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Posted by Defense World Staff on Jul 25th, 2026

Fifth Third Bancorp grew its position in shares of Integer Holdings Corporation (NYSE:ITGR – Free Report) by 1,983.1% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 13,644 shares of the medical equipment provider’s stock after purchasing an additional 12,989 shares during the quarter. Fifth Third Bancorp’s holdings in Integer were worth $1,201,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in Integer by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 3,886,150 shares of the medical equipment provider’s stock worth $304,791,000 after acquiring an additional 14,465 shares during the period. State Street Corp boosted its holdings in shares of Integer by 3.7% during the fourth quarter. State Street Corp now owns 1,371,767 shares of the medical equipment provider’s stock worth $107,588,000 after purchasing an additional 48,463 shares during the period. Viking Global Investors LP grew its position in Integer by 9.1% during the second quarter. Viking Global Investors LP now owns 1,283,965 shares of the medical equipment provider’s stock valued at $157,889,000 after purchasing an additional 106,692 shares in the last quarter. Irenic Capital Management LP purchased a new position in Integer during the fourth quarter valued at approximately $99,109,000. Finally, Alliancebernstein L.P. increased its stake in Integer by 885.1% in the 2nd quarter. Alliancebernstein L.P. now owns 1,106,091 shares of the medical equipment provider’s stock valued at $136,016,000 after buying an additional 993,810 shares during the period. Institutional investors own 99.29% of the company’s stock.

Wall Street Analyst Weigh In ITGR has been the subject of a number of research reports. Truist Financial lifted their target price on shares of Integer from $97.00 to $110.00 and gave the company a “buy” rating in a research note on Thursday, July 16th. Zacks Research raised shares of Integer from a “strong sell” rating to a “hold” rating in a research note on Monday, July 20th. Freedom Capital upgraded Integer to a “strong-buy” rating in a report on Wednesday. Citigroup lifted their price objective on Integer from $92.00 to $96.00 and gave the company a “neutral” rating in a research report on Wednesday, July 8th. Finally, KeyCorp restated an “overweight” rating and issued a $104.00 target price on shares of Integer in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat, Integer has a consensus rating of “Moderate Buy” and a consensus price target of $97.00.

View Our Latest Stock Analysis on ITGR

Integer Stock Up 1.1% NYSE ITGR opened at $98.61 on Friday. Integer Holdings Corporation has a twelve month low of $62.00 and a twelve month high of $111.99. The stock has a market cap of $3.35 billion, a PE ratio of 24.59, a PEG ratio of 2.32 and a beta of 0.64. The firm has a 50-day simple moving average of $92.47 and a 200 day simple moving average of $88.16. The company has a debt-to-equity ratio of 0.77, a quick ratio of 2.38 and a current ratio of 3.75.

Integer (NYSE:ITGR – Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The medical equipment provider reported $1.20 earnings per share for the quarter, missing the consensus estimate of $1.21 by ($0.01). Integer had a return on equity of 12.83% and a net margin of 7.64%.The firm had revenue of $439.58 million for the quarter, compared to analyst estimates of $426.48 million. During the same period in the previous year, the business posted $1.31 EPS. Integer’s revenue for the quarter was up .5% compared to the same quarter last year. Integer has set its FY 2026 guidance at 5.830-6.400 EPS. On average, research analysts forecast that Integer Holdings Corporation will post 6.04 EPS for the current year.

Integer Profile (Free Report)

Integer Holdings Corporation (NYSE: ITGR) is a global provider of outsourced medical device design, development and manufacturing solutions. The company partners with leading medical technology firms to deliver complex components, subsystems and finished devices across a range of therapeutic areas. Its services encompass concept and product design, precision machining, microelectronic assembly, terminal sterilization and regulatory support, enabling customers to accelerate time to market and optimize product performance.

Integer’s product portfolio is organized into two core segments: Advanced Delivery and MedTech.

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Stock to Watch: Integer (ITGR - Free Report) Plano, TX-based Integer Holdings Corporation is a medical device contract development and manufacturing organization, serving the cardiac rhythm management, neuromodulation, and cardio and vascular markets. It serves as a partner to medical device companies and original equipment manufacturers (OEMs) and provides innovative, high-quality products and solutions. Its brands include Greatbatch Medical and Lake Region Medical, while its primary customers include large, multi-national OEMs and their affiliated subsidiaries.

ITGR is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

It also boasts a Value Style Score of B thanks to attractive valuation metrics like a forward P/E ratio of 13.42; value investors should take notice.

Four analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.13 to $6.47 per share. ITGR boasts an average earnings surprise of +3%.

With a solid Zacks Rank and top-tier Value and VGM Style Scores, ITGR should be on investors' short list.

NEW YORK, April 22, 2026 (GLOBE NEWSWIRE) -- Kuehn Law, PLLC, a shareholder litigation law firm, is investigating whether certain officers and directors of Integer Holdings Corporation (NYSE: ITGR) breached their fiduciary duties to shareholders.

According to a federal securities lawsuit, Insiders at Integer caused the company to misrepresent or fail to disclose that: (1) Integer materially overstated its competitive position within the growing EP manufacturing market; (2) despite Integer’s claims of strong visibility into customer demand, the Company was experiencing a sustained deterioration in sales relating to two of its EP devices; (3) in turn, Integer mischaracterized its EP devices as a long-term growth driver for the Company’s C&V segment; and (4) as a result of the above, positive statements about the Company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

If you currently own ITGR and purchased prior to July 25, 2024 please contact Justin Kuehn, Esq. by email at [email protected] or call (833) 672-0814.  Kuehn Law pays all case costs and does not charge its investor clients. Shareholders should contact the firm immediately as there may be limited time to enforce your rights.  

Why Your Participation Matters:

As a shareholder your voice matters, and by getting involved, you contribute to the integrity and fairness of the financial markets. Your investment. Your voice. Your future.™  

For additional information, please visit Shareholder Derivative Litigation - Kuehn Law.

Attorney advertising. Prior results do not guarantee similar outcomes.

Contacts:
Kuehn Law, PLLC
Justin Kuehn, Esq.
53 Hill Street, Suite 605
Southampton, NY 11968
[email protected]
(833) 672-0814

PLANO, Texas, April 29, 2026 (GLOBE NEWSWIRE) -- Integer Holdings Corporation (NYSE: ITGR), a leading medical device contract development and manufacturing organization, today announced participation in the 2026 Bank of America Healthcare Conference, to be held May 12-14, 2026. Members of the Integer executive leadership team will participate in a fireside chat on Tuesday, May 12, at 1:40 p.m. PT.

A live webcast and replay will be accessible under “News & Events” on the Investor Relations section of Integer’s website at investor.integer.net.

Learn more about Integer at www.integer.net.

About Integer®
Integer Holdings Corporation (NYSE: ITGR) is one of the largest medical device contract development and manufacturing organizations (CDMOs) in the world, serving the cardio and vascular, neuromodulation, and cardiac rhythm management markets. As a strategic partner of choice, we advance the goals of our medical device customers through industry-leading engineering and manufacturing, with a relentless commitment to quality, service, and innovation. The company's brands include Greatbatch Medical® and Lake Region Medical®. Additional information is available at www.integer.net.

Media Relations:
Misty Tippen
[email protected]
469-536-6702

Investor Relations:
Kristen Stewart
[email protected]
551-337-3973

~ First quarter results in line with February outlook ~

~ Updates 2026 outlook ranges; continues to expect 200bps above-market organic sales growth in 2027 ~

PLANO, Texas, April 30, 2026 (GLOBE NEWSWIRE) -- Integer Holdings Corporation (NYSE:ITGR) today announced results for the three months ended April 3, 2026.

First Quarter 2026 Highlights (compared to First Quarter 2025, except as noted)

Sales increased 0.5% to $440 million, with organic growth of 1.3%.GAAP operating income from continuing operations decreased $18 million to $32 million, a decrease of 36%. Non-GAAP adjusted operating income decreased $10 million to $61 million, a decrease of 14%.GAAP income from continuing operations increased $39 million to $17 million, an increase of 173%. Non-GAAP adjusted net income decreased $5 million to $41 million, a decrease of 10%.GAAP diluted EPS income from continuing operations increased $1.14 to $0.48, an increase of 173%. Non-GAAP adjusted EPS decreased $0.11 to $1.20, a decrease of 8%.Adjusted EBITDA decreased $6 million to $85 million, a decrease of 7%.From the end of 2025, total debt increased $66 million to $1.252 billion and Non-GAAP net total debt increased $74 million to $1.264 billion, resulting in a leverage ratio of 3.2 times adjusted EBITDA as of April 3, 2026. “First quarter financial performance was in line with our outlook and primarily reflected the previously communicated headwinds associated with the three new products,” said Payman Khales, Integer’s President and CEO. “Given recent customer forecast updates and market dynamics, we believe it was prudent to further risk adjust our outlook. We remain focused on executing our strategy, navigating the temporary headwinds, and building momentum during the second half of 2026. We expect to return to 200 basis points above-market organic sales growth in 2027.”

Discussion of Product Line First Quarter 2026 Sales

Cardio & Vascular sales increased 1% to $262 million in the first quarter 2026 compared to the first quarter 2025, reflecting the previously communicated headwinds associated with the two new products in Electrophysiology.Cardiac Rhythm Management & Neuromodulation sales increased 5% to $168 million in the first quarter 2026 compared to the first quarter 2025. Cardiac Rhythm Management growth was partially offset by the previously communicated headwind in Neuromodulation.Other Markets sales decreased $9 million to $10 million in the first quarter 2026 compared to the first quarter 2025, primarily driven by a decline in Portable Medical from the multi-year exit announced in 2022. 2026 Outlook(a)

(dollars in millions, except per share amounts) GAAP Non-GAAP(b)  As Reported Change from
Prior Year Adjusted Change from
Prior YearSales $1,805 to $1,835 (3)% to (1)% N/A N/AOperating income $165 to $185 (25)% to (16)% $285 to $305 (11)% to (5)%EBITDA N/A N/A $375 to $399 (7)% to (1)%Net income $105 to $125 2% to 21% $200 to $220 (11)% to (3)%Diluted earnings per share $3.07 to $3.64 6% to 26% $5.83 to $6.40 (9)% to 0%Cash flow from operating activities $185 to $205 (6)% to 5% 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 “2026 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 2026 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 $120 million, pre-tax.

Adjusted net income for 2026 consists of GAAP income from continuing operations, excluding items such as amortization of intangible assets, restructuring and restructuring-related charges, acquisition and integration costs, other general expenses, and ERP implementation expenses, estimated to approximate $120 million, pre-tax. The after-tax impact of these items is estimated to be approximately $95 million, or approximately $2.76 per diluted share.

Adjusted EBITDA is expected to consist of adjusted net income, excluding items such as depreciation, interest, stock-based compensation and taxes totaling approximately $175 million to $182 million.

Supplemental Financial Information

(dollars in millions)2026
Outlook 2025
ActualDepreciation and amortization(a)$131 to $141 $131Adjusted total interest expense(b)$38 to $40 $42Stock-based compensation(a)$20 to $23 $21Restructuring, acquisition and other charges(c)$50 to $60 $36Adjusted effective tax rate(d)16.0% to 18.0% 17.2%
Leverage ratio(e)2.5x to 3.5x 3.0xCapital expenditures(f)$95 to $105 $91Cash income tax payments$24 to $28 $28 (a)   Excludes amounts included in Restructuring, acquisition and other charges.
(b)   Adjusted total interest expense refers to our expected full-year GAAP interest expense, expected to range from $38 million to $40 million for 2026, adjusted to remove the full-year impact of charges associated with the accelerated write-off of debt discounts and deferred issuance costs (loss on extinguishment of debt) included in GAAP interest expense, if any. Adjusted total interest expense for 2025 included GAAP interest expense of $43 million.
(c)   Restructuring, acquisition and other charges consists of restructuring and restructuring-related charges, acquisition and integration costs, ERP implementation costs, other general expenses and incremental costs of complying with the new European Union medical device regulations.
(d)   Adjusted effective tax rate refers to our full-year GAAP effective tax rate, expected to range from 17.0% to 19.0% for 2026, adjusted to reflect the full-year impact of the items that are excluded in providing adjusted net income and certain other identified items. Adjusted effective tax rate of 17.2% for 2025 consists of GAAP effective tax rate of 18.0% adjusted to reflect the impact on the income tax provision related to Non-GAAP adjustments.
(e)   Please see “Notes Regarding Non-GAAP Financial Information” for additional information regarding leverage ratio.
(f)   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 April 3,
2026 March 28,
2025 QTD
ChangeOperating income$31,869 $49,552  (35.7)%Income (loss) from continuing operations$16,506 $(22,465) 173.5%Diluted EPS from continuing operations$0.48 $(0.66) 172.7%      EBITDA(a)$65,096 $31,638  105.8%Adjusted EBITDA(a)$85,061 $91,509  (7.0)%Adjusted operating income(a)$61,053 $70,923  (13.9)%Adjusted net income(a)$41,295 $45,938  (10.1)%Adjusted EPS(a)$1.20 $1.31  (8.4)% (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 April 3,
2026 March 28,
2025 QTD
Change Organic
Change(a)Product Line Sales       Cardio & Vascular$261,733 $258,871 1.1% (0.4)%Cardiac Rhythm Management & Neuromodulation 168,264  160,345 4.9% 4.9%Other Markets 9,583  18,176 (47.3)% (11.0)%Total Sales$439,580 $437,392 0.5% 1.3% (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 to the closest corresponding GAAP financial measures.

Strategic Review

Integer also announced today in a separate press release that its Board of Directors has initiated a strategic review to maximize stockholder value. In consultation with its financial and legal advisors, the Board will consider a full range of potential opportunities including, but not limited to, a sale, merger, or strategic business combination as compared to the value creation opportunities from continued execution of the Company’s standalone strategy. The Board is committed to pursuing the best interests of the Company and its stockholders to maximize value. There is no deadline or definitive timeline set for the completion of the strategic review, and there can be no assurance that the review will result in any transaction or other outcome. Integer does not intend to make any further public comments on the process unless and until it determines that further disclosure is appropriate or necessary.

Conference Call Information

The Company will host a conference call on Thursday, April 30, 2026, 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. 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 (CDMOs) in the world, serving the cardio and vascular, neuromodulation, and cardiac rhythm management markets. As a strategic partner of choice, we advance the goals of our medical device customers through industry-leading engineering and manufacturing, with a relentless commitment to quality, service, and innovation. 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
[email protected]

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 (loss) 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) certain legal expenses; (iii) restructuring and restructuring-related charges; (iv) acquisition and integration costs; (v) other general expenses; (vi) ERP implementation, (vii) (gain) loss on equity investments; (viii) extinguishment of debt charges, (ix) debt conversion inducement expense; (x) European Union medical device regulation incremental charges; (xi) inventory step-up amortization; (xii) unusual, or infrequently occurring items; (xiii) the income tax provision (benefit) related to these adjustments and (xiv) 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 2028 Convertible Notes and 2030 Convertible Notes (collectively, the “Convertible Notes”). In connection with the issuance of the Convertible Notes, we entered into capped call contracts which are expected to reduce the potential dilution on our common stock in connection with any conversion of the Convertible Notes, subject to a cap. Adjusted weighted average shares consists of GAAP weighted average shares used to calculate diluted EPS, including, when applicable, dilutive common stock equivalents that were excluded from weighted average shares used to calculate diluted EPS as their inclusion would be anti-dilutive and excluding, when applicable, dilution resulting from the potential conversion of our Convertible Notes expected to be offset by the capped call contracts.

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 (loss) 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), (viii), (xiii) and (xiv). Adjusted operating income consists of operating income adjusted for the same items listed above except for items (vii), (viii), (ix), (xiii) and (xiv).

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 and other written and oral statements made from time to time by us and our representatives are not statements of historical or current fact. As such, they 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, and are subject to the safe harbor created thereby under the Private Securities Litigation Reform Act of 1995. We have based these forward-looking statements on our current expectations, and these statements are subject to known and unknown risks, uncertainties and assumptions. Forward-looking statements include, but are not limited to, statements relating to: our goals, plans, and strategic initiatives; our 2026 outlook, including with respect to future sales, organic sales, cash flows from operating activities, operating income, EBITDA, net income, diluted earnings per share, expenses, and profitability; 2026 outlook for depreciation and amortization, interest expense, stock-based compensation, restructuring, acquisition and other charges, effective tax rate, leverage ratio, capital expenditures and cash income tax payments; building momentum during the second half of 2026; our 2027 outlook, including a return to 200 basis points above-market organic sales growth; expected market growth rates; our strategy of advancing our customers’ goals through industry-leading engineering and manufacturing; the outcome of a strategic review process; other events, conditions or developments that will or may occur in the future; and the timing of any of the foregoing. You can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “projects,” “forecast,” “outlook,” “assume,” “potential” or “continue” or variations or the negative counterparts of these terms or other comparable terminology. These statements are only predictions and are no guarantee of future performance, and investors should not place undue reliance on forward-looking statements as predictive of future results. 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. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary factors and to others contained throughout this report.

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, but are in no way limited to, the following:

operational risks, such as our dependence upon a limited number of customers; reductions, delays or cancellations in demand from any significant customer or group 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; the cost of raw materials, products and subcomponents that are incorporated into our products; trade regulations; changes in order forecasts; our ability to predict and meet the demand for our products; interruptions in our manufacturing operations; uncertainty surrounding macroeconomic and geopolitical factors in the U.S. and globally; 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 ability to successfully implement a new global enterprise resource planning (“ERP”) solution; 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 both at a competitor and customer level resulting in increased competition and pricing pressure;strategic risks, such as the intense competition we face and our ability to successfully market our current or new products; our ability to recover the R&D investments made in the development of new products; our customers in-sourcing or dual sourcing production; 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;market, financial and indebtedness risks, such as our ability to accurately forecast future performance based on operating results that often fluctuate; the volatility of our stock price; our failure to meet our publicly announced guidance; the ability of our share repurchase program to enhance shareholder value; shareholder activism; 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 features of our Convertible Notes adversely impacting our liquidity; the conversion of our Convertible Notes diluting ownership interests of existing holders of our common stock; the counterparty risk associated with our capped call transactions; the financial and market risks related to our international sales and operations; our complex international tax profile; and our ability to realize the full value of our intangible assets;legal and compliance risks, such as legal proceedings against us; 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 and third-party coverage and reimbursement policies that could result in reduced sales of our products; andother risks and uncertainties that arise from time to time. Unless otherwise noted, the forward-looking information in this press release is representative as of today only. 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) April 3,
2026 December 31,
2025ASSETS   Current assets:   Cash and cash equivalents$8,115  $17,161 Accounts receivable, net 327,776   346,079 Inventories 284,475   253,739 Contract assets 115,727   112,546 Prepaid expenses and other current assets 38,671   40,572 Total current assets 774,764   770,097 Property, plant and equipment, net 533,144   536,427 Goodwill 1,106,767   1,110,908 Other intangible assets, net 806,335   825,435 Deferred income taxes 8,983   8,994 Operating lease assets 85,098   98,437 Financing lease assets 57,071   37,109 Other long-term assets 39,557   23,170 Total assets$3,411,719  $3,410,577 LIABILITIES AND STOCKHOLDERS’ EQUITY   Current liabilities:   Accounts payable$115,001  $113,130 Operating lease liabilities 8,111   9,099 Accrued expenses and other current liabilities 83,232   109,812 Total current liabilities 206,344   232,041 Long-term debt 1,251,527   1,185,179 Deferred income taxes 115,099   116,327 Operating lease liabilities 69,291   81,899 Financing lease liabilities 52,530   28,578 Other long-term liabilities 20,036   19,910 Total liabilities 1,714,827   1,663,934 Stockholders’ equity:   Common stock 35   35 Additional paid-in capital 755,873   771,223 Treasury stock (114,234)  (76,872)Retained earnings 1,010,561   994,055 Accumulated other comprehensive income 44,657   58,202 Total stockholders’ equity 1,696,892   1,746,643 Total liabilities and stockholders’ equity$3,411,719  $3,410,577  Condensed Consolidated Statements of Operations - Unaudited(in thousands, except per share data) Three Months Ended April 3,
2026 March 28,
2025Sales$439,580 $437,392 Cost of sales 329,985  317,074 Gross profit 109,595  120,318 Operating expenses:   Selling, general and administrative 58,711  51,160 Research, development and engineering 16,243  14,201 Restructuring and other charges 2,772  5,405 Total operating expenses 77,726  70,766 Operating income 31,869  49,552 Interest expense 9,734  14,805 (Gain) loss on equity investments 1,468  (181)Other loss, net 316  47,927 Income (loss) from continuing operations before taxes 20,351  (12,999)Provision for income taxes 3,845  9,466 Income (loss) from continuing operations 16,506  (22,465)Loss from discontinued operations, net of tax —  (22)Net income (loss)$16,506 $(22,487)    Basic earnings (loss) per share:   Income (loss) from continuing operations$0.48 $(0.66)Loss from discontinued operations$— $— Basic earnings (loss) per share$0.48 $(0.66)    Diluted earnings (loss) per share:   Income (loss) from continuing operations$0.48 $(0.66)Loss from discontinued operations$— $— Diluted earnings (loss) per share$0.48 $(0.66)    Weighted average shares outstanding:   Basic 34,278  33,916 Diluted 34,433  33,916  Condensed Consolidated Statements of Cash Flows - Unaudited(in thousands) Three Months Ended April 3,
2026 March 28,
2025Cash flows from operating activities:   Net income (loss)$16,506  $(22,487)Adjustments to reconcile net income (loss) to net cash provided by operating activities:   Depreciation and amortization 35,011   29,832 Debt related charges included in interest expense 1,625   1,882 Debt conversion inducement expense —   46,681 Stock-based compensation 6,662   6,880 Non-cash lease expense 2,452   2,455 Non-cash gains on equity investments 1,468   (181)Other non-cash losses 716   2,574 Deferred income taxes 17   4,055 Gain on sale of discontinued operations —   (46)Changes in operating assets and liabilities, net of acquisitions:   Accounts receivable 18,583   (18,232)Inventories (32,386)  (7,695)Prepaid expenses and other assets (2,843)  (1,169)Contract assets (3,313)  1,219 Accounts payable 9,440   10,207 Accrued expenses and other liabilities (30,647)  (23,495)Income taxes payable 1,404   (1,204)Net cash provided by operating activities 24,695   31,276 Cash flows from investing activities:   Acquisition of property, plant and equipment (23,958)  (25,218)Proceeds from sale of property, plant and equipment 55   5 Purchase of equity and other investments, net of distributions (13,998)  — Acquisitions, net —   (171,954)Net cash used in investing activities (37,901)  (197,167)Cash flows from financing activities:   Principal payments of long-term debt —   (613,683)Proceeds from issuance of convertible notes, net of discount —   977,500 Proceeds from revolving credit facility 111,800   216,000 Payments of revolving credit facility (46,800)  (342,000)Purchase of capped calls —   (71,000)Tax withholdings related to net share settlements of restricted stock unit awards (9,035)  (14,132)Repurchases of common stock (50,000)  — Principal payments on finance leases (2,029)  (1,177)Other financing activities (106)  70 Net cash provided by financing activities 3,830   151,578 Effect of foreign currency exchange rates on cash and cash equivalents 330   (519)Net decrease in cash and cash equivalents (9,046)  (14,832)Cash and cash equivalents, beginning of period 17,161   46,543 Cash and cash equivalents, end of period$8,115  $31,711 
Table A: Adjusted Net Income and Diluted EPS from Continuing Operations Reconciliations
(in thousands, except per share amounts)

 Three Months Ended April 3, 2026 March 28, 2025 Pre-Tax Net of
Tax Per
Diluted
Share(a) Pre-Tax Net of
Tax Per
Diluted
Share(a)Income (loss) from continuing operations (GAAP)$20,351 $16,506 $0.48 $(12,999) $(22,465) $(0.66)Adjustments(b):           Amortization of intangible assets 15,994  12,923  0.38  14,851   11,949   0.34 Certain legal expenses (SG&A)(c) 208  164  —  102   81   — Restructuring and restructuring-related charges(d) 1,848  1,460  0.04  1,102   889   0.03 Acquisition and integration costs(e) 1,442  1,143  0.03  4,742   3,751   0.11 Other general expenses(f) 723  571  0.02  (1)  (1)  — ERP implementation(g) 3,353  2,649  0.08  —   —   — (Gain) loss on equity investments(h) 1,468  1,159  0.03  (181)  (143)  — Loss on extinguishment of debt(i) —  —  —  737   582   0.02 Debt conversion inducement expense(j) —  —  —  46,681   46,681   1.33 Medical device regulations(k) 300  237  0.01  250   197   0.01 Other adjustments(l) 5,316  4,200  0.12  325   256   0.01 Tax adjustments(m) —  283  0.01  —   4,161   0.12 Impact of capped call option contracts(n) —  —  —  —   —   0.02 Adjusted net income (non-GAAP)$51,003 $41,295 $1.20 $55,609  $45,938  $1.31  (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. For purposes of measuring diluted loss per share under GAAP, common stock equivalents were excluded from weighted average shares for the first quarter of 2025 as their inclusion would be anti-dilutive. However, for purposes of computing Adjusted EPS, the Company has included the impact of dilutive common stock equivalents for the first quarter of 2025. The following table provides a reconciliation from GAAP weighted average shares for diluted EPS to non-GAAP adjusted weighted average shares.

 Three Months Ended April 03, 2026 March 28, 2025Weighted average shares for diluted EPS (GAAP)34,433 33,916 Add: Dilutive common stock equivalents— 2,036 Less: 2028 Convertible Notes capped call options impact— (803)Adjusted weighted average shares (non-GAAP)34,433 35,149 
(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 21% U.S. tax rate, and the statutory tax rates applicable in foreign tax jurisdictions, as adjusted for the existence of net operating losses (“NOLs”). Expenses that are not deductible for tax purposes (i.e. permanent tax differences) are added back at 100%.
(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.
(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.
(g)   These adjustments represent direct and incremental costs incurred in connection with our implementation of a new global enterprise resource planning ("ERP") solution and related IT transition costs. An implementation of this scale is a significant undertaking and will require substantial time and attention of management and key employees. The associated costs do not represent normal and recurring operating expenses and will be inconsistent in amounts and frequency making it difficult to contribute to a meaningful evaluation of our operating performance. Expenses for 2026 were primarily included in SG&A.
(h)   Amounts reflect our share of equity method investee (gains) losses including unrealized appreciation/depreciation of the underlying interests of the investee.
(i)   Loss on extinguishment of debt consists of accelerated write-offs of unamortized deferred debt issuance costs and discounts, which are included in interest expense.
(j)   Debt conversion inducement expense relates to the partial exchange of the 2028 Convertible Notes and is recorded within Other loss, net in the Condensed Consolidated Statements of Operations.
(k)   The charges represent incremental costs of complying with European Union medical device regulations for previously registered products and primarily include charges for contractors supporting the project and other direct third-party expenses.
(l)   Other adjustments include costs which impact period-to-period comparability and do not represent the underlying ongoing results of our business. Amounts in 2026 primarily relate to costs associated with leadership transitions and a stockholder activist matter. Leadership transition costs primarily include severance costs associated with the departure of executives and incremental costs associated with the related leadership transitions. For the first quarter of 2026, leadership transition costs and stockholder activist related costs amounted to $1.4 million and $3.2 million, respectively.
(m)   Tax adjustments predominately relate to changes to uncertain tax benefits and associated interest. During the first quarter of 2025 we wrote off a deferred tax asset of $4.1 million related to a portion of the unamortized original issue discount due to the partial exchange of the 2028 Convertible Notes.
(n)   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 April 3,
2026 March 28,
2025Operating income (GAAP)$31,869 $49,552 Adjustments:   Amortization of intangible assets 15,994  14,851 Certain legal expenses 208  102 Restructuring and restructuring-related charges 1,848  1,102 Acquisition and integration costs 1,442  4,742 Other general expenses 723  (1)ERP implementation 3,353  — Medical device regulations 300  250 Other adjustments 5,316  325 Adjusted operating income (non-GAAP)$61,053 $70,923 
Table C: EBITDA and Adjusted EBITDA Reconciliations
(in thousands)

 Three Months Ended April 3,
2026 March 28,
2025Income from continuing operations (GAAP)$16,506 $(22,465)    Interest expense 9,734  14,805 Provision for income taxes 3,845  9,466 Depreciation(a) 17,343  13,986 Amortization of intangible assets and financing leases 17,668  15,846 EBITDA (non-GAAP) 65,096  31,638 Stock-based compensation(b) 5,307  6,851 Certain legal expenses 208  102 Restructuring and restructuring-related charges 1,848  1,102 Acquisition and integration costs 1,442  4,742 Other general expenses 723  (1)ERP implementation 3,353  — (Gain) loss on equity investments 1,468  (181)Debt conversion inducement expense —  46,681 Medical device regulations 300  250 Other adjustments 5,316  325 Adjusted EBITDA (non-GAAP)$85,061 $91,509  (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, ERP implementation, and Other adjustments.

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
ChangeQTD Change (1Q 2026 vs. 1Q 2025)       Product Line       Cardio & Vascular1.1% 0.5% 1.0% (0.4)%Cardiac Rhythm Management & Neuromodulation4.9% —% —% 4.9%Other Markets(47.3)% —% (36.3)% (11.0)%Total Sales0.5% 0.3% (1.1)% 1.3% (a)   Sales growth has been adjusted to exclude the impact of foreign currency exchange rate fluctuations, when applicable, and strategic exits and acquisitions.

Table E: Net Total Debt Reconciliation
(in thousands)

 April 3,
2026 December 31,
2025Total debt$1,251,527 $1,185,179Add: Debt discounts and deferred issuance costs included in Total debt 20,757  22,105Total principal amount of debt outstanding 1,272,284  1,207,284Less: Cash and cash equivalents 8,115  17,161Net Total Debt (Non-GAAP)$1,264,169 $1,190,123

For the quarter ended March 2026, Integer (ITGR - Free Report) reported revenue of $439.58 million, up 0.5% over the same period last year. EPS came in at $1.20, compared to $1.31 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $426.6 million, representing a surprise of +3.04%. The company delivered an EPS surprise of -0.66%, with the consensus EPS estimate being $1.21.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Integer performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Sales- Medical Sales- Other Markets: $9.58 million versus $11.17 million estimated by three analysts on average.Sales- Medical Sales- Cardio & Vascular: $261.73 million versus the three-analyst average estimate of $255.39 million. The reported number represents a year-over-year change of +1.1%.Sales- Medical Sales- Cardiac Rhythm Management & Neuromodulation: $168.26 million versus $158.67 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +4.9% change.View all Key Company Metrics for Integer here>>>

Shares of Integer have returned -3.2% over the past month versus the Zacks S&P 500 composite's +12.2% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

Key Takeaways ITGR reported Q1 adjusted EPS of $1.20, down 8.4% Y/Y and missing estimates.ITGR posted $439.6M in revenues, up 0.5% Y/Y, beating estimates on solid product-line sales.ITGR guides 2026 revenues down 1-3% and EPS at $5.83-$6.40 amid product headwinds. Integer Holdings Corporation (ITGR - Free Report) delivered adjusted earnings per share (EPS) of $1.20 in the first quarter of 2026, which declined 8.4% year over year. The figure missed the Zacks Consensus Estimate by 0.8%.

The adjustments include expenses related to the amortization of intangible assets and restructuring and restructuring-related charges, among others.

GAAP EPS for the quarter was 48 cents, up 172.7% from the prior-year quarter.

ITGR’s Revenues in DetailInteger Holdings registered revenues of $439.6 million in the first quarter, up 0.5% year over year. The figure topped the Zacks Consensus Estimate by 3%.

Organically, revenues increased 1.3%.

Robust sales from the majority of the product lines drove the company’s top line in the reported period.

Integer Holdings’ Q1 Segmental AnalysisInteger Holdings operates through three product lines — Cardio and Vascular (C&V); Cardiac Rhythm Management & Neuromodulation (CRM&N) and Other Markets.

During the fourth quarter of 2025, management began referring to ITGR’s Advanced Surgical, Orthopedics & Portable Medical product line as the Other Markets product line. This was aimed at better capturing the evolving nature of the company’s products and ongoing strategic focus. Per management, the name change has no impact on the financial information previously reported.

In the first quarter of 2026, the C&V segment generated revenues of $262 million, reflecting a modest 1% year-over-year increase. Growth in the segment was primarily supported by continued strength in neurovascular and contributions from prior acquisitions. However, performance was partially offset by lower electrophysiology sales, mainly related to previously disclosed headwinds from certain new products.

The CRM&N segment reported revenues of $168 million, up 5% year over year. Growth was driven by solid performance in the cardiac rhythm management business, which more than offset ongoing weakness in neuromodulation. The neuromodulation decline was consistent with prior expectations and reflects previously communicated product-related headwinds.

Revenues from Other Markets declined year over year, primarily due to the continued impact of Integer Holdings’ strategic exit from the Portable Medical business. This segment remains outside the company’s core growth focus and largely reflects legacy manufacturing service agreements tied to divested operations.

ITGR’s Margin AnalysisInteger Holdings generated a gross profit of $109.6 million in the first quarter, down 8.9% year over year. The gross margin in the reported quarter contracted 260 basis points (bps) to 24.9%. We projected 26.4% of gross margin for the first quarter.

Selling, general and administrative expenses were $58.7 million, up 14.8% year over year. Research, development and engineering costs were $16.2 million in the quarter, up 14.4% year over year. Total operating expenses of $77.7 million increased 9.8% year over year.

Adjusted operating profit totaled $61.1 million, reflecting a decline of 13.9% from the prior-year quarter. Adjusted operating margin in the first quarter contracted 230 bps to 13.9%.

Integer Holdings’ Financial PositionInteger Holdings exited the first quarter of 2026 with cash and cash equivalents of $8.1 million compared with $17.2 million at the fourth-quarter end. Total debt (including the current portion) at the end of first-quarter 2026 was $1.25 billion, up from $1.19 billion at the end of the fourth quarter.

Net cash flow from operating activities at the end of first-quarter 2026 was $24.7 million compared with $31.3 million a year ago.

ITGR’s 2026 GuidanceInteger Holdings updated its 2026 outlook.

For 2026, the company now expects revenues in the range of $1.805-$1.835 billion, implying a decline of 1-3% on a reported basis from the 2025 level. On an organic basis, sales are projected to be flat to down 1%. The Zacks Consensus Estimate is pegged at $1.85 billion.

Adjusted EPS are now expected in the band of $5.83-$6.40, implying a range from flat to a 9% decline year over year. The Zacks Consensus Estimate is pegged at $6.47 per share.

Our TakeInteger Holdings exited the first quarter of 2026 with mixed results.

The modest top-line growth, coupled with a contraction in adjusted operating margin due to lower fixed-cost absorption, reflects ongoing near-term pressures on operating leverage.

On the segmental front, performance remained uneven. The Cardio & Vascular business delivered modest growth, though electrophysiology sales were impacted by previously communicated headwinds from certain new products. Meanwhile, strength in Cardiac Rhythm Management supported the CRM&N segment, partially offset by continued softness in neuromodulation. The company also maintained disciplined cost control and benefited from lower interest expense, which provided some support to earnings despite margin pressures.

Management’s revised 2026 outlook remains a key overhang. The company now expects revenues to decline 1-3% year over year, indicating customer forecast reductions and headwinds from certain new products. While the underlying business, excluding these headwinds, is still expected to grow in the low to mid-single digits, 2026 is shaping up to be a transition year, with growth expected to normalize exiting the year and reaccelerate in 2027.

However, shares of ITGR gained 5.8% in yesterday’s trading session. ITGR stock has gained 12.9% in the year-to-date period against the industry’s 17.4% decline. However, the S&P 500 Index has increased 6.2% during the same time frame.

Image Source: Zacks Investment Research

Integer Holdings’ Zacks Rank & Key PicksInteger Holdings currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks from the broader medical space that are expected to report earnings soon are DexCom, Inc. (DXCM - Free Report) , Encompass Health Corporation (EHC - Free Report) and The Cooper Companies, Inc. (COO - Free Report) .

The Zacks Consensus Estimate for DexCom’s first-quarter 2026 adjusted EPS is currently pegged at 47 cents. The consensus estimate for revenues is pegged at $1.18 billion. DXCM currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

DexCom has an estimated long-term growth rate of 20.6%. DXCM’s earnings yield of 4.1% compares favorably with the industry’s negative yield.

Encompass Health currently has a Zacks Rank #2. The Zacks Consensus Estimate for its first-quarter 2026 adjusted EPS is currently pegged at $1.51. The same for revenues is pegged at $1.57 billion.

Encompass Health has an estimated long-term growth rate of 8.8%. EHC’s earnings yield of 5.9% compares favorably with the industry’s 5.6%.

Cooper Companies currently carries a Zacks Rank #2. The Zacks Consensus Estimate for its second-quarter fiscal 2026 adjusted EPS is currently pegged at $1.10. The same for its revenues is pegged at $1.05 billion.

Cooper Companies has an estimated long-term growth rate of 8.4%. COO’s earnings yield of 7.2% compares favorably with the industry’s 6.1%.

Integer Holdings Corporation (ITGR) Presents at Bank of America Global Healthcare Conference 2026 Transcript

On May 13, 2026, Integer Holdings Corp ITGR shares rose 5.2% to $89.39. The stock has experienced a 52-week range between $62.00 and $123.78, indicating significant volatility. Despite today’s positive movement, ITGR's performance over the past year shows a decline of 26.1%.

GF Value™ verdict: Current price at $89.39 vs GF Value™ of $117.20, representing a 23.7% undervaluation.GF Score™ of 84/100, indicating strong overall performance.Most notable signal: Insider activity shows that insiders sold $0.1M in the last 3 months, with no buying activity. Is ITGR Overvalued or Undervalued? Integer Holdings Corp ITGR is currently trading at $89.39, which is significantly below the GF Value™ estimate of $117.20, indicating a 23.7% margin of safety for potential investors. The GF Valuation label categorizes ITGR as modestly undervalued, suggesting that the stock price does not fully reflect the company's intrinsic value.

GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. Given the current price relative to the GF Value™, ITGR presents an opportunity for investors looking for undervalued stocks, though caution is warranted due to the overall decline in share price over the past year and the lack of insider buying activity.

How Does ITGR's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 22.4x 36.9x Forward P/E 14.6x N/A ITGR's current P/E (TTM) of 22.4x is 39% below its 5-year median P/E of 36.9x, indicating that the stock is trading at a lower valuation than it has historically. This analysis aligns with the GF Value™ verdict of being undervalued, suggesting that there may be a buying opportunity for value-oriented investors.

What Does ITGR's GF Score™ Tell Us? The GF Score™ ranks stocks from 0 to 100 based on five key aspects: Financial Strength, Profitability, Growth, Valuation, and Momentum. Stocks with higher GF Score™ values have been found to generate higher long-term returns (backtested 2006-2021).

Metric Rating GF Score™ 84 Financial Strength 5/10 Profitability 8/10 Growth 7/10 Valuation 8/10 Momentum 5/10 The GF Score™ of 84/100 indicates that ITGR has strong fundamentals, particularly in profitability and valuation, with ratings of 8/10 in both categories. However, the financial strength score of 5/10 suggests moderate risk, while the momentum score of 5/10 indicates that the stock may not be experiencing strong upward trends. Overall, the scores highlight ITGR's potential for long-term growth, tempered by some risk factors.

What Are Insiders Doing with ITGR Stock? Insider activity for Integer Holdings Corp ITGR has shown a lack of confidence in the stock's near-term prospects, as insiders sold $0.1 million worth of shares in the past three months without any purchasing activity. This pattern may suggest that insiders are not bullish on the company's short-term performance, which is a factor worth considering for potential investors.

Overall, while the absence of insider buying could be seen as a negative signal, it is essential to consider it alongside the stock's valuation and performance metrics.

What This Means for Investors Based on the analysis of GF Value™, Integer Holdings Corp ITGR is currently undervalued. The stock price is significantly below its intrinsic value, presenting potential opportunities for investors looking to capitalize on its undervaluation. However, caution is warranted due to the stock's recent performance and insider selling activity.

For the complete analysis, visit the Integer Holdings Corp ITGR stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is ITGR's GF Score™?

ITGR has a GF Score™ of 84/100, which indicates strong overall performance and potential for higher long-term returns.

Is ITGR overvalued or undervalued?

ITGR is currently undervalued, with a GF Value™ of $117.20 compared to its current price of $89.39, suggesting a 23.7% margin of safety.

What is ITGR's P/E ratio?

ITGR's current P/E (TTM) is 22.4x, which is significantly lower than its 5-year median P/E of 36.9x, indicating that the stock is trading at a lower valuation than it historically has.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Integer Holdings Corp. is a unique, high-quality medical device CDMO trading at a depressed ~10x EBITDA multiple after a temporary growth slowdown. A strategic review, prompted by activist involvement and heightened buyer interest, positions ITGR for a likely sale within three to four months. Precedent CDMO transactions support a fair value of $110–125/share (13–14x forward EBITDA), offering 20–40% upside with limited downside risk.

Key Takeaways Integer expects 2026 organic sales to be flat to down 1% after slower ramps and customer forecast changes.ITGR said three newer products may reduce 2026 sales growth by about 3% to 4%.ITGR Q1 revenue rose 0.5%, but margins narrowed due to lower absorption and higher expenses. Integer Holdings (ITGR - Free Report) is entering 2026 with a reset outlook that reflects more cautious customer signals and slower-than-expected ramps in a few newer programs. Management now expects organic sales to be flat to down 1% for 2026.

Adjusted earnings per share are expected to be in the range of $5.83-$6.40 after an April risk adjustment tied to customer forecast updates and slower ramps in new programs.

ITGR Sets the Stage With a Reset 2026 OutlookThe updated framing emphasizes execution and timing. Revenues are now expected to be in the range of $1.805-$1.835 billion, implying a 1% to 3% decline on a reported basis compared with 2025.

The profit outlook has also been lowered. Adjusted earnings per share is now expected in the range of $5.83-$6.40, implying flat to 9% year-over-year decline and reflecting the impact of customer forecast revisions and slower program ramps.

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Integer’s Business Mix Shows Where Growth Still ExistsInteger’s mix matters because the company’s three product lines are moving in different directions. Cardio & Vascular is the largest business, representing 59.7% of 2025 revenues. Cardiac Rhythm Management & Neuromodulation is the second pillar at 36.1%, while Other Markets is much smaller at 4.2% and shrinking as the company exits Portable Medical.

That mix showed up clearly in the first quarter. Cardio & Vascular revenue rose 1% year over year to $262 million, supported by neurovascular strength and contributions from prior acquisitions, even as certain electrophysiology programs remained soft.

Cardiac Rhythm Management & Neuromodulation revenue increased 5% to $168 million, with cardiac rhythm management growth more than offsetting weakness in neuromodulation. Other Markets declined, reflecting the ongoing Portable Medical exit and legacy manufacturing service agreements tied to divested operations.

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ITGR’s New Products Are the Near-Term DragThe most immediate headwind is the slower adoption of three recently launched products. Two are in electrophysiology, and one is in neuromodulation. Management expects these programs to reduce 2026 sales growth by about 3% to 4%.

That dynamic helps explain why the outlook was tightened despite resilience in core franchises. Until adoption normalizes, the newer programs can weigh on both volume and operational rhythm, especially when customers adjust their own schedules and ordering patterns.

Integer’s OEM Forecast Swings Limit Margin RecoveryInteger’s revenue timing is highly dependent on original equipment manufacturer ordering patterns and forecast updates, particularly in fast-moving electrophysiology. Management stated that it typically has better visibility for only the next one to two quarters through purchase orders, while rolling 12-month forecasts can be revised as customer manufacturing plans change.

That limited visibility matters operationally. When ordering shifts, plant utilization can move quickly, and the company has less ability to fully control near-term utilization and margins. In the first quarter, lower fixed-cost absorption was a key factor behind margin pressure.

ITGR’s Q1 Print Shows Resilience but Not EnoughFirst-quarter revenues were $439.6 million, up 0.5% year over year, and exceeded the Zacks Consensus Estimate by 3%. Organic revenue increased 1.3%, indicating the core portfolio continued to hold up despite drag from new-product ramps and the Portable Medical exit.

Adjusted earnings per share were $1.20, down 8.4% year over year and a modest miss versus the consensus estimate. Profitability was the bigger issue. Gross margin contracted 260 basis points to 24.9%, and adjusted operating margin fell 230 basis points to 13.9%, due to lower absorption and higher operating expenses.

This is the crux of the near-term setup: the top line is not collapsing, but margin recovery is being delayed while utilization remains constrained and newer programs ramp more slowly than planned.

Integer’s Valuation Looks Cheaper, but the Report Is CautiousITGR trades at 14.3X forward 12-month earnings, below the Zacks sub-industry of 24.3X, the Zacks sector at 19.5X, and the S&P 500 at 21.9X. Over the last five years, ITGR’s forward multiple has ranged from 9X to 24.9X, with a median of 17.8X.

The discount is notable, especially as investors compare ITGR with other Medical - Instruments names such as Globus Medical (GMED - Free Report) and Masimo Corporation , which are included in the same peer set. Still, the setup remains sensitive to execution, leverage and the timing of new-product adoption. Total debt was $1.25 billion at the end of the first quarter, and the company’s debt-to-capital ratio of 0.44 remains above the industry’s 0.28.

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ITGR’s Bottom Line for ReadersInteger has a pipeline and partnership model that can lift growth once electrophysiology ordering stabilizes, but near-term downside risks remain the dominant factor. The path to improved utilization and margin recovery still depends on customer ordering patterns and a return to more normal ramp behavior in the three newer products.

With Zacks Rank #4 (Sell) and a $77 price target, the risk-reward profile remains pressured until electrophysiology volatility eases and adoption timing becomes more dependable.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.