Integer Holdings Archives - Medical Design Sourcing

Integer acquires Pulse Technologies for $140M

Medtech contract manufacturing giant Integer Holdings (NYSE:ITGR) + announced that it has bought Quakertown, Pennsylvania–based Pulse Technologies.

The size of the deal was roughly $140 million. It closed on Jan. 5 and utilized borrowings under Integer’s existing revolving credit facility.

Pulse Technologies is a privately-held medtech supplier focusing on complex micromachining of medical device components for high-growth structural heart, heart pump, electrophysiology, leadless pacing, and neuromodulation markets. Its proprietary technologies include hierarchical surface restructuring (HSR), scratch-free surface finishes, and titanium nitride coatings.

“The acquisition of Pulse Technologies is directly aligned with Integer’s strategy to expand our capabilities and capacity in targeted growth markets,” Payman Khales, president of Cardio & Vascular at Integer, said in a Jan. 10 news release. “We were immedia…

Integer expands manufacturing and R&D operations in Ireland

Integer Holdings (NYSE:ITGR) is growing its footprint in Ireland with two expansion projects.

The medical device contract manufacturer is expanding its New Ross, Ireland, location by 80,000 ft². That project will “substantially increase” the facility’s high-volume guidewire and wire-based manufacturing capacity, Integer said.

Plano, Texas–based Integer is also building a new R&D and manufacturing facility in Galway, Ireland, to “provide local solutions for structural heart, neurovascular, and electrophysiology applications, enabling seamless transitions from R&D to operations,” the company said.

The first phase of construction will add around 70,000 ft² of R&D and manufacturing space.

In announcing the expansions, Integer highlighted its experts in Spiddal, Ireland, who specialize in complex braiding, textile, and impact coating and covering capabilities.

“The team offers comprehensiv…

Integer scores a big Q3 earnings beat, closes tuck-in acquisition

Medtech contract manufacturing giant Integer (NYSE: ITGR) + saw its stock jump more than 14% in value today on Street-beating third-quarter earnings and upped guidance.

Plano, Texas–based Integer also announced that it has spent $42 million to acquire certain assets of InNeuroCo to boost its neurovascular catheter capabilities. The deal, which closed Oct. 1, will add $5 million in revenue in the fourth quarter alone from manufacturing the catheters, which are used to treat ischemic stroke and intracranial aneurysms.

The company earned $27 million, or 81¢ per share, off of $405 million in sales for the quarter ended Sept. 29, 2023. The bottom line was up 70%, and the top line was up 18% compared with Q3 2022.

Adjusted to exclude one-time items, Integer’s EPS was $1.27. The result was 17¢ ahead of The Street, where analysts on average expected EPS of $1.10 and revenue of $376.71 million.

“Integer del…

Integer’s Q2 results blow past expectations

Medtech contract manufacturing giant Integer (NYSE:ITGR) + saw its stock rise more than 7% today on Street-busting second-quarter results.

Plano, Texas–based Integer earned nearly $24 million, or 71¢ per share, off of $400 million in revenue for the quarter that ended June 30, 2023. The bottom line was up 15%, and the top line rose 14% compared with Q2 2022.

Adjusted to exclude on-time items, Integer had earnings per share of $1.14. The result was 14¢ ahead of the expectations of Wall Street analysts, who on average predicted adjusted EPS of $1 on sales of $367.06 million.

“Integer delivered another strong quarter of sales and profit growth supported by an improving supply chain and labor environment,” Joseph Dziedzic, Integer’s president and CEO, said in a news release. “As we continue to see strong customer demand across our product lines, we are increasing our full-year sales outlook to 12% growth at the midp…

Integer stock down on Q4 prelims, convertible notes plans

Integer Holdings (NYSE: ITGR) stock is down — a day after the medtech contract manufacturing giant released preliminary fourth-quarter numbers.

ITGR shares were down more than 7% to $65.30 apiece by midday today. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was up more than 9%.

Plano, Texas–based Integer said it expects fourth-quarter 2022 sales in the $370–372 million range, an increase of 18–19%. Adjusted to exclude one-time items, EPS were 1.08–1.11.

The results would beat the expectations of Wall Street analysts, who were expecting EPS of $1.01 and sales of $356.45 million.

“Integer delivered fourth quarter and full year 2022 preliminary sales and profit at the high-end of 2022 earnings guidance, while continuing to improve its ability to manage a challenging supply chain environment and deliver results for our customers and the patients they serve,” Integer CEO Joseph Dzied…

Integer Q3 results mixed amid supply chain challenges

Integer Holdings (NYSE:ITGR) today reported third-quarter results that beat The Street on earnings but missed on revenue amid continued supply chain challenges.

The Plano, Texas–based medtech contract manufacturing giant had already warned investors early this month. It reported that deteriorating delivery performance and missed commitments from three suppliers would impact Q3 sales by $15 million. In addition, Integer reduced its full-year guidance.

With the supply chain difficulties already priced in, ITGR shares were slightly up this morning, trading at $60.33 apiece. (Integer’s stock is down more than 1% over the past month.) MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was up more than 1%.

Integer earned $16 million, or 48¢ per share, off $343 million in sales for the quarter ended Sept. 30, 2022, with the bottom-line down 27% and the top-line up 12% compared with Q3 2021. Read more

Integer misses on Q1, adjusts full-year outlook

Holdings (NYSE:ITGR) posted first-quarter results today that fell short of the consensus forecast on Wall Street and adjusted its outlook for the rest of the year to include its recent acquisition of Aran Biomedical.

The Plano, Texas–based medical device contract manufacturing giant reported profits of $11 million, or $0.34 per diluted share, on sales of $311 million for the three months ended April 1, 2022, for a bottom-line decrease of 47% and sales growth of 7% compared with Q1 2021.

Adjusted to exclude one-time items, earnings per share were $0.78, $0.07 short of the Street, where analysts were looking for EPS of $0.85 on sales of $314.57 million.

Get the full story at our sister site, Medical Design & Outsourcing.

Integer buys Aran Biomedical for $131.1 million

Integer (NYSE:ITGR) announced today that it acquired Connemara Biomedical and its subsidiaries Aran Biomedical and Proxy Biomedical (collectively “Aran”).

Aran offers development and manufacturing solutions for implantable medical devices, including proprietary medical textiles, high-precision biomaterial coverings and coatings along with advanced metal and polymer braiding.

Get the full story at our sister site, Medical Design & Outsourcing.

Integer buys Aran Biomedical for $131.1 million

Integer (NYSE:ITGR) announced today that it acquired Connemara Biomedical and its subsidiaries Aran Biomedical and Proxy Biomedical (collectively “Aran”).

Aran offers development and manufacturing solutions for implantable medical devices, including proprietary medical textiles, high-precision biomaterial coverings and coatings along with advanced metal and polymer braiding.

The deal to acquire Aran Biomedical is worth $131.1 million (€120 million) with up to an additional $10.9 million (€10 million) in contingent consideration based on 2022 revenue growth milestones.

Plano, Texas-based Integer said in a news release that Galway, Ireland-based Aran further increases its ability to offer complete solutions for complex delivery and therapeutic devices in high-growth cardiovascular markets, including structural heart, neurovascular, peripheral vascular and endovascular, as well as in general surgery.

Integer said Aran’s Ireland head…

Integer’s longtime board chair set for departure; replacement named

Bill Sanford will retire as chair of the Integer Holdings (NYSE: ITGR) board of directors at the end of the company’s annual shareholder meeting on May 18, the company said today.

The Plano, Texas-based medical device outsource manufacturer said its board plans to appoint former AdvaMed CEO Pam Bailey as the next chair. Bailey has served on Integer’s board since 2002 and “has been an integral part of developing the strategic direction of Integer,” Integer President and CEO Joe Dziedzic said.

Get the full story at our sister site, Medical Design & Outsourcing.

Integer’s longtime board chair set for departure; replacement named

Bill Sanford will retire as chair of the Integer Holdings (NYSE: ITGR) board of directors at the end of the company’s annual shareholder meeting on May 18, the company said today.

The Plano, Texas-based medical device outsource manufacturer said its board plans to appoint former AdvaMed CEO Pam Bailey as the next chair. Bailey has served on Integer’s board since 2002 and “has been an integral part of developing the strategic direction of Integer,” Integer President and CEO Joe Dziedzic said in a news release.

“On behalf of the Integer Board of Directors, I wish to thank Bill for his immense contribution and insightful leadership over the past 22 years serving on the Integer board, including his 14 years as board chair,” Dziedzic said. “Bill has positioned the company to continue executing our strategy to deliver sustained outperformance and laid the groundwork for a smooth board chair transition.” Read more