Short answer
Integer Holdings Corp (ITGR) filed its fiscal 2025 10-K annual report with the SEC on Feb 23, 2026. It reported revenue of $1.9B (+8.0% year over year) and net income of $103M.
- Top risk flagged: Regulatory risk: Compliance with EU Corporate Sustainability Reporting Directive and California climate rules may increase costs and impact profitability
FY2025 key financial metrics · XBRL
- Revenue
- $1.9B
- +8.0% YoY
- Net income
- $103M
- −14.3% YoY
- Operating margin
- 11.9%
- −0.2 pp YoY
- Gross margin
- 27.0%
- +0.3 pp YoY
- EPS (diluted)
- $2.89
- −14.0% YoY
- ROE
- 5.9%
- −1.5 pp YoY
- Operating cash flow
- $196M
- −4.4% YoY
Source: XBRL data from the Integer Holdings Corp (ITGR) FY2025 10-K on SEC EDGAR. USD.
Integer Holdings Corp FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Pure-play medtech CDMO focused on Cardio & Vascular, Neuromodulation, and Cardiac Rhythm Management markets
- Acquisitions in 2025: Biocoat, VSi Parylene, and Precision Coatings added surface coating technologies and complementary capabilities
- Strategic emphasis on tuck-in acquisitions to expand capabilities, enhance scale, and deepen customer penetration in high-growth markets
- Firm backlog orders $675 million at December 31, 2025, majority expected to ship within one year
- Ongoing exit plan from Portable Medical market initiated in 2021, with final sales and exit expected in 2026
Management Discussion & Analysis
- Revenue $1.854B, up 8.0% YoY ($137M increase); Cardio & Vascular strongest segment $1.107B (+16.6%), Other Markets weakest $77.8M (-26.9%)
- Gross margin 27.0% vs 26.7% YoY, gross profit up 9.0% ($41.4M); operating expenses up $28.3M; net income down to $102.8M from $121.1M
- Operating cash flow $196.1M, capex $91.0M, share repurchase $50.0M; acquisitions funded by $178.9M borrowings; net debt $1.185B end of year
- Issued $1B 2030 Convertible Notes; paid down prior debt; repurchased 698K shares for $50M; increased working capital by $94.1M
- 2026 capex guidance $95M-$105M; management expects cash flows and credit facilities sufficient for operations and debt service; risk from foreign currency and restructuring costs
Risk Factors
- Regulatory risk: Compliance with EU Corporate Sustainability Reporting Directive and California climate rules may increase costs and impact profitability
- Geopolitical risk: Supply chain exposed to wars in Ukraine and Middle East, U.S.-China tensions, tariffs on steel and copper impacting import costs
- Operational risk: Top 3 customers accounted for 49% revenues in 2025; loss or reduced demand from any would materially harm results
- Competitive risk: Intense competition from medical device companies with greater resources and risk of customer insourcing or dual sourcing
- Financial risk: Dependence on senior management and key technical personnel; loss may harm operations and require costly replacement efforts
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