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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Integer Holdings Corporation | NYSE:ITGR | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.01 | 0.01% | 133.68 | 134.49 | 132.07 | 134.49 | 140,670 | 23:00:09 |
“The divestiture of our non-medical business is another example of Integer managing our portfolio to accomplish our strategic financial objectives,” said Joe Dziedzic, Integer’s president & CEO. “Following the transaction, Integer will be a pure-play medical business with additional cash to pay down debt and execute our inorganic growth strategy. Ultralife is an ideal buyer for Electrochem because they are a leader in providing critical power solutions to a variety of industries that include energy, defense, and environmental markets.”
Going forward, Integer will report the results of its Electrochem business, currently included in its “Non-Medical” segment, as part of discontinued operations. This will include any gain or loss recognized on the sale of the business. The Company intends to use the proceeds from the sale to pay down outstanding debt and for general corporate purposes.
In the 2024 full year guidance provided as part of our second quarter 2024 earnings release, we assumed the following in relation to our non-medical segment, adjusted to include $3 million of allocated interest expense as part of discontinued operations:
We expect this transaction to be neutral to EPS.
Please see “Notes Regarding Non-GAAP Financial Information” and “2024 Outlook” in our earnings release for the second quarter of 2024, dated July 25, 2024 for additional information regarding our use of the non-GAAP financial measures set forth above.
About Integer®Integer Holdings Corporation (NYSE:ITGR) is one of the largest medical device contract development and manufacturing organizations (CDMO) in the world, serving the cardiac rhythm management, neuromodulation, and cardio and vascular markets. As a strategic partner of choice to medical device companies and OEMs, the Company is committed to enhancing the lives of patients worldwide by providing innovative, high-quality products and solutions. The Company's brands include Greatbatch Medical®, Lake Region Medical® and Electrochem®. Additional information is available at www.integer.net.
Forward-Looking StatementsSome of the statements contained in this press release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including the statements relating to the expected timing for the closing of the divestiture of the Electochem business, the intended use of proceeds by the Company from the transaction, and the impact of the transaction on the Company’s EPS. You can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or variations or the negative of these terms or other comparable terminology. These statements are only predictions and actual events or results may differ materially from those stated or implied by these forward-looking statements. In evaluating these statements, you should carefully consider a number of factors, including, but not limited to, risks and uncertainties that arise from time to time and are described in our earnings release, dated July 25, 2024 (filed as Exhibit 99.1 to our Current Report on Form 8-K filed July 25, 2024), Item 1A “Risk Factors” of our Annual Report on Form 10-K and in our other periodic filings with the SEC. Except as may be required by law, we assume no obligation to update forward-looking statements in this press release, whether to reflect changed assumptions, the occurrence of unanticipated events or changes in future operating results, financial conditions or prospects, or otherwise.
Investor Relations:Andrew Sennandrew.senn@integer.net763.951.8312 | Media Relations:Kelly Butlerkelly.butler@integer.net469.731.6617 |
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