Integer Holdings Corporation, a leading medical device contract development and manufacturing organization, reported a 10% increase in total sales for the fiscal year 2024, reaching $1.717 billion compared to $1.556 billion in 2023. The company's income from continuing operations also rose significantly, amounting to $121.1 million, or $3.40 per diluted share, up from $89.1 million, or $2.64 per diluted share, in the previous year. This growth was primarily driven by strong demand across its Cardio & Vascular and Cardiac Rhythm Management & Neuromodulation product lines, as well as contributions from recent acquisitions.
The company experienced notable changes in its operational structure, having divested its Electrochem Solutions subsidiary on October 31, 2024, for $50 million. This divestiture marked a strategic shift, allowing Integer to focus solely on its medical technology business. Additionally, Integer made significant acquisitions, including Pulse Technologies on January 5, 2024, and InNeuroCo on October 1, 2023, which enhanced its capabilities in complex micro machining and neurovascular catheter innovation, respectively. These acquisitions are expected to accelerate product development and market entry for new technologies.
Operationally, Integer reported a firm backlog of approximately $728 million as of December 31, 2024, with a significant portion of its sales (55%) generated within the United States. The company employed around 11,000 associates globally, with a diverse workforce distributed across various countries, including Mexico, Ireland, and the Dominican Republic. Integer's strategic focus on higher growth medtech markets has led to increased customer penetration and enhanced scale, particularly in the Cardio & Vascular and Neuromodulation sectors.
The company’s gross profit for 2024 was $459 million, reflecting a gross margin of 26.7%, an increase from 26.3% in 2023. This improvement was attributed to higher sales volume and operational efficiencies. However, operating expenses also rose, totaling $250.8 million, primarily due to increased selling, general, and administrative costs. Integer's interest expense increased to $56.4 million, driven by higher average debt levels associated with its acquisition strategy.
Looking ahead, Integer Holdings Corporation remains optimistic about its growth trajectory, bolstered by its strategic acquisitions and a strong product pipeline. The company anticipates continued demand in its core markets and plans to leverage its enhanced capabilities to drive innovation and improve patient outcomes. The management is committed to maintaining operational excellence and is focused on navigating potential macroeconomic challenges while capitalizing on emerging opportunities in the medical technology sector.
About Integer Holdings Corp
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