Integer announces $200 million share repurchase program

PLANO, Texas - Integer Holdings Corporation (NYSE:ITGR), a medical device contract development and manufacturing organization with a market capitalization of $2.35 billion, announced Tuesday that its Board of Directors has authorized a share repurchase program of up to $200 million of the company's outstanding common stock.

The company plans to primarily use cash on hand and free cash flows to fund the repurchase program, according to a press release statement. Integer generated $121.32 million in levered free cash flow over the last twelve months, with a healthy current ratio of 3.71.

"This share repurchase program reflects the confidence of the Board and management in our strategy, financial position, and ability to generate strong free cash flows," said Payman Khales, Integer's president and CEO. According to InvestingPro data, the company appears undervalued against its Fair Value estimate despite posting 9.54% revenue growth over the past year.

The timing and volume of share repurchases may be executed at management's discretion on an opportunistic basis or through trading plans, the company stated. This comes as InvestingPro data shows the stock has declined significantly, falling nearly 47% over the past six months.

Integer Holdings Corporation serves the cardiac rhythm management, neuromodulation, and cardio and vascular markets. The company operates under the brands Greatbatch Medical and Lake Region Medical.

The announcement comes as part of Integer's capital allocation strategy, though specific details about the timeline for completing the repurchase program were not disclosed in the company's statement.

In other recent news, Integer Holdings reported third-quarter results that exceeded expectations for both revenue and earnings. However, the company's initial 2026 outlook presented challenges, impacting the stock's assessment by analysts. Piper Sandler lowered its price target for Integer Holdings to $82, maintaining an Overweight rating, citing weaker-than-anticipated adoption of three new product launches. Similarly, KeyBanc reduced its price target to $93, describing the 2026 outlook as "disappointing" due to multiple product-specific headwinds.

BofA Securities downgraded Integer Holdings' stock from Buy to Neutral, with a price target cut to $87, expressing concerns about growth prospects and high customer concentration. Wells Fargo also downgraded the stock from Overweight to Equal Weight, reducing the price target to $80, following revised demand forecasts for certain products. In leadership news, Integer Holdings announced that Payman Khales has assumed the role of President and CEO, succeeding Joseph Dziedzic, who will remain as an advisor until March 2026. Khales has also joined the company's Board of Directors, completing a planned leadership transition.

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