Integer (ITGR) Q4 2025 earnings summary

Executive summary

• Achieved 8% reported and 6% organic sales growth for 2025, with adjusted EPS up 21%, reaching the high end of guidance and driven by strong Cardio & Vascular performance and strategic growth initiatives.

• Initiated $50 million share repurchase in Q4 2025 and announced a $50 million accelerated share repurchase program under a $200 million authorization.

• 2026 outlook anticipates flat to 3% organic sales growth, with temporary headwinds from three new products and Portable Medical exit, but expects a return to above-market growth and margin expansion in 2027.

• Disciplined growth strategy, robust new product pipeline, and continued focus on acquisitions and operational efficiency are expected to drive above-market performance.

Financial highlights

• Q4 2025 sales: $472 million, up 5% year-over-year; full-year 2025 sales: $1.85 billion, up 8%.

• Q4 adjusted EBITDA: $106 million, up 11%; full-year adjusted EBITDA: $402 million, up 12%.

• Q4 adjusted net income: $62 million, up 22%; full-year adjusted net income: $226 million, up 23%.

• Q4 adjusted EPS: $1.76, up 23%; full-year adjusted EPS: $6.40, up 21%.

• Free cash flow for 2025: $105 million; CapEx: $91 million (5% of sales).

Outlook and guidance

• 2026 reported sales expected between $1.826 billion and $1.88 billion (down 1% to up 1%); organic sales flat to up 3%.

• Excluding new product headwinds, organic sales growth expected at 4% to 6%; underlying business to grow 4%-6%.

• Adjusted EBITDA guidance: $391 million-$415 million (down 3% to up 3%).

• Adjusted operating income: $304 million-$324 million (down 5% to up 1%).

• Adjusted EPS: $6.29-$6.78 (down 2% to up 6%).

• Free cash flow expected at $100 million-$120 million; cash flow from operations forecasted at $200–$220 million.

• Leverage ratio targeted at 2.5x–3.5x.