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Integer Holdings (ITGR)
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Integer Holdings (ITGR) AI Stock Analysis

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ITGR

Integer Holdings

(NYSE:ITGR)

Rating:65Neutral
Price Target:
$116.00
▲(8.58% Upside)
Integer Holdings' overall score is driven by strong financial performance and positive earnings outlook. However, the technical analysis suggests bearish momentum, and the high P/E ratio indicates valuation concerns. Positive corporate events add to the company's prospects, but market sentiment remains cautious.
Positive Factors
Earnings
Integer Holdings reported slightly better-than-expected results for their 2Q25, including revenue growth of 11% (all organic) to $476.0 million and adjusted earnings of $1.55 per share, up $0.25 or 19% from 2Q24.
Strategic Growth
Integer still has roughly $450 million in financial assets available for M&A, and recent Precision Coating and VSi deals have been adding to growth and earnings already this year.
Negative Factors
Financial Guidance
Investors were likely disappointed that ITGR only narrowed its FY25 revenue guide (no change to midpoint) after the Q2 beat, and it implies 2H organic growth deceleration (6% vs 8% in 1H).
Segment Performance
CRM & Neuromod sales underperformed expectations, creating a potential area of concern for future growth.
Valuation
The price target is being lowered to $140 due to reduced valuation metrics for comparable stocks.

Integer Holdings (ITGR) vs. SPDR S&P 500 ETF (SPY)

Integer Holdings Business Overview & Revenue Model

Company DescriptionInteger Holdings Corporation operates as a medical device outsource manufacturer in the United States, Puerto Rico, Costa Rica, and internationally. It operates through Medical and Non-Medical segments. The company offers products for interventional cardiology, structural heart, heart failure, peripheral vascular, neurovascular, interventional oncology, electrophysiology, vascular access, infusion therapy, hemodialysis, urology, and gastroenterology procedures. It also provides cardiac rhythm management products, including implantable pacemakers, implantable cardioverter defibrillators, insertable cardiac monitors, implantable cardiac pacing and defibrillation leads, and heart failure therapies; neuromodulation products, such as implantable spinal cord stimulators; and non-rechargeable batteries, feedthroughs, device enclosures, machined components, and lead components and sub-assemblies. In addition, the company offers rechargeable batteries and chargers; and arthroscopic, laparoscopic, and general surgery devices and components, such as harmonic scalpels, shaver blades, burr shavers, radio frequency probes, biopsy probes, trocars, electrocautery components, wound dressings, GERD treatment components, and phacoemulsification needles. Further, it provides orthopedic products that include instruments used in hip, knee, and spine surgeries, as well as reamers and chisels. Additionally, the company offers customized battery power and power management systems, and battery solutions for the energy, military, and environmental markets. Furthermore, the company provides medical technologies. It serves multi-national original equipment manufacturers and their affiliated subsidiaries in the cardiac, neuromodulation, orthopedics, vascular, and advanced surgical and portable medical markets. Integer Holdings Corporation was founded in 1970 and is headquartered in Plano, Texas.
How the Company Makes MoneyInteger Holdings generates revenue primarily through the design, development, and manufacturing of medical devices for original equipment manufacturers (OEMs). The company earns money by supplying critical components and fully assembled products in the cardiac, neuromodulation, and vascular segments, among others. Integer's key revenue streams include sales of medical device components like batteries, capacitors, and leads, as well as advanced surgical and orthopedic products. Integer also benefits from strategic partnerships and long-term contracts with major medical device companies, providing a steady and reliable income source. The company's focus on innovation and quality manufacturing processes contributes significantly to its earnings by attracting and retaining a loyal customer base.

Integer Holdings Earnings Call Summary

Earnings Call Date:Jul 24, 2025
(Q2-2025)
|
% Change Since: -7.72%|
Next Earnings Date:Oct 23, 2025
Earnings Call Sentiment Positive
Integer Holdings Corporation delivered a strong Q2 with significant year-over-year growth in sales, operating income, and EPS, driven largely by the Cardio & Vascular segment. Despite facing challenges in the CRM & Neuromodulation segment and foreign exchange headwinds, the company remains optimistic, raising its full-year guidance for operating income and EPS. However, the narrowing of the top-end revenue guidance suggests caution about sustaining the current growth momentum.
Q2-2025 Updates
Positive Updates
Strong Year-Over-Year Growth
Sales increased 11% year-over-year on both a reported and organic basis for Q2 2025. Adjusted operating income grew 15%, and adjusted EPS increased by 19% to $1.55.
Cardio & Vascular Segment Performance
Cardio & Vascular sales increased 24% in Q2 2025, driven by new product ramps and strong customer demand in neurovascular. On a trailing 4-quarter basis, C&V sales increased 17% year-over-year.
Increased Outlook for 2025
The company raised the midpoint of its adjusted operating income and EPS outlook, expecting full-year sales growth of 8.5%, adjusted operating income growth of 14%, and adjusted EPS growth of 20%.
Free Cash Flow Improvement
Free cash flow increased by 55% in Q2 2025 to $25 million, driven by operational improvements and lower interest expenses.
Negative Updates
CRM & Neuromodulation Growth Concerns
Cardiac Rhythm Management & Neuromodulation sales only increased by 2% in Q2 2025 due to the planned decline of a neuromodulation program.
Foreign Exchange Headwinds
The company experienced a $3 million FX headwind in Q2 2025, primarily due to the weakening U.S. dollar, affecting adjusted EPS by $0.09.
Top-End Revenue Guidance Narrowed
The top end of the full-year revenue guidance was narrowed, maintaining the midpoint but reflecting potential challenges in sustaining high growth rates towards the end of the year.
Company Guidance
During the Integer Holdings Corporation Second Quarter 2025 Earnings Call, the company reported robust financial performance with sales increasing by 11% year-over-year on both a reported and organic basis. Adjusted operating income rose by 15%, while adjusted earnings per share (EPS) grew 19% to $1.55. For the first half of 2025, sales increased by 9% and adjusted operating profit rose by 14%, or 1.5 times the rate of sales growth. Due to this strong performance, Integer raised the midpoint of its adjusted operating income and EPS outlook for the full year, expecting sales to grow by 8.5%, adjusted operating income by 14%, and adjusted EPS by 20%. Additionally, the company highlighted a strong pipeline of new products in faster-growing markets and reported an adjusted net income of $55 million, up 23% year-over-year. The company also experienced a foreign exchange headwind of $3 million, affecting adjusted EPS by $0.09. For the full year 2025, Integer expects sales between $1.850 billion and $1.876 billion, with adjusted EBITDA projected between $402 million to $418 million, and adjusted net income anticipated between $222 million and $231 million.

Integer Holdings Financial Statement Overview

Summary
Integer Holdings shows strong revenue growth and operational efficiency, though increased leverage needs careful monitoring. The company generates ample cash flow for growth, but margin improvements are needed.
Income Statement
78
Positive
Integer Holdings demonstrates strong revenue growth with a TTM (Trailing-Twelve-Months) increase from the previous year, indicating a healthy growth trajectory. The gross profit margin remains robust, although net profit margins have declined compared to the previous period, suggesting potential efficiency improvements. EBITDA and EBIT margins are solid, reflecting operational strength despite slight fluctuations in net income.
Balance Sheet
72
Positive
The company's balance sheet shows a stable equity ratio, indicating a solid financial foundation with adequate equity backing its assets. The debt-to-equity ratio has increased, suggesting rising leverage which could pose a risk if not managed carefully. Return on equity remains strong, demonstrating effective use of shareholder funds.
Cash Flow
75
Positive
Integer Holdings exhibits consistent operating cash flow, reflecting healthy cash generation from operations. Free cash flow has grown significantly, supporting further investment opportunities. However, the ratio of operating cash flow to net income is slightly lower, implying room for improvement in converting income into cash.
BreakdownDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue1.72B1.60B1.38B1.22B1.07B
Gross Profit459.01M418.29M359.01M336.97M285.71M
EBITDA310.91M256.51M215.40M215.26M207.56M
Net Income119.90M90.65M66.38M96.81M77.26M
Balance Sheet
Total Assets3.08B2.94B2.79B2.58B2.37B
Cash, Cash Equivalents and Short-Term Investments46.54M23.67M24.27M17.89M49.21M
Total Debt1.10B1.05B1.01B897.75M777.55M
Total Liabilities1.46B1.42B1.38B1.23B1.10B
Stockholders Equity1.62B1.52B1.42B1.35B1.27B
Cash Flow
Free Cash Flow99.60M60.27M41.65M103.20M129.90M
Operating Cash Flow205.21M180.21M116.38M156.67M181.34M
Investing Cash Flow-195.41M-163.37M-200.42M-271.00M-56.58M
Financing Cash Flow13.32M-18.01M92.48M81.99M-88.58M

Integer Holdings Technical Analysis

Technical Analysis Sentiment
Negative
Last Price106.83
Price Trends
50DMA
117.33
Negative
100DMA
118.04
Negative
200DMA
126.26
Negative
Market Momentum
MACD
-3.25
Positive
RSI
32.96
Neutral
STOCH
16.78
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ITGR, the sentiment is Negative. The current price of 106.83 is below the 20-day moving average (MA) of 113.34, below the 50-day MA of 117.33, and below the 200-day MA of 126.26, indicating a bearish trend. The MACD of -3.25 indicates Positive momentum. The RSI at 32.96 is Neutral, neither overbought nor oversold. The STOCH value of 16.78 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ITGR.

Integer Holdings Risk Analysis

Integer Holdings disclosed 36 risk factors in its most recent earnings report. Integer Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks

Integer Holdings Peers Comparison

Overall Rating
UnderperformOutperform
Sector (51)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
74
Outperform
$3.72B58.118.07%27.11%
66
Neutral
$5.30B-91.13%22.37%31.14%
65
Neutral
$3.77B47.575.15%7.21%-23.29%
56
Neutral
$0.0030.62-19.69%7.97%-592.40%
51
Neutral
$7.38B0.52-67.26%2.36%16.67%-0.20%
50
Neutral
$2.76B-27.62%59.36%19.87%
48
Neutral
$0.00-12.98%26.70%48.19%
* Healthcare Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
ITGR
Integer Holdings
107.72
-6.77
-5.91%
GKOS
Glaukos
88.06
-32.40
-26.90%
LIVN
LivaNova
42.61
-2.39
-5.31%
IRTC
Irhythm Technologies
160.34
89.48
126.28%
INSP
Inspire Medical Systems
87.91
-99.80
-53.17%
PRCT
PROCEPT BioRobotics
48.12
-13.77
-22.25%

Integer Holdings Corporate Events

Business Operations and StrategyFinancial Disclosures
Integer Holdings Reports Strong Q2 2025 Financial Results
Positive
Jul 24, 2025

Integer Holdings Corporation reported strong financial results for the second quarter of 2025, with sales increasing by 11% to $476 million and adjusted operating income rising by 15% to $81 million compared to the same period in 2024. The company also raised its full-year profit outlook, expecting adjusted operating income growth of 12% to 16% and adjusted EPS growth of 18% to 23%, driven by robust sales in cardio and vascular segments and strategic acquisitions.

The most recent analyst rating on (ITGR) stock is a Buy with a $152.00 price target. To see the full list of analyst forecasts on Integer Holdings stock, see the ITGR Stock Forecast page.

Executive/Board ChangesBusiness Operations and Strategy
Integer Holdings Expands Board with Michael J. Coyle
Positive
Jul 10, 2025

On July 10, 2025, Integer Holdings Corporation announced the election of Michael J. Coyle to its Board of Directors, expanding the board to 11 members. Coyle, with over 40 years of leadership experience in the medical device industry, will serve on several committees and contribute to Integer’s strategic initiatives and growth. His extensive background, including roles at iRhythm Technologies and Medtronic, is expected to bolster Integer’s position as a partner of choice for innovative medical technologies, enhancing its contract development and manufacturing outsourcing strategy.

The most recent analyst rating on (ITGR) stock is a Buy with a $135.00 price target. To see the full list of analyst forecasts on Integer Holdings stock, see the ITGR Stock Forecast page.

Private Placements and FinancingBusiness Operations and Strategy
Integer Holdings Announces Convertible Notes Conversion Option
Neutral
Jul 2, 2025

On July 2, 2025, Integer Holdings Corporation announced that its 2.125% Convertible Senior Notes due 2028 are now convertible at the holders’ option during the calendar quarter ending September 30, 2025. This conversion option was triggered as the company’s stock price exceeded 130% of the conversion price for at least 20 trading days in a 30-day period ending June 30, 2025. The notes can be converted into cash, shares of common stock, or a combination thereof, depending on the company’s choice. This announcement could impact the company’s financial strategy and market positioning, as it allows note holders to convert their notes into equity, potentially affecting the company’s stock liquidity and capital structure.

The most recent analyst rating on (ITGR) stock is a Buy with a $152.00 price target. To see the full list of analyst forecasts on Integer Holdings stock, see the ITGR Stock Forecast page.

Executive/Board ChangesShareholder Meetings
Integer Holdings Stockholders Approve Key Proposals at Annual Meeting
Neutral
May 28, 2025

At the Annual Meeting on May 21, 2025, Integer Holdings‘ stockholders approved several key proposals. These included the election of ten directors for a one-year term, the ratification of Deloitte & Touche LLP as the independent auditors for fiscal year 2025, approval of executive compensation on an advisory basis, and an amendment to the company’s Restated Certificate of Incorporation to include an officer exculpation provision. These decisions are expected to impact the company’s governance and operational strategies moving forward.

The most recent analyst rating on (ITGR) stock is a Buy with a $152.00 price target. To see the full list of analyst forecasts on Integer Holdings stock, see the ITGR Stock Forecast page.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Jul 29, 2025