Recent ITGR transcripts
Associated ITGR filings
Anthony Borowicz | Senior Vice President, f Investor Relations |
Joe Dziedzic | President and Chief Executive Officer |
Jason Garland | Executive Vice President and Chief Financial Officer |
Good morning. My name is Joseph. And I'll be your conference operator today. At this time, I would like to welcome to everyone to the Integer Holdings Corporation Q4 2021 Earnings Call. All lines have been placed on mute to prevent any background noise. there a remarks, session. speaker the will question-and-answer be After [Operator you. Instructions] Thank the to Relations, to like would conference Anthony now Investor I of turn over President Senior Borowicz. Vice go Please sir. ahead,
welcome you With Chief call. today Financial President and are and Thank morning, Jason earnings President me Good Dziedzic, Officer. Executive Integer's quarter XXXX to joining everyone. and fourth Chief us, Joe Garland, for conference Vice and Officer; Executive
the results periods and data we today of As Integer reminder, consolidated for the results a indicated. reflect discuss the
call, our some measures. During will we non-GAAP discuss
come Integer's sales line the Joe. then growth. strategies, full XXXX performance the portfolio back additional presentation, to over For on please a trending reconciliation questions. refer turn our market integer.net. financial then XXXX, includes remarks. our to review of available earnings that these website our quarter, total non-GAAP the measures, appendix call press for achieving will results year product along note of today's are presentation Please the Company's the progress year discussion the and adjusted release towards and With on and opening at closing schedules, and our to for Please a which today's your today's today's we'll guidance. and provide materially. cause could share his with update refer risk his that results call Joe to SEC of to Joe, actual provide differ up comments our the And timely Jason above call, open On to a fourth filings our provide factors will statements. that insight product for I'll forward-looking line
quarter life-saving the about year. in believe have basis Earnings full call patients products which and in quarter life-enhancing gross acquisition are during joining these our impact chain XX% provide supply for to full are businesses environment, everyone the XX% the XX% experienced per they associates the our and the full Integer Thank around customers, customers. and manufacture fourth unfavorable for points quarter in we the of margin underway strong labor of you, Tony. and we from develop to the XXX Integer for deliver can for these the with grew Even and today, offering so We Oscor XX% the with and of Sales continued well December deeper and strong to for temporary. results. share globe year. closed to and a broader especially our times. delivered thanks And challenging year grew most who product results, integrating products
continued to to summarizes we have line and review of chain XXXX, execute top a on of provide of In the investment midpoint outperform. progress update process Integer We Integer our and growth thesis will guidance, bottom making. outperformance. our product disciplined The supply and to and I drive line environment. line share strategy accelerate a Today, believe our continuation deliver great an we expect double-digit growth the clear the and and are sustainably challenging at strategies labor sales a detailed why executing profit to portfolio compelling is despite we and structured
line we and in markets strategies how we the define product Our strategy win serve. portfolio
sales of achieve growth and fundamentals engage with we everything how the create and industry other. Integer to the slide culture. generate we defines taken we've approach our each do, model. business elements performance strategy of operational this values how our a to Our and that structured resilient bottom define develop excellence in strategy articulates The we a The
why strategy, quarter. company is we share Everything to anchored are objectives is which financial do every Our measurable. we the this clear it and in
by million. XXXX within $XXX portfolio journey. strategy months, at XXXX milestones developing portfolio achieved the have March we of the in We of our and look our let's of the January business We on review strategy. strategy six overall Integer our for the launched important performing executed started and some AS&O of So in divestiture
evolution in portfolio the the initiated the which strategy, further of more just the detail last discuss Medical year, our quarter of a fourth of Portable I'll in we partial As slide. next business, on exit
line XXXX line which and markets by own executing by in The from quarter surprisingly, have during overcome strategies teams respects. and the As defined headwinds. the strategy We're five the labor growth driven and Excellence, current the as teams Manufacturing the structured headwinds and all Manufacturing highlighted supply were strategies the rate of the in deliver expanded a product strategic executing disciplined excellence strategies our accelerated call their have we during what teams. in XXXX were margins margin time. began specific middle the immediate section, strategies, been The both line serve. bottom we've These and define will launched product investments and and organically row in product inorganically imperatives. by half Not starting sales pandemic our are growth. made over made, strategy progression growth We teams process in developing XXXX. followed win The how other to with highlights will we these operational formally in then saw the operational created our fourth second XXXX. of XXXX, we launched strategies. we These impact growth confident and the chain we The constraints have Excellence
on our Let's strategy. update cover an portfolio
Medical sourced line there assembly primarily we is The material the supplies limited a and and generally sales product technology dynamics We've power high chargers. rechargeable in for with unfavorable differentiation as of Our business years. been amount packs, few battery four market content. is markets with of are have Portable a serve product the flat what past many highlighted an
product serve certain Given these the we markets customers line. this but to the of quarter year in that all dynamics, were fourth during of last we communicated exiting two we
transition three to complete and the quality take requirements. will to to customers closely years transition other working due four with of the are suppliers, products this We to regulatory it support to and these these
not we to decline around $XX do though these of even a million until expect So sales XXXX. we're sales, see exiting in
of We approximately these differentiation $XX markets products expertise are line. million our And markets the of rates Cochlear sales more battery with implantable & application in higher and and active attractive. make technology they where Heart device retaining the technologies CRM&N product Failure and align growth closely
accretive consolidate line. reducing exit expect products we and to raising as product We prices margin this from the these into CRM&N be overhead
$XX evaluate be over the to going are growth more is in next margins will Another Tijuana important This four facility portfolio to able in manufacturing forward. improving benefit million this sales is to the reallocating cost profitable summarize, that great we how will higher exiting value. and capacity example to years, low more create we space continue opportunities while to manufacturing margin we a reallocate for our growth. To of
several talked the drive past about strategic with have over a operational lot manufacturing We imperatives excellence on margin been focus to years a our expansion. we've implementing how
as spent discussing are two product time and much not our this. our teams growth reasons line have We for strategies. There
than line positively First, line and product than Manufacturing Excellence line, strategy launched able the faster impact Manufacturing as to financial the And product strategies. strategy much we on just we actions. decisions the Excellence results the second, our much was earlier time highlighted
with teams, impact middle planning XXXX were of Our growth on the have developing an Manufacturing contrasting and immediate formed that expansion, Excellence in and in XXXX began launched late during XXXX. our in margin started the early and to which executing began XXXX, strategies
The do in is aligned Another place. of the our to impacting our executing leaders who XXXX timing since elements intentionally Integer specific strategy the important right strategy. getting have variable of leaders and have joined developing very
They end that work teams Let's Management and compare the capabilities markets which growth, summarizes call market, are curve This for we disciplined size in phase horizontal maintain the Neuromodulation. are and time Cardio we in the a the axis maturity We competitors, slide process cover they a how during think emerging growth The as This our phases for of where represents process. follow it capitalize Many clear. organizations uniquely goal the serve The the positioned which what serve, is picture These of teams, the the maturity and of broadest in curve I market growth. market, the takes including bubbles estimated organized our to represents deliver investments one process sustained from Medical markets, to which the current time slide the The of and in summarizes end of deliver of offering to have and emerging They Rhythm the Integer starts this teams own middle growth above in product what slower growth find relative they the mature a profitable management. their us very end deepest follow, structured a industry Vascular markets The on on size. same the and and to the to the Device and growth which end the of with do. range focused is are growth you'll technology they market line. around end the growth is like customers rate and size mature. the the products mind, term growth. of to and line. Cardiac maturity in teams understanding technology and represents win. needed basis. enable to our slide logical technology customers & strategies identifying each will ultimately products, product they outsourcing are developing executing and very and
technology During expertise, way emerging the from concept to emerging the proprietary to have de-risk design development phase, we and commercialization. and all products capability the
a breadth a During capability our seamless the the through footprint phases heart, value and mature phase, blue the the encompasses needs. integration products, we of of turn full-scale structural differentiates speed Integer. ablation, time And capacity during capability global our and to investments they neurovascular, proposition receiving simplifies accelerate address that of with a that our deep unmet significant production. suppliers that work the disproportionate customers scale share we lowers across deliver manufacturing chains, our costs. are bring design our of slide patient The strategic and customer phase, of markets the that can vertical and to parts Because unique supply must vascular market serve manufacturing development, peripheral electrophysiology of number of to product quick growth customers shows transitions leveraging to in technology, customer can focus, the of maturity collaborative the box we technology all reduces and their middle line, truly
additional We end have investments markets. and on in capabilities our with strategy capacity our customers to aligned focus these our faster-growing
to competitors. faster our are life financing products enable be than to bring market life-saving and customers to able We our excited to
They actions the three the growing cover into our opportunity are our these curve, for our digit for markets structural markets end we've finished growing serve electrophysiology the with to these both thereby high growth growth. to outsourced from us of down markets for expand Vascular taken for to serve procedures. double single and as neurovascular drill are partner devices and low digits. three and customers & an components customers multibillion-dollar accelerate medical Let's fastest ability significant our Cardio All heart, or and
Our Integer growth where identified how technology the technology middle and we the They've where technology the devices and in actions column. understand that directly highlighted gaps, to and has which teams the led leading have is evolving.
critical that of to and complex such and braiding development integrate capabilities cutting, as for We in speed have vertically coatings laser our the us customers. accelerate enable invested
benefits, inorganic and portion but We manufacturing. a developed organic device have development both investments, ultimately for and different design, give the to which greater us through of offer access these
market fast-growing the Our it to need to surprise and summarizes focused the capacity these technology our But curve as finished they growth the increase technology rhythm of see This as by our the highlighted don't has maturity management more development well, markets. assembled curve, right. will the of the CRM light cardiac growth in support slide. support anyone pipeline customers our of on largest emerging programs conventional are is segment CRM far Integer's bubble devices box in to this slide generated and customers sub-assemblies products to but our applies success CRM are components customers. blue this on the building in growth these as in devices think OEM to the a higher in across I for ability in primarily on the concentrated
integrating positioned Even the technology Our neuromodulation curve and of Integer single cord technology in and sub-assembly positioned to to capability for number development stimulation in of CRM&N is play these of The our grow growth technologically fewer historically decades to they to C&V that our companies from devices. benefit currently therapies customers, Difficulty] component of manufacturing innovation property market. advanced and uniquely our emerging Integer finished design intellectual this patient component and of of of depth at digits design, most even component the significantly conditions. The is Very development the while the the offer markets market markets. be uniquely also Integer's property components spinal as differentiated high from portfolio full to than emerging few develop own that technology innovative technologies able are bring companies the significant is and These estimated companies bring the have vertically extensive comprised enable for or customers. deep the companies the space. to have Integer is growth continued and [Technical of our markets traditional or with breadth capability and strengths market stage treatments offers from development to innovation. early because strong intellectual more to growth volume the CRM unmet design to and to underserved high investing
We and the possess products that and platforms we to our developing designs to miniaturizing emerging position the by market. developing growth come strengthen continue novel technologies to batteries, enable and
facility been our have to and neuromodulation capacity We demand battery investing for support applications. cochlear to the increased in add
in capabilities, growth that markets. positions platform Dominican end-to-end and than our III operational two on already the significant well XXXX, IPG of and the in our in available furthers The for Our approval. Mexico Oscor this was of expands Tijuana IPG's or Pulse We active completed manufacture and our execution, to strategy the strategies XXXX two Class IPGs. our capacity journey site Implantable vertical Generator This in objectives in we capacity our augments medical device first strategy. us launched and and achieved manufacturing two adding components manufacturing highlighted faster-growing our our facilities. to of design additional low-cost facility developed of end these FDA XXXX implantable our our three facility, in product leads have receive acquisition already other for lead the of of our and implantable capability in strategy while in financial line At portfolio Republic. XXXX. the Tijuana I integration The expansion accelerate several capabilities, recently years development end manufacturing Earlier technologies the into strategy less presentation, we
and Our debt profit our as EBITDA leverage X.X as growing was fast was twice times sales.
this sales objective implementing began strategies market. oversight The to were and above the of third the financial is points that accelerating in own with deliver I to grow XXX XXXX. strategy our who growth development teams execution our of teams. the formed basis developing them objective our in earlier late resides and and third growth The XXXX line product highlighted
process after a through this through to to happens the has into or this which product new It slide. until into phase Integer into products products. is slide implementing new years. business in business the required revenue investors time and to these important the prior the developed customers, cycle less of to approximate down the This convert won long we the is we is start the highlight to for it it introduce go been an three what To three revenue takes So business because income have highlighted with and types developing strategies help this on point market. phase these of convert already how time than important regulatory income cycle statement, to for and new products brought that has We development sales takes doesn't times clinical statement. into summarize we understand the
which six the somewhere somewhere for between by The a years. phase generally transfers. months, is existing between produce time regulatory or products starts. one two cycle to first are to product after transfers The takes to our customer up required being develop that generally Integer to existing are require take could These These manufactured already one either generally X.X and product the years. the or competitor. one device. Then This manufacturing entire finished average products components processes ramp when manufacturing
is The includes This somewhere process ramp. second common entire of years. regulatory, developed between new market manufacturing product and a potentially three for years It is and to with clinical type XXX(k) product a development, introduction and customer. product this take more five than then
phases The a revenue significantly or that The process third or clinical entire strategies proprietary the much total takes and revenues to the at in the ramp, some a and with chart clinical more right and regulatory changes than extended develop is category to therapeutic customers. we with starts we a development experienced business perform suspect The our phase of the the also same market throughout for years. be includes substantial ultimately is the to amount development, process is as generally this thinking, product the may above on The XXX(k), the be our market longer. leads Integer's process when of cycle of product not the market development time But cycle is, is or well, work sales until significant cycle. provide takes a that's new product and market market generally desired it product product developed for long short and that penetration, which trials model is closer, a longer iterative the the acceptance. illustrates in components more this revenue measure are or PMA can can Integer the development but The into not than switching But point approval process market. take delivers It the lowest [ph] of the of answer revenue when technologies, which development clinical product gain This that but and share nine grow the SSA The benefits, manufacturing between importance sales the in ready five generally and to needed regulatory somewhere convert growth products top we're combination interesting or Once usually at demonstrates XXX introduction grow phase. new are device product and but the achieve devices our to slide we generates engineering cycle. revenue The from I getting generates costs accelerate. will manufacturing time reach move of might the into demonstrate understand points of we're customer. to we specific regulatory ramp. because to revenues is resiliency of slide date. business line we indicators approval success our tracking basis the customers. you there to leading high will enough, several and as
have which This start only Let's new larger, PMA working pipeline with generally product are through products covers devices XXXX launch the customers time development These third or prior slide we cycle time. business more developing emerging that to demonstrates OEMs. neuromodulation the with process. the the shared on the have not are at lines markets by customers, longest followed customers primarily and shared on from and in established components and have slide. the of we customers is does This the we moving a include that a slide call quarter looking an are update our we strong new earnings on
hand of customers as into introduction the slide left have phase. side the launch this on have changes more into highlighted product moved We and the
million sales and still sales achieved $XX approximately track. million On the hand the of of XXXX, our side, estimate we $XX XXXX estimated is on right during of
many billion been growing growth a XXXX and phase estimate launches. the more development. upon this million working acceleration Accelerating we customers with demonstrates phase a will $XX somewhere depending and we've adding This product the their possibly ramp We customers. that $XX with starts for revenue years, projects strong that manufacturing see are where product entering are between pipeline for these of to success we for slide new from these
strongest the process have we opportunities potential. So have target the a that market rigorous to
demonstrate Let's revenue our growth. our significant some progress look accelerating in-process we additional metrics towards at believe that
our by measuring in grown have We the to XXXX. four actual over XXX% development XXXX is compared actual This revenue revenue revenue last years. in
measure XX% accelerated added to also believe to have this revenue important growth. an resources R&D more adding growth. the We We of the is drive we're this pipeline volume support to
important measure the quality is we're developing. the revenue Another of
ones targeted growth had define product Our the very line strategies curve. the growth as or we on faster clearly growing emerging markets,
emerging to more We have in markets shifted the XXXX. XXXX mix and to significantly growing compared
shifted faster confidence not our So of too. increased the XXX volume development ability also have sales than third to objective deliver of on in only our gives basis market. we've This mix the revenue, the us we but points financial growing
been to accelerated leading we growth prepare highlighted investing opportunities fuel this growth. and for development we our As from fulfill the both in indicators, have
our approximately growth by years, the have million. increased XX% over four $XXX last We totaling CapEx
We through have also added primarily and some targeted acquisitions XX% more capacity, facilities. existing expansions of
building fast-growing We markets exit the on customers to development maximize cycle. have strategy underway. have to structural earlier. in In a also summary, Portable unique to neurovascular and art product space executing product Galway we entire the serve in line our partial position facility plans facility our growth the the XXXX life We're support product across related been to since greenfield projects line also based of to in Medical Tijuana reallocate discussed our
markets now in to been strategy very revenue our focusing confidence accelerating growing points tracking to over ability of our investments and give structured call we deliver The of financial in we in-process end our basis objective have I'll the XXX markets serve. hand Jason. faster are and the our a disciplined manner. above us execution on to We on the growth metrics
currency with for our expectations provide trends product joining quarter sales XXXX. our details sales and excludes conclude on Organic growth, million call. strong XXXX the of of year Oscor. full fourth growth acquisition impact which and year, again you, and year. line that financial summarize more Starting adjusted one delivered thank $XX our million included with results. over million, Thank from everyone. our Good of At or sales XX% sales XX%, the morning, And $XXX Joe. you last for differences, and I'll month fourth our results, quarter our than is higher last $X up
adjusted was was we up from net adjusted compared up versus per operating million, last year, and $X.XX fourth share, XX% XXXX. $XX of of XX% increase income $X.XX EBITDA adjusted prior million, delivered of to quarter adjusted With the $XX Our diluted or XX%, an million income $X year. earnings of up
Our fourth Oscor. Again, quarter strong financial quarter performance results results another reported last financial represent XXXX year. our versus of of include one month
Our income million of year, full or year to an the compared adjusted XX%. were prior an which increase billion, year, versus up million million, operating sales strong last to year, $X.XXX a prior compared of XX% of the XX% EBITDA million, increase $XX up $XXX was Adjusted is and was XX% increase $XXX organically. $XXX
overcoming and Our and an million, adjusted difficult achieved of strong diluted extremely results while chain income delivered year-over-year adjusted were labor prior $X.XX $XXX $X.XX year. These we earnings was supply of net share from per environment.
remain And the is was a the quarters. second in to of to additional needed costs, our the to points in committed margin match production Joe do that incentivizing associates by significant these our has the fourth is result, serve. of half inefficiencies for as a patients This incremental we and in new half news estimate will cover the mentioned, been these more great in margin incremental hires, As and at and are team subside. the the incurring constraints XXXX. contributed have third costs the labor we were approximately full these of our costs training least first inflation in managing we believe said, of of the XXX XXXX. impact availability chain. The good supply gross the incurring expect nature required pronounced redirecting basis year. ultimately We majority more The delivering and to to of material and temporary erosion deal overtime they working costs gaps, products gross That costs customers through significant
income, for million dedicated to color Integer's times. associates $XX continuing compared to of improvement during proud operational To million adjusted are XXXX deliver as last full we $XX product provide our We delivered sales to dynamic on volume excellent We compared year by headwinds increased through doing net these of XXXX. our our the more new driven product year levels in returning second half recovery of chain the labor began and that from primarily managing manufacturing production job industry the by supply chain and meet an introductions, demand while and to to year. supply pre-pandemic course of team accelerating of and
In income compared contributing improvement Lower net year, the was cash delivered favorable, interest third with in in addition, driven continued FX versus our million improvement refinancing a adjusted adjusted last XXXX. $X savings and our expense $X focus repayment million debt quarter. the to debt by in on
was rate effective full tax for adjusted Our XX% XXXX. the year
XXXX being due we effective tax adjusted in this XX.X%. While is million to a $X of very favorable rate, rate saw a year-over-year the headwind
but our recall rate in reform XXXX pandemic-driven favorable, pretax as of as year. also in not as as of significant You the impact Discrete tax tax the well impact several significant discrete final related prior from income, from items XXXX to were the recorded benefited that strategy. favorable XXXX plan and may lower items regulations
our as we XX.X% we rate compensation. adjusted lower XXXX, expect effective tax expect between XX% tax For to deductions be return benefits to from closures from and stock-based
total operating cash a line flow, from capital million our in continued strong guidance in fourth in cash We of free inclusive of expenditures generating $XX $XX quarter, $XX $XX of in generated to with fourth million. of income million the cash quarter, We $XX flow to million of year activity. million conversion the
increased fulfill to the consistent $XXX making shared in million, of Joe line with impact $XXX debt borrowings fuel ensure new and As are to strategy. Net acquisition the you total fund growth, focused with earlier, we continue Oscor. our investments million to includes to of we product which million $XXX
total reduction quarter. net Excluding $XX new was debt fourth the in borrowings, the our million
in at sales. line with product improvements product of of contributes impact added associated the the product line Trailing our each with and additional times neurovascular fourth within the an increases the reflected will of by vascular quarter the with were with line in the with Medical constraints. The to the the leverage while I close quarter note in cardio we chain Joe changes the that reporting was a transition quarter adjusted on The new ratio the on indication not our of growth fourth borrowings this line update product range. our shared historically third year-over-year our XXXX acquisition, the the trailing XX% grew was reporting continued the and X.X to update note sales Portable driven This a some in significant our reversed have line. sales Cardio double-digit sales product impact total growth fourth remaining of impact summary strong end portfolio earlier. now yet target delivering debt second compared XX include COVID leverage fourth at that quarter Oscor fund despite year-over-year of as the consistent growth changes. market of end trend four product quarter to first quarter. across Please the are product percentage in XXXX, supply Vascular Slide particularly quarter all This We'll each trailing sales up Our do of our reported line markets pandemic. and significantly growth sales of and & were and sales we Through to EBITDA. making XXXX. classifications the fourth insight fourth session. four in includes additional Integer. used we quarter on the Beginning impacted our of to also XX% fourth that I'll the rate. rate. quarter should quarters the are of provide quarter these sales the increase improve the ratio sales by total has year-over-year discussion the first reflects
Trailing XX%. and to fluctuations & Management fourth & with double digits, Cardiac again, up Cardiac Moving Sales quarter both continued with year-over-year chain sales demand grew Rhythm strong the quarter Rhythm market growth, supply Neuromodulation end XX% increasing overcoming challenges. Neuromodulation. four market in Management
divested Advanced our supply and historically. in declined AS&O last the Medical XX% As and due ventilator to our versus that quarter agreement as Surgical, decline product ventilators due noted, demand driven patient line a declined in peaked & Trailing demand sales XX% mostly for quarter by lower for the during sales the acquirer and to patient addition Medical decreased to and the components. the in sales pandemic. previously Surgical Advanced components Fourth COVID-related year, reminder, year-over-year the year to a as Portable line of reported Medical decline includes Orthopedics under Orthopedics sales monitoring monitoring prior the product four Portable Portable
segment. Fourth Non-Medical as continued Finally, a year-over-year. with up that of the increased sales Electrochem, X% Trailing first market quarter grew see improvement XXXX. sales we began wrapping in XX% four in quarter to energy half our the recovery
our classifications few As changes mentioned just a I in we as are I moments ago, move making There product to share two line into XXXX. wanted sales we changes. are
Medical in AS&O product Portable the with implantable our their Medical, and active CRM&N line. current on Portable alignment components we discussion will move consistent First, from into device medical
procedures slides We're because review to classifications products the the Again, our we strategies. with in line the their begin aligned product Neuromodulation line markets better making [ph] alignment first we XXXX. Vascular. associated current just this these of moving and Second, and changes changes, are we reflect with CRM product will delivery & using these Cardio & quarter and access are do preseason these new product alignment believe line from not CRM&N our in end
the classifications. this for product now of our talk We However, provides have presentation, a using like We're expectations transition. smooth provided in this and about these new to clear a slides line the appendix of XXXX. version line we realigning product hopeful
grown organic strengthening basis, to compared demand billion $X.XXX As including to Oscor XX% of the of to orders, of as we billion, in expect an to which the sales range XXXX We XXXX. XXXX. summarized $X.XXX increase grow be sales, end we X% XX% to an firm X% see backlog earlier, by since evidenced compared meaningfully our million On to $XX to have of expect XXXX.
be labor and quarter of chain environment the fourth However, XXXX similar supply impact XXXX. first to continues the and the quarter to expect our of we sales, to difficult
the improve. the both and chain We sequentially will January COVID quarter quarter the volatility the supply second we than surge better XXXX impacts as believe expect in of be to from first
we we improve growth as impact sales labor believe growth realize the steadily the from subside, expect and the introductions. new We chain supply of half second to will year in and of product will challenges
Following adjusted discussed, for $XXX EBITDA we $XXX million to $XX between estimated year-over-year XX% million, XXXX expect range the million Oscor. be sales we just to includes EBITDA to is XX% which growth. of This an
to rate $XXX of incorporate the growth XX%. assumes million. associated Adjusted growth XXXX growth expected to between interest with is and between $X.XX of mentioned of million expect supply to This $X.XX, half our an tax the $XXX labor earlier, through to continuation EPS reflecting operating year. reflecting be and expense million $XX adjusted effective pressures to XX.X% cost to challenges adjusted adjusted be $XX assumes We X% first These to rates chain XX% the between X% XX%. be between as to million, to of income
flow, increase strong and cash increasing $XX year between between in $XXX spending. from million in which our between business expenditures, million cash free to we with is operations As strategy, $XX and expect to Consistent of million year the an concentrating generating to to I of close, prior we cash another million rate anticipate flow. in are on spend growth, $XXX and $XXX flow million of the capital $XX our drive we run our to investments million
you. leverage be times EBITDA. the million to our to total X.X expect and call expect year that, ratio million back X.X to to reduce Joe. at net Thank $XX the adjusted of within of turn to $XXX target We end the With I'll debt
depths the strong coming the delivered Jason. off you, Thank pandemic. We of XXXX a
product of XXX% to the of both to We and our midpoint constraints. serve expect double profit, positioned and XXXX at labor through Integer we to guidance supply grow customers the uniquely as our low is all digits manage chain across revenues our execution our strategies, markets. demonstrated higher we XX% of programs phases revenue by their these line growth increasing program of have customer product Through shifting and mix life by progress cycles. development the
pipeline We million to expected associates to from in $XX will in Q&A our joining that have our valuation PMA a ability our to year confident for of $XX remain for I now our to million products XXXX of turn to with our you back I XXXX. emerging call premium and million earn strong and shareholders. million go for between our a $XX the and morning. this is and customers in Thank portion call the moderator strategy this our call. $XX
line [Operator Mishan. Matt Instructions] from the comes question first Your of
open. now is line Your
Hey, Matt. today for guys. is Fishbin on This Brett
provide backlog customers? this chain start at issues. more XHXX Thank to is given situation some to you a from as dynamic then lower inventory of a you. a your just And wanted the on how potential revenue supply 'XX? some does trends off than Can on color Just follow-up, and the current perspective add impacting levels into ideal
Brett. Thanks, Thanks the for question.
supply are of is a supply majeures trying X, So Tier doing needs. We're us chain. believe depleted them be our managing whether have as what And done having we're customers, of patients. teams the shortages that's of is And seeing as inventory at that that break ripple force and us supply able to we're continue that customers it's we're who serve can advance supply to - in to to so just our suppliers job we volumes our some far the we getting phenomenal working enable chain suppliers or feedback struggles. be then really needs is of and deal or think X I But we the and things do ultimately with patient to meeting to they in seeing labor from the that's they X that effect our tools or and our meet help the there can. been our customers
order million of it's estimate, been the there's depletion. maybe sales to range hard magnitude, have $XX it's So but $XX of worth maybe we million to that do in think inventory
would It future And have so in be already in of expect replenished. gets environment that to our the likely is or increase for see dependent and chain we second in guidance. to sales that future some replenished gets inventory supply hard incorporated labor that we as replenishment quarter environment. the order tell. half inventory upon the magnitude But Whether second will
much, much our factored COVID you profile quarterly been surge. We that a pretty see, that's XXXX absenteeism saw outlook lot function for XXXX, Ireland look into we a in the quarter. we assessment we the So look, a more first impact of the Covid in surge. Europe, the quarter and a like of quarter and fourth expect the where, from provided in to the dramatic facilities fourth significant of year really But that's the in from absenteeism, particularly January saw qualitative
to that there's seeing in pretty That a I think and occurred across that's January, of million heard our significant we worth least this million well customers, suppliers. our in at as that of the is think system. was impact $XX which we've why all inventory $XX as depletion
would basis, of there's you as than and So accelerate in level really We And you in I also very chain outlook. impact the imagine, or that but challenges, half, absenteeism cost. quarter. also, to to get And both begin fourth half sequential can the quarter. similar that margins, quarter driving that's get particularly our really expect second that's better in year. would we And the first the the in on with And demand. into a second quarter volume see the see will strong get - quarter. because expect to the we that as in very [indiscernible] But reflected second we second better the that of the first and expect strong progressively demand, progressively supply to
that on then elements. longer-term of just move wanted All to some to right. I color. the And Thanks for
your you're for that two? was would and halfway a of plus as traditional to Given the growth your starting X% bit for growth X% market imply about little above of that fair point year. starting Integer kind of sustainable it kind Is to rate for a organic that think of to points go-forward of guidance the goal
was the growth is great serve, it that, was when want that's answer time to want the basis of consistently we right. think sustainably, line been. our a we which than journey premium. product we points get would XXXX, of viewed faster did sustainably do of recruiting I It's we we would say, the at we markets. But to those. elements that rate. we the we'll portfolio strategy valuation we it XXX We time add grow We today think our took picked The and investors journey we to be to the leaders and to actions And outperformer basis into goal, 'XX to above XXXX, say was consistent, sustainably got is for - what want That to started leased. give short sustainable developing we should least Brett. believe be the to go we lead In reason ultimately a the we a four has beginning - both I yes our at execution 'XX, it through the wanted set the portfolio full really end basis mode. an points of question, of strategies, strategy. markets do because overview years goal, we in we ago specific ambitious our as say analysis. XXX that But frame our you to and the we build the that we - the It
faster XXXX, 'XX, 'XX us cycle, with that we And because and then we're marketed business to product process ramp. historically. through the we're think slightly investors points generation and we've it mode share for times. took perspective business the XXXX some We was product that's you and back full and That development on the in growth, market it shared in slides than the new won execution XXX go it sales or where into gives really driving seeing to 'XX, basis 'XX, about the been of thought we're and years so in the revenue in cycle targeted up new the 'XX, introduction 'XX, important show three our if introduction that one that strategy, we how on regulatory, to business, was faster
our we're some and show begin strategies deliver to sales see those acceleration. so in And of starting to
journey. yes, our X% we our rate. have that are And we to faster so a understand monitoring progress, the that because X% kind in-process metrics is to growing growing to see growth to in employees where of a to think and was important continue are seeing sales X% we up to we that it And demonstrating step we're journey it's at track thought X% and from it's the
around on lastly seeing me, overall at And year Excellent. provide the you M&A you your very you're million million might update optimism just be level from pipeline some And the just the then to this just can point opportunities? much… to an this where on then how seeing based of deploy current more you landscape? $XXX ability $XXX Thank
pipeline work had Certainly, today process to a been The that We've Oscor the see with team Throughout of we a potential fill of that more assess is out ever like from we I'll life that number we've their in their our is the together. than the specific love from of than robust working have that pandemic, the our just thank of have tremendous we believe vertically excited complete now to opportunities, very you. but And the what a a pipeline. timing robust. new buyer, integrate. were reiterate, together. the opportunities closely integration and in was years. we the stronger and portfolio in growth We we We looking - the synergies ability and and are acquisition. it's look opportunities. for capabilities to gotten the we're vigilant own chance at sellers and our own control colleagues, going Unfortunately, deals we diligent more We're incredibly When well. associates continuing pipeline more of we've
focused We growing and targeted markets. end the on faster are very
the We customers say disproportionately unmet us or investing. there's neurovascular neuromodulation. our on whether heard growth You've need this. where are or through patient heart, structural electrophysiology markets faster-growing it it's are curves, went the Those where end
those, can to way looking generate cost-effective of we're and confident and growth very are there's of returns. feel And types prudent, so we're that companies a capabilities our like to accelerate deploy and pipeline in those a capital We strong acquire. the we that help
on capital our So the that can we're for execute Thanks strategy. questions, Brett. we confident deployment
Thank you.
of the from comes Sidoti. question Jim next Our line
is Your open. line
good the taking morning. for Hi, And questions. thanks
Jim. morning, Good
morning. Good
Medical talked view. you exit But about sense take color point more us from margin of the why to it years a to make just of the and to and on lot Portable a business, will can exit some you a business? So that little decision give four of growth seems it
highly a device medical device it's exit. the it's great simply medical question. of it's say a would I'd Jim, also products. partial I emphasize, regulated And stickiness
retaining XX%, So we're exiting of the XX%. XX%,
are summary all business said, profitable $XX a rather standpoint. We so largely our is, business, customers supporting We enough. And of this from million including and the to redeploy products isn't technology went of resources this that would undifferentiated it's And freeing came those going business, up take and to some profitable you growth manufacturing cases, a while back low-cost country. space years. in move to that know, two, said, customers more to it's us in for three, four a
this so we this or products say, think a technology of you being undifferentiated has is business would how higher. distinction standpoint. even when And we Integer - with look and processes, our of from manufacturing are our all this that at proprietary technologies now stickiness most at about the is is And look the
absolutely this to four make that say worth and the the this at representative it's these of that lines look customers. years. is paid and we've we're the prices the accepted getting us. because we so indicative sure going And We're given to time going profitable We're We resources doing, industry. raising or take are, spending for support they've on but it's to it
for $XX transfers XXXX will in you It those effectiveness ability will be frankly, to it's when and quite another that look going suppliers. see sales. million, you And dependent four to before years. the upon at decline it begin of so to those the And any XXXX be the there be also or
move now growth manufacturing growth needs. but out cost more business to them, serve to into - ensure the profitable short this we're them in patient So And the they location going we see meet gives increases location planning to the reductions. it's that there, and the low through price ability advantage without the to in us for elsewhere, and facility. take profitable that that meaningful term, make But the good any investment overhead we're the also support news of start can more capital going and us that in
other we some right. thing of development spent And All And up be time to today five the cycles the years can about pointed product you of talking a then how these out was lot long. cycle.
measure of how So part on process? process, when you're it's in do you a progress? your that are early long you time, the How you're sure development when such
few a great the to amount Yes, revenue tried in of of Jim. those generating. product we're We of question, terms development highlight
getting development. the to be faster And to end we've we're paid what do showed growing XX% then markets. mix we the So shifted how
to after. shift that in We've So maybe targeted order differentiated, in - going what we've less business which mature, no, it's we're been mix. we're business winning. very it's very oftentimes, targeted attractive saying at been business in what more And the fact less markets a that's
customer the space, you introduction and XXXX, these the been slide we've volume PMA a We've we've is, the of seen growing pipeline. moving the shifting to monitor of work progression been that got we and while into robust we've our third XX% grow see longest updated at faster So We more time in-process time, we've We the products the The mix development the with XXX%, customers, line development the a cycle. Those are shared particularly of long in emerging development growth, product markets in of in the this good is quarter targeting. PMA the our able on to and faster news customers by and programs. particularly metrics. launched. been end
XXXX the higher XXXX, to in $XX in million added XX% see to million a even or the we You introduction. XXXX, $XX $XX the in 'XX depending million new upon of progression to going sales, XX%
development that and of spent monitoring. in the the it's 'XX, new at basis last what - years in XXX So to that 'XX, That's production. giving But from introductions the are These markets. our X% doing ability in our these are business we are transfer happening us It objective three points gives we're us the hit metrics we third what's and product to that X%. least financial the of the won XXXX in-process organic also confidence. growth above to confidence
Great, thank you.
question, for Jim. the Thanks
I time. [Operator over no There back this turn Instructions] Borowicz, call are to you. further the Mr. at questions
to of absorb. Great. I presented know lot a content everyone today we for
So I the integer.net. our you remind find in that on slides website today's you can audio at replay
you that for thank in Integer. call So for And the interest concludes your today.
We use cookies on this site to provide a more responsive and personalized service. Continuing to browse, clicking I Agree, or closing this banner indicates agreement. See our Cookie Policy for more information.