Integer (ITGR) 47th Annual Raymond James Institutional Investor Conference summary

Business Overview and Strategy

• Operates as a leading global contract developer and manufacturer for major and emerging MedTech companies, focusing on cardiovascular and cardiac rhythm management markets, with a 2025 revenue of $1.85 billion.

• Emphasizes vertical integration, robust product portfolio, and a one-stop-shop approach to simplify customer supply chains and expand margins.

• Growth driven by specialized teams targeting fast-growing markets like Electrophysiology, Structural Heart, Neurovascular, and Neuromodulation.

• Investments in rapid prototyping, advanced manufacturing, automation, and global capacity expansion support above-market growth.

• M&A strategy targets critical capabilities, with recent acquisitions in neurovascular and coating technologies to enhance differentiation.

Financial Performance and Outlook

• Achieved double-digit revenue CAGR of 12% from 2022 to 2025, with nearly 400 basis points of adjusted operating income expansion.

• 2026 sales outlook projects $1,826–$1,876 million, with organic sales flat to up 3% and reported sales down 1% to up 1%.

• Adjusted operating income expected at $304–$324 million, with adjusted EPS of $6.29–$6.78.

• Expects to return to above-market growth (200 basis points over market) in 2027, with profit margins expanding at twice the sales growth rate.

• Maintains leverage target of 2.5x-3.5x and continues disciplined capital allocation, including $200 million share repurchase authorization and $50 million ASR in February 2026.

Pipeline, Markets, and Growth Drivers

• Product development sales quadrupled since 2017, with 80% of pipeline in high-growth markets and no single product dependency.

• Neuromodulation business with emerging innovators grew from $10 million in 2018 to $125 million in 2024, expected to grow at a high-teens CAGR over the next 3-5 years.

• Cardio & Vascular and Cardiac Rhythm Management & Neuromodulation represent 96% of 2025 sales.

• Pipeline includes strong new product introductions in electrophysiology, structural heart, neurovascular, and neuromodulation.

• Emerging customers with PMA products expected to deliver 15–20% CAGR over the next 3–5 years.