Integer Holdings Corp (ITGR) FY2025 10-K Annual Report
Integer Holdings Corp (ITGR) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 23, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Integer Holdings Corp FY2025 10-K Analysis
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
Integer Holdings Corp FY2025 Key Financial MetricsXBRL
Revenue
$1.9B
▲ +8.0% YoY
Net Income
$103M
▼ -14.3% YoY
Gross Margin
27.0%
▲ +26bp YoY
Operating Margin
11.9%
▼ -19bp YoY
Net Margin
5.5%
▼ -144bp YoY
ROE
5.9%
▼ -152bp YoY
Total Assets
$3.4B
▲ +10.8% YoY
EPS (Diluted)
$2.89
▼ -14.0% YoY
Operating Cash Flow
$196M
▼ -4.4% YoY
Source: XBRL data from Integer Holdings Corp FY2025 10-K filing on SEC EDGAR. All figures in USD.
Get deeper insights on Integer Holdings Corp
Access full AI analysis, insider trading data, fund holdings, and cross-signal detection on SignalX.