On this page of StockholderLetter.com we present the latest annual shareholder letter from Integer Holdings Corp — ticker symbol ITGR. Reading current and past ITGR letters to shareholders can bring important insights into the investment thesis.
202 5 ANNUAL REPORT
Dear fellow stockholders, It is a privilege to write to you for the first time as President and Chief Executive Officer of Integer Holdings Corporation. I am grateful for the confidence the Board has placed in me and honored to lead this exceptional organization. I assume this position with deep respect for Integer s crucial role in the medical device industry, its strong culture of operational excellence, its talented associates, and the trust you, our stockholders, have placed in the Company. Integer has been executing a deliberate and disciplined strategy to strengthen its position as a leading medical device contract development and manufacturing organization (CDMO). Over time, we have broadened our differentiated capabilities, deepened our long-standing partnerships with global medical device leaders and emerging innovators, and strengthened our product pipeline in targeted high-growth markets. Our strategy is anchored in three key focus areas: 1) Customer Success reflects our commitment to enabling our customers to achieve their goals, recognizing that their success drives Integer s success 2) Operational Excellence underscores our focus on continuous improvements at all levels of our organization to ensure we meet our customers needs effectively and efficiently, while creating value for our stockholders 3) Leadership Impact reflects our continued investment in developing strong leaders to continuously raise the bar on performance and deliver sustained results for our customers and stockholders In 2025, we delivered strong results while continuing to invest in the business. Full-year sales totaled $1.854 billion, an increase of 8% compared to 2024, reflecting contributions from new products in our targeted high-growth markets, solid growth across our base business and incremental sales from acquisitions. We maintained a sharp focus on operational excellence, advancing the company-wide adoption of the Integer Production System a standardized framework of systems and processes to deliver worldclass performance, quality and efficiency across all our global operations. We also remain disciplined in our approach to capital deployment, which is designed to support long-term growth and stockholder value creation. Capital expenditures in 2025 focused on upgrading manufacturing facilities and equipment, as well as enhancing our information technology systems, improving both efficiency and productivity. During the year, we completed the acquisitions of Precision Coating, VSi Parylene and certain assets of Biocoat, Inc., further expanding our coatings capabilities and strengthening our value proposition to customers. In addition, we returned capital to stockholders through the repurchase of $50 million of our common shares, as part of a $200 million share repurchase authorization, reflecting confidence in our strategy, financial position and free cash flow generation. Looking ahead, we expect continued growth in demand for medical device development and manufacturing. We believe Integer s differentiated capabilities, strong customer relationships, talented team and disciplined execution position us well to capitalize on these favorable trends. Our priorities remain clear and unchanged: to create long-term value for our customers and our stakeholders through disciplined and consistent execution of our strategy. On behalf of the Board of Directors and the entire Integer team, thank you for your continued support and confidence. I am excited about Integer s future and honored to lead the Company into its next chapter. Payman Khales President & Chief Executive Officer
 • shareholder letter icon 4/6/2026 Letter Continued (Full PDF)
 • stockholder letter icon 4/8/2024 ITGR Stockholder Letter
 • stockholder letter icon 4/7/2025 ITGR Stockholder Letter
 • stockholder letter icon More "Medical Instruments & Supplies" Category Stockholder Letters
 • Benford's Law Stocks icon ITGR Benford's Law Stock Score = 99


ITGR Shareholder/Stockholder Letter Transcript:

202 5
ANNUAL REPORT


Dear fellow stockholders,
It is a privilege to write to you for the first time as President and Chief Executive Officer of Integer Holdings
Corporation. I am grateful for the confidence the Board has placed in me and honored to lead this
exceptional organization. I assume this position with deep respect for Integer   s crucial role in the medical
device industry, its strong culture of operational excellence, its talented associates, and the trust you, our
stockholders, have placed in the Company.
Integer has been executing a deliberate and disciplined strategy to strengthen its position as a leading
medical device contract development and manufacturing organization (CDMO). Over time, we have
broadened our differentiated capabilities, deepened our long-standing partnerships with global medical
device leaders and emerging innovators, and strengthened our product pipeline in targeted high-growth
markets.
Our strategy is anchored in three key focus areas:
1) Customer Success reflects our commitment to enabling our customers to achieve their goals,
recognizing that their success drives Integer   s success
2) Operational Excellence underscores our focus on continuous improvements at all levels of our
organization to ensure we meet our customers    needs effectively and efficiently, while creating value
for our stockholders
3) Leadership Impact reflects our continued investment in developing strong leaders to continuously raise
the bar on performance and deliver sustained results for our customers and stockholders
In 2025, we delivered strong results while continuing to invest in the business. Full-year sales totaled
$1.854 billion, an increase of 8% compared to 2024, reflecting contributions from new products in our
targeted high-growth markets, solid growth across our base business and incremental sales from
acquisitions. We maintained a sharp focus on operational excellence, advancing the company-wide adoption
of the Integer Production System   a standardized framework of systems and processes to deliver worldclass performance, quality and efficiency across all our global operations.
We also remain disciplined in our approach to capital deployment, which is designed to support long-term
growth and stockholder value creation. Capital expenditures in 2025 focused on upgrading manufacturing
facilities and equipment, as well as enhancing our information technology systems, improving both efficiency
and productivity. During the year, we completed the acquisitions of Precision Coating, VSi Parylene and
certain assets of Biocoat, Inc., further expanding our coatings capabilities and strengthening our value
proposition to customers. In addition, we returned capital to stockholders through the repurchase of
$50 million of our common shares, as part of a $200 million share repurchase authorization, reflecting
confidence in our strategy, financial position and free cash flow generation.
Looking ahead, we expect continued growth in demand for medical device development and manufacturing.
We believe Integer   s differentiated capabilities, strong customer relationships, talented team and disciplined
execution position us well to capitalize on these favorable trends. Our priorities remain clear and unchanged:
to create long-term value for our customers and our stakeholders through disciplined and consistent
execution of our strategy.
On behalf of the Board of Directors and the entire Integer team, thank you for your continued support and
confidence. I am excited about Integer   s future and honored to lead the Company into its next chapter.
Payman Khales
President & Chief Executive Officer


shareholder letter icon 4/6/2026 Letter Continued (Full PDF)
 

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