/Inflection
- CEO succession: Current CEO Joe will retire in October, with Peyman to assume the CEO role in a six-month transition; Joe will remain as an advisor until March 2026.
- Focused growth algorithm: Integer’s “growth teams” target four core markets—electrophysiology, structural heart, neurovascular and neuromodulation—aiming to outgrow end markets by 200 bps and deliver profit growth at 2× sales growth while maintaining 2.5–3.5× leverage.
- Strong segment performance: The cardiovascular (C&D) business grew 11% organically in Q1, with the CNV segment expected to deliver mid-teens growth in 2025, and the EP market projected to double to $20 billion by 2030, underpinning momentum across their vertically integrated supply chain.
- Targeted tuck-in M&A: Integer pursues founder-led tuck-ins to add critical capabilities, exemplified by the October 2023 Inuraco acquisition to bolster neurovascular offerings, focusing on growth synergies rather than cost cuts.
- Robust backlog: Order book has grown from $300 million pre-pandemic to ~$800 million, and is expected to normalize to ~$600 million by year-end due to the Portal Medical exit and Irish facility order scheduling, equating to roughly two quarters of sales visibility.
Jun 17, 2025, 2:40 PM
Integer Holdings Corp Amends Charter and Bylaws in Q1 2025 8-K Filing
$ITGRProxy Vote Outcomes
Board Change
- Amendment to the Certificate of Incorporation was approved to limit officer monetary liability, detailing specific exceptions where personal liability remains, as adopted at the Annual Meeting on May 21, 2025.
- The company also revamped its bylaws by eliminating the ratification of prior board actions, reinforcing its governance framework, with related documents filed as exhibits.
- A series of proxy vote outcomes were reported, including the election of new directors and the ratification of Deloitte & Touche LLP as the independent auditor, underscoring key corporate governance decisions.
May 28, 2025, 12:00 AM
Integer Holdings Corp Q1 2025 Earnings, CEO Succession & Strategic Update
$ITGREarnings
CEO Change
Guidance Update
M&A
Debt Issuance
- Planned CEO succession effective October 24, 2025: Joseph Dziedzic retires as President & CEO while Payman Khales (current COO) takes over and joins the Board .
- Sales increased 7% to $437 million with 6% organic growth, robust margin expansion, and strong cash/leverage metrics; Adjusted EPS reached $1.31, with adjusted EBITDA up 14% and operating income rising to $71 million, driving non-GAAP net income to $46 million .
- Updated 2025 guidance: reiterated expectations of 8%-10% reported sales growth and 6%-8% organic growth, with a sales outlook of $1,846–$1,880 million and adjusted EPS guidance raised by $0.31 .
- Completed strategic moves with tuck-in acquisitions including Precision Coating and VSi Parylene to expand coating capabilities, alongside a $1.0 billion convertible note offering to bolster the financial position .
Apr 24, 2025, 1:01 PM
Integer Issues Statement on Tariffs Impact
$ITGRGuidance Update
- Integer Holdings Corporation announced an update addressing tariffs, estimating an impact of $1 to $5 million on full year adjusted operating income.
- The statement incorporates the additional tariffs announced on April 2, set to take effect after a 90-day pause, and details planned mitigation actions.
Apr 11, 2025, 12:00 AM
Integer Holdings Corp Closes Convertible Senior Notes Offering
$ITGRDebt Issuance
- Integer Holdings Corp closed a $1.0 billion convertible senior notes offering with a fixed interest rate of 1.875% maturing on March 15, 2030, following strong investor demand that resulted in an upsizing of the offering.
- The transaction is expected to generate approximately $976.1 million in net proceeds, which the company will use to reduce interest expense and support strategic initiatives, including creating additional revolver capacity.
Mar 19, 2025, 12:00 AM
Integer Upsizes Convertible Notes Offering
$ITGRDebt Issuance
- Integer Holdings Corporation has upsized its convertible senior notes offering to $875.0 million from the previously announced $750.0 million, with notes bearing an interest rate of 1.875% per annum due 2030.
- The offering includes an option for purchasers to buy an additional $125.0 million in notes, with expected net proceeds of approximately $853.9 million (or $976.1 million if fully exercised) after expenses.
- The transaction features privately negotiated capped call transactions and a note exchange involving its existing 2.125% convertible senior notes due 2028, with settlement targeted for March 18, 2025.
Mar 14, 2025, 12:00 AM
Integer Holdings Corp Announces Convertible Notes Offering
$ITGRDebt Issuance
- Integer Holdings Corporation announced a convertible senior notes offering with an aggregate principal amount of $750 million, with an option to purchase an additional $125 million in notes.
- The notes, due 2030, will accrue interest payable semi-annually and be convertible under specified conditions, with the offering accompanied by capped call transactions and planned note exchange transactions .
Mar 12, 2025, 12:00 AM