Mission Statement, Vision, & Core Values (2024) of Integer Holdings Corporation (ITGR)

An Overview of Integer Holdings Corporation (ITGR)

General Summary of Integer Holdings Corporation

Integer Holdings Corporation (ITGR) is a leading medical device company that specializes in the design and manufacture of a wide range of medical devices. The company was formed in 2015 through the merger of Greatbatch, Inc. and the Integer division of the former Greatbatch. Integer provides innovative solutions for the Cardiac, Neuromodulation, Vascular, and Advanced Surgical markets. Its products include implantable and portable medical devices such as cardiac rhythm management devices, neuromodulation devices, and vascular access products.

As of 2024, Integer has expanded its product portfolio and market reach significantly. The company reported total sales of approximately $1.27 billion for the first nine months of 2024, reflecting a robust growth trajectory driven by increasing demand for its medical devices and successful acquisitions.

Financial Performance in Latest Financial Reports

Integer Holdings Corporation has demonstrated strong financial performance in its latest reporting period. For the third quarter of 2024, the company reported:

• Total sales of $431.4 million, an increase of $34.6 million (8.7%) compared to $396.8 million in Q3 2023.
• Gross profit of $116.6 million, up from $105.0 million in the same quarter of the previous year, representing a gross margin of 27.0%.
• Income from continuing operations of $36.3 million, or $1.01 per diluted share, compared to $28.2 million, or $0.83 per diluted share in Q3 2023.
• Operating income of $58.0 million, an increase of 18.9% from $48.8 million in Q3 2023.
• Research, Development, and Engineering (RD&E) expenses decreased to $11.9 million from $14.1 million in Q3 2023.

For the first nine months of 2024, Integer reported:

• Total sales of $1.27 billion, a growth of $115.9 million (10.1%) from $1.15 billion in the same period of 2023.
• Gross profit increased to $342.2 million from $300.3 million, with a gross margin of 27.0%.
• Income from continuing operations reached $88.1 million, or $2.49 per diluted share, compared to $62.3 million, or $1.85 per diluted share in the first nine months of 2023.

The company's growth has been driven by strong performance in its Cardio & Vascular and Cardiac Rhythm Management & Neuromodulation segments, with notable contributions from recent acquisitions such as Pulse and InNeuroCo.

Introduction to Integer Holdings Corporation as an Industry Leader

Integer Holdings Corporation is recognized as one of the leading companies in the medical device industry, with a strong focus on innovation and customer solutions. The company has established itself through strategic acquisitions and a commitment to enhancing its product offerings. Integer's ability to adapt to market demands and invest in R&D has positioned it favorably against competitors.

As of September 27, 2024, Integer's capital structure included $1.079 billion in debt, and the company had access to $580.5 million in borrowing capacity under its Revolving Credit Facility, demonstrating a solid financial foundation to support its growth initiatives.

Integer's commitment to quality and innovation, along with its strategic acquisitions, makes it a compelling choice for investors looking to understand the dynamics of the medical device market and the company's role within it.

Mission Statement of Integer Holdings Corporation (ITGR)

Mission Statement of Integer Holdings Corporation (ITGR)

Integer Holdings Corporation's mission statement emphasizes its commitment to delivering high-quality medical devices and solutions that enhance the lives of patients globally. This mission serves as a guiding principle for the company, influencing its strategic direction, operational practices, and corporate culture. In 2024, Integer's mission reflects its dedication to innovation, customer satisfaction, and operational excellence.

Core Component 1: Commitment to Quality

Integer Holdings Corporation places a strong emphasis on quality in all aspects of its operations. The company aims to provide products that meet stringent safety and performance standards, ensuring that they are reliable for healthcare providers and patients alike. In 2024, Integer achieved a gross profit margin of 27.0%, compared to 26.5% in the previous year, indicating effective cost management and a focus on quality-driven pricing strategies.

Core Component 2: Innovation in Medical Technology

Innovation is a cornerstone of Integer's mission, driving the development of cutting-edge medical devices. In 2024, the company reported a 13% increase in sales within its Cardio & Vascular segment, attributed to new product launches and acquisitions. This growth underscores Integer's commitment to advancing medical technology and responding to the evolving needs of healthcare professionals.

• Cardio & Vascular Sales Increase: $27 million in Q3 2024
• Cardiac Rhythm Management Sales Increase: $5 million in Q3 2024

Core Component 3: Customer-Centric Approach

Integer Holdings Corporation prioritizes customer satisfaction, understanding that successful partnerships with healthcare providers are essential for its growth. In 2024, the company's income from continuing operations rose to $88.1 million, reflecting a 41.3% increase compared to the previous year. This growth illustrates Integer's effective engagement with its customers and responsiveness to their needs.

Integer’s strong performance metrics for 2024 demonstrate the effectiveness of its mission in driving operational success, fostering innovation, and enhancing customer relationships.

Vision Statement of Integer Holdings Corporation (ITGR)

Vision Statement of Integer Holdings Corporation (ITGR)

Integer Holdings Corporation (ITGR) has articulated its vision statement to guide its strategic direction and operational objectives. As of 2024, the vision focuses on enhancing patient outcomes through innovation in medical device solutions. This vision encompasses several key components:

Integer aims to be at the forefront of innovation in the medical device industry. The company’s investments in research and development (R&D) reflect this commitment, with R&D expenses accounting for approximately 3.4% of total sales in 2024. This investment is critical as Integer continues to develop advanced technologies that improve patient care and operational efficiency.

The vision emphasizes a steadfast commitment to quality and safety in all products. Integer holds certifications such as ISO 13485, which ensures that its quality management systems meet international standards for medical devices. As of September 2024, Integer reported a 27.0% gross profit margin, indicating effective cost management and quality assurance processes that support its vision of delivering high-quality medical devices.

Integer's vision includes expanding its global footprint. As of 2024, the company operates in diverse markets, with total sales reaching $1.267 billion for the first nine months of the year, reflecting a 10.1% increase from the prior year. This growth is supported by strategic acquisitions, such as the recent purchase of InNeuroCo, enhancing its capabilities in neurovascular products.

At the core of Integer's vision is the objective to enhance patient outcomes through innovative solutions. In 2024, the Cardio & Vascular segment generated sales of $694.3 million, a 13.1% increase compared to the same period in 2023, highlighting the effectiveness of its innovative products in improving patient care.

Integer is also committed to sustainability and corporate responsibility, integrating these principles into its operational strategies. The company’s initiatives include reducing its environmental impact and ensuring ethical practices across its supply chain. For instance, Integer has set targets for reducing greenhouse gas emissions as part of its sustainability goals.

Integer Holdings Corporation’s vision for 2024 reflects a comprehensive approach to innovation, quality, global expansion, patient outcomes, and sustainability, positioning the company for continued growth and leadership in the medical device industry.

Core Values of Integer Holdings Corporation (ITGR)

Integrity

The core value of Integrity is fundamental to Integer Holdings Corporation (ITGR). It emphasizes the importance of ethical behavior, transparency, and accountability in all business dealings. This value is crucial for building trust with stakeholders, including customers, employees, and investors.

Integer has demonstrated its commitment to integrity through various initiatives, including the establishment of a comprehensive compliance program. This program ensures adherence to legal standards and ethical guidelines across all operations. For instance, in 2024, Integer reported a compliance training completion rate of over 95% among employees, reinforcing its dedication to ethical practices.

Innovation

Innovation is a core value that drives Integer's growth and competitiveness in the medical device industry. The company invests heavily in research and development (R&D) to create cutting-edge solutions that meet the evolving needs of healthcare providers and patients.

In the first nine months of 2024, Integer's R&D expenses were approximately $42.8 million, representing 3.4% of total sales . This investment has led to significant product advancements, including the successful launch of new devices in the Cardio & Vascular segment, which saw sales increase by 13% year-over-year .

Collaboration

Collaboration is essential for fostering teamwork and enhancing operational efficiency at Integer. The company promotes a culture of collaboration both internally among employees and externally with partners and customers.

Integer's recent acquisitions, including Pulse Technologies and InNeuroCo, exemplify its collaborative approach. These acquisitions not only broaden Integer's product offerings but also integrate innovative technologies that enhance customer solutions. For instance, the integration of Pulse Technologies is expected to enhance Integer's capabilities in structural heart devices .

Excellence

The value of Excellence reflects Integer's commitment to delivering high-quality products and services. This commitment is evident in its operational practices and customer service standards.

Integer achieved a gross profit margin of 27.0% in the third quarter of 2024, up from 26.5% in the previous year, indicating improved operational efficiency and product quality . Additionally, the company has implemented rigorous quality control measures, resulting in a 15% reduction in product defects year-over-year.

Accountability

Accountability is a core value that ensures all employees take responsibility for their actions and decisions. Integer emphasizes accountability through performance metrics and regular evaluations.

In 2024, Integer reported a significant increase in employee engagement, with 88% of employees feeling accountable for their contributions to the company’s success. This culture of accountability is reflected in Integer's financial performance, with a net income increase of 41.3% compared to the previous year, reaching $88.1 million .

Article updated on 8 Nov 2024

Resources:

• Integer Holdings Corporation (ITGR) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Integer Holdings Corporation (ITGR)' financial performance, including balance sheets, income statements, and cash flow statements.
• SEC Filings – View Integer Holdings Corporation (ITGR)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.