Integer Holdings Corporation reported its financial results for the first quarter of 2025, revealing a total revenue of $437.4 million, a 7.3% increase from $407.8 million in the same period of 2024. The company experienced a gross profit of $120.3 million, up from $108.3 million year-over-year, reflecting an 11.1% increase. However, Integer recorded a net loss of $22.5 million, or $0.66 per diluted share, compared to a profit of $20.6 million, or $0.59 per diluted share, in the prior year. The loss was attributed to significant expenses related to debt conversion inducement and increased interest costs.
The company's operating expenses rose slightly to $70.8 million from $69.6 million, primarily due to higher selling, general, and administrative (SG&A) costs, which increased by 10.2% to $51.2 million. Research and development expenses decreased by 7% to $14.2 million. Integer's operating income improved to $49.6 million, a 28% increase from the previous year, indicating better operational efficiency despite the overall loss.
Strategically, Integer has made significant acquisitions, including Precision Coating LLC and Vertical Solutions, Inc. (VSi), which were completed in January and February 2025, respectively. These acquisitions are expected to enhance Integer's capabilities in surface coating technologies and medical device applications. The company also continues to execute its plan to exit the portable medical market, which is anticipated to conclude in 2025, impacting sales in the "Other Markets" segment, which saw a 37.4% decline in revenue.
Operationally, Integer's customer base and product lines have shown resilience, with Cardio & Vascular sales increasing by 16.7% to $258.9 million, driven by new product launches and demand from emerging customers. The company reported a current ratio of 3.40, indicating strong liquidity, although cash and cash equivalents decreased to $31.7 million from $46.5 million at the end of 2024. Looking ahead, Integer expects to leverage its recent acquisitions and operational improvements to drive growth, while managing its debt obligations and maintaining compliance with financial covenants.
About Integer Holdings Corp
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