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Integer Holdings Corporation (ITGR)
NYSE: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
▲(6.95% 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.
Financial Performance
Free cash flow after $25 million in CapEx was $6 million for Integer during 1Q, up from a negative $6 million in the prior year period, and is expected to increase as the year progresses.
Product Development
New product launches should drive significant growth in the C&V sector.
Negative Factors
Revenue Guidance
Investors were likely disappointed that ITGR only narrowed its FY25 revenue guide after the Q2 beat and it implies 2H organic growth deceleration.
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 (ITGR) is a leading medical device company specializing in the design, development, and manufacturing of advanced implantable technologies for the cardiac, neuromodulation, and orthopedic markets. The company operates primarily in the medical technology sector, providing a range of products including implantable batteries, stimulation devices, and orthopedic implants, aimed at improving patient outcomes and enhancing quality of life.
How the Company Makes MoneyInteger Holdings generates revenue through the sale of its medical devices and implants across various healthcare sectors. Its primary revenue streams include direct sales of cardiac and neuromodulation devices, orthopedic implants, and related accessories. The company often partners with healthcare providers, hospitals, and distributors to expand its market reach. Additionally, Integer invests in research and development to innovate and improve its product offerings, which helps to maintain a competitive edge and secure long-term contracts with healthcare organizations. Moreover, strategic collaborations and acquisitions within the medical device market further bolster its revenue potential.

Integer Holdings Earnings Call Summary

Earnings Call Date:Jul 24, 2025
(Q2-2025)
|
% Change Since: |
Next Earnings Date:Oct 23, 2025
Earnings Call Sentiment Positive
The earnings call reflects a strong performance in the second quarter with significant year-over-year growth in sales, operating income, and EPS. The Cardio & Vascular segment showed impressive growth, and the company maintains a positive full-year outlook. However, there were some challenges, including FX headwinds and a narrowed revenue guidance range.
Q2-2025 Updates
Positive Updates
Strong Year-Over-Year Sales Growth
Sales increased 11% year-over-year on both a reported and organic basis, reaching $476 million.
Operating Income and EPS Growth
Adjusted operating income grew 15% year-over-year, while adjusted earnings per share rose by 19% to $1.55.
Cardio & Vascular Segment Performance
Cardio & Vascular sales increased 24% in the second quarter of 2025, driven by new product ramps and acquisitions.
Adjusted Net Income Increase
Adjusted net income for Q2 2025 was $55 million, up 23% year-over-year.
Free Cash Flow Improvement
Free cash flow increased by 55% to $25 million in the second quarter.
Positive Full-Year Outlook
The company expects full-year sales growth of 8% to 9%, adjusted operating income growth of 12% to 16%, and adjusted EPS growth of 18% to 23%.
Negative Updates
Foreign Exchange Headwinds
The company experienced a $3 million FX headwind in Q2 2025, impacting adjusted EPS by $0.09.
Planned Decline in Neuromodulation Program
The neuromodulation program experienced a planned decline, affecting sales growth in the Cardiac Rhythm Management & Neuromodulation segment.
Narrowed Revenue Guidance Range
The company narrowed its full-year revenue guidance range, indicating potential caution in the outlook.
Company Guidance
In the second quarter of 2025, Integer Holdings Corporation reported robust financial performance, with sales increasing by 11% year-over-year on both a reported and organic basis, reaching $476 million. The company's adjusted operating income grew by 15%, and adjusted earnings per share rose by 19% to $1.55. For the first half of 2025, sales increased by 9%, and adjusted operating profit grew by 14%. 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%. The Cardio & Vascular product line saw sales increase by 24% in Q2, while Cardiac Rhythm Management & Neuromodulation sales grew by 2%. Integer generated $44 million in cash flow from operations in Q2, with a free cash flow of $25 million. The company expects full-year sales to range between $1.850 billion and $1.876 billion, with adjusted EBITDA ranging from $402 million to $418 million. The adjusted operating income is anticipated to be between $319 million and $331 million, and adjusted EPS is projected to be between $6.25 and $6.51.

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 Price108.46
Price Trends
50DMA
113.07
Negative
100DMA
116.19
Negative
200DMA
124.45
Negative
Market Momentum
MACD
-1.12
Negative
RSI
46.78
Neutral
STOCH
55.57
Neutral
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 108.46 is above the 20-day moving average (MA) of 107.24, below the 50-day MA of 113.07, and below the 200-day MA of 124.45, indicating a neutral trend. The MACD of -1.12 indicates Negative momentum. The RSI at 46.78 is Neutral, neither overbought nor oversold. The STOCH value of 55.57 is Neutral, 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
66
Neutral
$5.40B-91.13%22.37%31.14%
65
Neutral
$3.80B47.905.15%7.21%-23.29%
61
Neutral
$3.09B30.62-17.87%8.57%-1154.64%
58
Neutral
$2.71B53.158.07%22.05%785.52%
53
Neutral
$2.25B-26.40%55.71%24.37%
52
Neutral
$5.38B-12.98%26.70%48.19%
51
Neutral
$7.83B-0.15-40.10%2.29%21.46%-2.01%
* Healthcare Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
ITGR
Integer Holdings
108.46
-19.99
-15.56%
GKOS
Glaukos
93.79
-38.80
-29.26%
LIVN
LivaNova
56.49
6.25
12.44%
IRTC
Irhythm Technologies
168.02
95.60
132.01%
INSP
Inspire Medical Systems
92.30
-91.14
-49.68%
PRCT
PROCEPT BioRobotics
40.80
-37.89
-48.15%

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