PLANO, Texas - Integer Holdings Corporation (NYSE:ITGR), a prominent medical device contract development and manufacturing organization, announced leadership changes set to take place in the first quarter of 2025. Payman Khales, currently President, Cardio & Vascular, will step into the newly minted role of Chief Operating Officer (COO). Concurrently, Andrew Senn, Senior Vice President of Strategy, Business Development, and Investor Relations, will replace Khales as President, Cardio & Vascular.
Khales joined Integer in early 2018 and is credited with driving accelerated sales and market penetration, leading to above-market growth for the Cardio & Vascular business. In his role as COO, he will oversee Integer's product categories, including Cardio & Vascular and Cardiac Rhythm Management & Neuromodulation, as well as Global Operations and Manufacturing Strategy. Joe Dziedzic, Integer's President and CEO, expressed confidence in Khales' ability to enhance operational excellence across the company's global initiatives.
Senn, a veteran at Integer for eighteen years, brings a wealth of experience from various roles within the company and previously at St. Jude Medical. His technical expertise and leadership in program management, research and development, and other areas are expected to further drive growth in the Cardio & Vascular product category.
The appointments come as Integer continues to position itself as a strategic partner to medical device companies and OEMs, focusing on the cardiac rhythm management, neuromodulation, and cardio and vascular markets. With brands such as Greatbatch Medical® and Lake Region Medical®, Integer emphasizes its commitment to enhancing patient lives through high-quality products and solutions.
This leadership transition is part of Integer's broader strategy to leverage internal talent and streamline operations for sustained growth and market leadership. The company's choice to promote from within highlights the depth of its executive bench and its emphasis on continuity in leadership.
The information for this article is based on a press release statement from Integer Holdings Corporation.
In other recent news, Integer Holdings has seen significant attention from analysts and investors following a series of recent developments. Benchmark has raised its price target for the company to $140, citing expectations of a 10.1% increase in Q3 sales to $445.5 million and improved earnings per share at $1.38. KeyBanc and Truist Securities have also increased their price targets for Integer Holdings to $144 and $145 respectively, highlighting the company's sustainable growth outlook and strategic investments.
Integer Holdings has recently sold its Electrochem division to Ultralife Corporation for $50 million, a move believed to align with the company's growth strategy and provide additional liquidity for future growth opportunities. Additionally, the company has completed two significant facility expansions in Ireland, further enhancing its manufacturing capabilities.
Despite Q2 earnings per share falling short of estimates at $0.88, Integer Holdings reported a 9% year-over-year increase in sales, reaching $436 million. The company also reiterated its full-year 2024 revenue guidance, projecting between $1,735 million and $1,770 million. These recent developments reflect Integer Holdings' continued financial performance and potential for growth.
InvestingPro Insights
Integer Holdings Corporation's (NYSE:ITGR) recent leadership changes align with its strong market performance and financial health. According to InvestingPro data, the company has seen impressive growth, with a 75.81% price total return over the past year and a 27.7% return year-to-date. This robust performance is reflected in the stock trading near its 52-week high, with the current price at 94.76% of its peak.
The company's financial metrics support its strategic moves. Integer's revenue growth of 11.71% over the last twelve months and a 9.04% quarterly growth indicate a steady expansion trajectory. This growth is complemented by a healthy EBITDA margin of 18.58% and an operating income margin of 12.37%, suggesting effective cost management alongside revenue increases.
InvestingPro Tips highlight Integer's strengths, noting that the company is profitable over the last twelve months and analysts predict continued profitability this year. The stock's low volatility and high return over the last year further underscore its stability and attractiveness to investors.
While Integer trades at a high earnings multiple with a P/E ratio of 40.17, it's worth noting that it's trading at a low P/E ratio relative to near-term earnings growth, with a PEG ratio of 0.91. This suggests potential undervaluation considering the company's growth prospects.
For investors seeking more comprehensive analysis, InvestingPro offers additional tips and insights, with 7 more tips available for Integer Holdings Corporation.
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