Slide 1: First Quarter 2025 Earnings Conference Call
Integer Holdings Corporation First Quarter 2025 Earnings Conference Call April 24, 2025
Slide 2: First Quarter 2025 Earnings Conference Call Details and Attendees
Integer Holdings Corporation First Quarter 2025 Earnings Conference Call 9 a.m. Eastern Time, April 24, 2025 Management Attendees: Joe Dziedzic • A webcast of today’s call can be President, accessed in the “Investor Relations” Chief Executive Officer section of the Company’s website: investor.intege
Slide 3: Presentation of Financial Information & Forward-Looking Statements
Presentation of Financial Information & Forward-Looking Statements Important Information This presentation contains summarized information concerning Integer Holdings Corporation (the “Company”) and its business, operations, financial performance and trends. The historical financial and operating da
Slide 4: Agenda
Agenda • Opening Remarks • Financial Results • 2025 Outlook • Wrap-up • Q&A ITGR: 1Q25 Earnings Conference Call | April 24, 2025 | Page 4
Slide 5: Opening Remarks
Opening Remarks
Slide 6: CEO Succession Plan
CEO Succession Plan Transition effective October 24, 2025 Uniquely positioned to build upon Integer’s success • Seasoned executive with ~30 years of experience, including 7 years as part of Integer’s Executive Leadership Team • Exceptional leader who embodies Integer’s commitment to talent, innovati
Slide 7: Summary
Summary A strong start to the year with 1Q25 financial results 1Q25 sales growth of • Sales up 7% compared to 1Q24 … organic sales up 6% 7%, in line with • Adjusted operating income up 14% vs 1Q24 expectations • Adjusted EPS of $1.31 vs $1.14 in 1Q24 … up 15% 2025 outlook updated to reflect the conv
Slide 8: Financial Results
Financial Results
Slide 9: 1Q25 Financial Results
1Q25 Financial Results ($ in millions, except per share amounts) Sales Adj. EBITDA Adj. Operating Income Adj. Net Income % Change 7% 14% 14% 19% $437 $408 $92 $80 $71 $62 $46 $39 1Q24 1Q25 1Q24 1Q25 1Q24 1Q25 1Q24 1Q25 Adjusted EPS Organic Sales Change: 6% $1.14 $1.31 Note: Organic Sales Change, Adj
Slide 10: Cardio & Vascular
(1) % of Sales Cardio & Vascular ($ in millions) 56% Offering a full-range of products and services for catheter-based interventional vascular devices and a suite of supply chain solutions to support the development and manufacturing of complex components, sub-assemblies and finished devices Quarter
Slide 11: CRM & Neuromodulation
(1) % of Sales CRM & Neuromodulation ($ in millions) 38% Providing technology solutions for the active implantable medical device industry by partnering with customers to bring high-quality products to established and emerging markets – from initial concept through high-volume manufacturing Quarterl
Slide 12: 1Q25 Adjusted Net Income
1Q25 Adjusted Net Income ($ in millions, except per share amounts) $7 $(0) $(0) $0 $46 - $39 1Q24 Operational FX Interest Tax Rate Adj. Weighted 1Q25 Drivers Avg. Shares Adj EPS $1.14 $0.20 $(0.00) $(0.00) $0.01 $(0.04) $1.31 Note: Adjusted Net Income, Adjusted EPS and Adjusted Weighted Average Shar
Slide 13: Cash Flow & Leverage Ratio
Cash Flow & Leverage Ratio ($ in millions) Cash Flow From Ops Free Cash Flow Highlights $72 $63 $46 $44 $47 Strong cash growth in 1Q25 compared to 1Q24 $31 $16 $23 • Cash flow from operations $6 up 35% vs 1Q24 • Free cash flow up $12 million ($6) vs 1Q24 1Q24 2Q24 3Q24 4Q24 1Q25 1Q24 2Q24 3Q24 4Q2
Slide 14: Reducing Interest Expense
Reducing Interest Expense ($ in millions, except per share amounts) 5.3% Highlights 4.9% 4.8% 4.1% Adj Effective Increased Convertible Note debt to Interest Rate on 2.9% $1.1 billion at 1.9% average rate Borrowings(1) Fixed rate debt increased to 88% of debt … up from 43% Significantly reduced
Slide 15: 2025 Outlook
2025 Outlook
Slide 16: 2025 Full Year Outlook
2025 Full Year Outlook ($ in millions, except per share amounts) Sales Adj. EBITDA Adj. Operating Income Adj. Net Income % Change 8% - 10% 11% - 17% 11% - 16% 19% - 26% $1,846 - $1,880 $401 - $422 $1,717 $361 $315 - $331 $285 $218 - $231 $184 2024 2024 2025 2025 2024 2024 2025 2025 2024 2024 2025 20
Slide 17: 2025 Financial Outlook
2025 Financial Outlook ($ in millions, all numbers at midpoint) +76bps Adj Operating Full Year Outlook Income 17.3% % of sales(1) • 8% to 10% reported sales growth • 6% to 8% organic sales growth 16.6% +8% - 10% • +76bps AOI as a % of sales improvement at mid-point of 2025 outlook $99 - $133 $1,846
Slide 18: 2025 Cash Flow Outlook
2025 Cash Flow Outlook ($ in millions) Cash Flow From Ops Free Cash Flow Net Total Debt Leverage CAPEX Target: 2.5x - 3.5x $120 $110 - $120 $235 - $255 $105 $205 $120 - $140 $1,115 - $1,135 $180 $950 $954 $100 3.1x 2.5x - 3.5x $60 2.6x 2023 2024 2025 2023 2024 2025 2023 YE23 2024 YE24 2025 YE25 YE23
Slide 19: Wrap-up
Wrap-up
Slide 20: Wrap-up
Wrap-up A strong start to the year with 1Q25 financial results • Sales up 7% compared to 1Q24 … organic sales up 6% • Adjusted operating income up 14% vs 1Q24 • Adjusted EPS of $1.31 vs $1.14 in 1Q24 … up 15% 2025 outlook updated to reflect the convertible note offering • Sales $1,846 to $1,880 mill
Slide 21: Integer Investment Thesis
Integer Investment Thesis Strategy Financial Objectives •1 Sales growth 200 basis points above market •2 Operating profit 2x sales growth rate •3 Debt leverage 2.5x – 3.5x Resilient Compelling Performance Financial Business Model Strategy for Growth Culture Strength Sustainable mid-single-digit
Slide 22: Questions?
Questions? Questions?
Slide 23: Appendix
Appendix
Slide 24: 2025 Outlook
2025 Outlook(a) ($ in millions, except per share amounts) ITGR: 1Q25 Earnings Conference Call | April 24, 2025 | Page 24
Slide 25: 2025 Supplemental Financial Information
2025 Supplemental Financial Information ($ in millions) ITGR: 1Q25 Earnings Conference Call | April 24, 2025 | Page 25
Slide 26: Historical Financial Results
Historical Financial Results ($ in millions, except per share amounts) (1) Sales Adjusted EPS $449 $437 $428 $431 $24 $405 $408 $25 $18 $390 $397 $28 $29 $29 $365 $23 $357 $27 $331 $28 $28 $171 $160 $26 $165 $168 $160 $153 $157 $154 $146 $143 $131 $1.41 $1.43 $1.43 $1.29 $1.30 $1.31 $1.13 $1.14 $1.0
Slide 27: Capitalization
Capitalization ($ in millions) 03/28/25 03/28/25 As Reported Rate Cash & Cash Equivalents $ 32 USD Denominated Revolver [Due 2028] $ - SOFR + 150 EUR Denominated Revolver [Due 2028] $ - EURIBOR + 150 TLA [Due 2028] $ 145 SOFR + 150 Convertible Bonds [Due 2028] $ 116 2.125% fixed Convertible Bonds [D
Slide 28: Product Line Review
Product Line Review
Slide 29: Year-over-Year Sales Trend, Trailing 4 Quarters
Year-over-Year Sales Trend, Trailing 4 Quarters (1) Integer Cardio & Vascular % of Sales 56% 19% 17% 15% 14% 14% 15% 1Q24 2Q24 3Q24 4Q24 1Q25 13% 11% 10% 9% (1) CRM & Neuromodulation % of Sales 38% 38% 12% 11% 7% 8% 6% 1Q24 2Q24 3Q24 4Q24 1Q25 1Q24 2Q24 3Q24 4Q24 1Q25 Delivering on sales growth obje
Slide 30: Other Markets
(1) % of Sales Other Markets ($ in millions) 5% Includes products from the divested AS&O product line, the Portable Medical market exit, and other products not included in Cardio & Vascular, and CRM & Neuromodulation Quarterly Sales $29 $28 $25 $24 $18 • 1Q25 sales decreased 37% year-over-year drive
Slide 31: Non-GAAP Financial Measures
Non-GAAP Financial Measures
Slide 32: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation may contain the non-GAAP financial measures defined in the table below. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the financial schedules accompanying the earnings releas
Slide 33: Non-GAAP Reconciliation
Non-GAAP Reconciliation 1Q25 Net Income and Diluted EPS Reconciliation – Detailed View ($ in thousands, except per share amounts) 2025 2024 GAAP Non-GAAP Non-GAAP As Reported, Recast for Restructuring and Continuing Amortization of restructuring- Acquisition and Other general Debt / Investment Opera
Slide 34: Contact Information
Contact Information Kristen Stewart, CFA Director, Investor Relations kristen.stewart@integer.net (M) 551.337.3973 www.integer.net