Overview

Integer Holdings Corporation has released its Annual Report for the fiscal year ended December 31, 2025. The company operates as a leading medical device contract manufacturer, producing components, subassemblies, and finished devices for a variety of medical procedures and markets. Integer’s customer base consists primarily of large multi-national medical device OEMs and their subsidiaries.

The company operates its business in one reportable segment, with revenues derived from three principal product lines:

• Cardio & Vascular
• Cardiac Rhythm Management & Neuromodulation
• Other Markets

Key Financial and Market Data

• Common Stock: Par value \$0.001 per share, traded under the symbol ITGR on the New York Stock Exchange.
• Market Capitalization: As of June 27, 2025, the aggregate market value of common stock held by non-affiliates was approximately \$4.261 billion, based on a closing price of \$122.56.
• Shares Outstanding: As of February 18, 2026, Integer had 34,407,347 shares of common stock outstanding.
• Well-Known Seasoned Issuer: Integer is classified as a large accelerated filer and a well-known seasoned issuer, meaning it is subject to heightened reporting requirements and scrutiny.
• Regulatory Compliance: Integer has been subject to all required filing and reporting requirements, with no errors or restatements in the financial statements for the period.

Customer Concentration – Potential Price Sensitivity

Shareholders should take note: Integer’s sales are highly concentrated among three major customers—Abbott Laboratories, Boston Scientific, and Medtronic. In 2025, each represented over 10% of total sales, and collectively accounted for 49% of total sales. The loss of a significant amount of business from any of these customers or further consolidation among them could have a material adverse effect on Integer’s financial condition and results of operations.

Sales Breakdown: Approximately 53% of products sold were shipped to locations in the United States, with the remainder shipped internationally. While diversification among subsidiaries and market segments reduces exposure, the heavy reliance on a few large customers remains a key risk factor that could materially impact share value if any negative developments arise.

Supply Chain and Raw Material Risks

Integer relies on a continuous supply of raw materials from a limited number of suppliers, including precious metals like gold and platinum, which are subject to market price fluctuations. While most customer contracts allow for pass-through pricing arrangements, and the company utilizes bulk purchases, forward buys, blanket orders, and long-term contracts to secure supply, any unforeseen interruption may significantly impact manufacturing profitability and timely delivery.

Potential Impact: If Integer is unable to obtain substitute sources for critical raw materials on a timely basis, or at acceptable terms, this could harm its ability to manufacture products profitably or on schedule. Qualifying alternative suppliers can take considerable time, and there are limited worldwide suppliers for some materials. This exposure is a risk factor that, if realized, could negatively affect earnings and share value.

Regulatory Environment

Integer operates globally and is subjected to regulations by agencies such as the FDA, European Medicines Agency, Health Canada, and others. Regulatory requirements impact product development, manufacturing, and sales, introducing risks related to compliance, product approval, and potential recalls. The company’s compliance with these regulations is critical for ongoing operations and investor confidence.

Internal Controls and Financial Reporting

Integer’s management and its independent auditor have attested to the effectiveness of internal controls over financial reporting, with no errors or restatements reported for the period. This is important for investors as it signals strong governance and reliability in financial disclosures.

Other Notable Items

• Sales and Marketing: Integer sells products primarily directly to customers, with minimal reliance on intermediaries, ensuring control over customer relationships.
• Working Capital: The company maintains sufficient inventory levels and manages payment terms with customers and suppliers, utilizing factoring and supplier financing arrangements. Maintaining appropriate working capital levels while improving operating cash flow and managing leverage ratio remains a priority.
• Leadership Impact: Integer is focused on developing strong leaders internally and attracting talent externally, emphasizing engaged associates aligned with the company’s vision for sustained performance.

Potential Share Price Movers

• Customer Concentration: Any negative developments with Abbott, Boston Scientific, or Medtronic could materially impact Integer’s sales and share price.
• Supply Chain Risks: Disruptions in raw material availability, especially precious metals, could impact profitability and stock value.
• Regulatory Compliance: Regulatory actions, product recalls, or compliance failures could affect market confidence and share price.

Conclusion

Integer Holdings Corporation remains a leading provider in the medical device manufacturing sector, with robust financials, strong internal controls, and a focused product portfolio. However, the concentration of sales among a few major customers and reliance on limited raw material suppliers represent key risks that shareholders should monitor closely. Any adverse developments in these areas could significantly affect share value.