Integer Holdings Corp

Listed Company

ITGRCIK 0001114483NYSELarge AcceleratedElectromedical & Electrotherapeutic ApparatusDelawareFY ends Dec 31

Period

FY 2025

Revenue

$1.85B

Net Income

$102.81M

Total Assets

$3.41B

Equity

$1.75B

Shares Out

33.95M

Op. Cash Flow

$196.15M

Business

Integer Holdings Corporation is a medical device contract development and manufacturing organization serving the cardiac rhythm management, neuromodulation, and cardio & vascular markets. It offers design, development and manufacture of components, subassemblies and finished devices, including catheters, guidewires, stents, implantable pulse generators, leads, batteries, feedthroughs and medical batteries/chargers. The company operates in one reportable segment with three principal product lines: Cardio & Vascular, Cardiac Rhythm Management & Neuromodulation, and Other Markets. It sells primarily to large multinational medical device OEMs through direct sales and a global manufacturing and distribution footprint across the U.S., Europe, Mexico, Uruguay, Ireland, Malaysia and the Dominican Republic.

Summary from filing dated 2025-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Sales	1,854	1,717	1,556	1,331	1,221
Cost of sales	1,353	1,258	1,146	986	884
Gross profit	500	459	410	346	337
Selling, general and administrative	212	185	173	158	141
Research, development and engineering	49	53	62	60	52
Restructuring and other charges	18	12	11	15	8
Total operating expenses	279	251	247	233	201
Operating income	221	208	163	113	136
Interest expense	43	56	51	37	—
(Gain) loss on equity investments, net	−550,000	780,000	6	8	3
Other loss, net	53	4	975,000	−899,000	−123,000
Income from continuing operations before income taxes	125	148	105	69	101
Provision for income taxes	23	27	16	9	8
Income from continuing operations	103	121	89	60	93
Income (loss) from discontinued operations, net of tax	−22,000	−1	2	7	4
Net income	103	120	91	66	97
Income from continuing operations (in dollars per share)	2.96	3.6	2.68	1.8	2.82
Income from discontinued operations (in dollars per share)	0	−0.03	0.05	0.2	0.11
Basic earnings per share (in dollars per share)	2.96	3.57	2.72	2	2.93
Income from continuing operations (in dollars per share)	2.89	3.4	2.64	1.79	2.8
Income (loss) from discontinued operations (in dollars per share)	0	−0.03	0.04	0.2	0.11
Diluted earnings per share (in dollars per share)	2.89	3.36	2.69	1.99	2.91
Basic (in shares)	35	34	33	33	33
Diluted (in shares)	36	36	34	33	33

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	17	47	24	24	—
Accounts receivable, net of provision for credit losses of $0.6 million and $0.3 million, respectively	346	245	231	224	182
Inventories	254	247	229	209	156
Contract assets	113	104	86	72	65
Prepaid expenses and other current assets	41	28	30	27	28
Total current assets	770	671	618	558	453
Property, plant and equipment, net	536	466	393	317	277
Goodwill	1,111	1,018	994	965	925
Other intangible assets, net	825	778	780	820	808
Deferred income taxes	9	8	7	6	6
Operating lease assets	98	86	81	75	70
Financing lease assets	37	28	12	9	8
Other long-term assets	23	23	22	27	36
Total assets	3,411	3,078	2,943	2,794	2,582
Current portion of long-term debt	0	10	0	18	15
Accounts payable	113	101	118	111	77
Operating lease liabilities	9	7	9	10	10
Accrued expenses and other current liabilities	110	108	91	73	57
Total current liabilities	232	227	221	224	160
Long-term debt	1,185	980	960	907	813
Deferred income taxes	116	125	144	161	172
Operating lease liabilities	82	78	72	64	60
Financing lease liabilities	29	24	10	8	7
Other long-term liabilities	20	25	14	13	16
Total liabilities	1,664	1,459	1,424	1,377	1,228
Commitments and contingencies (Note 14)	—	—	—	—	—
Preferred stock, $0.001 par value, authorized 100,000,000 shares; no shares issued or outstanding	0	0	0	0	0
Common stock, $0.001 par value; 100,000,000 shares authorized; 35,481,805 and 33,546,262 shares issued, respectively, and 34,346,450 and 33,546,256 outstanding, respectively	35,000	34,000	33,000	33,000	33,000
Additional paid-in capital	771	742	727	731	713
Treasury stock, at cost, 1,135,355 shares and 6 shares, respectively	−77	0	0	—	—
Retained earnings	994	891	771	681	614
Accumulated other comprehensive income (loss)	58	−14	20	5	27
Total stockholders equity	1,747	1,619	1,519	1,417	1,355
Total liabilities and stockholders equity	3,411	3,078	2,943	2,794	2,582

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	131	111	99	92	81
Debt related charges included in interest expense	7	4	8	2	7
Debt conversion inducement expense	47	0	0	—	—
Inventory step-up amortization	0	1	590,000	798,000	301,000
Stock-based compensation	23	25	23	21	16
Non-cash lease expense	10	9	11	11	8
Non-cash (gain) loss on equity investments	−550,000	780,000	6	8	3
Contingent consideration fair value adjustment	−2	−4	−736,000	3	133,000
Other non-cash losses	2	7	4	6	2
Deferred income taxes	−3	−14	−9	−17	−10
Gain on sale of discontinued operations	−46,000	−177,000	0	0	0
Accounts receivable	−82	−7	−7	−41	−18
Inventories	−3	−18	−30	−57	5
Contract assets	−7	−18	−14	−8	−25
Prepaid expenses and other assets	−2	−229,000	−930,000	764,000	−2
Accounts payable	−566,000	−17	−520,000	26	20
Accrued expenses and other liabilities	−20	4	8	−10	−23
Income taxes payable	−5	811,000	−7	13	−4
Net cash provided by operating activities	196	205	180	116	157
Acquisition of property, plant and equipment	−91	−105	−120	−75	−53
Acquisitions, net of cash acquired	−179	−139	−44	−127	−218
Proceeds (settlement of working capital) from sale of discontinued operations, net	−950,000	49	0	0	—
Other investing activities	123,000	−211,000	173,000	—	—
Net cash used in investing activities	−271	−195	−163	−200	−271
Principal payments of long-term debt	−668	−6,000	−416	—	—
Proceeds from issuance of convertible notes, net of discount	978	0	486	0	818
Proceeds from revolving credit facility	307	275	383	166	82
Payments of revolving credit facility	−433	−248	−425	−45	−63
Purchase of capped calls	−71	0	−35	0	0
Payment of debt issuance costs	−1	−2	−2	0	−8
Repurchases of common stock	−50	0	0	—	—
Proceeds from the exercise of stock options	4	742,000	2	150,000	743,000
Tax withholdings related to net share settlements of restricted stock units	−17	−11	−3	−3	−5
Payment of contingent consideration	0	0	−8	−972,000	−2
Principal payments on finance leases	−6	−11	−1	−843,000	−169,000
Other financing activities	1	9	190,000	0	—
Net cash provided by (used in) financing activities	44	13	−18	92	82
Effect of foreign currency exchange rates on cash and cash equivalents	2	−243,000	570,000	−2	1
Net increase (decrease) in cash and cash equivalents	−29	23	−598,000	6	−31

Filings

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