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Integer Holdings Corporation (NYSE: ITGR) is a premier global player in the medical device outsourcing (MDO) industry. With a reputation for excellence in innovation and manufacturing, Integer delivers comprehensive end-to-end solutions that both enhance patient lives and meet the needs of their customers. The company's core business revolves around the creation of medical device components, which are developed and manufactured for original equipment manufacturers (OEMs) across various medical sectors including cardiac, neuromodulation, vascular, portable medical, and orthopedics markets.
In addition to their medical device segment, Integer also operates through Electrochem, an entity focused on developing custom batteries for niche applications in energy, military, and environmental markets. Their portfolio includes renowned brands such as Greatbatch™ Medical and Lake Region Medical™. The company has a substantial footprint in the United States, earning over half of its revenue domestically.
Integer has recently marked significant milestones, including its acquisition of InNeuroCo, Inc., which has bolstered its neurovascular catheter capabilities. The third quarter of 2023 saw Integer reporting organic sales growth of 18% and a 39% increase in adjusted operating income. The company has ongoing strategic expansions, particularly in Europe, with new facilities in Ireland designed to enhance their high-volume manufacturing capacity and R&D capabilities.
Financially, Integer continues to show robust growth with an increase in full-year sales outlook. Their recent acquisition of Pulse Technologies underscores their strategy to enhance precision micro-machining capabilities for medical device components, further expanding their market reach and development capacity. Integer also anticipates strong financial performance in 2024, with projected sales growth between 9% and 11%, and adjusted operating income growth ranging from 13% to 20%.
The company actively engages with investors, providing real-time updates through their comprehensive Investor Relations section on their website. They have streamlined their operations and expanded their capabilities to ensure a seamless transition from R&D to operations for their global clientele.
Learn more about Integer at www.integer.net.
Integer Holdings (NYSE: ITGR), a leading medical device contract development and manufacturing organization (CDMO), announced its participation in the Piper Sandler 36th Annual Healthcare Conference. The event will take place from December 3-5, 2024, in New York City. President and CEO Joseph Dziedzic will deliver a presentation on Tuesday, December 3, 2024, at 10:30 a.m. EST. The presentation will be available through a live webcast, accessible via the Investor Relations section of Integer's website under 'News & Events' at investor.integer.net.
Integer Holdings (NYSE: ITGR) has completed the sale of its Electrochem business to Ultralife for $50 million in cash. The company will use the proceeds to reduce its outstanding debt. This divestiture transforms Integer into a pure-play medical technology company, focusing exclusively on its medical device contract development and manufacturing operations (CDMO). The strategic move aims to enable Integer to deploy additional capital in high-growth medtech markets.
Integer Holdings (NYSE: ITGR) announced key leadership changes effective Q1 2025. Payman Khales, current President of Cardio & Vascular, will become Chief Operating Officer, overseeing both product categories along with Global Operations and Manufacturing Strategy. Andrew Senn will succeed Khales as President of Cardio & Vascular. Under Khales' leadership since 2018, the Cardio & Vascular business achieved above-market growth. Senn brings 18 years of experience at Integer and extensive industry knowledge from various leadership roles.
Integer Holdings (NYSE:ITGR) reported strong Q3 2024 results with sales increasing 9% to $431 million, including 4% organic growth. GAAP income from continuing operations rose 29% to $36 million, while non-GAAP adjusted net income grew 14% to $50 million. The company raised its 2024 outlook, expecting sales growth of 10-11% with organic growth of 7-8%. The planned sale of Electrochem business for $50 million remains on track. Year-to-date sales increased 10% to $1.267 billion, with adjusted EBITDA up 22% to $266 million. Total debt stood at $1.079 billion with a leverage ratio of 3.0x adjusted EBITDA.
Integer Holdings (NYSE: ITGR) has announced that holders of its 2.125% Convertible Senior Notes due 2028 can now convert their notes into cash and/or shares of the company's common stock. The conversion period is from October 1, 2024, to December 31, 2024. This option became available because the company's stock price exceeded 130% of the conversion price for at least 20 trading days in the 30-day period ending September 30, 2024.
The notes are convertible at a rate of 11.4681 shares of common stock per $1,000 principal amount, equivalent to a conversion price of approximately $87.20 per share. Integer will pay cash up to the principal amount of the notes converted, with any excess paid in cash, shares, or a combination at the company's discretion. Detailed conversion procedures have been provided to noteholders through The Depository Trust Company and Wilmington Trust, National Association.
Integer Holdings (NYSE: ITGR) has announced an agreement to divest its Electrochem business to Ultralife (NASDAQ: ULBI) for $50 million in cash. This divestiture transforms Integer into a pure-play medical technology company. The transaction is expected to close by the end of October, subject to customary working capital adjustments.
Key points:
- Electrochem focuses on non-medical applications for energy, military, and environmental sectors
- Integer will report Electrochem's results as part of discontinued operations
- Proceeds will be used to pay down debt and for general corporate purposes
- The transaction is expected to be neutral to EPS
- 2024 full-year guidance for the non-medical segment included $36 million in sales and $5 million in Adjusted EBITDA
Integer Holdings (NYSE:ITGR) has announced its schedule for the release of third quarter 2024 financial and operational results. The company plans to disclose these results on Thursday, October 24, 2024, at 7 a.m. Central Time (CT) / 8 a.m. Eastern Time (ET).
Following the release, Integer's management will host a webcast at 8 a.m. CT / 9 a.m. ET to discuss the quarterly results. This announcement provides investors and analysts with a clear timeline for accessing and analyzing the company's latest financial performance data.
Integer Holdings (NYSE: ITGR) has completed two facility expansions in Ireland, reinforcing its commitment to the region's medical device sector. The company officially opened a new $30 million, 67,000 sq. ft. European medical device innovation and manufacturing center in Galway on Sept. 20, 2024. This follows the opening of an 80,000 sq. ft. expansion of its guidewire manufacturing facility in New Ross, County Wexford, earlier in the month.
These expansions, combined with the $140 million acquisition of Aran Biomedical in Spiddal in 2022, represent significant investments in Integer's Irish operations. The company has increased its manufacturing capacity in New Ross by over 70% and plans to grow its workforce in Galway by 100-200 employees in the coming years. Integer currently employs more than 1,700 people in Ireland.
Integer Holdings (NYSE: ITGR), a prominent medical device contract development and manufacturing organization (CDMO), has announced its participation in the Wells Fargo 2024 Healthcare Conference. The event is scheduled for September 4-6, 2024, in Boston.
Joseph Dziedzic, Integer's President and CEO, will deliver a presentation on Wednesday, September 4, at 2:15 pm EDT. Investors and interested parties can access a live webcast of the presentation through the 'News & Events' section of Integer's Investor Relations website at investor.integer.net.
This conference participation highlights Integer's commitment to engaging with the investment community and showcasing its position in the medical device manufacturing sector.
Integer Holdings (NYSE: ITGR), a global medical device CDMO, has released its first ESG report titled 'Making a Difference: Integer's Inaugural Impact Report'. The report showcases Integer's commitment to minimizing environmental impact while advancing medical device technology and positively impacting associates, partners, patients, and communities worldwide.
Key highlights include efforts in health and safety, diversity and inclusion, associate engagement, charitable initiatives, and volunteerism. With over 11,000 associates across four continents, Integer aims to make a significant difference in patients' lives globally. The report outlines the company's strategy, approach, and progress in ESG areas, demonstrating its dedication to sustainable and responsible business practices.
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