Integer Receives Patent Litigation Payment

Rhea-AI Summary

Integer Holdings Corporation (NYSE: ITGR) has secured approximately $28 million from a Federal Court ruling in its favor against AVX Corporation for patent infringement. This outcome allows Integer to reduce its net debt by about 4%. The company emphasizes its commitment to protecting intellectual property, which supports its goal of enhancing patient lives through innovative medical technologies. Integer is a leading manufacturer in the medical device outsourcing space, catering to several critical healthcare markets.

Positive

• Secured approximately $28 million from patent infringement ruling.
• Used funds to pay down approximately 4% of net debt.

Negative

• None.

Uses Cash to Pay Down Debt

PLANO, Texas, Oct. 19, 2020 (GLOBE NEWSWIRE) -- Integer Holdings Corporation (“Integer”) (NYSE: ITGR), a leading medical device outsource manufacturer, received approximately $28 million following the Federal Court of Appeals for the Federal Circuit affirming, in all respects, the ruling in Integer’s favor granted in the United States District Court for the District of Delaware for AVX Corporation’s infringement of three patents. Integer used the funds to pay down approximately 4% of its net debt.

The successful conclusion of this litigation reinforces Integer’s commitment to protect our intellectual property, supporting our vision to enhance the lives of patients worldwide by being our customers’ partner of choice for innovative medical technologies and services.

About Integer^®
Integer Holdings Corporation (NYSE: ITGR) is one of the largest medical device outsource (MDO) manufacturers in the world serving the cardiac, neuromodulation, vascular, portable medical, advanced surgical and orthopedics markets. The company provides innovative, high-quality medical technologies that enhance the lives of patients worldwide. In addition, it develops batteries for high-end niche applications in energy, military, and environmental markets. Greatbatch Medical®, Lake Region Medical™ and Electrochem® comprise the company’s brands. Additional information is available at www.integer.net.

Investor Relations:
Tony Borowicz
tony.borowicz@integer.net
716.759.5809

Media Relations:
Kelly Butler
kelly.butler@integer.net
214.618.4216

FAQ

What was the ruling regarding Integer Holdings Corporation and AVX Corporation?

Integer Holdings Corporation received a favorable ruling affirming its patent infringement case against AVX Corporation, resulting in approximately $28 million.

How much of its net debt did Integer Holdings pay down after the ruling?

Integer Holdings Corporation used the funds from the ruling to pay down approximately 4% of its net debt.

What is Integer Holdings Corporation's commitment towards intellectual property?

Integer Holdings Corporation is committed to protecting its intellectual property to support its vision of enhancing patient lives through innovative technologies.

What markets does Integer Holdings Corporation serve?

Integer Holdings Corporation serves cardiac, neuromodulation, vascular, portable medical, advanced surgical, and orthopedics markets.