Integer (ITGR) 2026 KeyBanc Capital Markets Healthcare Forum summary

Management transition and board updates

• CEO transition has been smooth, with continued focus on customer success, operational excellence, and talent development.

• Strategy remains consistent, emphasizing critical capabilities to support next-generation device launches.

• Recent cooperation agreement with Irenic Capital led to two new board members, maintaining ongoing board refreshment.

• Seven board members have joined in the past five years, reflecting active governance updates.

• Board size remains unchanged, with new members expected to add valuable expertise.

Financial guidance and growth outlook

• Three products underperformed adoption expectations, causing a headwind in 2026; these accounted for just under 6% of 2025 revenue.

• Headwinds are isolated to these products, with their revenue contribution expected to drop below 2% in 2026.

• Underlying business continues to perform at a 4%-6% market growth rate, with a return to market growth expected in the second half of 2026.

• New product launches in late 2026 and 2027 are expected to drive growth 200 basis points above market in 2027.

• Strategic financial objectives remain unchanged: sales growth 200 basis points above market and operating income growth at twice the rate of sales.

Business segment performance and portfolio strategy

• Growth is driven by faster-growing markets such as neurovascular, structural heart, electrophysiology, and neuromodulation.

• Cardiovascular represents about 60% of sales, with Cardiac Rhythm Management & Neuromodulation at 36%.

• Mix of sales in higher-growth markets has increased, supported by both organic and inorganic investments.

• Recent acquisition of InNeuroCo expanded neurovascular capabilities.

• Product development sales have quadrupled since 2017, indicating a robust pipeline.