Integer Holdings Corp

Latest Results (16.05.2026):

Integer Holdings Corp's fourth quarter 2025 results (Q4 2025) show continued operational momentum with sales up 5% in the quarter and 8% for full-year 2025, while adjusted EPS and adjusted operating metrics grew strongly year-over-year; GAAP results were mixed (Q4 GAAP EPS rose sharply, but full-year GAAP EPS declined). The company generated solid adjusted EBITDA and cash from operations, completed share repurchases, increased leverage to fund acquisitions and capital activity, and provided a 2026 outlook that preserves the midpoint for sales and tightens adjusted EPS guidance while reiterating a goal to outgrow the market by 200 basis points in 2027.

Sales

Q4 2025 revenue: $472.1M, +5% vs Q4 2024. Full-year 2025 revenue: $1.854B, +8% vs 2024. Organic sales growth was +2% in Q4 and +6.4% for the year (after adjusting for currency, M&A and exits).

Profitability (GAAP vs Adjusted)

Q4 2025: GAAP income from continuing operations $48.6M (+47% YoY); GAAP diluted EPS $1.38 (+52%). Adjusted Q4 metrics: adjusted operating income $83.3M (+10%) and adjusted EPS $1.76 (+23%). Full-year 2025: GAAP income from continuing operations $102.8M (-15% YoY) and GAAP diluted EPS $2.89 (-15%), while adjusted net income $225.7M (+23%) and adjusted EPS $6.40 (+21%).

Cash flow, capex and liquidity

Generated $196M of cash flow from operations in 2025. Capital expenditures were $91M in 2025 with 2026 guidance of $95–$105M. Cash and cash equivalents fell to $17.2M at year-end (from $46.5M).

Debt and leverage

Total long-term debt rose to $1.185B (total principal $1.207B) and net total debt was $1.190B, giving a trailing leverage ratio of 3.0x adjusted EBITDA as of Dec 31, 2025; increases were primarily to finance acquisitions, costs tied to the 2030 convertible notes, and share repurchases.

Adjusted EBITDA and operating income

Adjusted EBITDA: Q4 $106.0M (+11% YoY), FY $402.3M (+12% YoY). Adjusted operating income: Q4 $83.3M (+9.6%), FY $321.4M (+12.9%). These non‑GAAP measures drove the company's reported underlying performance gains.

Share repurchases & capital actions

Repurchased 698,356 shares for ~$50M in 2025 and announced an intended accelerated share repurchase (ASR) to repurchase approximately $50M under the existing $200M program, to be funded with cash and credit facility borrowings.

Product-line performance

Cardio & Vascular: Q4 sales $284.2M (+11% Q/Q) and FY $1.107B (+17% YoY) driven by acquisitions and new product ramps. Cardiac Rhythm Management & Neuromodulation: Q4 $167.3M (-2%), FY $668.8M (+1%). Other Markets: Q4 $20.5M (-13%), FY $77.8M (-27%) due to the ongoing exit from Portable Medical.

2026 outlook and 2027 commentary

2026 outlook (as reported): GAAP sales $1,826–$1,876M (flat to -1% YoY); GAAP diluted EPS $3.53–$4.01 (up 22%–39% YoY). Non‑GAAP 2026 adjusted EPS $6.29–$6.78 (down ~2% to +6% vs 2025 adjusted EPS). Company expects to tighten growth toward market in 2026 but reiterates a return to ~200 bps above‑market organic sales growth in 2027.