Integer Holdings Lands New $99 Million Stake Even With Stock Down Over 30% This Past Year

2026-02-24 12:21:51

On February 17, 2026, Irenic Capital Management LP disclosed a new position in Integer Holdings (ITGR +1.48%), acquiring 1,263,663 shares in an estimated $99.11 million trade based on quarterly average pricing.

What happened

According to an SEC filing dated February 17, 2026, Irenic Capital Management LP established a new holding in Integer Holdings by acquiring 1,263,663 shares during the fourth quarter. The estimated value of the trade was $99.11 million, based on the average price for the period. The fund’s stake in Integer Holdings was valued at $99.11 million at quarter-end, reflecting the position’s value including stock price movement.

What else to know

Top five holdings after the filing:
- NYSE: ITGR: $99.11 million (13.7% of AUM)
- NASDAQ: SHC: $67.00 million (9.3% of AUM)
- NASDAQ: TBPH: $51.66 million (7.1% of AUM)
- NASDAQ: ALKT: $48.60 million (6.7% of AUM)
- NYSE: WK: $47.61 million (6.6% of AUM)
As of February 17, 2026, shares of Integer Holdings were priced at $87.66, down 37.9% over the past year, trailing the S&P 500 by 49.75 percentage points.

Company overview

Metric	Value
Price (as of market close February 17, 2026)	$87.66
Market capitalization	$3.07 billion
Revenue (TTM)	$1.83 billion
Net income (TTM)	$86.90 million

Company snapshot

Integer Holdings manufactures a broad range of medical devices and components, including products for cardiology, neuromodulation, orthopedics, vascular, and advanced surgical applications.
The company operates primarily as an outsourced manufacturer, generating revenue by supplying original equipment manufacturers (OEMs) with high-value, specialized medical devices and battery solutions.
Its primary customers are multinational OEMs and their subsidiaries in the healthcare sector, particularly those focused on cardiac, neuromodulation, orthopedic, and advanced surgical markets.

Integer Holdings is a leading contract manufacturer in the medical device industry, serving global OEMs with a diverse portfolio of products and technologies.

What this transaction means for investors

Integer closed 2025 with 8% sales growth to $1.85 billion and 21% adjusted EPS growth to $6.40. Fourth quarter adjusted EPS rose 23% to $1.76. Those are not necessarily distressed numbers—even if the stock’s recent trajectory may suggest otherwise.

Yes, GAAP income was pressured by debt conversion costs and other charges, and leverage sits around 3.0 times adjusted EBITDA. But management still expects 2026 adjusted EPS between $6.29 and $6.78 and sees a return to 200 basis points above-market organic growth in 2027.

Within a portfolio that also includes healthcare services, software, and biotech names, this is a sizable but not dominant allocation at 13.7% of equity assets (save for those underlying put options). That fits an activist profile targeting operationally solid companies where valuation and capital allocation can be catalysts.

Long-term investors should focus on organic growth in Cardio and Vascular, debt discipline, and execution against the near-term outlook. A 38% drawdown lowers expectations, but if the fundamentals hold, that gap can close.

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