Integer Holdings Q4 2025 Earnings Highlights
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 5 days ago
0mins
Should l Buy ITGR?
Source: seekingalpha
- Significant Sales Growth: Integer Holdings reported Q4 2025 sales of $472 million, reflecting a 5% year-over-year increase, with total annual sales reaching $1.854 billion, indicating robust market performance and sustained customer demand.
- Improved Profitability: Adjusted operating income rose by 10%, achieving a margin of 17.6%, while adjusted net income increased by 22% to $62 million, showcasing effective strategies in cost management and profitability enhancement.
- Share Repurchase Program: The company announced a $60 million common stock repurchase in Q4 and initiated an accelerated repurchase program of approximately $50 million, demonstrating management's confidence in the company's financial position and future cash flow generation.
- Cautious 2026 Outlook: While projecting 2026 sales between $1.826 billion and $1.876 billion, management warned of a 3% to 4% headwind from lower market adoption of new products, emphasizing that the underlying business remains poised for growth.
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Analyst Views on ITGR
Wall Street analysts forecast ITGR stock price to rise
4 Analyst Rating
2 Buy
2 Hold
0 Sell
Moderate Buy
Current: 85.760
Low
75.00
Averages
86.25
High
95.00
Current: 85.760
Low
75.00
Averages
86.25
High
95.00
About ITGR
Integer Holdings Corporation is a medical device contract development and manufacturing company. The Company serves the cardiac rhythm management, neuromodulation, and cardio and vascular markets. Its brands include Greatbatch Medical and Lake Region Medical. The Company’s Cardio & Vascular product line offers a range of components, subassemblies, and finished devices used in interventional cardiology, structural heart, heart failure, peripheral vascular, neurovascular, interventional oncology, electrophysiology, vascular access, infusion therapy, hemodialysis, urology, and gastroenterology procedures. Its interventional cardiology portfolio is focused primarily on the design, development and manufacture of catheter and wire-based technologies intended to diagnose and treat cardiac disease. Its electrophysiology products include devices used by electrophysiologists and interventional cardiologists for the treatment of cardiac arrythmias, such as atrial fibrillation.
About the author

Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
- New Position Disclosure: Irenic Capital Management disclosed a new position in Integer Holdings by acquiring 1,263,663 shares in Q4 2026, valued at approximately $99.11 million, making it the fund's largest disclosed equity position, reflecting strong confidence in the company.
- Performance Growth: Integer Holdings achieved an 8% sales growth in 2025, reaching $1.85 billion, with a 21% increase in adjusted EPS to $6.40, showcasing the company's robust performance in the medical device sector.
- Future Outlook: Management anticipates adjusted EPS for 2026 to be between $6.29 and $6.78, with plans to achieve organic growth exceeding market rates by 200 basis points in 2027, indicating a positive outlook for the future.
- Portfolio Allocation: Irenic's stake in Integer Holdings represents 13.7% of its equity assets, which, while not dominant, aligns with its activist strategy targeting operationally solid companies to drive valuation and capital allocation catalysts.
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- New Position Disclosure: On February 17, 2026, Irenic Capital Management LP disclosed a new position by acquiring 1,263,663 shares of Integer Holdings, with an estimated trade value of $99.11 million, highlighting its significant investment in the company.
- Holding Proportion Analysis: This acquisition positions Irenic's stake in Integer Holdings at 13.7% of its total assets under management, reflecting confidence in the company's growth potential despite a 37.9% decline in the stock over the past year.
- Financial Performance Overview: Integer Holdings achieved an 8% sales growth in 2025, reaching $1.85 billion in revenue, with a 21% increase in adjusted EPS to $6.40, and despite pressures from debt conversion costs, management remains optimistic about 2026.
- Market Outlook: Management projects adjusted EPS for 2026 to be between $6.29 and $6.78, with plans to achieve organic growth exceeding market rates by 200 basis points in 2027, indicating long-term investment potential in the cardiac and vascular sectors.
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- New Investment Disclosure: On February 17, 2026, Newtyn Management disclosed a new position by acquiring 550,000 shares of Integer Holdings for approximately $43.14 million, indicating confidence in the company despite its recent stock decline.
- Asset Allocation Insight: This acquisition represents 4.53% of Newtyn's 13F reportable assets, highlighting a strategic focus on the medical device sector, even as Integer Holdings' stock has fallen 37.9% over the past year.
- Financial Performance Highlights: Integer Holdings achieved an 8% year-over-year sales growth in 2025, reaching $1.85 billion in revenue, with a 21% increase in adjusted EPS to $6.40, demonstrating robust performance in the medical device market.
- Future Outlook: Despite facing approximately $1.19 billion in debt, management anticipates a leverage ratio between 2.5 and 3.5 times in 2026, with sales guidance suggesting flat to slightly declining GAAP revenue, while adjusted earnings are expected to remain stable, attracting long-term investor interest.
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- Share Reduction Scale: Irenic Capital Management reduced its stake in Papa John's International by 748,592 shares, leaving a remaining holding of 325,108 shares valued at $12.51 million, indicating a waning confidence in the company.
- Declining Ownership Proportion: Following this reduction, Papa John's now represents only 0.8% of Irenic's assets under management, removing it from the fund's top five holdings, which reflects a significant shift in investment strategy.
- Poor Performance: Over the past year, Papa John's shares have declined by 30.7%, while the S&P 500 index has returned 16.4%, highlighting the company's lack of competitiveness in the market, which may affect future investor confidence.
- Same-Store Sales Decline: The company's same-store sales in North America fell by 2.7% in the third quarter, indicating sales challenges, prompting investors to closely monitor the upcoming fourth-quarter earnings report on February 26 for future outlook assessment.
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- Analyst Upgrade: Robert Wasserman of Benchmark upgraded Integer Holdings from hold to buy with a price target of $95 per share, which significantly boosted market optimism and contributed to a 2% increase in stock price on the last trading day of the week.
- Earnings Beat Expectations: Integer reported fourth-quarter 2025 sales of $472 million, a 5% year-over-year increase, while net income surged 22% to nearly $62 million, showcasing the company's strong profitability and competitive market position.
- Peer Price Target Increases: Nathan Teybeck of Wells Fargo raised his price target from $72 to $84 while maintaining a hold rating, and Richard Newitter of Truist increased his target from $95 to $97, both reflecting confidence in the company's future growth prospects.
- Positive Industry Outlook: With the aging population in the U.S. and other countries, the medical device sector is expected to see organic growth, making Integer's high net margin and market position attractive to investors, further enhancing the stock's investment appeal.
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- Analyst Upgrade: Benchmark's Robert Wasserman upgraded Integer Holdings from hold to buy, setting a price target of $95 per share, reflecting strong confidence in the company's future growth prospects.
- Earnings Beat: Integer reported Q4 2025 revenue of $472 million, a 5% year-over-year increase, with net income reaching $62 million, up 22% from the previous year, indicating robust competitiveness in the medical device sector.
- Stock Price Increase: Following the positive analyst assessments, Integer's stock price rose over 2% on the trading day, showcasing market optimism regarding its future performance and reinforcing investor confidence.
- Favorable Market Outlook: With the aging population in the U.S. and other countries, the medical device industry is expected to see continued growth, and Integer's high net margin and solid financial performance position it strategically well to capitalize on this trend.
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