ITGR - Earnings call transcript Q1 2024 | Integer Holdings Corporation

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Operator

Thank you for standing by. My name is Kathleen, and I will be your conference operator today. At this time, I would like to welcome everyone to the First Quarter 2024 Integer Holdings Corporation Earnings Call. [Operator Instructions] I would now like to turn the call over to Andrew Senn, Senior Vice President, Strategy, Business Development and Investor Relations.

Andrew Senn

Good morning, everyone. Thank you for joining us, and welcome to Integer's First Quarter 2024 Earnings Conference Call. Joe Executive and Financial Vice are and Executive Officer. today Smith, Diron President me Dziedzic, Chief President Officer; With and Chief

today As data of results the for reflect discuss Integer indicated. a results the periods and the consolidated reminder, we the

discuss will non-GAAP financial we call, measures. our some During

forward-looking For for an reconciliation Joe website will which materially. On schedules, full call includes please provide Diron could to filings closing for questions. With the opening today's outlook. then today's are on and to our call financial results non-GAAP integer.net. Please update year to Joe. refer Joe of note appendix I'll then presentation differ of trending XXXX the our the of cause of and to Please back the comments today's his presentation, the remarks, will open these XXXX over at company's that and first a and on today's actual the we'll for quarter turn that earnings financial our provide review his the measures, refer to provide call, results statements. come press release will available our factors that, risk SEC adjusted discussion up

Joseph Dziedzic

Stewart the Kristen and from to Andrew, year Integer CL on thank to XXXX. XXXX start to who Thank income coverage compared rate sales Integer quarter you, sales have coverage up welcome appreciate everyone the King, call for of you X.Xx to XX% first with or the joining of today. We initiated year-over-year analysts past sell-side the month. We strong a adjusted of over and XX% initiated had growing and operating last growth the

XXX excellence gross versus share year-over-year and and environment. basis quarter manufacturing an primarily our supply the execution earnings grew adjusted XXXX, direct initiatives per and labor margin our to addition, due points improved chain In of first XX% expanded

full our year reiterating are We outlook.

XXXX, growth X% XX% of to continue income XX% operating adjusted versus expect a XX% increase. We to strong and to sales year-over-year growth of

also of are began confirming XXXX producing per sustained XXXX now margin in strategy share cash to implementing earnings million flow of $XXX $XX developed adjusted million. The sales $X.XX and free expansion. growth and is we We to XXXX in $X.XX and above-market that

to trailing manage X.X growing Integer a because quarter while the executing adjusted also within at inorganic have range new is time in continue of debt faster pipeline to our an leverage strong markets. products, concentrated X We our of growth strategy. It X.Xx exciting we end EBITDA,

expanding of now and am the initiatives, our manufacturing or to as margins to compound add Our for our difference a Diron. result acquire differentiated that for integrate patients. I'll tuck-in our making capabilities. acquisitions customers delivering that a turn are associates excellence are call we I world and around continue the over and for grateful

Diron Smith

acquisitions, X% today. I'll million of than XX% on $XXX XX% you XX%. and results growth. the $XX outlook. an Adjusted InNeuroCo and or reported again We XXXX fluctuations. basis, Sales basis year-over-year $XX versus of to our million which quarter. impact a more more thank adjusted X.Xx last and up foreign year Pulse recent morning, rate prior of first compared excludes year, of of increase started details the XXXX a Thank market currency an you, of and joining Good our the medical our Joe. grew provide portable an We operating on quarter delivered with update exit our strong first the million on provide everyone, discussion for EBITDA, organic growth and the strategic XXXX delivered income financial sales on

margin expansion. make continue progress to year-over-year We on our

diluted million, first XX.X%, a year as the quarter earnings of and sales, first of strong improvement is approximately or basis quarter in product XXX ago. Adjusted income of line the which trailing represent adjusted year-over-year the XX% adjusted X-quarter versus percent continued XXXX which $XX our of approximately was from XXXX. C&V XXXX. XX% net up quarter a share of for quarter per $X.XX sales CRM&N represents sales, basis delivering of total First income growth $X.XX XXXX operating first on points a

presentation included delivered in XX% Cardio product details our million sales we $XX are and PMA demand sales which Operational $XX trailing quarter XXXX. customer versus double-digit manufacturing cost the by adjusted line, demand X website driven our XXXX first from with product emerging million customers. at more CRM Neuromodulations and X quarter of year-over-year neuromodulation Management For quarter operating strong Pulse year-over-year, and delivered trailing the double-digit insight versus of and driven strong million Rhythm our all CMB the by customer up and $XX ago. sales InNeuroCo Cardiac into increased growth across quarter acquisitions. from Vascular growth improvements, growth year leverage, and appendix Further a XX% markets, net increased primarily on improved from efficiencies double-digit line include provide income, integer.net. To first performance,

funding capacity. than the InNeuroCo average our and using interest adjusted by While last was unfavorable technologies due improvements interest primarily in expense revolver than higher to total available were rate year. driven This our debt adjusted foreign expense effective approximately million $X acquisitions exchange. On slightly balance higher and a is more the by higher tax Pulse during for period, offset a tax-effected basis, of

tax of adjusted the Our rate effective for year. XXXX the prior XX.X% to compared in was quarter XX.X% first

XXXX. adjusted prior lower year tax compared the was of to rate stock vesting discrete the recognized upon due primarily quarter during benefits effective to units restricted tax Our first of

higher Pillar be effective tax as this operations, margins is and to in recent up call, tax the XX% residual $XX XX% in million well XXXX, of by of earnings sales OECD continue from payments, previous bonus of by the as flow by first $XX first between quarter framework of the mostly quarter Malaysian the working member establishing The holiday tax XX% ago. driven adoption improving effect made rate as of the management X by year offset partially cash We we million from EU effective volumes, the generated year. adjusted which expiration. In rate a our capital discussed annual effective to every for are of was a improvement minimum driven higher to XXXX, the our in expect state

spend of in $XX quarter track Our the $XX first full CapEx million expected to of is million. on spend year $XXX our to million

target billion quarter ending cash Net balance. of first free result, million. the $XXX a a XXXX, Pulse the This at was this the fourth of EBITDA, to quarter at an was increase was for usage leverage million $X driven the increase As XXXX total flow X of to debt year. Net within first by adjusted our January quarter the quarter of Technologies approximate end $XXX in million debt is total X.Xx. quarter X.Xx $X.X of the XXXX first ended in trailing of of compared range strategic which acquisition X.Xx

are mentioned remarks, we our for profit Joe opening in outlook his As sales, cash. reiterating and XXXX

We an XXX underlying to expect versus to X% our growth of $X.XXX with XX% last range basis of X% billion billion, market rate X%, organic to deliver sales of in points of X%. year, increase the is which to estimate above growth to $X.XXX X%

full contribute offset we reflecting growth growth, between we $XXX XX%. million expect which anticipate Pulse EBITDA basis We $XXX by XXXX. XX% organic income $XXX Similarly, income X% to between adjusted our the $XXX market of to At XX% year inorganic partially operating to is to adjusted to adjusted percent grow the million, exit, operating as the addition expect the acquisitions, growth. and $XXX and million portable to compared medical million. to In InNeuroCo a to is points XX sales XX% expected midpoint, million, of grow to

million adjusted of expect net is to We to versus earnings XX% per XXXX. share prior which $XXX $X.XX $X.XX, income adjusted of which with and to is of between X% million, the year to growth compared $X.XX $XXX $X.XX growth

the line quarter We results year-over-year continuing PMA and half from grow XXXX our with new growth. to to throughout digit First sales emerging expect high customer were introductions XXXX single sales of XXXX first with expectations. product in increase further

improvement remainder our flow sales profit manufacturing a growth outpacing driven outlook We expand costs. Similar debt sales in operating as net also and the reiterate and efficiency loss, expect of projections adjusted in XXXX. throughout total XXXX, on outlook growth our income by we of percent to for cash continued and operating to our

which flow $XXX between to operations from cash year-over-year million X% million, an increase expect represents $XXX We of outlook. midpoint at

$XX remains Our to million we to at continue capital invest in million expenditures for $XXX capacity. outlook as capabilities and organic

expect of Pulse billion, net result, million As $XXX $XXX January total free we $XX and of in to our we million $X.XXX between this year-over-year. Technologies a $XX debt year-end expect million. Inclusive acquisition $XX which million year, to flow up our between be $X.XXX of and is XXXX million to generate approximate cash

range target end to adjusted Joe. call ratio I'll our EBITDA. With back X.Xx expect of X to the with our the quarter trailing that, you. Thank year X.X within turn leverage to We

Joseph Dziedzic

demonstrate is focused our executing we X% growth with to organically and income. for execution continue our We results shareholders. above-market reiterating premium Thanks, create Diron. With adjusted outlook growth XX% sales on as of to to operating our margins. XXXX, strong sales are strategy, we strategy of remain in to our XX% The and increase inorganically expanding producing to both our XX% start a valuation

call portion the to Q&A We our over will moderator the the now call. turn for of

Operator

from of Instructions] the Brett Markets. first [Operator line question comes of Fishbin Capital Your KeyBanc

Brett Fishbin

your March conversation looking quarter. trend One off just was take the customers start of were to inventory potential growth of to or topic wanted that some Just quickly reduce build the up they that on by down. impact came revenue in

some their just of with inventory if looking activity returned take So areas, actually ordering that product customers trends before might where underlying different the line across in more to have needed seen some seeing. we're the down you the curious pockets

Joseph Dziedzic

we of book is. gives guess good my our us order have really million. It what answer for Brett, immediate question. the visibility thanks is an that's customers' $XXX-ish I demand

adjusting got thought we're the on what now management do we earnings last really are of what some customers. and levels. second seeing call believe particularly and that highlighted adjustments, and guidance the on they us and adjustments actual in have mass normal based the quarter what quarter experiencing earnings and we they oftentimes on our when telling We -- based inventory by third summer, inventory third into visibility, our last and call is were is inventory orders. the they dear adjusting upon we letters so in saw supplier customers near We term year the We that need customers good do quarter, year-end

working clear guidance. year, customers, are them we're levels. the think many of all confident XX%. have our that full a with inventory quarter, our that said think off into growth. We And of it's of we started they XX% sales first X% up to reduce year factored their strong the I got for We've to

Brett Fishbin

terms in side right. potential lot All other emerging of And helpful. on Certainly, PSA then maybe around products. conversations tailwinds, very a the of

then curious it in the how year trends just there's for contemplated & any quarter, of in some if to those contribution you're we're just subsegments the as of that rest could way Cardio about I'm electrophysiology Vascular. seeing the And So thinking maybe the you and frame of the the maybe around the broader to contribution and the guidance? products

Joseph Dziedzic

Certainly.

growth. our quarter. -- excited very number electrophysiology everything believe electrophysiology, in particular we've access of Last about So We're to our in that and diagnostics programs, integrated. had very position through electrophysiology customers a first a we we continued the vertically therapies to where new marketplace. growth We've experienced on support talked have into ablation highly space well a in in therapy strong devices innovative we from year, in as lot the itself, the from that strong bringing new and as very we're strong

that expect throughout to We year. continue the

what forecast of end programs. year those in customers. ramp about our year, applications. done that's factored and the as last estimate this our and their those of well. growth We are increased neuromodulation upon the I customers' best would year our beginning previous emerging We're or which in of new we have at customers and many We therapies emerging excited in into launch them had the we highlight our based guidance, built programs PMA for programs,

heart structural we're about. that have launching We excited programs are that

getting a our the are that the excited on of the and about had lot products into growth. therapies customers, of on drive markets counting designed to we're focus and it's into launching that end their a So we're with customers new faster-growing result our the we've

top of customers. year's strong success X% excited And demonstrate at growth XX% year, our this of last our on we we're about continues XX%. strategy top to think So that line partnering to of with the

Brett Fishbin

Maybe in if one last I can more, question. sneak

the just segments, big just what the touch you one could sales, out, like to getting the bit driver should thing it more about from given year, about mean, XX% sequentially of Just if but stood of maybe Biomedical, maybe X other you on guess, decline baseline And I in for I like now rest magnitude that over towards key the quantified if the a curious it to we -- the was? of compared think that XQ. think how really little of the

Joseph Dziedzic

Sure.

guidance we year, to we've a million will So XX given basis which of the nonmedical $XX be Electrochem, that on for expect sales million $XX Integer. a points for total segment, of to XX drag

You math a the in million, In drag $X can basis. the so about quarter, non-medical on XXX segment. was almost do basis the a year-over-year of it first points

was in segment the Medical So first quarter up organically. X.X% actually

and supply But of release we when be down basis, quarter, particular, our in suppressed recovered we significant in a You part chain the can and the the that 'XX. on disruptions couple in to XXXX first the expect late see a Electrochem chain had half first detail. had and fulfilled and level backlog we filed And sales of we back what the press qurey, challenges those 'XX that provide of in year-over-year that from period. their time supply of orders that early a XXXX, bolus we

of then seeing is digits million what so be we a that run we're to grow that for forward. to And we $XX would what to for normalize mid-single business going seeing we're And rate XXXX. $XX to expect million that expect

Operator

Matthew from Piper O'Brien Your the Sandler. next question of comes line from

Matthew O'Brien

different market? most do electrophysiology a a you more little here. Because say products would side competitors on your the of you you follow developing there's to dynamic things. in of are we're that have Joe, the bit the have -- across of up exposure any And I guys know growing exposure to this of bunch you the then Just seeing companies board?

but or supply the So are just or like that it long-winded to you're for full catheter be everybody, on you focused individual is -- sorry of a the able is you'd supply of components question, and be couple able just catheters? companies, to going it to

Joseph Dziedzic

for Matt. and love supporting, Thanks would what the about tell of know how details them. question, we're to able for who that I of the you to granularity. we exactly you can't But Unfortunately, be level much provide doing we're

on that from highly their can say driving components we're device most customer want don't market. that's in not and exciting device -- we their talking getting them, What don't everything have in do of the do customers device everyone. same programs Our and us products to breadth We every into the growth. But can is front integrated. capability, of we to for But I the -- anything content the delivery. depth it about finished different we're obviously vertically are our is, It's -- coming every given market and customer.

both medium who broad And portfolio access. in so and the the a But short, wins we in there have absolutely long of is who variable does and affect us. term such wins

the So ablation are they as think necessary the guidewires catheters. catheters and diagnostic guiding well as sheaths, think

are access oftentimes be and that in can very to strong itself. agnostic more the And so therapy diagnostics we

as quarter, to last continued our strong specific with material then access, continue in capabilities, the we expect bill per win grows, and in delivery into reinforce, as we content who had serving so customers. the market. the the grow of growth how the just particular, market grows, that year. And dollars on the for we with I'll And overall what year. and we're that customers doing we'll the of can But throughout upon diagnostic electrophysiology a we into on of we're unit, have That designed therapy, bit what based wins impact of and And electrophysiology what first and more because that. have very

Matthew O'Brien

expecting. but And you folks pretty it. Got I it's were a follow-up some what think had little put specifically, below But then tough a a question maybe QX, comp C&V on in good up bit here growth. still just

I'm new and from performance year that the the of those in for so do anticipate you C&V a of lot quarters strong coming, And more remainder 'XX? of PMA really wondering all just X of business these that last products out the contribution products here are with kind

Joseph Dziedzic

Sure.

quarter. a a reported markets mix that's serve. So X-quarter products a C&V basis. think we of given first pretty XX% XX% We rolling the strong grew broad and for that result the on

the also We that. that have acquisitions in are there helping

So obviously, without that includes grew basis, even that single we the benefit of those acquisitions. on But digits. organic still high

continue and necessarily fuel get and because launched the the won't commercial we the for organic of and expect but So as new art from timing this 'XX structural beyond. grow that would we very organic and Pulse to acquisition, the and C&V business. throughout year C&V the strong the as get year acquisitions, that programs we very, electrophysiology to and to results across continue when growth And InNeuroCo synergies into although be of -- will

Operator

the comes question America. of Bijou from from next of Your Bank line Craig

Craig Bijou

does the existing today? portfolio? portion customers. another the So the is don't today aggregate, you the launches? see at business on recognize then that that have you change And lot guys aggregate you some new provide of versus I the or give EP a said how I any I that's guys believe on components But on full you the the with more there devices if color directionally PFA you X on business. catheters of in that PFA content color look mean to way have in quantify versus business that could And your

Joseph Dziedzic

great question. Yes,

finish devices a think we're So components We that subassembly of assembly, We is can today. device have from majority strong do number. But components be and components. those the in start I going our of to and with to of significant do would business assembly, a you in few capability. components finish

customers synergies people there under we that them accelerate of But company, advantage and oftentimes strategic X of doing we've into take their assembly, which help they absolutely integration vertical speed vertical benefits new customers to to the are the that with, we're finished have supplier always fewer programs, said X But of roof, advantage our the give to device X as today. want are working having more we market, move of to devices device integration. that final work so consistently. the Our is

components always of get we have more are of the on bill material higher to working percentage device. and So a the

of our bill that's And higher to next-generation so percentage strategy material. of with a the get is every device

Craig Bijou

helpful. operating it you didn't or in growth, on XX% implies year, And the strong a That's of obviously, Great. for will. pretty QX, income you leverage, less a but the was guide at which change if bit slowdown

So are year guys things affect be leverage that deliver? moving amount conservatism, that there the the throughout you're is you can we other as of should simply or that considering may

Joseph Dziedzic

Sure. better the noting. start Thanks a year, XX% with the strong XXXX, rate. progressively we throughout for quarter. is very year got I'll Last on margin

You every can operating a grew quarter the sequential income adjusted see on basis.

the look number would that And significantly itself XXXX. the significant we that today throughout significantly, quarter, XXXX labor turnover continued to XXXX. to year if particular, was the trend last XXXX, year, XXXX. were That quarter and impact has got better continued where quarter fourth disruptions we so repeat The highest, We've has turnover throughout if you those chain we reduced trend had talked challenges in we compare improve some better. to the the the to the significantly. direct supply and lowest, has about in reduced that has are into we of are we of pattern expect you was at the where by first environment I'll point

to and us that margin continues Our direct drive labor turnover improve, has expansion. helped to that

grow XXXX which profit And sequential pattern to on and we year. consistent basis, so a last throughout expect able sequentially sales is the to be with both would

as you tougher So the sequentially, as obviously, comps get the the goes. -- year better comps get

of last the our in So we're about rate I of And high year to point of growing the splits instant excited sales, midpoint the get very guidance, would a think at X.X, end growth in just look to XX% quarter. growth XX% first quarter strong. quarter to We're think. X.Xx at XX% pattern growth. profit year the and we the profit off first is to with the We the think start great for

Matthew O'Brien

if in And squeeze could Got on just it. more X Helpful. I PFA.

included estimates you think see in -- guide your have upside included you've you What that happen best in or that to I your said would year? for this to your PFA from guys it's to guidance. PFA

Joseph Dziedzic

components, distribution it's plants. that that our into manufacturing if devices. into They answer subassemblies then by I'll about component what then of do channel a to their customers, goes for we or you that saying Maybe finished manufacture and then our Yes. one build self-assembly, it if shipped think gets customers' a it put into a They and we procedure. product. And

our what book orders have customers would drive And increase manufacturing so to volume would have place into order plans us. their significantly to happen more and incremental our is to on

you if a we a into half about early procedure build so when even think XXXX. until of quarter until And maybe not 'XX product, going second not and that's of XXXX, the the in second

nature, And whatever just And on -- about relative on source their think their sole we timing, so increase and that the us, volume deliver so increase you our to for they and given demand is. got demand get customers ultimately then manufacturing, us primarily orders if end to their we'll them. procedure got you market

Operator

CL comes Your Stewart the from King. from line Kristen question next of

Unknown Analyst

performed good I and Congratulations the on a they quarter. could and any on perspective? was your details the Pulse further on quarter InNeuroCo bit little in wondering just expectations And technologies, share how M&A if then for thinking more a year? in you on update

Joseph Dziedzic

them we're been from think and they things operational we've some able the of things we've We plans synergies. exceed you Certainly, a the to the how They operate. very had always come meet share two-way in and of much couple off strong seeing a quarters. great so they it's It's when been are believe We're benefits standpoint, with to -- see believe businesses, we we year. From a in those having very have to commercial operational synergies accelerate we're that and X to organic see pipeline what of integration thought process excited we conversations of the they us and accelerate for be both we about activities them we out synergies excited we're have growth when do, part strong to underway, Pulse start. that first customers help those good Integer. we or a businesses going first and and get and There quarters. is InNeuroCo to from bring into about and The learned the sharing, business, is well expect are but XXXX. going

Unknown Analyst

just And thoughts M&A landscape. then the on

Joseph Dziedzic

Great, Yes. great.

Sorry, missed your second part.

a ended acquisitions We do of X be our do continue when opportunities last and to pipeline. The year. process. the variable of acquisition. and X.Xx first curate is capacity debt in that the able have January this October never of an at that's leverage, in We number We year really quarter stopped to the after leverage we to

that leverage. the think think has curate that us. a well have continue being we'll capacity in strategy X.X working continue flow well to these advantage maintaining expect would we're cash half within the and the founder-led So our do or tuck-ins second year to the growth, of to for strategic businesses, to more EBITDA tuck-in able range to to we've been execute opportunities in competitive Based of while got We we individual-owned and we for on the with acquisitions, X.Xx.

Operator

Your comes of of Nathan next from Treybeck Wells line question the Fargo.

Nathan Treybeck

points this. long-term to of growth market your outlook Joe, X% question. basis you thinking X% XXX a just high-level above are about plus How

Could several change ago, ] and new kind industry -- your it seems the You a frameworks therapies. PSA years those growth rate saw for maybe like this tricuspid of potentially developments and the [ mean add higher business? structural this

Joseph Dziedzic

time, the the say, would business rate if mix the increase use sales the lambda, you faster-growing shifts targeting, market that And [ will, growth market growth market the expect great mix. sales weighted our our ultimately, in average growth, mix over Nathan. we end percentage of a of because when ] we the the I we've to would define into we absolutely higher a question, absolutely, That's -- as been markets

Having ] and that have working So expect absolutely programs markets growth of that increase I least winning. basis stay ] measure do time lambda programs in it market, of continue success [ lead neurovascular faster absolutely are that's is allow we're development we as structural lambda that than how above What the ultimate neuromodulation, ]. would to in over electrophysiology that XXX those because [ amount it will [ that absolutely we that's will that will to points pipeline our on will of we're also we heart, us targeted faster our customers our with sales of is, new lambda. the XX% at growing know

the So it's the ] a lift say, which time, will organic over business, great growth total, point. lambda the the lift mix sales will of absolutely And yes, sales [ of rate.

Nathan Treybeck

in about XXXX, the to able you you flattish take how to but Okay. offset are And Can talked previously pricing inflation? talk in to in are cadence XX% You you relative thinking lingering QX? any margin XXXX? the about gross price about being

Joseph Dziedzic

expense pockets expect improvement margin of largely well. recovering on we're points but there see the the the control that throughout margin, work we margin operating income, keep expense, basis after expect some and the the to that also very operating customers. from and we pricing gross established, but still And pricing R&D -- year our our XXXX. we some the we're with that are for for to work improvement, we would continued come adjusted operating some hard we progresses, to to gross but from year get We'll of is So SG&A at opportunity of the be midpoint, where as flattish would leverage rest comfortable at operating of some year. will We're as XX margins, expense

come So for gross both operating margin we to and would expect it leverage.

Operator

of next Citi Group. Your the comes Wuensch question Instructions] of from [Operator Joanne line

Unknown Analyst

[ for This is Ilmar Phillip Joanne. ] on

if internal your making of as you up guess like external and of how customers share your like just are was to across you investments I touch I seeing how that could you're kind portfolio? just consolidation wondering Just you're expand quickly, on build the portfolio?

Joseph Dziedzic

CapEx from we've external high elevated we Maybe because and Irish first talked investment, I'd Certainly, half down the if slightly the investments X this CapEx spending second year. expansions already those at the middle be X we're half this about. about is take that to point still which is of a of expect timing, because possession a facilities CapEx internal that level the of I question to year, to in step the facility

so will finished of And those the facilities. have we build-out

So a in will standpoint, CapEx, rate half. from second step down run the

get it us from or assembly think customers competitive half view significant average what And to inorganic, debt top strategic portion hear to our -- their advantage, that an the level. maybe see we can gives suppliers. line or strategies. plays From a subassemblies into finished supply external acquisition capabilities device from through just mean they about it's to continued than to higher vertically acquisitions the are our that very through that not we the integrating if a have see the as vertical our want capacity or is our X about. them we're doing question us execute while we first doing would it's partner even supplier more consolidation, of we whether to expect components the with continue stronger, acquisitions and of consolidate we're the excited standpoint and fewer, You and closed, quarter helping we help more And vertical you customer device them if the second we're the we strength. an the whether well integration We seeing or incredibly enables year. We customers we're think accelerate think chain, integration, investment, a positioned

Unknown Analyst

in most Great. XXX were do where where most the able I'm to mean then have wondering operating you quarter. margins about And year? for the just success? rest bps I see extend And like for room did the margins, of you opportunity on you the the

Joseph Dziedzic

some through continues the Well, of for was out XX% for And recover improved also year. just and combination our profit that basis, chain while over Certainly. in the of growth quarter directly inefficiencies the XXXX, in last the estimate those profit inefficiencies, pass-through a I to to to see expect really would And inflation have well. some improving stabilize, XX% working that we the out. throughout as of the on to our also XX% that us it annualizing year. prices on and to expect improvement labor did return we now we chain to some supply every XXXX our supply and pass year, don't point a margin environment operating as -- remains rate, it's of the the would and we're sequential continuous enabled operating we

expect a follow that So XXXX steady working pattern. to improvement we're similar would approach and on continuous

Operator

conference are questions this to I back further closing turn for There time. no over now will Senn the at Andrew remarks.

Andrew Senn

Great. joining you, for everyone, the Okay. call today. Thank

of this covered. website we well your for the on call. you Integer, always, concludes our access you call Thank just the can interest in as replay As that our that presentation as and

Operator

joining. Ladies and gentlemen, that for concludes you today's all Thank call.

You may now disconnect.

Integer (ITGR) 25 Apr 242024 Q1 Earnings call transcript