PLANO, Texas - Integer Holdings Corporation (NYSE:ITGR), a prominent medical device contract development and manufacturing organization with a market capitalization of $4.45 billion and a strong one-year stock return of 35%, has announced that its 2.125% Convertible Senior Notes due 2028 are now convertible. This option, available to note holders from the beginning of this year until March 31, 2025, comes after the company's common stock price exceeded 130% of the conversion price for a requisite period.
The convertible notes can be exchanged for cash, Integer's common stock, or a combination of both, at the company's discretion for any amount above the principal. The conversion rate has been set at 11.4681 shares per $1,000 of principal, equivalent to a conversion price of approximately $87.20 per share. According to InvestingPro analysis, the stock is currently trading near its 52-week high of $142.75, with notably low price volatility.
This conversion opportunity is a result of the company's stock performance, which saw the share price surpass the threshold on at least 20 trading days in the last 30-day period of the previous quarter, ending December 31, 2024. The decision to convert rests solely with the note holders, and Integer has made it clear that neither the company nor its board or employees are advising holders on whether to exercise this option.
Holders of the notes can obtain further details on the conversion process through The Depository Trust Company or by contacting the conversion agent, Wilmington Trust, National Association.
Integer Holdings serves the medical device industry, providing products and solutions to enhance patient care globally. The company operates under brands such as Greatbatch Medical (TASE:PMCN) and Lake Region Medical. InvestingPro data shows the company maintains strong financial health with a current ratio of 3.28, indicating robust liquidity. For deeper insights into Integer Holdings' financial metrics and growth potential, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
This announcement is based on a press release statement from Integer Holdings Corporation and does not constitute an offer to sell or a solicitation of an offer to buy securities.
In other recent news, Integer Holdings has seen a favorable adjustment in its financial model by Oppenheimer and Truist Securities, following the divestiture of its Electrochem division. Oppenheimer has raised its price target for the company from $135.00 to $138.00, while Truist Securities increased the price target from $147.00 to $163.00. Both firms maintained a positive rating on the stock.
The divestiture has led to a revenue realignment, causing Integer's fiscal year 2025 projections to be slightly modified. The company's third-quarter results showed promising growth with earnings per share exceeding expectations at $1.43, despite a slight shortfall in revenue. In response to these results, analysts from Piper Sandler and CL King have raised their price targets for Integer Holdings.
The company has updated its full-year 2024 forecast, now expecting revenues to range between $1,707 million and $1,727 million, indicating a growth of 10% to 11%. Integer Holdings' adjusted EBITDA is forecasted between $358 million and $368 million, an 18% to 21% year-over-year rise. The company anticipates accelerated organic growth in Q4, particularly in the Cardio & Vascular and Neuromodulation segments. These are recent developments in the company's financial outlook.
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