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Integer$ITGR · filed: grew revenue 8.0% in FY2025 to $1.9BNew shipTrillion Score 448Fall Risk MediumNext year $1.8B–$2.2B sealedCheck ▾Close ▴
What Integer filed
Grew revenue 8.0% in FY2025 to $1.9 billion, operating margin 11.9% against a 7.5% median for electromedical & electrotherapeutic apparatus, equity 51.2% of assets. Every figure links to the filing it came from on Integer’s card. New ship: no warning signs. Trillion Score 448, #83 of 116 in its field; Fall Risk Medium (how it is measured).
What the house said in advance
Revenue for the fiscal year after 2025-12-31 between $1.8B and $2.2B, an 80% range sealed on 27 Sept 2026 · receipt #6ab1d2 · graded in public by the revenue in Integer’s next annual report.
Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
KKR's **$5.7 billion** Integer acquisition bets on neuromodulation component scarcity and **200-300 bps** margin upside through operational tightening.
$5.7 billion
in cash
28%
premium to the 30-day volume-weighted average price through January…
$1.54 billion
in trailing twelve-month revenue as of September 2024
18.2%
EBITDA margins
KKR agreed to acquire Integer Holdings Corporation for $5.7 billion in cash, removing the Plano, Texas-based medical device contract manufacturer from public markets. The transaction values Integer at $127 per share, a 28% premium to the 30-day volume-weighted average price through January 10. Integer shareholders vote in Q2 2025, with close expected by mid-year pending HSR and foreign investment clearances.
Integer manufactures components and finished devices for cardiology, neuromodulation, and portable medical markets. The company reported $1.54 billion in trailing twelve-month revenue as of September 2024, with 18.2% EBITDA margins. KKR's thesis centers on margin improvement through operational leverage and strategic repositioning away from lower-margin legacy battery contracts. Integer's customer base includes every major cardiac rhythm management OEM and three of the four leading neuromodulation platforms. The company holds 47% share in rechargeable battery systems for implantable neurostimulators, a segment growing at 12-15% annually as spinal cord stimulation and deep brain devices proliferate.
This marks KKR's return to large-scale healthcare manufacturing after the $13 billion Envision Healthcare take-private in 2018 and the $2.1 billion PRA Health Sciences acquisition in 2021. The Integer deal enters a contract manufacturing segment where consolidation has accelerated. Carlyle acquired Paragon Medical for $1.1 billion in August 2023. Clayton Dubilier & Rice closed on Aesculap Implant Systems for $1.4 billion in October 2024. KKR's edge lies in Integer's installed base within high-barrier neuromodulation accounts, where switching costs run 18-24 months due to regulatory validation cycles. The firm will likely pursue bolt-on acquisitions in adjacent catheter and lead manufacturing, targeting 200-300 basis points of margin expansion over a four-year hold.
Allocators should monitor Integer's Q1 2025 earnings in late April for any pre-close customer concentration shifts, particularly in the top three accounts that represent 41% of revenue. Watch for KKR credit fund participation in the financing package, which typically signals internal conviction on cash flow stability. The neurostimulator battery segment faces potential disruption from solid-state battery entrants expected to file FDA submissions in late 2025 or early 2026, compressing replacement cycle economics. Any material design-win announcements from competitors between now and close would alter the margin expansion timeline.
Integer's public float was $4.2 billion before announcement. KKR is using $3.8 billion in debt financing arranged by Goldman Sachs and JPMorgan, implying 6.2x leverage on forward EBITDA. The remaining $1.9 billion comes from KKR's Americas XII and Next Generation Technology Growth Fund II vehicles.
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For the principal
Worth tracking KKR's debt structure at close; 6.2x leverage in a margin-expansion play creates refinancing optionality in 18-24 months.
For the operator
Integer's top-three customer concentration at 41% is the operational risk; any Q1 guidance reset before close compresses the margin expansion window.
For the house
We hold Paragon Medical exposure via Carlyle secondaries; Integer's valuation at 12.1x forward EBITDA sets the comp for our next revaluation.
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