olivLaw · US equity research
Integer Holdings Corporation ITGR
Electromedical & Electrotherapeutic Apparatus · SIC 3845 · Vertical: Electromedical & Electrotherapeutic Apparatus (SIC 3845)
Integer Holdings is one of the largest contract development and manufacturing organizations for medical devices, producing components and devices for cardio and vascular, neuromodulation and cardiac rhythm markets. The company has agreed to be acquired by funds managed by KKR, so its future now depends on completing that transaction. Sales for fiscal 2025 rose 8% on the back of new product launches.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Integer Holdings Corporation (ITGR) stock was 126.64 USD (+0.07% on the day), with market capitalisation 4.3 bn USD, P/E 42.5 on diluted EPS of 2.98 USD over the last 12 months, beta 0.77, 52-week range 66.64–126.75 USD. Latest reported quarter (Q3 2026): revenue of 449.7 m USD (−3.9% YoY), net income of 15.0 m USD (−62.3% YoY), diluted EPS 0.43 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 63.1
- strong (55–70)
- Bollinger (20, 2)
- 126.46 – 126.77
- in the upper half of the band · %B 0.58 · band width 0.2%
- SMA 50 / 200
- 126.28 / 101.43
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.23 / 0.34
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.2% | −1.1% | +1.2 pp | — |
| 3 months | +1.3% | −0.5% | +1.8 pp | — |
| 6 months | +46.8% | +4.4% | +42.4 pp | — |
| Year to date | +61.5% | +12.3% | +49.2 pp | — |
| 1 year | +84.6% | +13.5% | +71.0 pp | −0.4% |
| 3 years | +46.4% | +76.4% | −30.0 pp | −29.1% |
| 5 years | +39.9% | +63.7% | −23.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 02 Oct 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 449.5 m | 437.4 m | 476.5 m | 467.7 m | 472.1 m | 439.6 m | 464.1 m | 449.7 m |
| Cost of revenue | 332.7 m | 317.1 m | 347.3 m | 341.5 m | 347.3 m | 330.0 m | 351.2 m | 348.1 m |
| Gross profit | 116.8 m | 120.3 m | 129.2 m | 126.2 m | 124.8 m | 109.6 m | 112.9 m | 101.6 m |
| SG&A | 47.5 m | 51.2 m | 52.9 m | 50.5 m | 57.2 m | 58.7 m | 57.7 m | 54.1 m |
| Operating income | 57.0 m | 49.6 m | 59.3 m | 56.4 m | 55.9 m | 31.9 m | 34.5 m | 28.2 m |
| Depreciation & amortisation | 28.9 m | 29.8 m | 32.3 m ≈ | 33.0 m ≈ | 35.5 m | 35.0 m | 34.5 m ≈ | 34.4 m ≈ |
| Interest expense | 13.2 m | 14.8 m | 9.8 m | 9.4 m | 9.3 m | 9.7 m | 10.1 m | 9.7 m |
| Pre-tax income | 39.3 m | -13.0 m | 45.6 m | 46.0 m | 46.8 m | 20.4 m | 23.3 m | 17.5 m |
| Income tax | 6.3 m | 9.5 m | 8.6 m | 6.3 m | -1.8 m | 3.8 m | -314.0 k | 2.5 m |
| Net income | 32.7 m | -22.5 m | 37.0 m | 39.7 m | 48.6 m | 16.5 m | 23.6 m | 15.0 m |
| Diluted EPS | 0.90 ≈ | -0.66 | 1.04 | 1.11 | 1.38 ≈ | 0.48 | 0.69 | 0.43 |
| Operating cash flow | 63.2 m | 31.3 m | 43.9 m ≈ | 65.6 m ≈ | 55.4 m | 24.7 m | 59.7 m ≈ | 36.6 m ≈ |
| Capex | 19.1 m | 25.2 m | 19.0 m ≈ | 19.3 m ≈ | 27.5 m | 24.0 m | 22.7 m ≈ | 20.5 m ≈ |
| Share repurchases | — | 0 | 0 ≈ | 0 ≈ | 50.0 m | 50.0 m | 0 ≈ | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 78 percentile of its own 40-quarter history (min 16.8, median 34.6, max 163.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.2 bn | 1.3 bn | 1.1 bn | 1.2 bn | 1.3 bn | 1.6 bn | 1.7 bn | 1.9 bn |
| Revenue YoY | +6.9% | +3.5% | −14.7% | +13.8% | +9.0% | +16.9% | +10.3% | +8.0% |
| Net income | 168.0 m | 96.3 m | 77.3 m | 96.8 m | 66.4 m | 90.7 m | 119.9 m | 102.8 m |
| Net income YoY | +151.9% | −42.6% | −19.8% | +25.3% | −31.4% | +36.6% | +32.3% | −14.3% |
| Diluted EPS | 5.15 | 2.92 | 2.33 | 2.91 | 1.99 | 2.69 | 3.36 | 2.89 |
| Diluted EPS YoY | +147.6% | −43.3% | −20.2% | +24.9% | −31.6% | +35.2% | +24.9% | −14.0% |
| net % | 13.8% | 7.7% | 7.2% | 7.9% | 5.0% | 5.8% | 7.0% | 5.5% |
| Free cash flow | 122.4 m | 117.2 m | 134.5 m | 103.2 m | 41.7 m | 60.3 m | 99.8 m | 105.1 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 17.2 m USD
- Financial debt
- 1.2 bn USD
- Net debt
- 1.2 bn USD
- Equity
- 1.7 bn USD
- Total assets
- 3.4 bn USD
- Debt / equity
- 0.68x
- Current ratio
- 3.32x
- ROE
- 6.1%
- ROA
- 3.2%
- FCF margin
- 5.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.1 bn | 1.2 bn | 1.3 bn | 1.6 bn | 1.7 bn | 1.9 bn | SEC (XBRL)· 23 Feb 2026verified |
| Cost of revenue | 787.7 m | 884.1 m | 985.5 m | 1.1 bn | 1.3 bn | 1.4 bn | SEC (XBRL)· 23 Feb 2026verified |
| Gross profit | 285.7 m | 337.0 m | 345.8 m | 409.9 m | 459.0 m | 500.4 m | SEC (XBRL)· 23 Feb 2026verified |
| SG&A | 109.0 m | 141.4 m | 158.1 m | 173.2 m | 185.2 m | 211.7 m | SEC (XBRL)· 23 Feb 2026verified |
| Operating income | 120.6 m | 135.7 m | 112.7 m | 163.3 m | 208.2 m | 221.3 m | SEC (XBRL)· 23 Feb 2026verified |
| Depreciation & amortisation | 79.3 m | 81.4 m | 92.0 m | 98.8 m | 111.0 m | 130.7 m | SEC (XBRL)· 23 Feb 2026verified |
| EBITDA | 199.9 m ≈ | 217.1 m ≈ | 204.7 m ≈ | 262.2 m ≈ | 319.3 m ≈ | 351.9 m ≈ | SEC (XBRL)· 23 Feb 2026derived |
| Interest expense | 38.2 m | 31.6 m | 38.6 m | 53.4 m | 56.4 m | 43.2 m | SEC (XBRL)· 23 Feb 2026verified |
| Pre-tax income | 86.2 m | 101.1 m | 68.7 m | 105.4 m | 147.6 m | 125.4 m | SEC (XBRL)· 23 Feb 2026verified |
| Income tax | 8.9 m | 8.0 m | 8.9 m | 16.2 m | 26.5 m | 22.6 m | SEC (XBRL)· 23 Feb 2026verified |
| Net income | 77.3 m | 96.8 m | 66.4 m | 90.7 m | 119.9 m | 102.8 m | SEC (XBRL)· 23 Feb 2026verified |
| Diluted EPS | 2.33 | 2.91 | 1.99 | 2.69 | 3.36 | 2.89 | SEC (XBRL)· 23 Feb 2026verified |
| Weighted average diluted shares | 33.1 m | 33.3 m | 33.4 m | 33.8 m | 35.6 m | 35.6 m | SEC (XBRL)· 23 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 49.2 m | 17.9 m | 24.3 m | 23.7 m | 46.5 m | 17.2 m | SEC (XBRL)· 23 Feb 2026verified |
| Receivables | 156.2 m | 182.3 m | 224.3 m | 231.3 m | 245.3 m | 346.1 m | SEC (XBRL)· 23 Feb 2026verified |
| Inventories | 149.3 m | 155.7 m | 208.8 m | 229.1 m | 247.1 m | 253.7 m | SEC (XBRL)· 23 Feb 2026verified |
| Current assets | 412.9 m | 453.0 m | 558.3 m | 617.7 m | 671.1 m | 770.1 m | SEC (XBRL)· 23 Feb 2026verified |
| Property, plant & equipment, net | 254.0 m | 277.1 m | 317.2 m | 392.6 m | 465.8 m | 536.4 m | SEC (XBRL)· 23 Feb 2026verified |
| Goodwill | 859.4 m | 924.7 m | 965.2 m | 994.0 m | 1.0 bn | 1.1 bn | SEC (XBRL)· 23 Feb 2026verified |
| Intangibles (excl. goodwill) | 757.2 m | 807.8 m | 819.9 m | 779.6 m | 778.3 m | 825.4 m | SEC (XBRL)· 23 Feb 2026verified |
| Total assets | 2.4 bn | 2.6 bn | 2.8 bn | 2.9 bn | 3.1 bn | 3.4 bn | SEC (XBRL)· 23 Feb 2026verified |
| Accounts payable | 51.6 m | 76.9 m | 110.8 m | 118.3 m | 101.5 m | 113.1 m | SEC (XBRL)· 23 Feb 2026verified |
| Short-term debt | 37.5 m | 15.3 m | 18.2 m | 0 | 10.0 m | 0 | SEC (XBRL)· 23 Feb 2026verified |
| Long-term debt | 693.8 m | 812.9 m | 907.1 m | 959.9 m | 980.2 m | 1.2 bn | SEC (XBRL)· 23 Feb 2026verified |
| Current liabilities | 156.2 m | 159.6 m | 223.8 m | 221.0 m | 227.2 m | 232.0 m | SEC (XBRL)· 23 Feb 2026verified |
| Total liabilities | 1.1 bn | 1.2 bn | 1.4 bn | 1.4 bn | 1.5 bn | 1.7 bn | SEC (XBRL)· 23 Feb 2026verified |
| Equity | 1.3 bn † | 1.4 bn † | 1.4 bn † | 1.5 bn † | 1.6 bn † | 1.7 bn † | SEC (XBRL)· 23 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 181.3 m | 156.7 m | 116.4 m | 180.2 m | 205.2 m | 196.1 m | SEC (XBRL)· 23 Feb 2026verified |
| Capex | 46.8 m | 53.5 m | 74.7 m | 119.9 m | 105.4 m | 91.0 m | SEC (XBRL)· 23 Feb 2026verified |
| Free cash flow | 134.5 m ≈ | 103.2 m ≈ | 41.7 m ≈ | 60.3 m ≈ | 99.8 m ≈ | 105.1 m ≈ | SEC (XBRL)· 23 Feb 2026derived |
| Investing cash flow | -56.6 m | -271.0 m | -200.4 m | -163.4 m | -195.4 m | -270.7 m | SEC (XBRL)· 23 Feb 2026verified |
| Financing cash flow | -88.6 m | 82.0 m | 92.5 m | -18.0 m | 13.3 m | 43.6 m | SEC (XBRL)· 23 Feb 2026verified |
| Share repurchases | — | — | — | 0 | 0 | 50.0 m | SEC (XBRL)· 23 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 43 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 4.3 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet31
- Growth93
- Quality66
- Returns33
- Valuation7
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 24.02 – 85.24 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)24.02 – 60.68 (Mid 37.81)WACC 8.5% · starting FCFF 119.1 m USD · terminal value share of EV 76%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDAunavailable · not enough peers
- Peers: P/E60.36 – 85.24 (Mid 64.97)7 companies used · median multiple 21.8x · quartiles 20.2x – 28.6xBLFS, CNMD, ELMD, INMD, LIVN, MDT, TMDX
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 43/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 5.0% | 60 (vs peers) | 11% |
| Net margin · Quality | 5.7% | 73 (vs peers) | 7% |
| FCF conversion · Quality | 78.9% | 70 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 11.7% | 97 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | 13.2% | 88 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 4.2x | 0 (on a fixed band) | 11% |
| Interest coverage · Balance sheet | 3.9x | 37 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 4.0x | 100 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 42.5x | 0 (vs peers) | 11% |
| EV/EBITDA · Valuation | 19.0x | 0 (on a fixed band) | 11% |
| FCF yield · Valuation | 1.9% | 24 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 2.3% | 33 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet31/100 · 3/3 factors with a value
- Growth93/100 · 2/2 factors with a value
- Quality66/100 · 3/3 factors with a value
- Returns· partial33/100 · 1/2 factors with a value
- Valuation7/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
INTEGER HOLDINGS CORPORATION (ITGR). Latest full fiscal year: 2025; data up to 2026-10-02.
Figures computed from the financial statements: revenue 1.9 bn USD in 2025; YoY growth 8.0%; net margin 5.7%; ROE 6.0%; net debt/EBITDA 4.2x.
The estimated value range is 42.19–72.96 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 51.39 USD, the price of 126.64 USD leaves a potential of -59.4% (value / price − 1) and a margin of safety of -146.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 43/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 5.7%
- Revenue CAGR 3Y: 11.7%
- EPS CAGR 3Y: 13.2%
- Current ratio: 4.0x
What contradicts it
- Net debt / EBITDA: 4.2x
- P/E (TTM): 42.5x
- EV/EBITDA: 19.0x
- FCF yield: 1.9%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Payout ratio (FCF).
Versus the vertical median
Electromedical & Electrotherapeutic Apparatus (SIC 3845) · same industry (4-digit SIC) · compared with 24 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MDTMedtronic plc | 134.3 bn | 25.8 | 10.7% | 13.9% | +8.4% | −0% / +32% |
| LIVNLivaNova PLC | 5.2 bn | 31.3 | 15.5% | 13.0% | +10.7% | +48% / +110% |
| ITGRInteger Holdings Corporation | 4.3 bn | 42.5 | 6.0% | 5.7% | +8.0% | +85% / +46% |
| AXGNAxogen, Inc. | 3.1 bn | — | -10.3% | -12.0% | +20.2% | +79% / +684% |
| TMDXTransMedics Group, Inc. | 2.5 bn | 18.9 | 36.3% | 22.7% | +37.1% | −50% / −4% |
| BLFSBioLife Solutions, Inc. | 1.9 bn | 33.5 | 15.1% | 56.4% | +28.9% | unavailable / unavailable |
| CNMDConmed Corporation | 1.6 bn | 21.8 | 7.1% | 5.4% | +5.2% | +24% / −50% |
| CBLLCeriBell, Inc. | 1.1 bn | — | -52.5% | -68.0% | +36.1% | +61% / unavailable |
| INMDInMode Ltd. | 899.7 m | 9.9 | 13.5% | 25.3% | −6.2% | −0% / −40% |
| CVCapsoVision, Inc | 342.8 m | — | — | -214.7% | +15.3% | +23% / unavailable |
| ELMDElectromed, Inc. | 234.3 m | 21.5 | 23.3% | 15.3% | +15.3% | +5% / +172% |
| FOCLEdap Tms SA | 162.9 m | — | -321.7% | -49.1% | +1.6% | +81% / −17% |
| VANIVivani Medical, Inc. | 96.5 m | — | -220.4% | — | unavailable | −21% / +13% |
| STXSStereotaxis, Inc. | 95.9 m | — | -325.9% | -74.2% | +20.3% | −61% / −42% |
| NRXSNeuraxis, Inc. | 86.1 m | — | -139.8% | -144.4% | +32.9% | +147% / +117% |
| OMOutset Medical, Inc. | 83.8 m | — | -63.0% | -58.3% | +5.1% | −3% / −94% |
| ECORelectroCore, Inc. | 77.5 m | — | — | -33.5% | +27.2% | +66% / +49% |
| POCIPrecision Optics Corporation, Inc. | 53.1 m | — | -22.3% | -11.5% | +65.2% | +3% / −18% |
| NXLNexalin Technology, Inc. | 34.4 m | — | -240.3% | -4,139.4% | +78.8% | −95% / −87% |
| QTIQt Imaging Holdings, Inc. | 32.1 m | — | -2,125.0% | -77.3% | +287.9% | −64% / −99% |
| NUWENuwellis, Inc. | 19.2 m | — | — | -125.6% | −5.4% | −94% / −100% |
| IRIXIridex Corp | 12.6 m | — | -73.1% | -6.9% | unavailable | −26% / −72% |
| NDRAEndra Life Sciences Inc. | 7.4 m | — | -152.0% | — | unavailable | −16% / −100% |
| ITOCiTonic Holdings Ltd | — | — | -82.8% | -974.7% | +16.7% | −80% / unavailable |
| HYPRHyperfine, Inc. | 0 | — | -97.0% | -210.8% | +5.2% | −30% / −41% |
1- and 3-year price returns: for ITGR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 82.05 Total return -35% · Per year -35% | 144.59 Total return 14% · Per year 14% | 217.15 Total return 71% · Per year 71% |
| 3 years | 91.51 Total return -28% · Per year -10% | 180.29 Total return 42% · Per year 12% | 295.56 Total return 133% · Per year 33% |
| 5 years | 102.07 Total return -19% · Per year -4% | 224.81 Total return 78% · Per year 12% | 402.29 Total return 218% · Per year 26% |
- Exit P/E± 45.07
- Net margin± 31.55
- Annual revenue growth± 24.23
- Annual dilution± 2.65
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
In brief
Integer Holdings is one of the largest contract development and manufacturing organizations for medical devices, producing components and devices for cardio and vascular, neuromodulation and cardiac rhythm markets. The company has agreed to be acquired by funds managed by KKR, so its future now depends on completing that transaction 13. Sales for fiscal 2025 rose 8% on the back of new product launches 1.
SWOT
Strengths
- The company is described as one of the largest medical device CDMOs, with a diversified portfolio of engineering and manufacturing capabilities 1.
- Firm backlog and long-term supply agreements with OEM customers provide a relatively predictable revenue base 1.
- The tuck-in acquisition strategy has expanded coating and micro-machining capabilities, reinforcing position in growth segments 1.
Weaknesses
- Dependence on a small number of large customers means losing one could have a significant effect on revenue 1.
- Leverage is elevated, and the cost of debt and convertible note mechanics can weigh on liquidity 3.
- Operating income fell in the first half of 2026 compared with the prior year, and the financial outlook was withdrawn 3.
Opportunities
- Growth in electrophysiology and neurovascular segments could support sales if adoption of new products increases 1.
- OEM preference for suppliers offering complete capabilities could favor companies with scale and a broad portfolio 1.
- Further tuck-in acquisitions could extend capabilities in targeted segments 1.
Risks
- Dependence on large customershigh
Loss of or reduced business with one of the major customers could significantly affect revenue and profitability 1.
- KKR transactionhigh
Completion depends on regulatory and stockholder approvals, and failure to complete could affect customer and employee relationships 23.
- Indebtedness and convertible notesmedium
Total debt rose in 2026, and conversion mechanics could dilute existing holders and affect liquidity 23.
- Production and supply chain disruptionmedium
Production is concentrated in a few locations, and unforeseen events or supplier disruptions could delay deliveries 1.
- New product launches below expectationsmedium
Weaker adoption of some new products has affected sales in 2026, and the company described this pattern as highly unusual 13.
Investment thesis
What would need to be true (bull case)
- If new product launches in electrophysiology and neurovascular regain momentum, sales growth could return to the 2025 pace 13.
- The broad CDMO position and long-term contracts could support revenue over the medium term 1.
- The announced cash price for shares could give shareholders an exit in an all-cash deal, if it is completed 3.
What would break the thesis
What to watch
- Completion of the KKR transaction and regulatory approvals2026-2027
- Sales trend in electrophysiology and neurovascular after new launchesQ3 2026
- Debt levels and leverage relative to adjusted EBITDAQ3 2026
- Impact of tariffs and raw material costs on gross marginnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
The business
Integer Holdings Corporation, headquartered in Plano, Texas, is a CDMO for medical devices, with the Greatbatch Medical and Lake Region Medical brands 1. Its main customers are large multi-national original equipment manufacturers, and the company describes itself as a pure-play medtech company focused on cardio and vascular, neuromodulation and cardiac rhythm management 1. Its strategy includes tuck-in acquisitions, such as the 2025 surface coating deals, that broaden its capabilities 1.
The company runs one reportable segment and reports revenue through three product lines: Cardio & Vascular, Cardiac Rhythm Management & Neuromodulation, and Other Markets 1. Customer concentration is high, as three customers, Abbott Laboratories, Boston Scientific and Medtronic, together accounted for 49% of sales in 2025 1. Firm backlog at December 31, 2025 was about 675 million USD, most of it expected to ship within one year 1.
The company exited the Portable Medical market, with final sales expected to wind down in 2026 1. In the second quarter of 2026 sales fell slightly, and the company withdrew its financial outlook because of the KKR transaction 3.
Segments
Cardio & Vascular
This is the largest product line, with sales of about 1107 million USD in 2025, up 16.6% on the prior year, driven by new electrophysiology products and acquisitions 1. In the second quarter of 2026 sales fell slightly, reflecting the impact of two new electrophysiology products 3.
Cardiac Rhythm Management & Neuromodulation
This line covers components for pacemakers, defibrillators and neuromodulation devices, with sales of about 669 million USD in 2025, roughly flat 1. It grew slightly in the second quarter of 2026, though growth was partly offset by one new neuromodulation product 3.
Market context
The company operates in the medical device CDMO market, which has traditionally been fragmented across several hundred companies, though very few offer the breadth of capabilities Integer provides 1. Demand depends on the growth and consolidation of OEM customers, who increasingly seek suppliers able to offer complete supply chain solutions 1. Cardio & Vascular and rhythm management are described as markets with strong long-term growth characteristics 1.
Customer consolidation and pricing pressure shape the market, and competitors can differentiate on quality and delivery times 12. Profitability depends on sales volumes and supply chain efficiency 1.
Trends
- New product launches in targeted marketsmixed
Sales growth in 2025 was supported by new product launches in electrophysiology and neurovascular, but the same launches slowed sales in 2026 because market adoption was lower than expected 13. If adoption stays below expectations, growth could remain limited.
- Consolidation of OEM customersmixed
Large customers are consolidating and seek suppliers with broad capabilities, which could favor larger CDMOs but also raises the risk of losing a major customer 1. Pressure for price reductions persists 1.
- Tuck-in acquisitionstailwind
The small acquisition strategy has added coating and micro-machining capabilities, broadening the technology portfolio 1. If these acquisitions are integrated effectively, they could support medium-term growth 1.
- Cost and tariff pressureheadwind
Higher raw material prices, trade tariffs and geopolitical tensions could raise production costs and weigh on margins 1. The company says it has cost containment measures but may not fully offset all increases 1.
Competitive position
Competition is fragmented, and companies compete by product lifecycle phase, specialization and region 1. Customers may in-source production or use dual sourcing, which increases competitive pressure 12.
Competitive advantages rest on reputation, quality, delivery, breadth of design and engineering support, and the ability to provide complete supply chain solutions 1. Sector consolidation and the KKR transaction could change the competitive landscape 3.
- Niche and regional CDMO providers
The sources describe the market as fragmented, with hundreds of smaller companies that have limited capabilities and focus on specialized segments 1.
- Component makers with broad capabilities
The sources mention suppliers that develop or may develop broad manufacturing and related services, making them potential competitors 1.
- OEM customers with in-house production
Customers may use their own capabilities or multiple suppliers, which is a form of competition for the company 12.
- Surface coating and micro-machining specialists
The sources cite coating and micro-machining companies that Integer has acquired, indicating a specialized competitive segment 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- The recently proposed o(n log n) integer multiplication algorithm [pdf]Hacker News · 22 Oct 2026 · EN
- Κ = 0.003 for integer multiplication crossedHacker News · 21 Oct 2026 · EN
- GitLab CVSS 10.0 Integer Overflow issueHacker News · 21 Oct 2026 · EN
- Integer to String Conversion (2014)Hacker News · 18 Oct 2026 · EN
- Auto Research: Integer multiplication below n log nHacker News · 11 Oct 2026 · EN
- Integer multiplication below n log nHacker News · 06 Oct 2026 · EN
- Float and integer arithmetic follow two different paradigmsHacker News · 05 Oct 2026 · EN
- C's Flexible Integer Sizes Were Not a Design MistakeHacker News · 25 Sept 2026 · EN
- KKR Wraps Up $2.1 Billion Leveraged Loan for Integer AcquisitionBloomberg Markets · 11 Sept 2026 · EN
- Moving integer division to floating-point is trivialHacker News · 11 Aug 2026 · EN
- Cocktail Optimization, an Integer Programming ProblemHacker News · 19 Jun 2026 · EN
- Integer Quantization: Deep DiveHacker News · 18 Jun 2026 · EN
- Bijou64: A variable-length integer encodingHacker News · 29 May 2026 · EN
- Converting an Integer to a Decimal String in Under Two NanosecondsHacker News · 19 May 2026 · EN
The latest news item in our archive is from 22 Oct 2026; the newest SEC filing is from 29 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report29 Oct 2026
- Current report29 Oct 2026Results of operations · Financial statements and exhibits
- Current report21 Oct 2026Shareholder vote · Regulation FD disclosure · Financial statements and exhibits
- Current report14 Oct 2026Other events
- Current report02 Oct 2026Other events · Financial statements and exhibits
- Current report30 Sept 2026Other events · Financial statements and exhibits
- Quarterly report04 Aug 2026
- Current report04 Aug 2026Material agreement · Amendments to articles or bylaws · Financial statements and exhibits
- Current report03 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Current report03 Aug 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Integer Holdings Corporation · 23 Feb 2026
- [2] Form 10-Q, quarter ended 2026-07-03 · SEC / Integer Holdings Corporation · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Integer Holdings Corporation · 03 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.