Inside Integer Holdings: The Medtech CDMO Behind Greatbatch and Lake Region
Integer Holdings Corporation (NYSE: ITGR) is a Plano, Texas-based contract development and manufacturing organisation (CDMO) serving the medical device industry. Founded in 1970 and renamed from Greatbatch, Inc. in July 2016, the company designs and produces components, sub-assemblies and finished devices for medical technology firms, primarily under the Greatbatch Medical and Lake Region Medical brands.
Integer’s product range spans interventional cardiology, structural heart, heart failure, peripheral vascular, neurovascular, electrophysiology, vascular access, infusion therapy, hemodialysis, urology and gastroenterology. It also makes cardiac rhythm management products such as implantable pacemakers, cardioverter defibrillators, insertable cardiac monitors and pacing leads, as well as neuromodulation devices, batteries, device enclosures, machined components and lead sub-assemblies. In addition, the company supplies orthopedic and minimally invasive surgery devices, plus portable medical equipment including patient monitors, ventilators, portable defibrillators, ultrasound and X-ray systems.
Integer’s customers are multinational original equipment manufacturers (OEMs) and their affiliates in cardiac rhythm management, neuromodulation, orthopedics, cardio and vascular, and advanced surgical and portable medical markets. The stock profile lists a market capitalisation of roughly US$4.23 billion, an enterprise value/EBITDA ratio of 16.83, a five-year expected PEG ratio of 3.24 and a return on equity of 8.59% as of 03/08/2026. The profile is a company snapshot rather than a news announcement, so it contains no specific corporate catalyst or forward guidance.
What Integer’s Contract Manufacturing Model Actually Means
The CDMO Model and Why It Matters
Integer does not sell its own branded devices directly to consumers or hospitals in the conventional sense; it is a contract development and manufacturing organisation. That means large medtech companies outsource design, component production and assembly to Integer, which then supplies them under the clients’ brands. The breadth of the product list — from pacemaker leads to ventilator systems — shows how deeply outsourcing now runs through the medical device industry.
Where Integer Sits in the Medtech Supply Chain
Integer’s customers are multinational OEMs, which makes the company a supplier of suppliers. This position has advantages: long development cycles and regulatory certification create switching costs that can anchor relationships. But it also means revenue depends on the commercial success of client products. Since this profile discloses no specific product launches or client wins, Integer’s near-term outlook is tied to broader medtech demand rather than any single catalyst.
Reading the Listed Financial Metrics
As of 03/08/2026, the profile shows an enterprise value/EBITDA multiple of 16.83 and a five-year expected PEG ratio of 3.24. Taken at face value, those figures suggest investors are paying a meaningful premium for expected growth relative to EBITDA — not unusual for a medical device supplier with recurring manufacturing relationships. The 8.59% return on equity is moderate, indicating the company generates a reasonable but not exceptional return on shareholders’ equity.
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