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Here are 1-3 brief analogies for Integer (ITGR):

• Foxconn for medical devices: Integer is a leading contract manufacturer, producing critical components and finished medical devices for other well-known medical technology companies, much like Foxconn manufactures electronics for major brands like Apple.
• Cummins for medical technology: Similar to how Cummins provides specialized engines and power solutions that power various vehicles and equipment from other manufacturers, Integer provides highly specialized medical device components, sub-assemblies, and manufacturing expertise that power the product lines of other medical device companies.

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• Cardiac Rhythm Management & Neuromodulation Solutions: Provides components, leads, and complete implantable pulse generators for pacemakers, defibrillators, and neurostimulators.
• Vascular Access & Delivery Systems: Manufactures catheters, guidewires, and other delivery systems for minimally invasive cardiovascular and peripheral procedures.
• Orthopedics & Advanced Surgical Solutions: Offers instruments, implants, and components for orthopedic, spinal, and general surgical applications.
• Medical Batteries: Designs and produces rechargeable and non-rechargeable power solutions for various implantable and external medical devices.
• Medical Device Development & Manufacturing Services: Provides end-to-end engineering, design, prototyping, and high-volume manufacturing for complex medical devices for other companies.

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Integer Holdings Corporation (ITGR) primarily sells its products and services to other companies, specifically Original Equipment Manufacturers (OEMs) in the medical device industry.

While Integer's SEC filings indicate that their top five customers account for a significant portion of their net sales (approximately 35% in 2023), the company does not publicly disclose the specific names of these major customers due to confidentiality agreements and competitive reasons.

However, based on Integer's business as a leading medical device outsource (MDO) manufacturer, their customers are generally large, global medical device companies that design, manufacture, and market a wide range of medical devices. These customers operate in various therapeutic areas, including:

• Cardiovascular (e.g., pacemakers, defibrillators, vascular stents)
• Neuromodulation (e.g., spinal cord stimulators, deep brain stimulators)
• Orthopedics (e.g., joint reconstruction, trauma, spine)
• Vascular (e.g., peripheral stents, catheters)
• Advanced Surgical and Power Solutions

Therefore, Integer's major customers are the prominent players in the global medical technology sector, though their individual identities are not publicly named by Integer.

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Payman Khales, President & CEO

As President and Chief Executive Officer, Payman Khales leads Integer's strategy to deliver innovative, cost-effective solutions. He assumed the role effective October 24, 2025. Prior to his appointment as CEO, he served as Integer's Chief Operating Officer, overseeing both of the company's business units and global operations. Before that, he was President of Integer's Cardio & Vascular product category, a role he took on in 2018, where he successfully developed and executed a market strategy that doubled sales in seven years. Before joining Integer, Khales was President of the Environmental Technologies segment at CECO Environmental Corp. and held progressive leadership roles at Ingersoll Rand Company.

Diron Smith, Executive Vice President, Chief Financial Officer

Diron Smith is responsible for overseeing Integer's financial strategies and operations, a role he assumed effective October 9, 2023. He joined Integer in August 2021 as Vice President, Financial Planning & Analysis, and served as Interim CFO starting in May 2023. Smith brings 30 years of global financial leadership experience from public companies. His previous roles include Vice President and Finance Officer for the Americas region and Global Supply & Distribution at Tiffany & Co. He also held various progressive financial leadership positions across diverse GE businesses, such as GE Energy Management, GE Healthcare, GE Water & Process Technologies, and GE Fanuc Automation. Smith began his career as an auditor at KPMG.

Tony Carr, Executive Vice President, Global Quality & Regulatory Affairs

Tony Carr leads all aspects of Integer's quality and regulatory strategy, encompassing quality assurance, design assurance, regulatory affairs, clinical affairs, and post-market surveillance. Prior to joining Integer, he served as Senior Vice President, Global Quality, Regulatory & Compliance for Getinge. He also spent more than 20 years at Boston Scientific, where he held roles of increasing leadership responsibility focused on global quality.

Lindsay Krause Blackwood, Senior Vice President, General Counsel, Chief Ethics and Compliance Officer and Corporate Secretary

Lindsay Krause Blackwood joined Integer in April 2025. In her role, she serves as Senior Vice President, General Counsel, Chief Ethics and Compliance Officer, and Corporate Secretary. Before joining Integer, she was Executive Vice President, General Counsel, Chief Compliance Officer, and Corporate Secretary for The Brink's Company. Her career also includes various legal leadership roles at Cigna Corporation and associate counsel positions at Verizon Business (formerly MCI, Inc.).

Sanjiv Arora, Senior Vice President, Strategy, Business Development and Investor Relations

Sanjiv Arora joined Integer in April 2025 as Senior Vice President, Strategy, Business Development and Investor Relations. Previously, he was Senior Vice President, Chief Strategy and Corporate Development Officer for Solventum, a spin-off of 3M Health Care. His extensive experience includes senior leadership roles at Medtronic, Edwards Lifesciences, Covidien, and Boston Scientific. He also worked as a Managing Director, focusing on healthcare technology research, life sciences, and medical technology investments at Cargill and RBC Capital Markets.

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The most significant risk is **Customer Concentration**, as Integer is heavily dependent on a limited number of large customers. In 2022, its three largest customers accounted for 46% of its revenue, and in 2024, the top three customers constituted 47% of total sales. This high concentration means that a reduction in business from any of these key customers could lead to substantial revenue loss and earnings volatility.

Another critical area of risk encompasses **Operational, Supply Chain, and Regulatory Challenges**. As a medical device manufacturer, Integer operates in a highly competitive and regulated industry. The company faces intense competition from other third-party service providers, pricing pressures from customers, and reliance on third-party suppliers for raw materials and key components. Disruptions in the supply chain due to geopolitical tensions, inflationary pressures, or limited suppliers could lead to manufacturing interruptions. Furthermore, Integer is exposed to regulatory and commercial risks inherent in the medical device sector, including the need to comply with stringent regulatory requirements and potential delays in product launches.

Finally, **Legal and Reputational Risks** present a significant and immediate threat to Integer. In December 2025, a securities fraud class action lawsuit was filed against Integer Holdings, alleging that the company and certain executives misled investors about its electrophysiology business and growth prospects between July 2024 and October 2025. This lawsuit claims that Integer overstated its competitive strength and demand visibility in electrophysiology devices, which was previously highlighted as a key long-term growth driver. This legal and reputational overhang is considered an immediate risk, potentially impacting the company's financial condition, market perception, and future investment narrative.

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Integer Holdings Corporation (NYSE: ITGR) is a leading medical device outsource (MDO) manufacturer, primarily serving the cardiac rhythm management, neuromodulation, cardio and vascular, orthopedics, and advanced surgical markets.

Addressable Markets for Integer's Main Products and Services:

• Neurostimulation Devices Market: The global neurostimulation devices market was valued at approximately USD 8.05 billion in 2025 and is projected to reach USD 22.30 billion by 2034. Other estimates place the global market size at USD 12.45 billion in 2024, with a projected growth to USD 37.30 billion by 2034. The U.S. neurostimulation devices market alone was valued at USD 5.38 billion in 2024 and is expected to reach around USD 16.80 billion by 2034. North America held the largest revenue share in 2024, with the U.S. contributing significantly to this dominance.
• Orthopedic Devices Market: The global orthopedic devices market was valued at USD 59.9 billion in 2023 and is poised to grow to USD 86 billion by 2032. Another report estimates the global market size at USD 54.4 billion in 2024, with a projection to reach USD 77.6 billion by 2034. North America is the dominant region in this market, and the U.S. orthopedic devices market was valued at USD 28.3 billion in 2024.
• Cardiovascular Devices Market: The global cardiovascular devices market is estimated to be USD 61.82 billion in 2025 and is expected to reach USD 78.78 billion by 2030. Other analyses indicate the global market size was USD 61.39 billion in 2023 and is projected to grow to USD 117.68 billion by 2032. North America represented a significant portion of this market, accounting for 45.24% in 2024. The U.S. cardiovascular devices market was valued at USD 22.78 billion in 2024 and is projected to reach approximately USD 49.59 billion by 2034.
• Advanced Surgical Equipment Market: The global advanced surgical equipment market reached US$ 22.44 billion in 2024 and is expected to reach US$ 50.19 billion by 2033. Broader surgical equipment market analyses show a global market size of USD 18.51 billion in 2024, anticipated to grow to around USD 45.61 billion by 2034. North America leads this market, contributing over 50% of the total revenue share in 2024.

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Integer (ITGR) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. New Product Introductions and Ramps: The company anticipates continued revenue growth from the launch and scaling of new products, particularly within its Cardio & Vascular segment. This includes significant contributions from new product ramps in electrophysiology and structural heart technologies.
2. Strategic Acquisitions: Recent and ongoing strategic acquisitions are a vital component of Integer's growth strategy. Acquisitions such as Precision Coating, VSi Parylene, and Pulse Technologies are expected to provide incremental sales, expand capabilities, and enhance Integer's offerings in targeted growth markets and specialized coating services.
3. Strong Demand in Targeted Growth Markets: Integer is benefiting from robust customer demand and organic momentum in its key growth markets. Notably, strong demand in neurovascular and electrophysiology is contributing to the expansion of its Cardio & Vascular segment.
4. Growth from Emerging Neuromodulation Customers: In the Cardiac Rhythm Management & Neuromodulation (CRM&N) segment, growth from emerging pre-market approval (PMA) neuromodulation customers is identified as a significant driver.

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Share Repurchases

• Integer's Board of Directors authorized a share repurchase program of up to $200 million on November 4, 2025.
• The company plans to primarily utilize cash on hand and free cash flows to fund this repurchase program.
• S&P Global Ratings projected $50 million in share repurchases for 2025 and an additional $50 million for 2026.

Share Issuance

• Integer closed an offering of $1.0 billion aggregate principal amount of 1.875% convertible senior notes due 2030 on March 18, 2025, which was upsized from $750.0 million.
• In conjunction with this offering, approximately $383.7 million of existing 2.125% Convertible Senior Notes due 2028 were exchanged for about $384.4 million in cash and 1,553,806 shares of common stock.

Outbound Investments

• Integer acquired Precision Coating for approximately $152 million on January 7, 2025, with potential additional contingent consideration, to enhance its coating capabilities.
• The company signed an agreement to acquire VSi Parylene for approximately $28 million, consisting of $23 million in cash and $5 million in Integer common stock, with a projected close by the end of February 2025, to further expand coating services.
• Integer acquired Pulse Technologies for $140 million on January 10, 2024, adding innovative coating technologies.

Capital Expenditures

• Integer anticipates capital expenditures to be between $110 million and $120 million for the full year 2025, an increase from $105 million in 2024.
• These capital expenditures are primarily focused on supporting continued growth initiatives.
• An $80,000 sq. ft. expansion of its guidewire manufacturing facility in New Ross, representing a $60 million capital investment, was completed in September 2024.