Integer Holdings Corp. Files 10-Q for Period Ending March 29, 2024

TL;DR

<b>Integer Holdings Corp. filed its Q1 2024 10-Q, detailing financial positions and recent acquisitions.</b>

AI Summary

Integer Holdings Corp (ITGR) filed a Quarterly Report (10-Q) with the SEC on April 25, 2024. Integer Holdings Corp. filed a 10-Q report for the period ending March 29, 2024. The company was formerly known as Greatbatch, Inc. and Wilson Greatbatch Technologies Inc. The filing includes data related to Additional Paid In Capital, Retained Earnings, and Accumulated Other Comprehensive Income for various periods. Key acquisitions mentioned include Pulse Technologies Inc. (effective January 5, 2024) and InNeuroCo (effective October 1, 2023). Oscor Inc. is also referenced in relation to the periods of January 1, 2023 to March 31, 2023 and January 1, 2024 to March 29, 2024.

Why It Matters

For investors and stakeholders tracking Integer Holdings Corp, this filing contains several important signals. This filing provides a snapshot of Integer Holdings Corp.'s financial health and operational status as of Q1 2024, crucial for investors assessing performance. The inclusion of acquisition details for Pulse Technologies Inc. and InNeuroCo highlights strategic growth initiatives and potential future impacts on the company's market position.

Risk Assessment

Risk Level: low — Integer Holdings Corp shows low risk based on this filing. The filing is a standard 10-Q report, providing routine financial disclosures without immediate red flags.

Analyst Insight

Review the detailed financial statements and segment information within the 10-Q to understand the company's performance and the impact of recent acquisitions.

Key Numbers

• 2024-03-29 — Reporting Period End Date (10-Q filing)
• 2024-01-01 — Quarter Start Date (10-Q filing)
• 2024-01-05 — Acquisition Effective Date (Pulse Technologies Inc.)
• 2023-10-01 — Acquisition Effective Date (InNeuroCo)

Key Players & Entities

• Integer Holdings Corp (company) — Filer name
• Greatbatch, Inc. (company) — Former company name
• Wilson Greatbatch Technologies Inc (company) — Former company name
• Pulse Technologies Inc (company) — Acquired entity
• InNeuroCo (company) — Acquired entity
• Oscor Inc (company) — Referenced entity

FAQ

Industry Context

Integer Holdings Corp. operates in the electromedical and electrotherapeutic apparatus industry, focusing on medical device outsourcing.

Regulatory Implications

The filing is a standard 10-Q, adhering to SEC regulations for quarterly financial reporting under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements for revenue trends and profitability.
2. Evaluate the impact of recent acquisitions (Pulse Technologies Inc., InNeuroCo) on the company's financial performance and strategic outlook.
3. Review any disclosed risk factors or management discussions for potential business challenges.

Key Dates

• 2024-03-29: Quarter End Date — End of the reporting period for the 10-Q filing.
• 2024-04-25: Filing Date — Date the 10-Q report was officially filed with the SEC.
• 2024-01-05: Pulse Technologies Inc. Acquisition Effective Date — Indicates a significant business development.
• 2023-10-01: InNeuroCo Acquisition Effective Date — Indicates a significant business development.

Year-Over-Year Comparison

This 10-Q filing provides updated financial information for the first quarter of 2024, superseding previous filings for comparative analysis.

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value per share ITGR New York Stock

Filing Documents

• itgr-20240329.htm (10-Q) — 1252KB
• a2024q1ex311.htm (EX-31.1) — 17KB
• a2024q1ex312.htm (EX-31.2) — 17KB
• a2024q1ex321.htm (EX-32.1) — 9KB
• itgr-20240329_g1.jpg (GRAPHIC) — 76KB
• 0001114483-24-000059.txt (&nbsp;) — 8581KB
• itgr-20240329.xsd (EX-101.SCH) — 55KB
• itgr-20240329_cal.xml (EX-101.CAL) — 76KB
• itgr-20240329_def.xml (EX-101.DEF) — 306KB
• itgr-20240329_lab.xml (EX-101.LAB) — 750KB
• itgr-20240329_pre.xml (EX-101.PRE) — 551KB
• itgr-20240329_htm.xml (XML) — 1416KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

ITEM 1. Financial Statements 3 Condensed Consolidated Balance Sheets (Unaudited) 3 Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) 4 Condensed Consolidated Statements of Cash Flows (Unaudited) 5 Condensed Consolidated Statements of Stockholders' Equity (Unaudited) 6 Notes to Condensed Consolidated Financial Statements (Unaudited) 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 28

Quantitative and Qualitative Disclosures About Market Risk

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 40

Controls and Procedures

ITEM 4. Controls and Procedures 40

—OTHER INFORMATION

PART II—OTHER INFORMATION

Legal Proceedings

ITEM 1. Legal Proceedings 41

Risk Factors

ITEM 1A. Risk Factors 41

Other Information

ITEM 5. Other Information 41

Exhibits

ITEM 6. Exhibits 41

SIGNATURES

SIGNATURES 42 - 2 - Table of Contents

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS INTEGER HOLDINGS CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands except share and per share data) March 29, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 42,156 $ 23,674 Accounts receivable, net of provision for credit losses of $ 0.2 million and $ 0.4 million, respectively 237,154 238,277 Inventories 262,869 239,716 Refundable income taxes 2,848 1,998 Contract assets 90,873 85,871 Prepaid expenses and other current assets 32,673 28,132 Total current assets 668,573 617,668 Property, plant and equipment, net 448,712 407,954 Goodwill 1,043,876 1,011,007 Other intangible assets, net 828,854 783,146 Deferred income taxes 7,026 7,001 Operating lease assets 83,243 81,632 Financing lease assets 12,630 11,828 Other long-term assets 23,095 22,417 Total assets $ 3,116,009 $ 2,942,653 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 116,220 $ 120,293 Income taxes payable 5,963 3,896 Operating lease liabilities 8,550 8,692 Accrued expenses and other current liabilities 70,696 88,088 Total current liabilities 201,429 220,969 Long-term debt 1,140,724 959,925 Deferred income taxes 145,199 145,625 Operating lease liabilities 74,294 72,339 Financing lease liabilities 10,928 10,388 Other long-term liabilities 18,424 14,365 Total liabilities 1,590,998 1,423,611 Commitments and contingencies (Note 10) Stockholders' equity: Common stock, $ 0.001 par value; 100,000,000 shares authorized; 33,503,719 and 33,329,648 shares issued and outstanding, respectively 34 33 Additional paid-in capital 725,247 727,435 Retained earnings 791,859 771,351 Accumulated other comprehensive income 7,871 20,223 Total stockholders' equity 1,525,011 1,519,042 Total liabilities and stockholders' equity $ 3,116,009 $ 2,942,653 The accompanying notes are an integral part of these condensed consolidated financial statements. - 3 - Table of Content

View Full Filing

View this 10-Q filing on SEC EDGAR