News & Events 

Integer Holdings Corporation Announces Preliminary Unaudited Sales Results and Acquisition of Pulse Technologies

~ Preliminary unaudited full year 2023 sales increase 16% versus 2022 ~
~ Acquisition adds highly differentiated micro machining capability in high growth end markets ~
~ Schedules conference call for fourth quarter and full year 2023 results ~

PLANO, Texas, Jan. 10, 2024 (GLOBE NEWSWIRE) — Integer Holdings Corporation (NYSE:ITGR), a leading medical device outsource manufacturer, today announced fourth quarter 2023 preliminary unaudited sales are expected to be in the range of $411 million to $413 million, an increase of 10% to 11% compared to fourth quarter 2022. Preliminary unaudited full year 2023 sales are expected to be in the range of $1.595 billion to $1.597 billion, an increase of 16% compared to full year 2022.

The preliminary unaudited sales results for the fourth quarter and full year ended December 31, 2023 are based on information available to management as of the date of this release. These preliminary results are subject to changes, that may be material, in connection with completion of the Company’s standard year-end closing procedures and the completion of our independent registered public accounting firm’s year-end audit.

Pulse Technologies Acquisition

Additionally, Integer announced the acquisition of Pulse Technologies, Inc., a privately-held technology, engineering and contract manufacturing company focused on complex micro machining of medical device components for high growth structural heart, heart pump, electrophysiology, leadless pacing, and neuromodulation markets. Based in Quakertown, Pennsylvania, Pulse Technologies also provides proprietary advanced technologies, including Hierarchical Surface Restructuring (HSR™), Scratch-Free Surface Finishes, and Titanium Nitride Coatings.

Consistent with Integer’s tuck-in acquisition strategy, the acquisition of Pulse Technologies further increases Integer’s end-to-end development capabilities and manufacturing footprint in targeted growth markets and provides customers with expanded capabilities, capacity and resources to accelerate products time to market.

“The acquisition of Pulse Technologies is directly aligned with Integer’s strategy to expand our capabilities and capacity in targeted growth markets,” said Payman Khales, Integer President, Cardio & Vascular. “We were immediately impressed with Pulse Technologies’ long-standing customer relationships, technical talent, unique technologies, shared values, and capacity for growth. The company shares Integer’s commitment to quality, innovation and enhancing the lives of patients, and we are thrilled to welcome their 250 associates to the Integer team.”

Joe Rosato, Pulse owner, President and CEO, said, “Our founders Bob Walsh and Frank Henofer started Pulse Technologies over 31 years ago with a focus on implantable medical components and assemblies serving high growth sectors of the market. With years of prudent investments in R&D and advanced technology, we have been successful servicing the world’s largest MedTech OEMs. The acquisition by Integer, with their global scale and best-in-class capabilities, will accelerate our growth opportunities and will further enhance our value proposition to our most valued customers.”

Transaction Financial Highlights

• Integer acquired Pulse Technologies for approximately $140 million, subject to customary purchase price adjustments, offset by an expected $15 million NPV tax benefit over 15 years, plus additional consideration contingent on achieving specific revenue growth targets through 2025.
• Pulse Technologies’ estimated full year 2023 sales are approximately $42 million with 2023 adjusted EBITDA^(a) expected to be approximately $11 million.
• Integer expects Pulse Technologies’ sales growth and adjusted EBITDA margin to be accretive.
• The transaction closed on January 5, 2024 utilizing borrowings under Integer’s existing revolving credit facility. Integer anticipates it will stay within the 2.5x – 3.5x leverage target following the transaction.

Forward-looking financial information with respect to the transaction will be provided as part of Integer’s fourth quarter earnings release and conference call.

(a) Adjusted EBITDA is defined as net income adjusted for the following items: interest expense, depreciation and amortization expense, as well as items affecting comparability, including adjustments to eliminate expenses associated with executive compensation costs and above market lease expense, and add certain expenses to align with Integer’s accounting policies. A GAAP reconciliation of Adjusted EBITDA to anticipated net income has not been included because Pulse Technologies has not yet completed its financial closing procedures for the three months and fiscal year ended December 31, 2023 and such reconciliation could not be produced without unreasonable effort.

Fourth Quarter and Full Year 2023 Earnings Release and Conference Call

Integer plans to release financial and operational results for fourth quarter and full year 2023 at 7 a.m. Central Time (CT) / 8 a.m. Eastern Time (ET) on Thursday February 15, 2024. Following the release, Integer management will host a webcast at 8 a.m. CT / 9 a.m ET to discuss these results. Other forward-looking and material information may also be discussed during this call.
Conference call details:

• Date: Thursday, February 15, 2024
• Time: 8 a.m. CT / 9 a.m. ET
• Domestic dial-in number: (888) 330-3567
• International dial-in number: (646) 960-0842
• Conference ID: 9252310
• Webcast Registration: ITGR Q4 2023 Earnings Call

An audio replay will be available for seven days and can be accessed by dialing (800) 770-2030 or (647) 362-9199 and using Conference ID 9252310. The conference call will also be available live or via archived replay on the Investor Relations section of the Integer website at investor.integer.net.

From time to time, the Company posts information that may be of interest to investors on its website at investor.integer.net. To automatically receive Integer financial news by email, please visit investor.integer.net and subscribe to email alerts.

About Integer ®

Integer Holdings Corporation (NYSE:ITGR) is one of the largest medical device outsource (MDO) manufacturers in the world serving the cardiac, neuromodulation, vascular, portable medical and orthopedics markets. Integer provides innovative, high-quality medical technologies that enhance the lives of patients worldwide. In addition, the Company develops batteries for high-end niche applications in energy, military, and environmental markets. The Company’s brands include Greatbatch Medical®, Lake Region Medical® and Electrochem®. Additional information is available at www.integer.net.

For the full press release, please click here.

At Pulse Technologies, we offer:

• 30+ years of medical device manufacturing experience
• Industry-leading in-house metrology and testing capabilities
• 70,000-square-foot facility
• 100+ CNC machine tools.
• Data conveniently formatted for DHFs/DHRs and more

Want to learn more? Contact us today.