Integer Delivers 8% Sales Growth, 21% Adjusted EPS Increase

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Integer’s FY2025 sales rose 8% to $1.854 billion, with adjusted EPS increasing 21% to $6.40 and adjusted operating income up 13% to $321 million, while debt climbed $195 million to $1.185 billion. The company repurchased $50 million in shares and maintained its 2026 sales outlook with mid-point growth targets.

1. Fourth Quarter 2025 Results

Integer’s Q4 sales increased 5% to $472 million, GAAP operating income was $56 million (down 2%), and adjusted operating income rose 10% to $83 million. GAAP income from continuing operations climbed 47% to $49 million, adjusted net income grew 22% to $62 million, GAAP EPS reached $1.38 (up 52%) and adjusted EPS was $1.76 (up 23%), while adjusted EBITDA rose 11% to $106 million. The company repurchased 698,356 shares for $50 million.

2. Full Year 2025 Performance

Full-year sales grew 8% to $1.854 billion, GAAP operating income increased 6% to $221 million, and adjusted operating income jumped 13% to $321 million. Adjusted net income rose 23% to $226 million and adjusted EPS reached $6.40 (up 21%), while GAAP net income fell 15% to $103 million and GAAP EPS declined 15% to $2.89. Adjusted EBITDA increased 12% to $402 million, cash flow from operations totaled $196 million, total debt rose $195 million to $1.185 billion, and leverage stood at 3.0 times adjusted EBITDA.

3. 2026 Outlook and Share Repurchase

The company maintained its 2026 sales guidance at $1.826–$1.876 billion (flat to +1%), non-GAAP operating income of $304–$324 million, adjusted EBITDA of $391–$414 million, and non-GAAP EPS of $6.29–$6.78. It plans an accelerated share repurchase of approximately $50 million, funded by cash on hand and credit facility borrowings.

4. Segment Highlights

Cardio & Vascular sales grew 11% in Q4 to $284 million and 17% for the full year to $1.107 billion, driven by key acquisitions and Neurovascular demand. Cardiac Rhythm Management & Neuromodulation sales fell 2% in Q4 to $167 million but rose 1% to $669 million for the year. Other Markets sales declined 13% in Q4 to $21 million and 27% for the year to $78 million, reflecting the wind-down of Portable Medical operations.

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