TacticScaleWhat Integer Does & How It Makes Money (ITGR)
Updated October 2026 · reflects Integer's latest reported financials
Contract manufacturer that builds medical devices and components for device makers. It earns revenue by developing and manufacturing devices, components, and sub-assemblies under contract for multinational medical device OEMs, which sell the finished products under their own brands.
How Integer makes money
It earns revenue by developing and manufacturing devices, components, and sub-assemblies under contract for multinational medical device OEMs, which sell the finished products under their own brands.
What Integer does
Integer Holdings is a medical device contract development and manufacturing company (CDMO) serving multinational original equipment manufacturers. Rather than selling its own branded devices to hospitals, it builds products and components for customers in cardiac rhythm management, neuromodulation, cardio and vascular, orthopedics, and advanced surgical and portable medical markets, under the Greatbatch Medical and Lake Region Medical brands. Its range goes from finished devices like catheter-based tools for heart, vascular, oncology and urology procedures, to key implant parts such as pacemaker and defibrillator components, leads, batteries, feedthroughs and enclosures. It was founded in 1970, was known as Greatbatch, Inc. until 2016, and is headquartered in Plano, Texas, with manufacturing in the US, Costa Rica, Puerto Rico, Ireland and other countries.
Products & services
- Cardiac rhythm management components (pacemakers, ICDs, leads)
- Cardio and vascular devices (catheters, guidewires, interventional tools)
- Neuromodulation products (spinal cord stimulators)
- Medical batteries, feedthroughs and device enclosures
- Greatbatch Medical brand
- Lake Region Medical brand
What is Integer worth?
On an owner-earnings DCF, Integer's most-likely value is about $53 versus a recent price near $127 (58% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$27) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
⚠ High leverage — net debt is 12.0× annual cash flow. Net debt is subtracted from this fair value, but refinancing at higher rates, principal timing, and share dilution aren’t modeled — the equity can be worth far less if cash flow weakens.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
Related companies
Medtronic (MDT) · ICU Medical (ICUI) · Integra LifeSciences (IART) · MeHow Innovative (301363.SZ) · Merit Medical Systems (MMSI)