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1. Company Snapshot

1.a. Company Description

Integer Holdings Corporation operates as a medical device outsource manufacturer in the United States, Puerto Rico, Costa Rica, and internationally.It operates through Medical and Non-Medical segments.The company offers products for interventional cardiology, structural heart, heart failure, peripheral vascular, neurovascular, interventional oncology, electrophysiology, vascular access, infusion therapy, hemodialysis, urology, and gastroenterology procedures.


It also provides cardiac rhythm management products, including implantable pacemakers, implantable cardioverter defibrillators, insertable cardiac monitors, implantable cardiac pacing and defibrillation leads, and heart failure therapies; neuromodulation products, such as implantable spinal cord stimulators; and non-rechargeable batteries, feedthroughs, device enclosures, machined components, and lead components and sub-assemblies.In addition, the company offers rechargeable batteries and chargers; and arthroscopic, laparoscopic, and general surgery devices and components, such as harmonic scalpels, shaver blades, burr shavers, radio frequency probes, biopsy probes, trocars, electrocautery components, wound dressings, GERD treatment components, and phacoemulsification needles.Further, it provides orthopedic products that include instruments used in hip, knee, and spine surgeries, as well as reamers and chisels.


Additionally, the company offers customized battery power and power management systems, and battery solutions for the energy, military, and environmental markets.Furthermore, the company provides medical technologies.It serves multi-national original equipment manufacturers and their affiliated subsidiaries in the cardiac, neuromodulation, orthopedics, vascular, and advanced surgical and portable medical markets.


Integer Holdings Corporation was founded in 1970 and is headquartered in Plano, Texas.

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1.b. Last Insights on ITGR

Breaking News: Integer Holdings Corporation reported its fourth quarter and full year 2025 results, delivering 8% sales growth and 21% adjusted EPS growth for the full year. The company maintained the midpoint of its sales growth outlook and the high end of its adjusted EPS growth outlook for 2026. Integer expects to continue its growth momentum, with 200bps above-market organic sales growth anticipated in 2027. No analyst recommendations were provided with the earnings release.

1.c. Company Highlights

2. Integer Holdings Corporation Delivers Strong FY2025 Results Amidst Strategic Investments

Integer Holdings Corporation reported a robust financial performance for the full year 2025, with sales increasing 8% on a reported basis and 6% organically. The company's adjusted operating income grew 13%, and adjusted EPS increased 21% to $4.97, beating the analyst estimate of $1.7 is not correct as per the actual data given, actual EPS is not mentioned but it is mentioned that adjusted EPS for 2025 is $4.97. Adjusted EBITDA for the full year was $402 million, up 12% year over year. The company's fourth-quarter sales were $472 million, up 5% on a reported basis, with adjusted EBITDA of $106 million, up 11% year over year. The company's financial results demonstrate its ability to deliver value to customers and shareholders through its strategic focus on high-growth markets.

Publication Date: Feb -20

📋 Highlights
  • Full-Year 2025 Performance:: Sales rose 8% ($1.854B) with 6% organic growth; adjusted EPS increased 21% ($5.34) driven by improved profitability and capital efficiency.
  • Capital Return Initiatives:: $50M stock repurchase in Q4 2025 and an additional $50M accelerated share repurchase program announced, reflecting confidence in liquidity and shareholder value.
  • 2026 Outlook Caution:: Reported sales projected flat to +1% ($1.826B–$1.876B), with adjusted EPS expected to decline 2% to rise 6% ($6.29–$6.78) despite inorganic challenges from product exits.
  • Strategic Market Positioning:: Strong pipeline in high-growth sectors (cardiovascular, neuromodulation) with 4–6% underlying sales growth expected after excluding 6% of sales tied to three new products.
  • Cash Flow and Leverage:: Full-year 2025 free cash flow rose $5M to $105M; net debt leverage at 3.0x EBITDA, supporting $95M–$105M capital expenditures for 2026 R&D and automation expansions.

Strategic Focus on High-Growth Markets

The company's strategy focuses on investing in differentiated capabilities, partnering with customers early in the design and development stage, and creating a high-performance culture. Integer Holdings Corporation is well-positioned in high-growth markets, including cardiovascular, neuromodulation, and cardiac rhythm management, with a robust and diversified pipeline. The company has made significant investments in capabilities, including advanced automation, laser processing, and extrusion, and has expanded its manufacturing and R&D facilities.

2026 Outlook and Challenges

For 2026, the company expects reported sales to be down 1% to up 1%, and organic sales to be flat to up 3%, with adjusted operating income expected to be down 5% to up 1%, and adjusted EPS expected to be down 2% to up 6%. The company expects an inorganic decline of approximately 1.3%, reflecting the completed portable medical exit, slightly offset by contribution from acquisitions and foreign exchange. The sales performance is expected to be impacted by lower sales of three new products, which represented nearly 6% of total sales in 2025. Excluding these products, the company expects underlying sales to grow approximately 4% to 6%, in line with the market.

Valuation and Return Metrics

The company's current valuation metrics are as follows: P/E Ratio of 28.15, P/B Ratio of 1.66, P/S Ratio of 1.57, EV/EBITDA of 12.88, and Free Cash Flow Yield of 5.69%. The Net Debt / EBITDA ratio is 3.95, indicating a moderate level of leverage. The ROIC is 5.69%, and ROE is 6.05%. These metrics suggest that the company's valuation is reasonable, considering its growth prospects and return on capital.

Long-Term Growth Prospects

The company remains confident in its ability to return to above-market organic growth in 2027, driven by its strategic focus on high-growth markets and its ability to deliver value to customers and shareholders. The company's long-term strategic objective is to grow 200 basis points above market, and they expect to get back to this level in 2027. The company's pipeline is robust and diversified, and they are well-positioned to return to growth.

3. NewsRoom

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Integer Stock Down 38%, but One Fund Just Bet $40 Million on a Turnaround

Feb -22

Source: fool.com

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Channing Capital Management LLC Buys 77,681 Shares of Integer Holdings Corporation $ITGR

Feb -22

Source: defenseworld.net

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Why Integer Holdings Stock Flew Higher on Friday

Feb -21

Source: fool.com

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ITGR Shares Down Despite Q4 Earnings & Revenues Beat Estimates

Feb -20

Source: zacks.com

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Integer (NYSE:ITGR) Shares Gap Up on Earnings Beat

Feb -20

Source: defenseworld.net

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Integer Holdings Corporation (ITGR) Q4 2025 Earnings Call Transcript

Feb -19

Source: seekingalpha.com

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Integer (ITGR) Q4 Earnings: Taking a Look at Key Metrics Versus Estimates

Feb -19

Source: zacks.com

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Integer (ITGR) Surpasses Q4 Earnings and Revenue Estimates

Feb -19

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.95%)

6. Segments

Medical

Expected Growth: 8%

Integer Holdings Corporation's Medical segment growth is driven by increasing demand for minimally invasive medical devices, advancements in medical technology, and an aging population requiring more medical interventions. Additionally, the company's focus on research and development, strategic acquisitions, and expansion into emerging markets contribute to its 8% growth rate.

Non-Medical

Expected Growth: 6%

Integer Holdings Corporation's Non-Medical segment growth is driven by increasing demand for portable and wearable devices, expansion into new markets, and strategic partnerships. Additionally, advancements in technology, such as miniaturization and wireless connectivity, are enabling innovative product designs, further fueling growth.

7. Detailed Products

Cardiac Rhythm Management (CRM) Products

Integer Holdings Corporation offers a range of CRM products, including pacemakers, implantable cardioverter defibrillators (ICDs), and cardiac resynchronization therapy (CRT) devices.

Neuromodulation Products

The company provides neuromodulation products, including spinal cord stimulation, deep brain stimulation, and vagus nerve stimulation systems.

Orthopedic Products

Integer Holdings Corporation offers orthopedic products, including hip and knee implants, surgical instruments, and orthobiologics.

Electrophysiology (EP) Products

The company provides EP products, including diagnostic and therapeutic catheters, and ablation systems.

Portable Defibrillator Products

Integer Holdings Corporation offers portable defibrillator products, including automated external defibrillators (AEDs) and wearable cardioverter defibrillators (WCDs).

8. Integer Holdings Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Integer Holdings Corporation is moderate due to the presence of alternative products and services in the market.

Bargaining Power Of Customers

The bargaining power of customers is high due to the concentration of large customers and the availability of alternative products.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low due to the presence of multiple suppliers and the company's ability to negotiate prices.

Threat Of New Entrants

The threat of new entrants is moderate due to the presence of barriers to entry, such as high capital requirements and regulatory hurdles.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of several competitors in the market, leading to a highly competitive environment.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 38.94%
Debt Cost 6.07%
Equity Weight 61.06%
Equity Cost 9.53%
WACC 8.18%
Leverage 63.76%

11. Quality Control: Integer Holdings Corporation passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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A-Score: 3.2/10

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

85.84$

Current Price

85.84$

Potential

-0.00%

Expected Cash-Flows