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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 Corporation (NYSE:ITGR) reported a strong performance in Q1 2023, with sales increasing 22% to $379 million and organic growth of 21%. GAAP net income rose by $2 million to $13 million, while non-GAAP adjusted net income grew by $3 million to $29 million. GAAP operating income surged 52% to $34 million, and adjusted operating income increased 28% to $50 million. Adjusted EBITDA also saw a 22% rise to $66 million. However, total debt increased by $77 million, reaching $1,002 million, resulting in a leverage ratio of 3.6 times adjusted EBITDA. The company anticipates organic sales growth of 7% to 9% for the full year 2023, with continued margin expansion expected.
Integer Holdings Corporation (NYSE:ITGR) will release its first quarter 2023 financial results on April 27, 2023, at 7 a.m. CT / 8 a.m. ET. Following the earnings release, a conference call will be held at 8 a.m. CT / 9 a.m. ET to discuss the results and any material forward-looking information. Investors can access the call via domestic or international dial-in numbers, with a conference ID of 9252310. Audio replay will be available for seven days. Integer is a leading medical device outsourcing manufacturer, providing innovative technologies across multiple markets.
Integer Holdings Corporation (NYSE:ITGR) will participate in a virtual fireside chat at the KeyBanc Capital Markets Life Sciences & MedTech Investor Forum on March 21, 2023, at 10:30 AM ET. The chat will feature Joe Dziedzic, President and CEO, and Jason Garland, CFO. Interested investors can access the live and archived webcast via the company’s investor relations website. Integer is a leading medical device outsourcing manufacturer, serving various markets including cardiac and orthopedics.
Integer Holdings Corporation (NYSE:ITGR) reported a 19% sales growth in Q4 2022, reaching $372 million, with annual sales up 13% to $1.376 billion. Despite the growth, GAAP income decreased 15% to $17 million in Q4 and 30% to $65 million for the full year. Adjusted net income rose 12% to $37 million in Q4. The company expects 7% to 9% sales growth in 2023, driven by improving operational efficiencies and capacity investments. Debt increased to $925 million, linked to the Aran Biomedical acquisition. Integer remains optimistic about sustained above-market growth despite challenges in the supply chain.
Integer Holdings Corporation (NYSE: ITGR) announced the successful closing of its $500 million convertible senior notes offering, reducing its floating-rate debt. The offering was oversubscribed, increasing from $375 million to $500 million due to strong investor demand. The new 2.125% notes, due 2028, will decrease annual interest expenses by approximately $15 million, enhancing earnings immediately in 2023. The proceeds will repay existing debt, aligning the maturity of the notes with current obligations. The enhanced conversion structure aims to minimize future dilution, with a conversion price at a significant premium to the current stock price.
Integer Holdings Corporation (NYSE: ITGR) will exhibit at the MD&M West Exposition in Anaheim, California, from Feb. 7-9, 2023. At booth #1759, Integer will showcase its end-to-end medical device design, development, and manufacturing solutions, enhanced by the acquisitions of Aran Biomedical and Oscor. Key innovations include the new Gen 2 CFx Battery Technology, advanced electrophysiology solutions, and a comprehensive suite of neurovascular and structural heart capabilities. President Payman Khales emphasized the company’s focus on expanding its global footprint and capabilities to meet rising customer demand.
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