Company Overview - Integer Holdings is a leading global medical device outsource manufacturer with operations across the United States and internationally [6] - The company produces a broad portfolio of medical device components and finished devices, including cardiac rhythm management systems, neuromodulation products, vascular and orthopedic instruments, and customized battery solutions [9] - Integer Holdings serves multinational original equipment manufacturers (OEMs) in the healthcare sector, focusing on markets such as cardiac, neuromodulation, orthopedics, vascular, and advanced surgical devices [9] Financial Performance - As of February 17, 2026, Integer Holdings has a market capitalization of $3.07 billion, with a revenue of $1.83 billion and a net income of $86.90 million for the trailing twelve months (TTM) [4] - The company reported 8% full-year sales growth to $1.85 billion and 21% adjusted EPS growth to $6.40, with adjusted EBITDA reaching $402 million, up 12% year over year [10] - Integer Holdings generated $196 million in operating cash flow for 2025 [10] Recent Developments - On February 17, 2026, Newtyn Management disclosed a new position in Integer Holdings, acquiring 550,000 shares valued at approximately $43.14 million [1][2] - This new position accounts for 4.53% of Newtyn Management's 13F reportable assets under management as of December 31, 2025 [8] - As of the same date, shares of Integer Holdings were priced at $87.66, reflecting a decline of 37.9% over the past year, underperforming the S&P 500 by 49.75 percentage points [8] Debt and Guidance - Integer Holdings has a meaningful debt level of approximately $1.19 billion net, equating to about 3.0 times adjusted EBITDA [11] - Management is guiding for leverage between 2.5 and 3.5 times in 2026, with sales guidance implying flat to slightly down GAAP revenue, while adjusted earnings are expected to remain stable [11] Investment Considerations - The medical device manufacturing sector is characterized as steady, capital-intensive, and deeply embedded in customers' supply chains, making Integer Holdings' new position noteworthy despite its recent stock performance [10] - Long-term investors are encouraged to focus on organic growth, margin expansion, and deleveraging, as a well-executed strategy could lead to compounded growth for the company [12]