Irenic Capital Management has acquired a $99.11 million stake in Integer Holdings, purchasing 1,263,663 shares in Q4 2026. The position represents 13.7% of Irenic's assets under management, making it the fund's largest disclosed equity holding. Integer Holdings, a medical device company, achieved 8% sales growth in 2025, reaching $1.85 billion in revenue, with adjusted earnings per share rising 21% to $6.40. The company reported fourth-quarter sales of $472 million and net income of $62 million, up 22% year-over-year. Management projects 2026 adjusted earnings per share between $6.29 and $6.78, with plans to achieve organic growth exceeding market rates by 200 basis points in 2027. Benchmark analyst Robert Wasserman upgraded the stock from hold to buy with a $95 price target.

Integer Holdings reported strong 2025 results with sales up 8% and adjusted earnings per share rising 21% to $6.40, alongside margin expansion and $105 million in free cash flow. The company returned capital through a $50 million share repurchase and announced an additional $50 million accelerated share repurchase programme. However, management warned that three newer products representing approximately 6% of 2025 sales are experiencing slower-than-expected adoption, creating a 3%–4% headwind for 2026. The company expects flat-to-slightly-down sales and a 200–250 basis point hit to first-quarter operating margin, with recovery and margin expansion anticipated in the second half. Integer maintained its 2026 midpoint guidance, with year-end net debt expected at $1.17–1.19 billion and net leverage remaining at 3.0 times adjusted EBITDA.

Integer Holdings, a medical device contract manufacturing organisation, reported fourth-quarter sales of $472 million, up 5% year-over-year, with adjusted earnings per share at the high end of its October guidance range. For the full year 2025, sales increased 8% on a reported basis and over 6% organically, whilst adjusted operating income rose 13%. The company issued 2026 guidance expecting reported sales to be down 1% to up 1%, with a 3% to 4% headwind from three new products facing lower-than-expected market adoption. However, Integer's underlying business is expected to grow 4% to 6%, in line with the market. Integer repurchased $50 million of shares in Q4 and announced plans for an additional $50 million accelerated share repurchase programme under its $200 million authorisation.