Integer Holdings Corporation: Vegas Takes

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Integer Holdings Corporation: Vegas Takes

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Integer Holdings Corporation

Vegas Takes

Maintain Rating: NEUTRAL | PO: 98.00 USD | Price: 84.98 USD

Fireside chat with ITGR CEO and CFO 12 May 2026

We hosted ITGR CEO Payman Khales and CFO Diron Smith at our Healthcare conference Equity

in Vegas. We covered key topics including strategic review, 2026 revised guidance,

Travis Steed

outsourcing trends, customer and market diversification, inflation, and margins/FCF. Research Analyst

BofAS

Trends more toward outsourcing than insourcing +1travis.steed@bofa.com404 607 3251

The primary focus from customers is to bring to market the next generation of Stephanie Elghazi

therapies. Customers need ITGR to help them with design development to make sure Research Analyst BofAS

they can get the most value of their products. ITGR doesn’t see a trend toward stephanie.elghazi@bofa.com

insourcing, they see more towards outsourcing given ITGR’s scale and breadth of Gracia Mahoney

capabilities that help customers bring products to market faster. Research Analyst BofAS

gracia.mahoney@bofa.com

All options on the table for strategic review Enjia Cao

ITRG is a leader in the CDMO space and has always had interest from other parties, Research Analyst BofAS

which has been heightened in recent months. That is why the strategic review is enjia.cao@bofa.com

happening now vs waiting to get through the growth air pocket. The Board wants to look Aidan Lahey

at all ways to deliver shareholder value. The Board is exploring all options with an open ResearchBofAS Analyst

mind – there is no focus on a sole outcome. If the decision is that standalone is better aidan.lahey@bofa.com

for shareholders, then ITGR will do that. Timing can be considered in months not years. Rei Tan