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Integer Holdings Corporation
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$4.4B
Market Cap
27.1
P/E
0.73
PEG
6.4%
ROCE
6.1%
ROE
0.74
D/E
11.9%
OPM
-0.7%
% from 52W High
83
α RS
🔍 ITGR is showing a high-conviction setup because it matches 3 of 37 tracked screener presets, Sector RRG has Health Care in the Leading quadrant with the trail still rolling over, and RS Rating is 83. Net: Broad signal stack, not a recommendation. ? Conviction RRG RS Rating
Sources
Conviction 3/37 · Health Care in Leading quadrant · RS Rating 83
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Currency-adjusted total returns for ITGR including FX impact
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📈 Price History
Ratio Health
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About

Integer Holdings Corporation operates as a medical device contract development and manufacturing company in the United States, Costa Rica, Puerto Rico, Ireland, and internationally.

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3-Statement Financial Model
Bear / Base / Bull projections · DCF fair value · Reverse-DCF
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🎙 Management Tone Mixed ~ Volatile 4 quarters Full tone analysis in Intelligence →
📊 MIXED Integer Holdings Q1 2026 sales $440M, outlook lowered; strategic review initiated.
Revenue & Profitability
First quarter 2026 revenue was $440 million, up 0.5% reported and 1.3% organic. Adjusted operating income declined 14% year-over-year to an unspecified dollar amount, with adjusted operating margin of 13.9% (down 230 bps). Adjusted net income was $41 million, down 10%, and adjusted earnings per share was $1.20, down 8%. For full-year 2026, the company now expects reported sales of $1.805 billion to $1.835 billion (down 1-3% YoY), adjusted EBITDA of $375 million to $399 million, adjusted operating income of $285 million to $305 million, adjusted net income of $200 million to $220 million, and adjusted EPS of $5.83 to $6.40.
Outlook
Management views 2026 as a transition year. The electrophysiology market, which grew north of 20% last year, is normalizing to mid-to-high teens growth in 2026 with double-digit expectations in future years. Customers are adjusting forecasts after a period of rapid PFA adoption, leading to short-term order variability. Management expects organic sales to return to market growth (4-6%) in the fourth quarter of 2026, but noted a roughly 5% headwind from fewer production days in Q4. The long-term fundamentals of the markets remain strong.
Growth Drivers
Key growth levers include electrophysiology (EP), structural heart, neurovascular, and neuromodulation. The company has a strong EP pipeline and expects EP to contribute to above-market growth in 2027. New product launches are scheduled for all growth markets in the second half of 2026 and 2027. The CRM business performed slightly ahead of expectations in Q1, while neuromodulation faces a headwind from one product but is expected to grow in the 15-20% range over a three-to-five-year horizon. Underlying market growth is 4-6%, and Integer targets 200 basis points above market in 2027.
Balance Sheet & CapEx
Capital expenditure guidance for 2026 is $95 million to $105 million, approximately 5% to 6% of sales. Free cash flow is expected between $85 million and $105 million. The company continues to invest in its pipeline and cost management without making large structural changes that would impair future growth. No specific AI or infrastructure investments were discussed.
Margins
First quarter adjusted operating margin contracted 230 basis points to 13.9%, driven primarily by lower fixed cost absorption. Operating expenses were flat year-over-year. For Q2 2026, management expects adjusted operating income margin to improve 80-140 basis points sequentially, and margins are expected to improve sequentially throughout the rest of 2026. The lower sales outlook will cause further margin pressure, but the company is taking additional near-term cost actions to mitigate the impact.
Key Risks
Key risks flagged include: near-term headwinds from three new products (3-4% impact to 2026 reported sales growth), normalization of the electrophysiology market causing order variability and customer forecast adjustments, and potential further forecast erosion that led management to take additional risk adjustments across the portfolio. Neuromodulation faces a headwind from one product. Macro risks such as inflation from the Middle East conflict are considered minimal and manageable. There is also an approximately 5% growth headwind in Q4 from fewer production days.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q1 2026 Q1 2026 2026-04-30
Q1 2026 results met expectations with modest sales growth but lower margins and EPS. 2026 guidance was revised downward due to temporary headwinds in electrophysiology and risk adjustments, while a strategic review was launched amid increased external interest.
Q4 2025 Q4 2025 2026-02-19
Delivered strong 2025 results with 8% sales growth and 21% adjusted EPS growth, but 2026 guidance reflects temporary headwinds from three new products. Underlying business remains robust, with expectations to return to above-market growth and margin expansion in 2027.
Q3 2025 Q3 2025 2025-10-23
Q3 2025 saw 8% sales growth and 25% adjusted EPS growth, but outlooks for 2025 and 2026 were reduced due to lower-than-expected adoption of three new products. Despite near-term headwinds, management expects a return to above-market growth in 2027.
Q2 2025 Q2 2025 2025-07-24
Q2 2025 delivered 11% sales growth and 19% higher adjusted EPS, prompting a raised outlook for operating income and EPS. Cardio and vascular led segment gains, while strong cash flow and margin expansion support confidence in full-year guidance.
Q1 2025 Q1 2025 2025-04-24
Sales grew 7% year-over-year in Q1 2025, with strong margin expansion and robust performance in cardiovascular. Guidance for 2025 was raised for adjusted EPS and free cash flow, supported by recent acquisitions and a strategic refinancing. Tariff impacts remain minimal and leverage is within target range.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
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Information Sources:
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