Integer Holdings Corporation Reports Results for Fourth Quarter and Full Year 2024
Integer Holdings (NYSE:ITGR) reported strong Q4 and full-year 2024 results, with Q4 sales increasing 11% to $449 million and full-year sales up 10% to $1.717 billion. The company's Q4 GAAP income from continuing operations rose 23% to $33 million, while adjusted EBITDA grew 11% to $95 million.
For the full year 2024, GAAP income from continuing operations increased 36% to $121 million, and adjusted EBITDA rose 19% to $361 million. The company generated $205 million in operating cash flow. Integer completed the acquisition of Precision Coating for $152 million and signed an agreement to acquire VSi Parylene for $28 million.
Looking ahead to 2025, Integer expects 8-10% sales growth with expanding margins. The Cardio & Vascular segment showed strong performance with 15% growth in Q4 2024, while Cardiac Rhythm Management & Neuromodulation sales increased 11%.
Integer Holdings (NYSE:ITGR) ha riportato risultati solidi per il quarto trimestre e per l'intero anno 2024, con un aumento delle vendite del 11% nel Q4 a $449 milioni e un incremento del 10% nelle vendite annuali a $1,717 miliardi. Il reddito GAAP dell'azienda dalle operazioni continuative nel Q4 è aumentato del 23% a $33 milioni, mentre l'EBITDA rettificato è cresciuto dell'11% a $95 milioni.
Per l'intero anno 2024, il reddito GAAP dalle operazioni continuative è aumentato del 36% a $121 milioni, e l'EBITDA rettificato è salito del 19% a $361 milioni. L'azienda ha generato $205 milioni in flusso di cassa operativo. Integer ha completato l'acquisizione di Precision Coating per $152 milioni e ha firmato un accordo per acquisire VSi Parylene per $28 milioni.
Guardando al 2025, Integer prevede una crescita delle vendite dell'8-10% con margini in espansione. Il segmento Cardio & Vascular ha mostrato una forte performance con una crescita del 15% nel Q4 2024, mentre le vendite di Cardiac Rhythm Management & Neuromodulation sono aumentate dell'11%.
Integer Holdings (NYSE:ITGR) reportó resultados sólidos para el cuarto trimestre y el año completo 2024, con un aumento del 11% en las ventas del Q4 a $449 millones y un incremento del 10% en las ventas anuales a $1.717 mil millones. Los ingresos GAAP de la compañía de operaciones continuas en el Q4 aumentaron un 23% a $33 millones, mientras que el EBITDA ajustado creció un 11% a $95 millones.
Para el año completo 2024, los ingresos GAAP de operaciones continuas aumentaron un 36% a $121 millones, y el EBITDA ajustado subió un 19% a $361 millones. La compañía generó $205 millones en flujo de efectivo operativo. Integer completó la adquisición de Precision Coating por $152 millones y firmó un acuerdo para adquirir VSi Parylene por $28 millones.
Mirando hacia 2025, Integer espera un crecimiento de ventas del 8-10% con márgenes en expansión. El segmento Cardio & Vascular mostró un fuerte rendimiento con un crecimiento del 15% en el Q4 2024, mientras que las ventas de Cardiac Rhythm Management & Neuromodulation aumentaron un 11%.
Integer Holdings (NYSE:ITGR)는 2024년 4분기 및 전체 연도 결과가 강력하다고 보고하였으며, 4분기 매출이 11% 증가하여 4억 4,900만 달러에 달하고, 연간 매출이 10% 증가하여 17억 1,700만 달러에 이르렀습니다. 회사의 4분기 GAAP 계속 운영 소득은 23% 증가하여 3,300만 달러에 달했으며, 조정된 EBITDA는 11% 증가하여 9,500만 달러에 이르렀습니다.
2024년 전체 연도에 대해 GAAP 계속 운영 소득은 36% 증가하여 1억 2,100만 달러에 달했고, 조정된 EBITDA는 19% 증가하여 3억 6,100만 달러에 이르렀습니다. 회사는 2억 5백만 달러의 운영 현금 흐름을 생성했습니다. Integer는 1억 5,200만 달러에 Precision Coating을 인수했으며, 2,800만 달러에 VSi Parylene을 인수하기 위한 계약을 체결했습니다.
2025년을 바라보며 Integer는 8-10%의 매출 성장을 예상하고 있으며, 마진이 확대될 것으로 보입니다. Cardio & Vascular 부문은 2024년 4분기에 15% 성장하여 강력한 성과를 보였으며, Cardiac Rhythm Management & Neuromodulation의 매출은 11% 증가했습니다.
Integer Holdings (NYSE:ITGR) a annoncé de solides résultats pour le quatrième trimestre et l'année complète 2024, avec des ventes du Q4 en hausse de 11% à 449 millions de dollars et des ventes annuelles en hausse de 10% à 1,717 milliard de dollars. Le revenu GAAP de l'entreprise provenant des opérations continues a augmenté de 23% au Q4, atteignant 33 millions de dollars, tandis que l'EBITDA ajusté a crû de 11% pour atteindre 95 millions de dollars.
Pour l'année complète 2024, le revenu GAAP provenant des opérations continues a augmenté de 36% pour atteindre 121 millions de dollars, et l'EBITDA ajusté a augmenté de 19% pour atteindre 361 millions de dollars. L'entreprise a généré 205 millions de dollars de flux de trésorerie opérationnel. Integer a finalisé l'acquisition de Precision Coating pour 152 millions de dollars et a signé un accord pour acquérir VSi Parylene pour 28 millions de dollars.
En regardant vers 2025, Integer s'attend à une croissance des ventes de 8 à 10% avec des marges en expansion. Le segment Cardio & Vascular a montré une forte performance avec une croissance de 15% au Q4 2024, tandis que les ventes de Cardiac Rhythm Management & Neuromodulation ont augmenté de 11%.
Integer Holdings (NYSE:ITGR) hat starke Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 berichtet, wobei die Umsätze im Q4 um 11% auf 449 Millionen US-Dollar gestiegen sind und die Umsätze im gesamten Jahr um 10% auf 1,717 Milliarden US-Dollar zugenommen haben. Das GAAP-Einkommen des Unternehmens aus fortgeführten Betrieben stieg im Q4 um 23% auf 33 Millionen US-Dollar, während das bereinigte EBITDA um 11% auf 95 Millionen US-Dollar wuchs.
Für das gesamte Jahr 2024 erhöhte sich das GAAP-Einkommen aus fortgeführten Betrieben um 36% auf 121 Millionen US-Dollar, und das bereinigte EBITDA stieg um 19% auf 361 Millionen US-Dollar. Das Unternehmen generierte 205 Millionen US-Dollar an operativem Cashflow. Integer hat die Übernahme von Precision Coating für 152 Millionen US-Dollar abgeschlossen und einen Vertrag zur Übernahme von VSi Parylene für 28 Millionen US-Dollar unterzeichnet.
Für 2025 erwartet Integer ein Umsatzwachstum von 8-10% mit steigenden Margen. Das Segment Cardio & Vascular zeigte im Q4 2024 eine starke Leistung mit einem Wachstum von 15%, während die Umsätze im Bereich Cardiac Rhythm Management & Neuromodulation um 11% zunahmen.
- Q4 sales increased 11% to $449 million
- Full-year 2024 sales grew 10% to $1.717 billion
- Q4 GAAP income from continuing operations up 23% to $33 million
- Full-year GAAP income from continuing operations increased 36% to $121 million
- Generated $205 million in operating cash flow
- Strategic acquisitions of Precision Coating and VSi Parylene to expand capabilities
- Positive 2025 guidance of 8-10% sales growth
- Total debt increased $30 million to $990 million
- Other Markets sales decreased 17% in Q4 2024
- Net total debt increased $4 million to $954 million
Insights
Integer Holdings' Q4 and full-year 2024 results demonstrate exceptional execution across multiple fronts, with strategic acquisitions positioning the company for sustained growth in the medical device manufacturing sector. The
The Cardio & Vascular segment's
The strategic acquisitions of Precision Coating and VSi Parylene are particularly noteworthy. These additions will enhance Integer's coating capabilities portfolio, a critical technology in medical device manufacturing that often commands premium margins. The expected
The company's disciplined financial management is evident in maintaining a 2.6x leverage ratio despite multiple acquisitions. The
The 2025 guidance of
~ Strong 4Q and Full Year sales and profit increase versus last year ~
~ Expect
PLANO, Texas, Feb. 20, 2025 (GLOBE NEWSWIRE) -- Integer Holdings Corporation (NYSE:ITGR), a leading contract development and manufacturing organization, today announced results for the three and twelve months ended December 31, 2024. Unless otherwise stated, all results and comparisons are from continuing operations.
Fourth Quarter 2024 Financial Results (compared to fourth quarter 2023, except as noted)
- Sales increased
11% to$449 million . - GAAP income from continuing operations increased
$6 million to$33 million , an increase of23% . Adjusted net income increased$3 million to$51 million , an increase of6% . - GAAP operating income increased
$14 million to$57 million , an increase of31% . Adjusted operating income increased$9 million to$76 million , an increase of13% . - GAAP diluted EPS from continuing operations increased
$0.12 per share to$0.91 per share, an increase of15% . Adjusted EPS increased$0.02 per share to$1.43 per share, an increase of1% . - Adjusted EBITDA increased
$9 million to$95 million , an increase of11% .
Full Year 2024 Financial Results (compared to full year 2023)
- Sales increased
10% to$1.71 7 billion. - GAAP income from continuing operations increased
$32 million to$121 million , an increase of36% . Adjusted net income increased$28 million to$184 million , an increase of18% . - GAAP operating income increased
$45 million to$208 million , an increase of28% . Adjusted operating income increased$48 million to$285 million , an increase of20% . - GAAP diluted EPS from continuing operations increased
$0.76 per share to$3.40 per share, an increase of29% . Adjusted EPS increased$0.69 per share to$5.30 per share, an increase of15% . - Adjusted EBITDA increased
$57 million to$361 million , an increase of19% . - Generated
$205 million of cash flow from operating activities. - Total debt increased
$30 million to$990 million and net total debt increased$4 million to$954 million , primarily to finance the acquisition of Pulse Technologies, mostly offset by cash flow from operations and the sale of the Electrochem business, resulting in a leverage ratio of 2.6 times adjusted EBITDA as of December 31, 2024.
Precision Coating Acquisition
- Integer acquired Precision Coating for approximately
$152 million , subject to customary purchase price adjustments, plus additional purchase consideration contingent on achieving a specific revenue target for 2025, offset by an expected$13 million NPV tax benefit. - Integer expects Precision Coating sales of approximately
$52 million in 2025 with an accretive margin. - The transaction closed on January 7, 2025 utilizing borrowings under Integer’s existing revolving credit facility. Integer anticipates it will stay within the 2.5x – 3.5x leverage target following the transaction.
VSi Parylene Acquisition
- Integer signed a purchase agreement to acquire VSi Parylene for approximately
$28 million , payable$23 million in cash and$5 million in Integer common stock, subject to customary purchase price adjustments, offset by an expected$3 million NPV tax benefit. - Integer expects VSi Parylene sales of approximately
$7 million in 2025 after the closing of the acquisition with an accretive margin. - Purchase agreement signed on February 18, 2025 with an expected close by the end of February 2025.
- Utilizing borrowings under Integer’s existing revolving credit facility, Integer anticipates it will stay within the 2.5x – 3.5x leverage target following the transaction.
“Integer delivered strong fourth quarter and full year 2024 sales and income with full year sales up
“We expect
Discussion of Product Line Fourth Quarter and Full Year Sales
- Cardio & Vascular (C&V) sales increased
15% in the fourth quarter 2024 compared to fourth quarter 2023, driven by new product ramps in electrophysiology and the Pulse acquisition. Full year sales increased14% year-over-year, with strong growth across targeted C&V markets, driven by electrophysiology, structural heart, and the InNeuroCo and Pulse acquisitions. - Cardiac Rhythm Management & Neuromodulation sales increased
11% in the fourth quarter 2024 compared to fourth quarter 2023, driven by strong growth in emerging Neuromodulation customers with PMA (premarket approval) products and normalized CRM growth. Full year sales increased8% year-over-year, driven by double-digit Neuromodulation growth from emerging customers with PMA products and normalized low single-digit CRM growth. - Other Markets sales decreased
17% in the fourth quarter 2024 compared to fourth quarter 2023, driven by execution of the planned multi-year Portable Medical exit announced in 2022. Full year sales were flat year-over-year, as the decline in Portable Medical from the multi-year exit announced in 2022 was offset by the Pulse acquisition. Other Markets includes products from the divested AS&O product line, the Portable Medical market exit, and other products not included in C&V and Cardiac Rhythm Management & Neuromodulation.
2025 Outlook(a)
- 2025 Outlook includes the estimated impact of the first quarter 2025 acquisition of Precision Coating and the pending acquisition of VSi Parylene.
| (dollars in millions, except per share amounts) | GAAP | Non-GAAP(b) | |||||||
| As Reported | Change from Prior Year | Adjusted | Change from Prior Year | ||||||
| Sales | N/A | N/A | |||||||
| Operating income | |||||||||
| EBITDA | N/A | N/A | |||||||
| Income from continuing operations | |||||||||
| Diluted earnings per share | |||||||||
| Cash flow from operating activities(c) | N/A | N/A | |||||||
| (a) | Except as described below, further reconciliations by line item to the closest corresponding GAAP financial measure for adjusted operating income, adjusted EBITDA, adjusted net income and adjusted earnings per share (“EPS”), included in our “2025 Outlook” above, and adjusted total interest expense, adjusted effective tax rate and leverage ratio in “Supplemental Financial Information” below, are not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity and visibility of the charges excluded from these non-GAAP financial measures. | ||||||||
| (b) | Adjusted operating income for 2025 consists of GAAP operating income, excluding items such as amortization of intangible assets, restructuring and restructuring-related charges, and acquisition and integration costs, totaling approximately | ||||||||
| Adjusted net income for 2025 consists of GAAP income from continuing operations, excluding items such as amortization of intangible assets, restructuring and restructuring-related charges, acquisition and integration costs, and gain or loss on equity investments totaling approximately | |||||||||
| Adjusted EPS for 2025 consists of GAAP diluted EPS from continuing operations, excluding the after-tax impact of the Adjusted net income items noted above and the estimated dilution resulting from the potential conversion of our 2028 Convertible Notes expected to be offset by capped call option contracts, which is approximately | |||||||||
| Adjusted EBITDA is expected to consist of GAAP income from continuing operations, excluding items such as depreciation, interest, stock-based compensation and taxes totaling approximately | |||||||||
| (c) | Prior year cash flow from operating activities included an immaterial amount related to discontinued operations. | ||||||||
Supplemental Financial Information
| (dollars in millions) | 2025 Outlook | 2024 Actual | |||
| Depreciation and amortization | |||||
| Adjusted total interest expense(a) | |||||
| Stock-based compensation | |||||
| Restructuring, acquisition and other charges(b) | |||||
| Adjusted effective tax rate(c) | |||||
| Leverage ratio(d) | 2.5x to 3.5x | 2.6x | |||
| Capital expenditures(e) | |||||
| Cash income tax payments | |||||
| (a) | Adjusted total interest expense refers to our expected full-year GAAP interest expense, expected to range from | ||||
| (b) | Restructuring, acquisition and other charges consists of restructuring and restructuring-related charges, acquisition and integration costs, other general expenses and incremental costs of complying with the new European Union medical device regulations. | ||||
| (c) | Adjusted effective tax rate refers to our full-year GAAP effective tax rate, expected to range from | ||||
| (d) | Please see “Notes Regarding Non-GAAP Financial Information” for additional information regarding leverage ratio. | ||||
| (e) | Capital expenditures is calculated as cash used to acquire property, plant, and equipment (PP&E) less cash proceeds from the sale of PP&E. | ||||
Summary Financial Results
(dollars in thousands, except per share data)
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||
| 2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||||||
| Operating income | $ | 57,032 | $ | 43,532 | 31.0 | % | $ | 208,238 | $ | 163,323 | 27.5 | % | |||||||
| Income from continuing operations | $ | 32,973 | $ | 26,813 | 23.0 | % | $ | 121,053 | $ | 89,143 | 35.8 | % | |||||||
| Diluted EPS from continuing operations | $ | 0.91 | $ | 0.79 | 15.2 | % | $ | 3.40 | $ | 2.64 | 28.8 | % | |||||||
| EBITDA(a) | $ | 81,419 | $ | 66,810 | 21.9 | % | $ | 313,644 | $ | 253,649 | 23.7 | % | |||||||
| Adjusted EBITDA(a) | $ | 95,066 | $ | 85,819 | 10.8 | % | $ | 360,663 | $ | 303,488 | 18.8 | % | |||||||
| Adjusted operating income(a) | $ | 75,975 | $ | 67,469 | 12.6 | % | $ | 284,642 | $ | 236,627 | 20.3 | % | |||||||
| Adjusted net income(a) | $ | 50,505 | $ | 47,754 | 5.8 | % | $ | 183,688 | $ | 155,630 | 18.0 | % | |||||||
| Adjusted EPS(a) | $ | 1.43 | $ | 1.41 | 1.4 | % | $ | 5.30 | $ | 4.61 | 15.0 | % | |||||||
| (a) | EBITDA, Adjusted EBITDA, Adjusted operating income, Adjusted net income, and Adjusted EPS are Non-GAAP financial measures. Please see “Notes Regarding Non-GAAP Financial Information” for additional information regarding our use of Non-GAAP financial measures. Refer to Tables A, B and C at the end of this release for reconciliations of adjusted amounts to the closest corresponding GAAP financial measures. | ||||||||||||||||||
Summary Product Line Results
(dollars in thousands)
| Three Months Ended December 31, | |||||||||||||
| 2024 | 2023 | Change | Organic Change(a) | ||||||||||
| Cardio & Vascular | $ | 255,298 | $ | 222,642 | 14.7 | % | 11.4 | % | |||||
| Cardiac Rhythm Management & Neuromodulation | 170,524 | 153,248 | 11.3 | % | 10.2 | % | |||||||
| Other Markets | 23,675 | 28,614 | (17.3 | )% | 0.4 | % | |||||||
| Total Sales | $ | 449,497 | $ | 404,504 | 11.1 | % | 10.6 | % | |||||
| Year Ended December 31, | |||||||||||||
| 2024 | 2023 | Change | Organic Change(a) | ||||||||||
| Cardio & Vascular | $ | 949,576 | $ | 836,343 | 13.5 | % | 7.8 | % | |||||
| Cardiac Rhythm Management & Neuromodulation | 660,610 | 612,891 | 7.8 | % | 6.9 | % | |||||||
| Other Markets | 106,410 | 106,422 | — | % | 4.8 | % | |||||||
| Total Sales | $ | 1,716,596 | $ | 1,555,656 | 10.3 | % | 7.3 | % | |||||
| (a) | Organic sales change is a Non-GAAP financial measure. Please see “Notes Regarding Non-GAAP Financial Information” for additional information regarding our use of Non-GAAP financial measures and refer to Table D at the end of this release for a reconciliation of these amounts. | ||||||||||||
Conference Call Information
The Company will host a conference call on Thursday, February 20, 2025, at 8 a.m. CT / 9 a.m. ET to discuss these results. The scheduled conference call will be webcast live and is accessible through our website at investor.integer.net or by dialing (800) 715-9871 (U.S.) or (646) 307-1963 (outside U.S.) and the conference ID is 3120125. The call will be archived on the Company’s website. An earnings call slide presentation containing supplemental information about the Company’s results will be posted to our website at investor.integer.net prior to the conference call and will be referenced during the conference call.
From time to time, the Company posts information that may be of interest to investors on its website at investor.integer.net. To automatically receive Integer financial news by email, please visit investor.integer.net and subscribe to email alerts.
About Integer®
Integer Holdings Corporation (NYSE: ITGR) is one of the largest medical device contract development and manufacturing organizations (CDMO) in the world, serving the cardiac rhythm management, neuromodulation, and cardio and vascular markets. As a strategic partner of choice to medical device companies and OEMs, Integer is committed to enhancing the lives of patients worldwide by providing innovative, high-quality products and solutions. The company's brands include Greatbatch Medical® and Lake Region Medical®. Additional information is available at www.integer.net.
Investor Relations
Kristen Stewart
551.337.3973
kristen.stewart@integer.net
Notes Regarding Non-GAAP Financial Information
In addition to our results reported in accordance with generally accepted accounting principles in the United States of America (“GAAP”), we provide adjusted net income, adjusted EPS, earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted EBITDA, adjusted operating income, and organic sales change. Unless otherwise indicated, all financial metrics presented reflect continuing operations only.
Adjusted net income and adjusted EPS consist of GAAP income from continuing operations and diluted EPS from continuing operations, respectively, adjusted for the following to the extent occurring during the period: (i) amortization of intangible assets, (ii) restructuring and restructuring-related charges; (iii) acquisition and integration related costs; (iv) other general expenses; (v) (gain) loss on equity investments; (vi) extinguishment of debt charges; (vii) European Union medical device regulation incremental charges; (viii) inventory step-up amortization; (ix) unusual, or infrequently occurring items; (x) the income tax provision (benefit) related to these adjustments and (xi) certain tax items that are outside the normal tax provision for the period. Adjusted EPS is calculated by dividing adjusted net income by adjusted weighted average shares.
The weighted average shares used to calculate diluted EPS in accordance with GAAP includes dilution, when applicable, resulting from the potential conversion of our
EBITDA is calculated by adding back interest expense, provision for income taxes, depreciation expense, and amortization expense from intangible assets and financing leases, to income from continuing operations, which is the most directly comparable GAAP financial measure. Adjusted EBITDA consists of EBITDA plus adding back stock-based compensation and the same adjustments as listed above except for items (i), (vi), (x) and (xi). Adjusted operating income consists of operating income adjusted for the same items listed above except for items (v), (vi), (x) and (xi).
Organic sales change is reported sales growth adjusted to remove the impact of foreign currency, the contribution of acquisitions and the strategic exit of the Portable Medical market. To calculate the impact of foreign currency on sales growth rates, we convert any sale made in a foreign currency by converting current period sales into prior period sales using the exchange rate in effect at that time and then compare the two, negating any effect foreign currency had on our transactional revenue. For contribution of acquisitions, we exclude the impact on the growth rate attributable to the contribution of acquisitions in all periods where there were no comparable sales. For the strategic exit of the Portable Medical market, we exclude the impact on the growth rate attributable to Portable Medical sales for all periods presented.
We believe that the presentation of adjusted net income, adjusted EPS, EBITDA, adjusted EBITDA, adjusted operating income, and organic sales change, provides important supplemental information to management and investors seeking to understand the financial and business trends relating to our financial condition and results of operations. In addition to the performance measures identified above, we believe that net total debt and leverage ratio provide meaningful measures of liquidity and a useful basis for assessing our ability to fund our activities, including the financing of acquisitions and debt repayments. Net total debt is calculated as total principal amount of debt outstanding less cash and cash equivalents. We calculate leverage ratio as net total debt divided by adjusted EBITDA for the trailing 4 quarters.
Forward-Looking Statements
Some of the statements contained in this press release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements relating to: our 2025 outlook including future sales, cash flows, expenses, and profitability; Precision Coating’s 2025 sales and accretive margins; our ability to stay within our leverage target after the Precision Coating and VSi Parylene acquisitions; VSi Parylene’s 2025 sales and accretive margins, timing for the closing of the VSi Parylene acquisition; our ability to execute our business model and our business strategy; projected capital spending; and other events, conditions or developments that will or may occur in the future. You can identify forward-looking statements by terminology such as “outlook,” “projected,” “may,” “will,” “should,” “could,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “project,” or “continue” or variations or the negative of these terms or other comparable terminology. These statements are only predictions. Actual events or results may differ materially from those stated or implied by these forward-looking statements. In evaluating these statements and our prospects, you should carefully consider the factors set forth below.
Although it is not possible to create a comprehensive list of all factors that may cause actual results to differ from the results expressed or implied by our forward-looking statements or that may affect our future results, some of these factors and other risks and uncertainties that arise from time to time are described in Item 1A, “Risk Factors” of our Annual Report on Form 10-K and in our other periodic filings with the SEC and include the following:
- operational risks, such as our dependence upon a limited number of customers; pricing pressures and contractual pricing restraints we face from customers; our reliance on third-party suppliers for raw materials, key products and subcomponents; interruptions in our manufacturing operations; our ability to attract, train and retain a sufficient number of qualified associates to maintain and grow our business; the potential for harm to our reputation and competitive advantage caused by quality problems related to our products; our dependence upon our information technology systems and our ability to prevent cyber-attacks and other failures; global climate change and the emphasis on Environmental, Social and Governance matters by various stakeholders; our dependence upon our senior management team and key technical personnel; and consolidation in the healthcare industry resulting in greater competition;
- strategic risks, such as the intense competition we face and our ability to successfully market our products; our ability to respond to changes in technology; our ability to develop new products and expand into new geographic and product markets; and our ability to successfully identify, make and integrate acquisitions to expand and develop our business in accordance with expectations;
- financial and indebtedness risks, such as our ability to accurately forecast future performance based on operating results that often fluctuate; our significant amount of outstanding indebtedness and our ability to remain in compliance with financial and other covenants under the credit agreement governing our Senior Secured Credit Facilities; economic and credit market uncertainties that could interrupt our access to capital markets, borrowings or financial transactions; the conditional conversion feature of the 2028 Convertible Notes adversely impacting our liquidity; the conversion of our 2028 Convertible Notes diluting ownership interests of existing holders of our common stock; the counterparty risk associated with our capped call transaction; the counter financial and market risks related to our international operations and sales; our complex international tax profile; and our ability to realize the full value of our intangible assets;
- legal and compliance risks, such as regulatory issues resulting from product complaints, recalls or regulatory audits; the potential of becoming subject to product liability or intellectual property claims; our ability to protect our intellectual property and proprietary rights; our ability to comply with customer-driven policies and third-party standards or certification requirements; our ability to obtain and/or retain necessary licenses from third parties for new technologies; our ability and the cost to comply with environmental regulations; legal and regulatory risks from our international operations; the fact that the healthcare industry is highly regulated and subject to various regulatory changes; and our business being indirectly subject to healthcare industry cost containment measures that could result in reduced sales of our products; and
- other risks and uncertainties that arise from time to time.
Except as may be required by law, we assume no obligation to update forward-looking statements in this press release whether to reflect changed assumptions, the occurrence of unanticipated events or changes in future operating results, financial conditions or prospects, or otherwise.
Condensed Consolidated Balance Sheets - Unaudited
(in thousands)
| December 31, | |||||||
| 2024 | 2023 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 46,543 | $ | 23,674 | |||
| Accounts receivable, net | 245,269 | 231,283 | |||||
| Inventories | 247,126 | 229,102 | |||||
| Contract assets | 103,772 | 85,871 | |||||
| Prepaid expenses and other current assets | 28,409 | 30,033 | |||||
| Current assets of discontinued operations held for sale | — | 17,705 | |||||
| Total current assets | 671,119 | 617,668 | |||||
| Property, plant and equipment, net | 465,798 | 392,569 | |||||
| Goodwill | 1,017,729 | 994,007 | |||||
| Other intangible assets, net | 778,286 | 779,598 | |||||
| Deferred income taxes | 8,309 | 7,001 | |||||
| Operating lease assets | 86,082 | 81,319 | |||||
| Financing lease assets | 27,689 | 11,675 | |||||
| Other long-term assets | 22,959 | 22,407 | |||||
| Noncurrent assets of discontinued operations held for sale | — | 36,409 | |||||
| Total assets | $ | 3,077,971 | $ | 2,942,653 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Current liabilities: | |||||||
| Current portion of long-term debt | $ | 10,000 | $ | — | |||
| Accounts payable | 101,498 | 118,258 | |||||
| Operating lease liabilities | 7,352 | 8,564 | |||||
| Accrued expenses and other current liabilities | 108,323 | 90,644 | |||||
| Current liabilities of discontinued operations held for sale | — | 3,503 | |||||
| Total current liabilities | 227,173 | 220,969 | |||||
| Long-term debt | 980,153 | 959,925 | |||||
| Deferred income taxes | 124,608 | 143,552 | |||||
| Operating lease liabilities | 77,702 | 72,126 | |||||
| Financing lease liabilities | 23,760 | 10,272 | |||||
| Other long-term liabilities | 25,360 | 14,303 | |||||
| Noncurrent liabilities of discontinued operations held for sale | — | 2,464 | |||||
| Total liabilities | 1,458,756 | 1,423,611 | |||||
| Stockholders’ equity: | |||||||
| Common stock | 34 | 33 | |||||
| Additional paid-in capital | 741,977 | 727,435 | |||||
| Retained earnings | 891,247 | 771,351 | |||||
| Accumulated other comprehensive income | (14,043 | ) | 20,223 | ||||
| Total stockholders’ equity | 1,619,215 | 1,519,042 | |||||
| Total liabilities and stockholders’ equity | $ | 3,077,971 | $ | 2,942,653 | |||
Condensed Consolidated Statements of Operations - Unaudited
(in thousands except per share data)
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Sales | $ | 449,497 | $ | 404,504 | $ | 1,716,596 | $ | 1,555,656 | |||||||
| Cost of sales (COS) | 332,701 | 294,940 | 1,257,582 | 1,145,767 | |||||||||||
| Gross profit | 116,796 | 109,564 | 459,014 | 409,889 | |||||||||||
| Operating expenses: | |||||||||||||||
| Selling, general and administrative | 47,468 | 45,296 | 185,202 | 173,171 | |||||||||||
| Research, development and engineering | 10,614 | 13,050 | 53,425 | 61,967 | |||||||||||
| Restructuring and other charges | 1,682 | 7,686 | 12,149 | 11,428 | |||||||||||
| Total operating expenses | 59,764 | 66,032 | 250,776 | 246,566 | |||||||||||
| Operating income | 57,032 | 43,532 | 208,238 | 163,323 | |||||||||||
| Interest expense | 13,234 | 12,054 | 56,374 | 51,275 | |||||||||||
| Loss on equity investments, net | 2,815 | 2,219 | 780 | 5,691 | |||||||||||
| Other (income) loss, net | 1,725 | (724 | ) | 3,521 | 975 | ||||||||||
| Income from continuing operations before income taxes | 39,258 | 29,983 | 147,563 | 105,382 | |||||||||||
| Provision for income taxes | 6,285 | 3,170 | 26,510 | 16,239 | |||||||||||
| Income from continuing operations | 32,973 | 26,813 | 121,053 | 89,143 | |||||||||||
| Income (loss) from discontinued operations | $ | (270 | ) | $ | (456 | ) | $ | (1,157 | ) | $ | 1,507 | ||||
| Net income | $ | 32,703 | $ | 26,357 | $ | 119,896 | $ | 90,650 | |||||||
| Basic earnings per share: | |||||||||||||||
| Income from continuing operations | $ | 0.98 | $ | 0.80 | $ | 3.60 | $ | 2.68 | |||||||
| Income (loss) from discontinued operations | (0.01 | ) | (0.01 | ) | (0.03 | ) | 0.05 | ||||||||
| Basic earnings per share | 0.97 | 0.79 | 3.57 | 2.72 | |||||||||||
| Diluted earnings per share: | |||||||||||||||
| Income from continuing operations | $ | 0.91 | $ | 0.79 | $ | 3.40 | $ | 2.64 | |||||||
| Income (loss) from discontinued operations | (0.01 | ) | (0.01 | ) | (0.03 | ) | 0.04 | ||||||||
| Diluted earnings per share | 0.90 | 0.78 | 3.36 | 2.69 | |||||||||||
| Weighted average shares outstanding: | |||||||||||||||
| Basic | 33,665 | 33,364 | 33,601 | 33,320 | |||||||||||
| Diluted | 36,243 | 33,987 | 35,649 | 33,758 | |||||||||||
Condensed Consolidated Statements of Cash Flows(a) - Unaudited
(in thousands)
| Year Ended December 31, | |||||||||
| 2024 | 2023 | ||||||||
| Cash flows from operating activities: | |||||||||
| Net income | $ | 119,896 | $ | 90,650 | |||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
| Depreciation and amortization | 111,031 | 98,841 | |||||||
| Debt related charges included in interest expense | 4,057 | 8,054 | |||||||
| Inventory step-up amortization | 1,056 | 590 | |||||||
| Stock-based compensation | 24,767 | 23,283 | |||||||
| Non-cash lease expense | 9,125 | 11,248 | |||||||
| Non-cash loss on equity investments | 780 | 5,691 | |||||||
| Contingent consideration fair value adjustment | (3,550 | ) | (736 | ) | |||||
| Other non-cash losses | 6,954 | 4,379 | |||||||
| Deferred income taxes | (14,110 | ) | (9,490 | ) | |||||
| Gain on sale of discontinued operations | (177 | ) | — | ||||||
| Changes in operating assets and liabilities, net of acquisitions: | |||||||||
| Accounts receivable | (6,532 | ) | (7,437 | ) | |||||
| Inventories | (18,079 | ) | (30,178 | ) | |||||
| Contract assets | (18,447 | ) | (13,646 | ) | |||||
| Prepaid expenses and other assets | (229 | ) | (930 | ) | |||||
| Accounts payable | (16,620 | ) | (520 | ) | |||||
| Accrued expenses and other liabilities | 4,472 | 7,908 | |||||||
| Income taxes payable | 811 | (7,494 | ) | ||||||
| Net cash provided by operating activities | 205,205 | 180,213 | |||||||
| Cash flows from investing activities: | |||||||||
| Acquisition of property, plant and equipment | (105,357 | ) | (119,938 | ) | |||||
| Purchase of intangible asset | (250 | ) | — | ||||||
| Proceeds from sale of property, plant and equipment | 39 | 173 | |||||||
| Acquisitions, net of cash acquired | (138,544 | ) | (43,602 | ) | |||||
| Proceeds from sale of discontinued operations, net | 48,698 | — | |||||||
| Net cash used in investing activities | (195,414 | ) | (163,367 | ) | |||||
| Cash flows from financing activities: | |||||||||
| Principal payments of long-term debt | (6 | ) | (415,938 | ) | |||||
| Proceeds from issuance of convertible notes, net of discount | — | 486,250 | |||||||
| Proceeds from revolving credit facility | 274,500 | 383,103 | |||||||
| Payments of revolving credit facility | (247,500 | ) | (424,801 | ) | |||||
| Purchase of capped calls | — | (35,000 | ) | ||||||
| Payment of debt issuance costs | (2,075 | ) | (2,181 | ) | |||||
| Proceeds from the exercise of stock options | 742 | 2,303 | |||||||
| Tax withholdings related to net share settlements of restricted stock units | (10,938 | ) | (3,098 | ) | |||||
| Payment of contingent consideration | — | (7,660 | ) | ||||||
| Principal payments on finance leases | (10,723 | ) | (1,182 | ) | |||||
| Other financing activities | 9,321 | 190 | |||||||
| Net cash provided (used in) by financing activities | 13,321 | (18,014 | ) | ||||||
| Effect of foreign currency exchange rates on cash and cash equivalents | (243 | ) | 570 | ||||||
| Net increase (decrease) in cash and cash equivalents | 22,869 | (598 | ) | ||||||
| Cash and cash equivalents, beginning of year | 23,674 | 24,272 | |||||||
| Cash and cash equivalents, end of year | $ | 46,543 | $ | 23,674 | |||||
| (a) | The Condensed Consolidated Statements of Cash Flows - Unaudited includes cash flows related to discontinued operations. | ||||||||
Reconciliations of Non-GAAP Measures from Continuing Operations
Table A: Adjusted Net Income and Diluted EPS from Continuing Operations Reconciliations
(in thousands, except per share data)
| Three Months Ended December 31, | ||||||||||||||||||||||
| 2024 | 2023 | |||||||||||||||||||||
| Pre-Tax | Net of Tax | Per Diluted Share(a) | Pre-Tax | Net of Tax | Per Diluted Share(a) | |||||||||||||||||
| Income from continuing operations (GAAP) | $ | 39,258 | $ | 32,973 | $ | 0.91 | $ | 29,983 | $ | 26,813 | $ | 0.79 | ||||||||||
| Adjustments(b): | ||||||||||||||||||||||
| Amortization of intangible assets | 14,028 | 11,296 | 0.32 | 13,307 | 10,515 | 0.31 | ||||||||||||||||
| Certain legal expenses (SG&A)(c) | 304 | 240 | 0.01 | — | — | — | ||||||||||||||||
| Restructuring and restructuring-related charges(d) | 1,517 | 1,205 | 0.03 | 4,787 | 4,212 | 0.12 | ||||||||||||||||
| Acquisition and integration costs(e) | 533 | 433 | 0.01 | 1,729 | 1,324 | 0.04 | ||||||||||||||||
| Other general expenses (gains)(f) | 167 | 132 | — | 1,973 | 1,330 | 0.04 | ||||||||||||||||
| Loss on equity investments(g) | 2,815 | 2,224 | 0.06 | 2,219 | 1,753 | 0.05 | ||||||||||||||||
| Medical device regulations(i) | 186 | 147 | — | 364 | 287 | 0.01 | ||||||||||||||||
| Other adjustments(j) | 2,208 | 1,744 | 0.05 | 1,187 | 938 | 0.03 | ||||||||||||||||
| Inventory step-up amortization (COS)(k) | — | — | — | 590 | 466 | 0.01 | ||||||||||||||||
| Tax adjustments(l) | — | 111 | — | — | 116 | — | ||||||||||||||||
| Impact of capped call option contracts(m) | — | — | 0.02 | — | — | — | ||||||||||||||||
| Adjusted net income (Non-GAAP) | $ | 61,016 | $ | 50,505 | $ | 1.43 | $ | 56,139 | $ | 47,754 | $ | 1.41 | ||||||||||
| Weighted average shares for diluted EPS (GAAP) | 36,243 | 33,987 | ||||||||||||||||||||
| Less: 2028 Convertible Notes capped call options impact | (920 | ) | — | |||||||||||||||||||
| Adjusted weighted average shares (non-GAAP) | 35,323 | 33,987 | ||||||||||||||||||||
| Year Ended December 31, | ||||||||||||||||||||||
| 2024 | 2023 | |||||||||||||||||||||
| Pre-Tax | Net of Tax | Per Diluted Share | Pre-Tax | Net of Tax | Per Diluted Share | |||||||||||||||||
| Income from continuing operations (GAAP) | $ | 147,563 | $ | 121,053 | $ | 3.40 | $ | 105,382 | $ | 89,143 | $ | 2.64 | ||||||||||
| Adjustments(b): | ||||||||||||||||||||||
| Amortization of intangible assets | 54,614 | 43,964 | 1.27 | 52,191 | 41,250 | 1.22 | ||||||||||||||||
| Certain legal expenses (SG&A)(c) | 1,139 | 900 | 0.03 | — | — | — | ||||||||||||||||
| Restructuring and restructuring-related charges(d) | 7,255 | 5,774 | 0.17 | 9,949 | 8,332 | 0.25 | ||||||||||||||||
| Acquisition and integration costs(e) | 8,941 | 7,091 | 0.20 | 3,444 | 2,606 | 0.08 | ||||||||||||||||
| Other general expenses (gains)(f) | (805 | ) | (521 | ) | (0.02 | ) | 2,110 | 1,437 | 0.04 | |||||||||||||
| Loss on equity investments(g) | 780 | 616 | 0.02 | 5,691 | 4,496 | 0.13 | ||||||||||||||||
| Loss on extinguishment of debt(h) | — | — | — | 4,518 | 3,569 | 0.11 | ||||||||||||||||
| Medical device regulations(i) | 948 | 749 | 0.02 | 1,605 | 1,268 | 0.04 | ||||||||||||||||
| Other adjustments(j) | 3,256 | 2,572 | 0.07 | 3,415 | 2,698 | 0.08 | ||||||||||||||||
| Inventory step-up amortization (COS)(k) | 1,056 | 834 | 0.02 | 590 | 466 | 0.01 | ||||||||||||||||
| Tax adjustments(l) | — | 656 | 0.02 | — | 365 | 0.01 | ||||||||||||||||
| Impact of capped call option contracts(m) | — | — | 0.09 | — | — | — | ||||||||||||||||
| Adjusted net income (Non-GAAP) | $ | 224,747 | $ | 183,688 | $ | 5.30 | $ | 188,895 | $ | 155,630 | $ | 4.61 | ||||||||||
| Weighted average shares for diluted EPS (GAAP) | 35,649 | 33,758 | ||||||||||||||||||||
| Less: 2028 Convertible Notes capped call options impact | (999 | ) | — | |||||||||||||||||||
| Adjusted weighted average shares (non-GAAP) | 34,650 | 33,758 | ||||||||||||||||||||
| (a) | Income from continuing operations (GAAP) per diluted share amounts are calculated in accordance with GAAP using weighted average shares for diluted EPS. The per share amounts for the adjustments in the table above and adjusted net income are calculated using adjusted weighted average shares. | |||||||||||||||||||||
| (b) | The difference between pre-tax and net of tax amounts is the estimated tax impact related to the respective adjustment. Net of tax amounts are computed using a | |||||||||||||||||||||
| (c) | Certain legal expenses associated with non-ordinary course legal matters. | |||||||||||||||||||||
| (d) | We initiate discrete restructuring programs primarily to realign resources to better serve our customers and markets, improve operational efficiency and capabilities, and lower operating costs or improve profitability. Depending on the program, restructuring charges may include termination benefits, contract termination, facility closure and other exit and disposal costs. Restructuring-related expenses are directly related to the program and may include retention bonuses, accelerated depreciation, consulting expense and costs to transfer manufacturing operations among our facilities. Included in restructuring charges for the fourth quarter of 2023 are | |||||||||||||||||||||
| (e) | Acquisition and integration costs are incremental costs that are directly related to a business or asset acquisition. These costs may include, among other things, professional, consulting and other fees, system integration costs, and fair value adjustments relating to contingent consideration. | |||||||||||||||||||||
| (f) | Other general expenses are discrete transactions occurring sporadically and affect period-over-period comparisons. The expenses for the 2024 and 2023 periods include gains and losses in connection with the disposal of property, plant and equipment. In addition, the 2024 and 2023 amounts include | |||||||||||||||||||||
| (g) | During the third quarter of 2024, we determined that an investment in our non-marketable equity securities was impaired and recorded an impairment charge of | |||||||||||||||||||||
| (h) | Loss on extinguishment of debt consists of accelerated write-offs of unamortized deferred debt issuance costs and discounts which are included in interest expense. The 2023 amount represents a write-off of unamortized deferred debt issuance costs and discounts in connection with the amendments to the credit agreement governing our credit facilities, prepayments of portions of the Term Loan A Facility, and repayment in full of the Term Loan B Facility. | |||||||||||||||||||||
| (i) | The charges represent incremental costs of complying with the new European Union medical device regulations for previously registered products and primarily include charges for contractors supporting the project and other direct third-party expenses. | |||||||||||||||||||||
| (j) | Amount primarily relates to costs associated with certain formal strategic projects. Strategic projects primarily involve system reconfiguration to support our manufacturing excellence operational strategic imperative and investments in certain technology and platform development to align our capabilities to meet customer needs. Other adjustments for the quarter and year ended December 31, 2024 included pre-tax charges for inventory write-offs of | |||||||||||||||||||||
| (k) | The accounting associated with our acquisitions require us to record inventory at its fair value, which is sometimes greater than the previous book value of inventory. The increase in inventory value is amortized to cost of sales over the period that the related inventory is sold. We exclude inventory step-up amortization from our non-GAAP financial measures because it is a non-cash expense that we do not believe is indicative of our ongoing operating results. | |||||||||||||||||||||
| (l) | Tax adjustments predominately relate to acquired foreign tax credits, including utilization, changes to uncertain tax benefits and associated interest. | |||||||||||||||||||||
| (m) | Represents the per share amount attributable to the reduction in dilution upon assumed exercise of the capped call option contracts. | |||||||||||||||||||||
Please see “Notes Regarding Non-GAAP Financial Information” for additional information regarding our use of non-GAAP financial measures.
Table B: Adjusted Operating Income Reconciliations
(in thousands)
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||
| Operating income (GAAP) | $ | 57,032 | $ | 43,532 | $ | 208,238 | $ | 163,323 | |||||
| Adjustments: | |||||||||||||
| Amortization of intangible assets | 14,028 | 13,307 | 54,614 | 52,191 | |||||||||
| Certain legal expenses | 304 | — | 1,139 | — | |||||||||
| Restructuring and restructuring-related charges | 1,517 | 4,787 | 7,255 | 9,949 | |||||||||
| Acquisition and integration costs | 533 | 1,729 | 8,941 | 3,444 | |||||||||
| Other general expenses (gains) | 167 | 1,973 | (805 | ) | 2,110 | ||||||||
| Medical device regulations | 186 | 364 | 948 | 1,605 | |||||||||
| Other adjustments | 2,208 | 1,187 | 3,256 | 3,415 | |||||||||
| Inventory step-up amortization | — | 590 | 1,056 | 590 | |||||||||
| Adjusted operating income (Non-GAAP) | $ | 75,975 | $ | 67,469 | $ | 284,642 | $ | 236,627 | |||||
Table C: EBITDA Reconciliations
(in thousands)
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||
| Income from continuing operations (GAAP) | $ | 32,973 | $ | 26,813 | $ | 121,053 | $ | 89,143 | ||||||
| Interest expense | 13,234 | 12,054 | 56,374 | 51,275 | ||||||||||
| Provision for income taxes | 6,285 | 3,170 | 26,510 | 16,239 | ||||||||||
| Depreciation(a) | 14,095 | 11,097 | 52,519 | 43,434 | ||||||||||
| Amortization of intangible assets and financing leases | 14,832 | 13,676 | 57,188 | 53,558 | ||||||||||
| EBITDA (Non-GAAP) | 81,419 | 66,810 | 313,644 | 253,649 | ||||||||||
| Certain legal expenses | 304 | — | 1,139 | — | ||||||||||
| Stock-based compensation(b) | 5,917 | 6,160 | 24,449 | 23,035 | ||||||||||
| Restructuring and restructuring-related charges | 1,517 | 4,787 | 7,255 | 9,949 | ||||||||||
| Acquisition and integration costs | 533 | 1,729 | 8,941 | 3,444 | ||||||||||
| Other general expenses (gains) | 167 | 1,973 | (805 | ) | 2,110 | |||||||||
| Loss on equity investments | 2,815 | 2,219 | 780 | 5,691 | ||||||||||
| Medical device regulations | 186 | 364 | 948 | 1,605 | ||||||||||
| Other adjustments | 2,208 | 1,187 | 3,256 | 3,415 | ||||||||||
| Inventory step-up amortization | — | 590 | 1,056 | 590 | ||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | 95,066 | $ | 85,819 | $ | 360,663 | $ | 303,488 | ||||||
| (a) | Excludes amounts included in Restructuring and restructuring-related charges. | |||||||||||||
| (b) | Total stock-based compensation expense less amounts included in Restructuring and restructuring-related charges and Acquisition and integration costs. | |||||||||||||
Table D: Organic Sales Change Reconciliation (% Change)
| GAAP Reported Growth | Impact of Foreign Currency(a) | Impact of Strategic Exits and Acquisitions(a) | Non-GAAP Organic Change | ||||||||||
| QTD Change (4Q 2024 vs. 4Q 2023) | |||||||||||||
| Cardio & Vascular | 14.7 | % | — | % | 3.3 | % | 11.4 | % | |||||
| Cardiac Rhythm Management & Neuromodulation | 11.3 | % | — | % | 1.1 | % | 10.2 | % | |||||
| Other Markets | (17.3 | )% | — | % | (17.7 | )% | 0.4 | % | |||||
| Total Sales | 11.1 | % | — | % | 0.5 | % | 10.6 | % | |||||
| YTD Change (2024 vs. 2023) | |||||||||||||
| Cardio & Vascular | 13.5 | % | — | % | 5.7 | % | 7.8 | % | |||||
| Cardiac Rhythm Management & Neuromodulation | 7.8 | % | — | % | 0.9 | % | 6.9 | % | |||||
| Other Markets | — | % | — | % | (4.8 | )% | 4.8 | % | |||||
| Total Sales | 10.3 | % | — | % | 3.0 | % | 7.3 | % | |||||
| (a) | Sales growth has been adjusted to exclude the impact of foreign currency exchange rate fluctuations, when applicable, and acquisitions and strategic exits. | ||||||||||||
Table E: Net Total Debt Reconciliation
(in thousands)
| December 31, 2024 | December 31, 2023 | |||||
| Total debt | $ | 990,153 | $ | 959,925 | ||
| Add: Debt discounts and deferred issuance costs included in Total debt | 10,841 | 14,075 | ||||
| Total principal amount of debt outstanding | 1,000,994 | 974,000 | ||||
| LESS: Cash and cash equivalents | 46,543 | 23,674 | ||||
| Net Total Debt (Non-GAAP) | $ | 954,451 | $ | 950,326 | ||
FAQ
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