Integer Holdings Corporation (ITGR) reported significant financial growth for the third quarter and the first nine months of 2024, driven by increased sales across its key markets, including cardiac rhythm management and neuromodulation. For the three months ended September 27, 2024, total sales reached $431.4 million, an 8.7% increase from $396.8 million in the same period of 2023. For the nine months, sales rose to $1.27 billion, up 10.1% from $1.15 billion year-over-year.
Gross profit for Q3 2024 was $116.6 million, reflecting an 11.0% increase from $105.0 million in Q3 2023. For the nine-month period, gross profit increased by 13.9% to $342.2 million. Operating income also saw substantial growth, rising 18.9% to $58.0 million for Q3 and 26.2% to $151.2 million for the nine months. Net income for Q3 2024 was $35.4 million, compared to $27.3 million in Q3 2023, while net income for the nine months increased to $87.2 million from $64.3 million.
The company’s strategic acquisitions, including Pulse Technologies and InNeuroCo, contributed to this growth, with sales from these acquisitions amounting to $10.3 million in Q3 and $31.5 million for the nine months. However, Integer also announced the divestiture of Electrochem Solutions, Inc. for $50 million, which is expected to close by the end of October 2024. This sale represents a strategic shift, as Electrochem has been classified as a discontinued operation.
Integer's financial position improved, with cash and cash equivalents increasing to $35.6 million as of September 27, 2024, up from $23.7 million at the end of 2023. Total current assets rose to $730.0 million, while total assets increased to $3.17 billion. Long-term debt also grew to $1.07 billion, up from $959.9 million at the end of 2023, primarily due to borrowings related to acquisitions.
Operating expenses for Q3 2024 were $44.8 million, an increase from $41.4 million in Q3 2023, while research, development, and engineering expenses decreased to $11.9 million from $14.1 million. The company recorded restructuring charges of $714,000 for Q3 2024, compared to a gain of $103,000 in Q3 2023.
Overall, Integer Holdings Corporation demonstrated robust financial performance and strategic repositioning in the medical device sector, with significant revenue growth and a focus on enhancing operational efficiency through acquisitions and divestitures.
About Integer Holdings Corp
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