Integer Holdings Corporation Reports Results For Fourth Quarter And Full Year 2016

~ Provides Business Outlook for Full Year 2017 ~

Note: A webcast of Integer’s conference call and accompanying presentation slides will be available at 5:00 p.m. EST today at http://investor.integer.net.

FRISCO, Texas, Feb. 27, 2017 (GLOBE NEWSWIRE) -- Integer Holdings Corporation (NYSE:ITGR), a leading medical device outsource manufacturer, today announced results for the fourth quarter and year-ended December 30, 2016.

Fourth Quarter 2016 Highlights

• Revenue of $360 million, a 13% increase compared with the same period in the prior year. On a comparable results basis, revenue was flat year-over-year and up 4% sequentially.
  
• GAAP Net Income of $8 million; EBITDA of $56 million; and Adjusted EBITDA of $71 million.
  
• GAAP Diluted EPS of $0.25 per share; Adjusted Diluted EPS of $0.87.
  
• Cash Flow from Operations of $34 million.
  

Full-Year 2016 Highlights^(a)

(a) 2016 adjusted comparable basis amounts exclude the results of Nuvectra Corporation (“Nuvectra”) which was spun out of the Company on 3/14/2016. Refer to Tables A and B at the end of this release for reconciliations of as reported and comparable basis adjusted amounts to GAAP.

• Revenue of $1,387 million, a 73% increase compared with the prior year. On a comparable results basis, revenue declined 4% year-over-year.
  
• GAAP Net Income of $6 million; EBITDA of $203 million and comparable basis Adjusted EBITDA of $280 million.
  
• GAAP Diluted EPS of $0.19 per share; comparable basis Adjusted Diluted EPS of $2.68 per share.
  
• Cash Flow from Operations of $106 million. Repaid $46 million of debt.
  
• Lake Region Medical integration activities and net cost synergies remain ahead of schedule.
  

“We had solid performance in the fourth quarter and are pleased with the continued operational and financial stabilization of the business,” said Thomas J. Hook, Integer’s president and chief executive officer. “The successful steps we have taken to integrate and stabilize our business establish a strong foundation and increase our confidence as we move into 2017. We are well-positioned to drive profitable revenue growth as we seek to deliver innovative, cost-effective solutions to our customers and drive shareholder returns over the long-term.”

Summary of Fourth Quarter Financial and Product-Line Results
(dollars in thousands, except per share data)