Integer Holdings Corporation (ITGR): History, Ownership, Mission, How It Works & Makes Money

How does a company like Integer Holdings Corporation, a quiet giant in medical device outsourcing, manage to project full-year 2025 sales between $1.84 billion and $1.854 billion? This financial strength is defintely grounded in their specialty markets, evidenced by a 15% jump in Cardio & Vascular sales in the third quarter of 2025, which was fueled by new product ramps in electrophysiology. If you are looking to understand the mechanics behind the world's most critical medical technologies-from cardiac rhythm devices to neuromodulation-you need to look past the stock ticker and into the core mission that drives that kind of consistent growth.

Integer Holdings Corporation (ITGR) History

You're looking for the bedrock of Integer Holdings Corporation, and honestly, the company's history isn't a straight line; it's a powerful convergence of three pioneering medical device entities. The current company is a result of strategic consolidation, but its roots are nearly 80 years deep in life-saving technology. It all comes down to the people who first saw a critical need and built the precision manufacturing to meet it.

Given Company's Founding Timeline

Year established

The earliest precursor company, Uniform Tubes, was founded in 1940. The current entity, Integer Holdings Corporation, was formally created in 2016 following a major merger.

Original location

The current corporate headquarters is in Plano, Texas, though the roots of the precursor companies were established across the US, including Lake Region Manufacturing in Minnesota.

Founding team members

The company's foundation rests on the work of three key individuals and their ventures:

• Wilson Greatbatch: Inventor of the first practical implantable pacemaker in 1958, who later founded Wilson Greatbatch Ltd. in 1970.
• Joseph Fleischhacker Sr.: Established Lake Region Manufacturing in 1947, which specialized in precision manufacturing for medical components.
• Albert H. Manwaring: Founded Uniform Tubes in 1940, a precursor entity that focused on precision tubing.

Initial capital/funding

Specific initial capital for the 1940s and 1970s precursor companies is not publicly available, but a major funding milestone was the company's initial public offering (IPO) in 2000 under the name Wilson Greatbatch Technologies. In 2025, the company raised significant capital by closing a $1.0 billion offering of 1.875% convertible notes due 2030 to finance its strategic acquisitions.

Given Company's Evolution Milestones

The company's evolution shows a clear, intentional shift toward becoming a focused medical device contract development and manufacturing organization (CDMO). This wasn't accidental; it was a series of divestitures and targeted acquisitions that shaped the entire business model.

Given Company's Transformative Moments

The most transformative period for Integer Holdings Corporation has been the last decade, marked by a decisive strategy to exit non-core businesses and concentrate capital on high-growth medical segments.

The 2016 rebranding to Integer Holdings Corporation, following the Greatbatch/Lake Region Medical merger, was a clear line in the sand. It moved the company from a collection of brands to a single, integrated medical device contract development and manufacturing organization (CDMO).

In the 2024-2025 fiscal years, the company doubled down on this focus, making several high-impact moves. They acquired Pulse Technologies for $140 million in January 2024, strengthening their metal machining capabilities. Then, in February 2025, they acquired Precision Coating for about $152 million and VSi Parylene for approximately $28 million, which added differentiated coatings and surface treatment services. This is defintely a strategic shift to offer end-to-end development capabilities.

Here's the quick math: The company's full-year 2024 sales were $1.717 billion, up 10% from the previous year, showing the strategy is working. They anticipate sales growth of 8% to 10% for the full 2025 fiscal year, which is a strong signal. The strategic exit from the Portable Medical market in 2025 further reallocates manufacturing capacity to core, high-demand areas like electrophysiology and structural heart technologies. Plus, they plan to invest heavily, with capital expenditures for 2025 expected to range between $110 million and $120 million.

If you want to understand the current financial health driving these decisions, you should check out Breaking Down Integer Holdings Corporation (ITGR) Financial Health: Key Insights for Investors.

Integer Holdings Corporation (ITGR) Ownership Structure

Integer Holdings Corporation's ownership structure is dominated by institutional capital, a common trait for a large, publicly-traded medical device contract development and manufacturing organization (CDMO). This means the company's strategic direction is heavily influenced by the interests of major asset managers and investment funds.

Given Company's Current Status

Integer Holdings Corporation (ITGR) is a publicly traded company listed on the New York Stock Exchange (NYSE: ITGR). As a public entity, its governance is subject to SEC regulations, which provides transparency into its financial and operational performance. The company's focus remains on the cardiac rhythm management, neuromodulation, and cardio and vascular markets. In a clear sign of financial strength and management confidence, the Board authorized a $200 Million share repurchase program on November 4, 2025. This is a defintely strong signal to the market.

Given Company's Ownership Breakdown

The vast majority of Integer Holdings Corporation's shares are held by institutional investors, giving them significant voting power on corporate matters. As of late 2025, institutional holdings account for nearly all of the outstanding shares, with insiders holding a small but important stake.

Here's the quick math: With nearly 98% of the company owned by institutions, the power to approve major transactions or board nominees rests squarely with firms like BlackRock, Inc., which holds a significant stake-around 14.6% of shares as of September 30, 2025. This concentration means you need to pay close attention to 13F filings from these major players; their movements can dramatically affect the stock price.

Given Company's Leadership

The leadership team steering Integer Holdings Corporation is focused on executing its growth strategy, particularly after a recent change at the top. The company's full-year 2025 sales guidance is projected to be between $1.84 Billion and $1.854 Billion, with adjusted earnings per share (EPS) expected in the $6.29-$6.43 range. If you want to dive deeper into the financials, you can check out Breaking Down Integer Holdings Corporation (ITGR) Financial Health: Key Insights for Investors.

• Payman Khales: Assumed the role of President and Chief Executive Officer (CEO) on October 24, 2025. His immediate focus is on driving organic growth and operational efficiency.
• Diron Smith: Executive Vice President and Chief Financial Officer (CFO). He is responsible for the financial strategy and capital allocation.
• John A Harris: Executive Vice President of Global Operations & Manufacturing Strategy. His role is crucial for managing the supply chain and production across the CDMO business.
• Thomas (Tommy) P. Thomas: Chief Accounting Officer, VP, Corporate Controller & Principal Accounting Officer, overseeing the company's internal and external financial reporting.

The recent executive transition and the continued insider buying-like the purchase of shares by the CEO in late October 2025-suggest a strong belief from the management team in the company's near-term trajectory.

Integer Holdings Corporation (ITGR) Mission and Values

Integer Holdings Corporation's purpose goes beyond quarterly earnings; it centers on being a critical partner in the global healthcare ecosystem. Their mission and values are the cultural DNA, focusing every one of their 11,000+ associates on patient-centric innovation.

This commitment drives their financial goals, like the projected 2025 sales, which are estimated to be around $1.87 billion, up from $1.717 billion in 2024, reflecting the demand for their life-enhancing medical technologies.

Integer Holdings Corporation's Core Purpose

The company's core purpose is to enhance patient lives, and honestly, that's what makes their business model so resilient. They aren't just making parts; they are making components for pacemakers, spinal cord stimulators, and advanced catheters. It's defintely a high-stakes business, so their principles have to be rock solid. Exploring Integer Holdings Corporation (ITGR) Investor Profile: Who's Buying and Why?

Official mission statement

The mission statement clearly defines their role as a collaborator, not just a supplier. It's all about partnership to maximize patient impact.

• Mission: to collaborate with its partners to deliver life-changing innovations that enhance the lives of patients.
• This focus required R&D investments of $73.58 million in 2024 to keep the innovation pipeline full.

Vision statement

The vision is ambitious but grounded in their mission, aiming for global leadership in their specific, high-tech niche. It's a commitment to being the best partner in the medical device outsourcing (MDO) space.

• Vision: to be a global leader in collaborating to deliver life-changing innovations that enhance the lives of patients.
• Their strategic focus on high-growth markets like Cardio & Vascular shows this vision in action, with that segment seeing a 17% increase in sales in Q1 2025.

Integer Holdings Corporation Core Values

These six values are the guiding principles for every decision, from the factory floor to the boardroom. They shape the culture and ensure ethical conduct, which is critical when you're dealing with Class III medical devices.

• Customer: Focus on customer success.
• Innovation: Create better solutions.
• Collaboration: Create success together.
• Inclusion: Always interact with others respectfully.
• Candor: Be open and honest with one another.
• Integrity: Operate with the highest ethical standards.

Integer Holdings Corporation (ITGR) How It Works

Integer Holdings Corporation is one of the world's largest medical device Contract Development and Manufacturing Organizations (CDMOs), meaning it acts as a strategic partner to major medical original equipment manufacturers (OEMs), designing and producing critical components and finished devices. The company's core value is simplifying the complex process of bringing life-saving medical technology to market, which is why it projects full-year 2025 revenue to be between $1.84 billion and $1.854 billion.

Integer Holdings Corporation's Product/Service Portfolio

The company operates across three main product lines, focusing heavily on high-growth, minimally invasive procedure markets. For example, the Cardio and Vascular segment drove significant growth, seeing a 15% sales increase in the third quarter of 2025.

Integer Holdings Corporation's Operational Framework

Integer Holdings delivers value by acting as a true end-to-end partner, not just a parts supplier. This comprehensive approach, known as the CDMO model, is what allows them to get 'designed into' next-generation medical devices early in the development cycle.

Here's the quick math on how they create value:

• Full-Cycle Development: They start with design and development, then move into clinical supply, and finally scale up to high-volume manufacturing, which streamlines the process for the OEM.
• Vertical Integration: By owning key proprietary technologies, like the specialized coatings from the 2025 Precision Coating acquisition, they control quality and reduce supply chain risk for customers.
• Manufacturing Efficiency: The company is defintely focused on improving manufacturing efficiencies and optimizing its global supply chain, which is expected to help drive adjusted operating income growth of 11% to 16% in 2025, outpacing revenue growth.
• Regulatory Expertise: They manage the intricate regulatory requirements for components that go into devices requiring Pre-Market Approval (PMA), a significant barrier to entry for competitors.

Integer Holdings Corporation's Strategic Advantages

What gives Integer Holdings its edge is a combination of scale, specialization, and a strong pipeline. They are one of the biggest players in the CDMO space, and that scale matters.

• High-Growth Market Focus: Their strategy is to concentrate on faster-growing end markets like electrophysiology and neuromodulation, where demand for minimally invasive procedures is strong.
• Product Pipeline Momentum: New product launches are a key growth driver, with organic sales projected to grow 6% to 8% in 2025, outperforming the estimated market growth of 4% to 6%.
• Sticky Customer Relationships: As a CDMO, once their component is designed into a critical medical device, it's incredibly difficult and costly for the OEM to switch suppliers, leading to long-term, stable revenue streams.
• Financial Flexibility: The company's confidence in its ability to generate strong free cash flow is underscored by the Board's November 2025 authorization of a $200 million share repurchase program.

If you want to understand the foundational principles driving these operations, you should look at the company's core values: Mission Statement, Vision, & Core Values of Integer Holdings Corporation (ITGR).

Integer Holdings Corporation (ITGR) How It Makes Money

Integer Holdings Corporation makes money primarily as a Contract Development and Manufacturing Organization (CDMO) for the global medical device industry, designing and manufacturing critical components and finished devices for major Original Equipment Manufacturers (OEMs).

The company generates revenue by providing highly specialized, precision-engineered solutions-like leads, catheters, and implantable components-across high-growth therapeutic areas such as cardiac rhythm management, neuromodulation, and cardio and vascular markets.

Integer Holdings Corporation's Revenue Breakdown

As of late 2025, the company's revenue is heavily weighted toward its Cardio & Vascular business, which is experiencing strong double-digit growth driven by new product ramps and strategic acquisitions like Precision Coating. Here's the quick math based on the Q2 2025 breakdown, which gives us the clearest picture of the current revenue mix:

Business Economics

Integer Holdings Corporation operates on a premium, value-based pricing model, which is a key economic fundamental for a CDMO in the medical space. You're not buying a commodity; you're paying for precision, regulatory compliance, and the intellectual property (IP) that goes into life-sustaining devices.

• Value-Based Pricing: The company commands a price premium, often 12-15% above the industry median for specialized components, because their engineering precision is literally life-critical.
• High Switching Costs: Once a component is designed into a major medical device and receives Pre-Market Approval (PMA) from the FDA, the cost and risk of switching suppliers is prohibitively high for the OEM, creating a durable revenue moat.
• Margin Expansion: Management is focused on vertical integration and manufacturing efficiencies, which is what drives margin expansion. They are targeting adjusted operating income growth of 12% to 14% for FY 2025, outpacing the projected sales growth of 7% to 8%.
• Acquisition Strategy: Tuck-in acquisitions, like the purchase of Precision Coating in 2025, are used to expand proprietary capabilities, which further justifies the premium pricing and enhances their competitive advantage.

The business model is defintely about being indispensable to the world's largest medical device companies.

Integer Holdings Corporation's Financial Performance

The company's financial health as of November 2025 shows strong top-line growth, though recent market volatility has led to a slight trimming of the full-year outlook. The latest guidance projects full-year 2025 revenue between $1.84 billion and $1.854 billion. This is a solid increase over the $1.72 billion in revenue reported for FY 2024.

• Profitability Metrics: As of October 2025, the Gross Margin stands at 26.9%, with an Operating Margin of 13.12%. This shows operational discipline, but the Net Margin of 4.61% indicates that interest and tax expenses are still significant factors.
• Earnings Growth: Adjusted Earnings Per Share (EPS) for FY 2025 is projected to be in the range of $6.29 to $6.43, representing a strong year-over-year growth of 19% to 21%.
• Debt and Leverage: Total debt increased to $1.194 billion as of September 26, 2025, largely to finance acquisitions. The resulting leverage ratio of 3.0 times adjusted EBITDA is right in the middle of their target range, which is manageable for a growth-focused CDMO.

What this estimate hides is the recent market headwind from reduced customer demand forecasts in the CRM&N segment, which is why management slightly revised the 2025 sales outlook downward by $16 million in October. Anyway, the long-term trend remains positive, particularly in the C&V segment's 15% Q3 2025 sales increase. For a deeper dive into who is betting on this growth, you should check out Exploring Integer Holdings Corporation (ITGR) Investor Profile: Who's Buying and Why?

Integer Holdings Corporation (ITGR) Market Position & Future Outlook

Integer Holdings Corporation is positioned as one of the world's largest medical device Contract Development and Manufacturing Organizations (CDMOs), a critical partner for major Original Equipment Manufacturers (OEMs) in high-growth therapeutic areas like cardiology and neuromodulation. The company's future outlook is one of targeted expansion, with management guiding for full-year 2025 sales between $1.84 billion and $1.854 billion, reflecting a strong organic growth trajectory that is still facing near-term headwinds in 2026 before an anticipated recovery.

Competitive Landscape

The medical device CDMO market is highly fragmented, but Integer holds a key position due to its deep specialization in complex, high-reliability components, particularly for implantable devices. Here's a look at how Integer stacks up against two of the largest, most diversified competitors in the broader CDMO space, based on estimated 2025 market share in the overall medical device outsourcing market, which is valued at approximately $134.7 billion for 2025. [cite: 9, search 2]

Opportunities & Challenges

As a seasoned analyst, I look at the map of near-term risks and opportunities. Integer is making clear, actionable moves, like the planned exit from the Portable Medical market, to focus capital where the growth is defintely highest.

Industry Position

Integer's industry standing is defined by its niche leadership in high-value, highly regulated component manufacturing, which is a key strategic advantage. They are not chasing the low-margin, high-volume work, but focusing on the complex, life-sustaining devices where precision is everything.

• The company projects organic sales growth of 6% to 8% in 2025, which is notably outpacing the estimated medical device market growth of 4% to 6%.

• Operational efficiency is improving, with the adjusted EBITDA margin expected to be approximately 21% in 2025.

• Strategic capital expenditures (capex) are focused on capability expansion, projected at $100 million to $120 million for 2025, mostly for upgrading manufacturing facilities and productivity initiatives.

• While 2026 faces a projected revenue dip due to customer-specific product adoption issues, management expects a return to above-market growth by 2027, underpinning the long-term thesis.

If you want to see the full financial picture, including the balance sheet breakdown, you should read Breaking Down Integer Holdings Corporation (ITGR) Financial Health: Key Insights for Investors.