Integer Holdings Corp (NYSE: ITGR)

Integer Holdings Corp is a leading medical device contract development and manufacturing organization (CDMO) specializing in serving the Cardio and Vascular, Neuromodulation, and Cardiac Rhythm Management markets. Headquartered in Plano, Texas, the company operates as a strategic partner for medical device customers, offering industry-leading engineering and manufacturing services with a strong commitment to quality, service, and innovation. Integer's portfolio includes well-known brands such as Greatbatch Medical and Lake Region Medical, which cater to a diverse range of medical device needs. The company's strategic focus on higher growth medtech markets, coupled with a tuck-in acquisition strategy, has enabled it to expand its capabilities, leading brands, and complementary technologies, thereby enhancing customer penetration and scale in targeted growth markets.

Integer generates revenue through the design, development, and manufacture of a wide array of medical devices and components. Its primary products include interventional cardiology technologies, structural heart and heart failure devices, peripheral vascular and neurovascular solutions, electrophysiology products, and cardiac rhythm management systems. The company also offers neuromodulation devices and other market-specific solutions such as urology and gastroenterology products. These products are designed to meet the evolving requirements of medical device customers, who are primarily large, multi-national original equipment manufacturers (OEMs) and their affiliated subsidiaries. Integer's revenue model is built on providing reliable, long-lasting solutions that cater to the specific needs of these customers, often involving custom components and assemblies tailored to product specifications.

• Cardio & Vascular: This segment leverages a global footprint to produce a full range of components, subassemblies, and finished devices used in various medical procedures. Key products include coronary stents, balloon catheters, atherectomy devices, imaging and sensing devices, chronic total occlusion solutions, percutaneous transluminal coronary angioplasty and access guidewires, introducer sheaths, and vascular closure devices. The segment also caters to structural heart and heart failure markets, offering components and finished devices for transcatheter aortic valve replacement, balloon aortic valvuloplasty, transcatheter mitral valve repair and replacement, tricuspid mitral valve repair and replacement, atrial and defect closure, left ventricular assist, and shunt procedures. Additionally, the segment provides peripheral vascular, neurovascular, and interventional oncology solutions, as well as electrophysiology products, vascular access, infusion therapy, and hemodialysis devices. Non-vascular markets within this segment include urology and gastroenterology products.

• Cardiac Rhythm Management & Neuromodulation: This segment offers design, development, and manufacturing capabilities for components, sub-assemblies, assemblies, and finished medical device systems. It supports various clinical markets, with a focus on cardiac rhythm management (CRM) and neuromodulation (Neuro) markets. CRM products include implantable pacemakers, implantable cardioverter defibrillators (ICDs), insertable cardiac monitors (ICMs), implantable cardiac pacing and defibrillation leads, and heart failure therapies such as ventricular assist devices and cardiac resynchronization devices (CRT-P and CRT-D). The segment also provides lead development and manufacturing solutions, including low-polarization specialty-coated electrodes and components, and lead and device accessories. In the Neuro market, the segment offers implantable spinal cord stimulators for chronic pain, sacral nerve stimulators for incontinence, deep brain stimulators for movement disorders, and other implantable medical devices (IMDs) to treat psychiatric disorders, sleep disorders, and hearing loss. Key technologies include the Xcellion line of lithium-ion rechargeable batteries, QMR and CFx non-rechargeable batteries, feedthroughs, device enclosures, machined components, and lead components and sub-assemblies.

• Other Markets: This segment provides a broad range of products and services to other markets such as minimally invasive surgery, general surgery, orthopedics, and portable medical. The portable medical offerings include customized rechargeable batteries and chargers to power medical devices across multiple clinical markets including patient monitoring, ventilators, portable defibrillators, portable ultrasound, and X-ray machines.

Integer Holdings Corp holds a strong position within the medical device industry, characterized by its comprehensive portfolio of intellectual property and a robust pipeline of diverse medical technology opportunities. The company's competitive advantages include its reputation for quality, delivery, responsiveness, and the ability to provide complete supply chain solutions. Integer's scale and global presence, supported by world-class engineering, manufacturing, and quality capabilities, enable it to capture growth opportunities and expand margins over the long term. The company's strategic focus on higher growth medtech markets and its tuck-in acquisition strategy further enhance its competitive position. Key competitors include other CDMOs and medical device manufacturers, but Integer's broad manufacturing capabilities and related services set it apart in the industry.

Integer's customer base primarily consists of large, multi-national medical device OEMs and their subsidiaries. Notable customers include Abbott Laboratories, Boston Scientific, and Medtronic, each of which accounted for more than 10% of the company's total sales in 2025, collectively representing 49% of total sales. The company's diversification of sales among various subsidiaries and market segments helps mitigate exposure to negative developments with any single customer. Integer's products are designed to provide reliable, long-lasting solutions that meet the evolving requirements and needs of these customers, ensuring a strong market position and sustained growth.