Integer Q1 2025 Earnings Call Transcript

Quartr
Provided by Quartr
April 24, 2025

Key Takeaways

  • Joe Dieseck announced his planned retirement effective October 2025, transitioning CEO duties to Peyman Kales with an advisory role through March 2026.
  • In Q1 2025, Integer delivered 7% reported sales growth (6% organic) and 14% adjusted operating income growth, and raised full-year adjusted EPS outlook by $0.31 to $6.15–$6.51.
  • Completed tuck-in acquisitions of Precision Coatings and Viasight Perylene to expand proprietary differentiated coating capabilities and enhance its service offerings.
  • Estimated tariff impact of $1 million to $5 million for 2025 is included in guidance, with ongoing efforts to minimize related costs.
  • Refinanced $1 billion of convertible debt at a 1.75% fixed coupon, expected to reduce interest expense by $13 million and maintain net debt leverage within the 2.5–3.5× EBITDA target.
AI Generated. May Contain Errors.
Earnings Conference Call
Integer Q1 2025
00:00 / 00:00

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Operator

Good morning, and welcome to the Integer Holdings Corporation First Quarter twenty twenty five Earnings Conference Call. All participants are in a listen only mode. After the speakers' remarks, we will conduct a question and answer session. As a reminder, this conference call is being recorded. I would now like to turn the call over to Sanjeev Arora, Senior Vice President, Strategy, Business Development and Investor Relations. Thank you. Please go ahead.

Sanjiv Arora
Sanjiv Arora
SVP, Strategy, Business Development and IR at Integer

Good morning, everyone. Thank you for joining us, and welcome to Integer's first quarter twenty twenty five earnings conference call. With me today are Joe Dieseck, President and Chief Executive Officer Peyman Kales, President and CEO Elect and Chief Operating Officer Diren Smith, Executive Vice President and Chief Financial Officer and Kristen Stewart, Director of Investor Relations. As a reminder, the results and data we discuss today reflect the consolidated results of Integer for the periods indicated. During our call, we will discuss some non GAAP financial measures.

Sanjiv Arora
Sanjiv Arora
SVP, Strategy, Business Development and IR at Integer

For a reconciliation of non GAAP financial measures, please refer to the appendix of today's presentation, today's earnings press release and the trending schedules, which are available on our website at integer.net. Please note that today's presentation includes forward looking statements. Please refer to the company's SEC filings for a discussion of the risk factors that could cause our actual results to differ materially. On today's call, Joe will provide his opening comments. Darren will then review our adjusted financial results for the first quarter twenty twenty five and provide an update for the full year 2025 outlook.

Sanjiv Arora
Sanjiv Arora
SVP, Strategy, Business Development and IR at Integer

Joe will come back and provide his closing remarks and then we'll open up the call for your questions. With that, let me turn the call over to Joe.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

Thank you, Sanjeev, and thank you to everyone for joining the call today. Before we discuss our first quarter results, I want to comment on the planned CEO succession we announced today. I am incredibly proud of what we have built at Integer during my eight years as CEO. We have a clear vision, a compelling growth strategy and a strong values based culture. The business is delivering for customers, patients, associates and shareholders.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

We have a ReadyNow CEO in Peyman Kales. He has been an integral part of developing and executing Integer's strategy and the creation of our high performance culture. Payment led our cardiovascular business for seven years and delivered outstanding results, including doubling the C and D sales while improving profitability. We have expanded Payment's responsibilities over time as part of our leadership development plans, including overseeing the C and B and CRM and N businesses as COO. Now is the right time for the business to transition the CEO role to Payment from a position of strength.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

I am confident Payment will build on Integer's track record of success and I look forward to retiring later this year when I will begin exploring the world with my wife and spending more time with family and friends. This transition will be effective on 10/24/2025, and I will then stay on as an advisor through 03/31/2026. I'll hand the call over to Peyman for a few words.

Payman Khales
Payman Khales
COO at Integer

Thank you, Joe. I'm thrilled to be named President and CEO at this exciting time for Intergear. I would like to thank you and the Board for having faith in me to lead this amazing company into our next chapter. We have a lot of momentum in the business as we continue to build differentiated capabilities and collaborate closely with our customers to deliver innovative medical device technologies to patients around the globe. I look forward to partnering with Joe over the coming months to prepare for the transition while we continue to focus on executing our strategy. Now I'll turn the call back to you.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

Thank you, Peyman. Let's look at our first quarter results. In the first quarter, we delivered strong performance with sales increasing 7% year over year on a reported basis and increasing 6% on an organic basis. Our adjusted operating income grew 14% as we improved our gross margin rate and leveraged our operating expenses. We are reiterating our 2025 sales outlook of 8% to 10% reported growth and 6% to 8% organic growth.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

We are confident in our ability to deliver strong sales growth given our high visibility to customer demand including ramping programs in high growth markets. We are also reiterating our adjusted operating income outlook of 11% to 16% growth year over year. This includes a 1,000,000 to $5,000,000 estimated tariff impact. We are raising our adjusted earnings per share outlook by $0.31 to include the benefit of our March convertible note offering. This represents strong adjusted EPS growth of 16% to 23%.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

The strong execution of our strategy by all Integer associates is enabling us to sustain above market growth and expand our margins. We also continue to execute our inorganic growth strategy while continuing to manage our debt leverage within our target range of 2.5 times to 3.5 times EBITDA. During the first quarter, we completed two tuck in acquisitions Precision Coatings and Viasight Perylene which increased Integer service offering to include differentiated and proprietary coating capabilities. It's an exciting time at Integer because we have a strong pipeline of new products concentrated in faster growing end markets. Our margins are expanding as a result of our manufacturing and business excellence initiatives and we continue to acquire and integrate tuck in acquisitions that add or compound differentiated capabilities.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

I am grateful for our associates around the world who are delivering for customers and making a difference for patients. I'll now turn the call over to Diren.

Diron Smith
Diron Smith
Executive VP & CFO at Integer

Thank you, Joe. Good morning, everyone, and thank you again for joining today's call. I'll provide more details on our first quarter twenty twenty five financial results and provide an update on our 2025 outlook. In the first quarter of twenty twenty five, we delivered strong financial results. Sales totaled $437,000,000 reflecting 7% year over year growth on a reported basis and six percent on an organic basis.

Diron Smith
Diron Smith
Executive VP & CFO at Integer

Organic sales growth removes the impact of our Precision and VSI acquisitions in the first quarter twenty twenty five, the strategic exit of the portable medical market announced in 2022 and foreign currency fluctuations. We delivered $92,000,000 of adjusted EBITDA, up $12,000,000 compared to the prior year or an increase of 14%. Adjusted operating income also grew 14% versus last year or two times sales growth as we continue to make progress on our year over year margin expansion. Adjusted operating income as a percent of sales expanded approximately 100 basis points year over year to 16.2%, nearly 70 basis points from gross margin and 30 basis points from operating expense leverage. Adjusted net income for the first quarter twenty twenty five was $46,000,000 up 19% year over year, while adjusted earnings per share totaled $1.31 up 15% from the same period last year.

Diron Smith
Diron Smith
Executive VP & CFO at Integer

Cardio and vascular sales increased 17% in the first quarter of twenty twenty five, driven by new product ramps in electrophysiology and incremental sales related to the Precision and BSI acquisitions, partially offset by the impact of fewer shipping days in first quarter twenty twenty five versus first quarter twenty twenty four.

Diron Smith
Diron Smith
Executive VP & CFO at Integer

On a trailing four quarter basis, C and V sales increased 14% year over year with strong growth across targeted C and V margins driven by electrophysiology and structural heart as well as the contribution from acquisitions. For the full year 2025, we expect CNV sales to grow in the mid teens compared to the full year 2024. Cardiac Rhythm Management and Neuromodulation sales increased 2% in the first quarter of twenty twenty five, driven by strong growth from emerging PMA customers in Neuromodulation and normalized growth in CRM. This was partially offset by the impact of fewer shipping days on a year over year basis. On a trailing four quarter basis, CRM and sales increased 6% year over year, driven by strong growth from emerging PMA customers in Neuromodulation and low single digit growth in Cardiac Rhythm Management. For the full year 2025, we continue to expect

Diron Smith
Diron Smith
Executive VP & CFO at Integer

CRMNN to grow low to mid single digits as compared to the prior year. Product line detail for other markets is included in the appendix of the presentation, which can be found on our website at integer.net. In the first quarter of twenty twenty five, we delivered $46,000,000 of adjusted net income, up $7,000,000 versus a year ago, which was driven by operational improvements. As FX, interest and tax had a negligible impact on a year over year basis. Operational drivers include higher sales volume, manufacturing efficiencies, operating expense management, expanding margins and acquisition performance.

Diron Smith
Diron Smith
Executive VP & CFO at Integer

Our adjusted effective tax rate was 17.4% for the first quarter of twenty twenty five, down from 18.1% in the prior year. We continue to expect our adjusted effective tax rate to be within a range of 19% to 21% for the full year 2025. Our first quarter adjusted earnings per share is impacted by both higher adjusted net income and higher adjusted weighted average shares outstanding. The year over year increase in adjusted weighted average shares outstanding drove approximately $04 reduction to our adjusted EPS. This is primarily due to strong performance of the Integer stock price and the resulting dilutive effect of our 2028 convertible notes.

Diron Smith
Diron Smith
Executive VP & CFO at Integer

In the first quarter twenty twenty five, we generated $31,000,000 of cash flow from operations, up 35% from a year ago. This performance was driven by improved operational execution, primarily from higher sales and improved margins. Our CapEx spend in the first quarter twenty twenty five was $25,000,000 which is in line with our full year guidance. As a result, free cash flow was $6,000,000 in the first quarter, an improvement of $12,000,000 from the prior year. At the end of the first quarter, net total debt was $1,230,000,000 dollars which is a $275,000,000 increase compared to the fourth quarter twenty twenty four ending balance, reflecting the acquisitions of Precision and VSI as well as costs associated with our convertible note offering.

Diron Smith
Diron Smith
Executive VP & CFO at Integer

Our net total debt leverage at the end of the first quarter was 3.3 times trailing four quarter adjusted EBITDA within our strategic target range of 2.5 to 3.5 times. In March of twenty twenty five, we completed a strategic refinancing of our capital structure, which significantly increased the portion of our debt fixed at a sub-two percent rate. We expect this structure to reduce our interest expense by approximately $13,000,000 in 2025. This is reflected in the $0.31 increase to our full year 2025 adjusted EPS outlook. Additionally, this structure creates revolver capacity allowing us to support our tuck in acquisition strategy.

Diron Smith
Diron Smith
Executive VP & CFO at Integer

To refinance our debt, we issued $1,000,000,000 of convertible notes due in 02/1930 with a fixed coupon rate of 1.75% at a conversion premium of 27.5. We used the proceeds to exchange nearly 77% of our in the money and outstanding 2% convertible notes due 2028, fully repay outstanding borrowings and accrued interest under our revolving credit facility, partially pay down our Term Loan A and to purchase cap calls related to the notes to minimize the potential dilutive effect on shareholders by raising the effective conversion premium from 27.5% to 60%. Turning to our 2025 full year outlook. We are reiterating our 2025 sales, adjusted EBITDA and adjusted operating income outlook, while raising our adjusted net income and adjusted earnings per share outlook. We continue to expect sales in the range of $1,846,000,000 to $1,880,000,000 an increase of 8% to 10% versus last year.

Diron Smith
Diron Smith
Executive VP & CFO at Integer

On an organic basis, we expect sales growth of 6% to 8%, which is approximately 200 basis points above our underlying market growth estimate of 4% to 6%. We reiterate our adjusted EBITDA outlook range between $4.00 $1,000,000 to $422,000,000 reflecting growth of 11% to 17%. We also continue to expect adjusted operating income between $315,000,000 and $331,000,000 a growth of 11% to 16%. This is inclusive of our estimated tariff impact of 1,000,000 to $5,000,000 for 2025. We are raising our adjusted net income outlook by $10,000,000 reflecting the impact of interest expense savings net of tax.

Diron Smith
Diron Smith
Executive VP & CFO at Integer

We now expect adjusted net income to be between $218,000,000 and $231,000,000 an increase of 19% to 26% versus 2024. This results in an adjusted EPS outlook between $6.15 and $6.51 which is a growth of 16% to 23% on a year over year basis, a raise of zero three one dollars compared to our February 2025 outlook. Our outlook assumes adjusted weighted average diluted shares outstanding of 35,500,000.0 shares for both the second quarter and full year 2025. Our expected reported sales growth of 8% to 10% for 2025 includes inorganic growth of approximately $59,000,000 from the Precision and VSI acquisitions offset by an approximate $29,000,000 decline from the previously announced Portable Medical exit, which is expected to be completed by the end of twenty twenty five. For the second quarter of twenty twenty five, we expect reported sales growth in the high single digits compared to the second quarter of twenty twenty four.

Diron Smith
Diron Smith
Executive VP & CFO at Integer

We expect minimal inorganic sales contribution as the second quarter year over year impact from acquisitions is mostly offset by the year over year decline in Portable Medical similar to the year over year impact in the first quarter. We continue to expect adjusted operating income as a percent of sales to expand throughout the remainder of 2025, driven by continued improvement in manufacturing efficiency and sales growth in our growth and operating costs. At the midpoint of outlook, adjusted operating income as a percent of sales is expected to expand 76 basis points in 2025 compared to the full year 2024. We have raised our outlook for cash flow from operations by $10,000,000 to now be between $235,000,000 to $255,000,000 which represents a 20% year over year increase at the midpoint of the outlook. Our outlook for capital expenditures is unchanged at $110,000,000 to $120,000,000 as we continue to invest in capabilities and capacity.

Diron Smith
Diron Smith
Executive VP & CFO at Integer

As a result, we now expect to generate free cash flow between $120,000,000 and $140,000,000 a $10,000,000 increase compared to our February 2025 outlook. We expect our twenty twenty five year end net total debt to be between $1,115,000,000 dollars and $1,135,000,000 dollars reflecting the impact of our debt refinancing. We expect to end the year with a leverage ratio within our target range of 2.5 times and 3.5 times trailing four quarter adjusted EBITDA. With that, I'll turn the

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

call back to Joe. Thank you. Thanks, Tyrone. Our first quarter results demonstrate a strong start to the year. We have increased our full year earnings per share outlook after a very successful convertible bond offering and are projecting adjusted EPS growth of 16% to 23%.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

We are executing our strategy and delivering on our three financial objectives of growing organically above the market while expanding margins and maintaining debt leverage between 2.5 times to 3.5 times EBITDA. We are well positioned for the promotion of an experienced Integer leader to the CEO role through a well managed process over the next year. I have never been more confident in Integer, in our strategy, in our associates and our ability to earn a valuation premium for shareholders. We will now turn the call over to our moderator for the Q and A portion of the call.

Operator

Thank you. You. Our first question will come from Brett Fishman from KeyBanc. Please go ahead. Your line is open.

Brett Fishbin
Brett Fishbin
Vice President & Equity Research Analyst at KeyBanc Capital Markets

Hey guys, thanks very much for taking the questions. And Joe, congratulations on the planned retirement. Just wanted to maybe start off with kind of the news of the month around tariffs. I think we're pretty encouraged by the press release that you put out and was just interested how you got to the 1,000,000 to $5,000,000 estimate, you know, for impact on adjusted operating income. And maybe more specifically like how you were able to limit like what you're expecting to see to that range based on some of your international footprint? Thank you.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

Good morning, Brett. So thanks for the question. On tariffs, love to clear that one off the decks here. So 1,000,000 to $5,000,000 remains our estimated impact for 2025. We're working to make that zero.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

It is included in our forecast. So there's no adjustments required. Our guidance incorporates this now. We think about tariffs kind of in two different flows. Think about we think about what we sell to customers and then what we buy from suppliers.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

And what we sell to customers, our customers manage the logistics of moving those products from our manufacturing facilities to their manufacturing facilities or to their distribution centers. So that's their responsibility. They pay the logistics. They manage that process. For what we buy, we manage the logistics and we're responsible for the products from taking them from our suppliers' location to wherever we are consuming those materials.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

And so that mechanism of the buyer is typically the one responsible for managing and paying for the cost of moving product is what insulates us really well on what we sell and then on what we buy. We still source primarily from The United States from United States based suppliers. So that certainly insulates us from import tariffs. Of course, are tariffs if there's tariffs on countries against product moving from The U. S.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

Into those countries because we have a global manufacturing footprint, There could be exposure there and that's really what's driving our 1,000,000 to $5,000,000 range. We source very, very, very little from China. So the very high tariff on imports to and from China impact us in a negligible manner. And so that's how we're confident in our 1,000,000 to $5,000,000 estimate. Again, we're working to make that as close to zero as possible.

Brett Fishbin
Brett Fishbin
Vice President & Equity Research Analyst at KeyBanc Capital Markets

All right. Thank you. And then just for my follow-up, maybe like the one area to nitpick a little bit on the quarter was just the deceleration in CRM and segment. So just curious if you could walk through what you saw in that segment this quarter, if there were any headwinds. And then maybe just more broadly, think you might have commented like low to mid single digit growth expectation for this year, which is like a bit of a slowdown from the past couple of years as well.

Brett Fishbin
Brett Fishbin
Vice President & Equity Research Analyst at KeyBanc Capital Markets

And maybe just trying to think through like if that's the right run rate to think about longer term or if there are specific factors this year that are maybe like negatively impacting it versus the past couple? Thanks again.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

Certainly. So I'll start with we delivered the high end of our sales guidance for the quarter. So we feel like we're doing our job in managing all the moving parts and every quarter there's always moving parts. And in this case with CRM and N 2% growth, I'd start with we did have fewer selling days in the quarter. So that's a bit of a headwind when you look at all the sales across the board.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

But we had that factored into our guidance and our expectation. The emerging PMA customers continue to grow very nicely. We gave guidance that we expect the three to five year outlook for that group of customers that to grow in the 10% to I'm sorry, 15% to 20% range, which is 2x the market. Those customers, those products continue to grow nicely. CRM and N has normalized back to a low single digit growth rate, especially when you adjust for headwind on days.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

So CRM and N came in where we expected. You did see strength in CMV where we continue to do well with our new product launches and helping customers get products to market quickly. That is where we continue to see strength and we had got us to the high end of our range. So no surprise from us for CRM and in aggregate we ended at the high end of our sales guidance range. And on your question about low to mid single digits on a go forward basis, I'd probably lean a little more towards the mid single digit on a go forward basis as the neuromodulation products become a higher percentage of that total that will improve the mix and the growth rate for that segment as you look out over multiple years.

Brett Fishbin
Brett Fishbin
Vice President & Equity Research Analyst at KeyBanc Capital Markets

All right. Thank you.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

Thanks, Brett.

Operator

Our next question comes from Craig Bijou from Bank of America. Please go ahead. Your line is open.

Craig Bijou
Equity Research Analyst at Bank of America Securities

Hey, guys. Good morning. Thanks for taking the questions. I want to start with C and V and obviously nice growth there as you have been delivering for several quarters. You called out electrophysiology and I know that's been an area of strength for you guys for a number of quarters.

Craig Bijou
Equity Research Analyst at Bank of America Securities

But I guess in the past you've talked about how that growth your own EP growth has compared to the market and think in the past it's been ahead of what the market's growing. So basically just wanted to get your updated thoughts on how that growth is relative to the market, if that EP growth is maybe accelerating within CMV or if it's some of the other smaller but important areas that you've called out like structural heart or even RDN now?

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

Sure. So we continue to see strong growth overall in the cardiovascular segment. We've talked about the four targeted growth markets. Three of them are in cardiovascular. And we do continue to build that pipeline and launch new products.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

And electrophysiology does continue to outgrow the markets very nicely there. We've reiterated that we participate in the in many steps in that procedure. It's not just the ablation step and that volume growth in the industry is contributing to our growth. The pulse field ablation is also an opportunity for us as we get higher we're getting higher content on average on the ablation catheter in that step. And so we remain excited about electrophysiology.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

It continues to be a strong contributor to our growth. We are growing above the market. But as you highlighted, there's other growth factors as well in the business that we remain excited about. And it starts with that development pipeline that gives us confidence in our sustained and our ability to sustainably outgrow the markets organically.

Craig Bijou
Equity Research Analyst at Bank of America Securities

Great. Thanks, Joe. And maybe a follow-up on tariffs. And understand that it's not a big dollar amount for 2025 and you guys are working to get it even lower. How to think about that impact in 2026?

Craig Bijou
Equity Research Analyst at Bank of America Securities

And is there anything I appreciate the comments on what is driving the tariff impact for you guys. Is there anything within contracting or anything that may potentially make '26 a little bit higher from a tariff impact other than just maybe it's running through the balance sheet?

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

If we so it's a good question. And if I could predict the future and all the variables that go into that, I'd give you a really specific answer. But I'll just take the current view of tariffs and what's out there now. We would expect 2026 to be really the run rate of what we're seeing this year, somewhere in that one to 5% range. We would not change the estimate for 2026, meaning if we end up somewhere in that range this year, I wouldn't expect a meaningful increase in tariff cost in 2026 compared to 2025.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

It would be in that 1% to 5% range. We're pretty confident in the products we sell and how those flow from our plant to our customers. And then on what we buy, I'll reiterate, the majority of what we buy comes from U. S. Based suppliers.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

And so we're insulated from import tariffs into The U. S. And we feel good about where we're sourcing from. Again, we're not really impacted by sourcing from China because we source very, very little from China. So we feel good about the one to five estimate this year.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

And I would say if we end up with two or three this year or one, it would still be in that cumulative one to five when you get into 2026.

Craig Bijou
Equity Research Analyst at Bank of America Securities

Got it. Very helpful. Thanks guys.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

Thanks Greg.

Operator

Our next question comes from Richard Newitter from Truist Securities. Please go ahead. Your line is open.

Richard Newitter
Richard Newitter
Managing Director at Truist Securities

Hi. Thanks for taking the questions. And Joe, congratulations. Best wishes to you. So I wanted to just ask, are the conversations or the strategic outlook in the way that you fit into some of your key OEM customers, are they engaging you differently or more aggressively than maybe prior to Liberation Day, if you will? I'm just trying to get a sense for kind of how this taking a step back potentially accelerates the trend to diversification or vertical integration of supply chains and things like that. Anything that you could provide there? And in the context of that, if you could also just give us an update on what the backlog trend looks like?

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

Sure. So I guess I'd start with you've read what I think most of the OEMs in the industry have said, which is something like until we have greater clarity on the direction of tariffs, the permanency or lack of permanency or clarity on the amount of tariffs, it's really hard to do a thoughtful economic analysis of what your manufacturing footprint should be. You could go down the path of making meaningful changes in your manufacturing footprint and your I'll call them country pairs where you make stuff, where you sell stuff and then tariffs change. The amount of tariffs or the tariff in the direction that the tariff is imposed on changes And you maybe have made a strategic decision and an investment that turns out to be a really bad decision. So it does feel like from what you're reading publicly what we're hearing is that everyone's being thoughtful about let's see how this plays out and let's get to what we might consider to be a more stable environment beyond whatever negotiations are going to incur and trade agreements are going to take place.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

So my answer is we're not seeing any rush or race to make any substantive meaningful changes. Of course, everyone is looking at based upon the current footprint and where things are manufactured, where they are sold, where they are distributed. People are reflecting on within that existing structure what can we do. And I'll just reinforce the industry has a very global manufacturing footprint. Yes, there's plenty of manufacturing occurring in The U.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

S. You know there's manufacturing hubs in Ireland, particularly Galway, but across Ireland there's significant manufacturing in med device. Costa Rica is a large manufacturing location, Mexico, Southeast Asia. And so all of those products that are made all over the world are distributed all over the world. So there really it really is a globally integrated supply chain with product and materials flowing across the globe.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

And so these tariffs are disruptive to that flow and that process. But you also got to consider the wage rates. There is a meaningful wage rate differential between some of the locations I just mentioned outside The U. S. And The U.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

S. And that is very much a variable that we're hearing everyone talk about, think about and consider. So I guess my answer is we're not seeing a race to any significant structural changes, but of course everyone's looking to optimize within the existing footprint today. Okay. Very helpful.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

You asked about our backlog trend or the order book. So we published a number I think it was $728,000,000 in our 10 ks for year end. We're actually closer to $800,000,000 now as we continue to introduce and bring new products to the market. We ask customers to place orders for those new products to give us certainty for some period of manufacturing as we ramp up a manufacturing line, hire associates, train them. We want a certain amount of kind of fixed guarantee.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

We know we're going to build a certain amount while we're investing in that ramp. That's caused our order book to actually go up closer to $800,000,000 We still think based upon the factors we've talked about for the last three or four years that that number is going to come down as we get closer to year end. We absolutely expected to based upon the orders for our facility in Ireland that we opened. We were asking customers to place orders eighteen months out so we could better manage the allocation of that capacity. We're not asking customers to place orders that far on anymore.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

So we know that's going to come down. We've talked about Portable Medical and how we finished shipping those last time byproducts in 2025. So we know those orders go away. So strong order book today gives excellent visibility to the rest of this year. But just remember, we do expect that number to come down for the factors I just mentioned.

Richard Newitter
Richard Newitter
Managing Director at Truist Securities

Thank you.

Operator

Our next question comes from Nathan Trayback from Wells Fargo. Please go ahead. Your line is open.

Nathan Treybeck
Nathan Treybeck
Equity Research Vice President at Wells Fargo

Hi. Well, thank you for taking the questions. I just wanted to clarify on the tariffs. Does this contemplate a scenario where the ninety day pause ends and many of the proposed tariffs go into effect? Yes, it does.

Nathan Treybeck
Nathan Treybeck
Equity Research Vice President at Wells Fargo

Okay. That's helpful. And then for my second question, just around the PMA launches that you had in Q4, they impacted gross margin in that quarter. As you ramp the manufacturing lines, do you expect this to be a material driver of gross margin expansion year? And will this offset the tariff impact?

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

So the offset to the tariff impact is really us just managing the business. Every year there's moving parts. There's positive things and negative things that happen throughout the year and the guidance range we provided on operating profit of $315,000,000 to $331,000,000 allows for some of those moving parts. And so in this case, wouldn't call out anything specific as to an offset of tariffs other than it's a rounding error in the sense of $3.25 at midpoint on operating profit. But maybe to add a little color to the gross margin.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

The first quarter gross margin was 28.7%. That's up 60 basis points on the full year. Gross margin rate for 2024, it's up 120 basis points from our fourth quarter margin rate. I know we talked about gross margins quite a bit in the fourth quarter. And like we said last quarter, the gross margin, it can be impacted by the timing of new product launches by hiring associates, training them while you're not shipping product yet or you ramp a line and until you get that manufacturing line up to a certain volume, you've got inefficiencies just baked into the throughput of that line until you get up to manufacturing yields.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

And so what we saw in the first quarter was an improvement in some of those operating lines and those new products. But what I would caution everyone is that for the full year, I would not take the first quarter gross margin and just add to it from there. You've heard me say many times life isn't linear, business isn't either. We would expect some variability in gross margins going forward for all the reasons we've talked about over the years. But what I would reiterate is our guidance for the full year is intact.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

We still expect for the full year to deliver margin expansion at midpoint at 76 basis points on operating margin. That operating margin increase will come from some gross margin expansion. We're off to a great start in the first quarter on doing that as well as leveraging our operating cost. We've said that for the full year we expect SG and A to grow more in line with sales, so not as much operating leverage there. That's a result of the acquisitions bringing SG and A in.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

And then on the RD and E, we would expect to continue to grow the amount of revenues we generate from customers for that development work. So we would expect our RD and E expense line to grow slower than sales. So we would expect to get some operating leverage there.

Nathan Treybeck
Nathan Treybeck
Equity Research Vice President at Wells Fargo

If I could just sneak one more in. Just on customer inventory levels, I mean you've gotten this question a lot but now I'm thinking about it the other way where given the ninety day pause in tariffs are you seeing customers build inventories kind of as a precaution and could this be a tailwind for you?

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

We are not. And we would look at that as purely timing. And if that were to happen, that would be disruptive to our manufacturing processes because what you're suggesting is if customers were to want to order a lot more in the during this ninety day pause, they would then order less because at the end of the day, we're almost entirely sole sourced on what we do. We're going to get whatever the end market demand is. And something like you described would simply be timing of when we would be manufacturing and shipping product, which would be inefficient.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

And we would be having conversations with customers about those inefficiencies. And if there was something meaningful material like that, we would be communicating that to you so you would know the impact that it would have on our sales and the timing of our sales.

Nathan Treybeck
Nathan Treybeck
Equity Research Vice President at Wells Fargo

Great. Thank you.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

Thanks for the question.

Operator

Our next question comes from Andrew Cooper from Raymond James. Please go ahead. Your line is open.

Andrew Cooper
Andrew Cooper
VP - Equity Research at Raymond James Financial

Hey, everybody. Thanks for the question. Joe, congrats, Damon, congrats. Sorry to only get that one earnings call with you, Joe. But maybe just to jump in, on the guidance a little bit.

Andrew Cooper
Andrew Cooper
VP - Equity Research at Raymond James Financial

You know, understand it's early, just one quarter in the books, but you did a little bit better than what you had expected in one q. What do you guys look forward to to kinda let you say, hey. It's time to think about adjusting those ranges given if you think about the 3% days headwind that's not quite what you saw relative to similar to the full year that you had pointed us to for the first quarter?

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

So I'll start with we think 8% to 10% reported sales growth, 6% to 8% organic is a strong guide on the top line and we believe that continues to demonstrate our third consecutive year of outgrowing the markets organic basis. On profitability, we baked in similar to what we often do at the beginning of the year something in the range of 1.6 times profit growing, 1.6 times as fast as sales. And what we like to see is we like to see each quarter that we make progress on making our way towards that strategic target of operating profit growing twice as fast as sales. Last year we did that. Operating profit grew 20%, sales grew 10%.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

So as we click each quarter and we make progress on that, we would look to incorporate that into our guidance going forward because once you make progress on that, that usually sets a new run rate for you. And so first quarter, we typically look at that and say it's very early. We're one quarter of the year done. This year has some particular volatility with the tariff conversation, although it's not as impactful to us from a cost standpoint. It has taken some effort to understand and manage that.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

And we're working with customers in every way we can to minimize their cost of tariffs based on how we ship or how we manufacture and product gets delivered to them. And so we are working to ensure that we're doing everything we can to minimize our customers' cost of tariffs. And so I would say, well, as the year clicks forward and we stack up quarters of continuing to do more, we look to then incorporate that into our guidance.

Andrew Cooper
Andrew Cooper
VP - Equity Research at Raymond James Financial

Great. That's helpful. And certainly appreciate it's a noisy time to put it lightly. Maybe just a two parter next and then I'll stop there. In terms of M and A, can you give us a little bit more flavor on sort of the early days with precision coding and and VSI in terms of maybe most importantly the conversations with customers around leveraging kind of those additional capabilities you can integrate into what you do for them?

Andrew Cooper
Andrew Cooper
VP - Equity Research at Raymond James Financial

And then secondly, just how do you think about the appetite from here knowing, you know, where the leverage is, but knowing there's at least one kind of larger asset being talked about about in the market a little bit and maybe your willingness to step up for a bigger asset or do something creative from a structure perspective for something a little bit more transformational in size?

Payman Khales
Payman Khales
COO at Integer

Hey, good morning, Andrew. This is Peyton Kehl. Let me take the first question that you asked. The acquisitions that you mentioned were in cardiovascular. As you know, we've made over half dozen acquisitions in recent years within cardiovascular.

Payman Khales
Payman Khales
COO at Integer

So as Joe has mentioned before in the past, we have a very specific roadmap of capabilities. We have clear visibility as to what those critical capabilities are in the core markets that we want to serve. And we know exactly which ones we want to grow organically and inorganically. So the acquisitions that you see are a direct result of that. So the two most recent acquisitions that you referenced are all related to coatings.

Payman Khales
Payman Khales
COO at Integer

I'm glad that the opportunity came. Coatings have been on our roadmap of product capabilities for quite some time. And I'm glad that these two companies were available because they add significantly to the core capabilities that we have that allows us to then further vertically integrate and be on our customers' product roadmaps. So the look, we're off to a great start. We in terms of integrating them, we have already begun conversations with our customers about those capabilities and how we can then serve them in the future.

Payman Khales
Payman Khales
COO at Integer

As you know, the product development life cycle is quite long. So we get on early as we have done six, seven, eight years ago, you see the results now. And we are doing the very same thing with every acquisition that we do and that includes the coatings. I would highlight that we're off to a great start integrating these acquisitions. We're quite seasoned.

Payman Khales
Payman Khales
COO at Integer

These are number of six, seven and eight acquisitions that we've done in the past six, seven years. We have a good playbook, if you will, for integration, and that's going well. And I'll take the question on

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

the appetite. So I'll start with we remain very committed to our 2.5 to 3.5 times leverage. We think that's important to investors and that that's a comfortable range for most investors to be able to own the Integer stock. We've highlighted that we estimate we have $350,000,000 to $400,000,000 of annual capacity to do acquisitions. We don't feel that we have to do acquisitions to be successful with our strategy.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

Our strategy starts with growing organically above the markets and that would put us in the 6% to 8% organic growth range. And then we want to supplement that organic growth with tuck in acquisitions. And tuck in tends to not be transformative in nature. We obviously as one of or the largest med device manufacturer in the industry get an opportunity to look at a lot of the opportunities out there in the space. And we don't feel we have to do any acquisition.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

As Peyman noted, we've got our technology roadmap that we continuously execute on and monitor the marketplace. We remain committed to our strategy. And within that strategy, our focus is on leverage or maintaining that leverage. And if you look at our guidance for the year, if we just look at the EBITDA guidance we provided, look at the debt levels that we've guided to, we're at the low end of our range by year end. And so by year end, can look at us having that $350,000,000 to $400,000,000 of capacity by year end.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

And so we'll be deploying that in the most return on investments focused way that we can consistent with the acquisitions we've done.

Andrew Cooper
Andrew Cooper
VP - Equity Research at Raymond James Financial

Fantastic. Appreciate it.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

Thank you.

Operator

Our next question comes from Matthew O'Brien from Piper Sandler. Please go ahead. Your line is open.

Samantha Munoz
Samantha Munoz
Medtech Equity Research Analyst at Piper Sandler Companies

Is Samantha on for Matt. Thank you for taking our question. I guess, first, we want to touch on the tariffs. Fully appreciate that you are primarily sourcing from the Could you talk a little bit about the potential that your suppliers see any impact from tariffs and raise prices? How long would it take for you all to then raise your prices to customers? And are you seeing any of this, happen yet?

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

That's a great question. And we have been digging deep into our supply base to see. We have not seen or heard from a meeting from any significant way from our suppliers that they are incurring tariffs. To your point, that doesn't mean that as you go deeper and deeper into the supply chain that that's not occurring and that it won't potentially make its way there. But if it's not surfacing and bubbling up right now, it's probably very deep in the supply chain and that would point to it being relatively small in context of what we buy.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

Again, the majority of what we buy comes from U. S.-based suppliers and we're just not hearing or seeing suppliers racing to us talking about tariff costs that they're incurring. Obviously, we will be working to manage that. And at the end of the day, it is our belief that any of these kinds of costs ultimately need to be passed all the way through to the end consumer, so that the ultimate the supply chain ultimately gets this cost all the way to the end. And so that's what we would absolutely work to do.

Samantha Munoz
Samantha Munoz
Medtech Equity Research Analyst at Piper Sandler Companies

Great. Thank you. And I know you mentioned, a growing order book. I think you referenced $800,000,000 now. I'm wondering if you're seeing any customers trying to pull forward orders ahead of the tariff?

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

We are not seeing that. And I'd reiterate that if we did, we would view that as pure timing and we would be talking to our customers about the inefficiency impact that would have on our operations because we are primarily sole sourced in everything we do. And that means that whatever the ultimate end market demand is, is what we're going to get. And if customers were to pull things forward in order to avoid a tariff, that would create inefficiencies for us and we would have to adjust our manufacturing potentially to output more in the short term and less in medium term. And that inefficiency would be a conversation that we would have that would have to be balanced against the impact of tariffs.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

So we're not seeing any significant or meaningful change in orders or timing of orders that would indicate that behavior.

Samantha Munoz
Samantha Munoz
Medtech Equity Research Analyst at Piper Sandler Companies

Great. Thank you. And if I could sneak in just one last one. I know you've previously mentioned renal denervation as a target market, which is a hot topic right now. I'm just wondering if you can give any update on any demand you're seeing and how you expect that market to contribute to your growth rate?

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

I wish I could give you tremendous detail on that. It's a market that we feel our existing capabilities match up very well with the needs for that therapy. We're excited for the potential impact on patients to bring that therapy to the market. We highlighted it because it's now getting closer and closer to being commercially available on a wider scale. And we do think that has the potential to have a meaningful difference for patients and we look forward to supporting our customers in any way possible to supporting bringing that therapy to the marketplace.

Samantha Munoz
Samantha Munoz
Medtech Equity Research Analyst at Piper Sandler Companies

Great. Thank you so much.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

Thank you for the questions.

Operator

Our next question comes from Joanne Wuensch from Citi. Please go ahead. Your line is open.

Joanne Wuensch.
Joanne Wuensch.
Managing Director at Citi

Good morning and thank you so much for taking the questions and congratulations to Joe on payment. Amazing. Thank you. Two quick questions. Fewer shipping days, did you quantify the impact of that on the quarter?

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

It was about 300 basis points of impact on the first quarter. And because last year was a leap year, I think there's one full day impact on a year over year basis. And the 300 basis points partially unwinds in our third quarter. Our second and fourth quarter we expect to be comparable number of days year over year with a slight offset in the third quarter.

Joanne Wuensch.
Joanne Wuensch.
Managing Director at Citi

Thank you for that. And a lot of focus has been on how does the company as an OEM manufacturer fit in the tariff regime. But I have a slightly different question which is should we when we could we move into a recessionary environment? How does OEM manufacturing work in that kind of situation? I didn't cover the company previously back in 02/2008 and 02/09, but I'm sort of curious to think about that environment and OEM manufacturing and what you can do during that period? Thank you.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

Sure. So, I'll start with the we have the benefit of being in an industry that 's very recession resilient in treating patients. And the vast majority of our business are therapy we support therapies that we view as not elective therapies. And so we feel like we're pretty well insulated from that. The analysis we've done probably you and others as well when there is a recession whether it's U.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

S. Or global, you tend to see slower growth in med devices, but still growth. I mean, analysis indicates maybe 100 to 200 basis points of industry wide slower growth. And so we are in the industry. We're not immune to the trends in the industry.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

We've obviously been very focused on accelerating our growth by concentrating our new product development on those four targeted faster growing markets where our customers are bringing new therapies that expands the available market treating new and un and undertreated patients. And so that accelerated growth is what we're working to participate in. So we believe there would be an impact on the industry and that we would feel the ripple effect of that. So I'd say we would likely move with the industry on in aggregate, but we feel we're pretty well insulated because most of the therapies that we're supporting customers on are not elective in nature. And so we feel we're pretty well protected by potential recession relative to most other industries.

Joanne Wuensch.
Joanne Wuensch.
Managing Director at Citi

Do you think that people will send out or not send out, that's not the right word, send to you more OEM products manufacturing in that environment? Or maybe pull more in house? I don't know. I'm trying to figure this out. Thank you.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

Sure. We see our customers continuously looking to do more outsourcing. Our customers are great at therapy development and commercialization. They can be great manufacturing, but when they look at the returns on their investments, getting a new therapy to market first and getting that first mover advantage and the pricing that comes with an innovative therapy that treats patients who are currently undertreated or untreated, That's the single biggest return for our customers and drives their growth. So they want to allocate all of their capital towards new therapy development.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

They obviously have a very large commercial infrastructure that makes that that brings that therapy to market. And our expertise is in the manufacturing and the process design to be able to manufacture at high quality competitive cost and bringing that to helping customers get to market quickly. And we think our vertically integrated offering that we continue to add capabilities to a very global manufacturing footprint that reflects the industry manufacturing footprint gives them that option to partner with someone like Integer who is in most cases our customer's largest supplier. We have anywhere from thirty to eighty years of experience with all of our customers. So we think we're uniquely positioned to be able to help customers with their desired outsourcing and we continue to see that outsourcing trend play to our strengths.

Joanne Wuensch.
Joanne Wuensch.
Managing Director at Citi

Thank you so much. Have a great day.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

Thanks Joanne.

Operator

Our last question today will come from Suraj Kalia from Oppenheimer. Please go ahead. Your line is open.

Suraj Kalia
Managing Director at Oppenheimer & Co. Inc.

Good morning, gentlemen. Joe, congrats and payments. Same to you too. Joe, one question for you. And if I could sneak in two questions for Dyeran.

Suraj Kalia
Managing Director at Oppenheimer & Co. Inc.

For your Cardio and Vascular group, Joe, should we still think about EP as roughly one fifth of that segment? Just trying to determine sensitivity of the segment growth to PFA growth and anticipated market share shifts as the competitive wars heat up. And Daron, quickly if I could, in the interest of time for you, AR took a significant step up in the quarter sequentially. Any key drivers, especially credit terms? And also, a lot has been discussed about tariffs, fairly so.

Suraj Kalia
Managing Director at Oppenheimer & Co. Inc.

How do you all look out in terms of FX buffers or lack thereof? Gentlemen, thank you for taking my questions.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

So, thanks for the questions. I'll start. I think the cardiovascular segment grew 17% in the quarter, 11% or 12% organic. Somebody help me with that. More than 11% on an organic basis.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

So we think we delivered very strong growth in cardiovascular. That is what got us to the high end. So we think that not only electrophysiology, but the other submarkets that we're very focused on accelerating our presence in and winning new development programs. Think cardiovascular is delivering. That's our fastest growing segment.

Joseph Dziedzic
Joseph Dziedzic
President & CEO at Integer

Three of our four target growth markets are there. So we feel like we're delivering and we're managing the total to deliver what we think is very strong growth for the year at 8% to 10% reported, 6% to 8% on an organic basis. And I'll let Diren tackle the other two questions you asked Suraj.

Suraj Kalia
Managing Director at Oppenheimer & Co. Inc.

Sure. Thanks Suraj. Yes, on accounts receivable, I

Diron Smith
Diron Smith
Executive VP & CFO at Integer

would say nothing really surprising there. There's a couple drivers on the AR balance move versus year end, and that is primarily acquisitions as a piece of it. Again, so we had the VSI and the Precision Coatings acquisitions that drove a bit of the increase. And then the other piece is really timing of how the sales fall within a quarter. So if you look at prior quarter, you're going have a lot more sales in the first couple of months of the quarter, less at the end because of the holidays.

Diron Smith
Diron Smith
Executive VP & CFO at Integer

And when you look at first quarter, you'll have a bit fewer in the first months and more of the sales in the latter half of the quarter. So that drives a little bit of a movement on the accounts receivable. But underlying, foundationally, nothing really changed with AR. And overall, we feel that we have a very, very strong credit profile with our customers, and collections are still remaining strong. Related to the FX buffer, I would say, first of all, we don't really think about FX as being a buffer per se to the tariffs.

Diron Smith
Diron Smith
Executive VP & CFO at Integer

They're fairly unrelated in the direct sense. As we look at FX, as you can imagine with us being a global company, we do transact in multiple currencies with the two biggest ones being the euro and the peso in Mexico. We implement a hedging process, some natural hedges, some using forward contracts. And we manage that through more of a rolling dollar cost averaging method. So it helps mute the impact of any volatile movements in foreign exchange in any particular period.

Diron Smith
Diron Smith
Executive VP & CFO at Integer

So in the year, we do see a bit of benefit coming from the euro, and we see a bit of sorry, a bit of pressure coming from the euro, and we see a bit of benefit coming from the peso, but nothing that is large and immaterial to our overall results.

Suraj Kalia
Managing Director at Oppenheimer & Co. Inc.

Appreciate it. Thank you.

Diron Smith
Diron Smith
Executive VP & CFO at Integer

Yes. Thank you.

Operator

We have no further questions. I'd like to turn the call back over to Sanjeev Arora for any closing remarks.

Sanjiv Arora
Sanjiv Arora
SVP, Strategy, Business Development and IR at Integer

Sure. So thank you, everyone, for joining today's call. You can access a replay of this call as well as the presentation on our website. Thank you for your interest in Integer, and that concludes today's call. We look forward to talking to you next quarter.

Operator

This concludes today's conference call. Thank you for your participation. You may now disconnect.

Executives
    • Sanjiv Arora
      Sanjiv Arora
      SVP, Strategy, Business Development and IR
    • Joseph Dziedzic
      Joseph Dziedzic
      President & CEO
    • Payman Khales
      Payman Khales
      COO
    • Diron Smith
      Diron Smith
      Executive VP & CFO
Analysts
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