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Reports Q1 revenue $310.912M, consensus $314.57M. "Integer delivered first quarter 2022 financial results consistent with our expectations. Our dedicated associates remain focused on delivering products for our customers and the patients they serve, despite the challenging labor and supply chain environment," said Joseph Dziedzic, Integer's president and CEO. "Our first quarter progress on direct labor staffing and supply chain position us well for growth. We expect double-digit sales growth for the rest of the year, beginning in the second quarter, as well as gross margin improvement through the remainder of 2022." Dziedzic continued, "We continue to execute our strategy to accelerate top-line growth by adding approximately $90 million of annualized sales at accretive growth rates from our two recent acquisitions. We acquired Oscor in December 2021 and earlier this month we acquired Aran Biomedical, which brings highly differentiated, proprietary biomaterial technologies for cardiovascular implants in high-growth markets. Our 2022 outlook now includes these acquisitions, with projected sales growth of 11 to 13% and adjusted EBITDA growth of 12 to 17%, year-over-year."
Integer announced the acquisition of Connemara Biomedical Holdings Teoranta, including its operating subsidiaries Aran Biomedical and Proxy Biomedical, known collectively as Aran or Aran Biomedical. Aran delivers development and manufacturing solutions for implantable medical devices. "The acquisition of Aran Biomedical is entirely aligned with our strategy to expand our presence in high growth markets," said Joe Dziedzic, Integer President and CEO. "Aran brings subject matter expertise and highly differentiated implant technology solutions to our portfolio. Coupling these technology solutions and expertise with Integer's leadership in delivery systems and manufacturing scale will bring an unparalleled ability to meet our customers' needs and be their partner of choice for developing the next generation of lifesaving and life-enhancing medical devices. Their innovation, capabilities and values are a perfect complement to Integer's, and we are thrilled to welcome Aran's 130 associates to the Integer team." Transaction Financial Highlights: Integer acquired Aran Biomedical for EUR 120M, with up to an additional EUR 10Mof contingent consideration payable based on Aran's achievement of 2022 revenue growth milestones. Aran Biomedical generated sales of $17 million in 2021, nearly doubling sales from the prior year. The transaction was financed with borrowings under Integer's existing revolving credit facility.
Integer Holdings Corporation announced that Bill Sanford will be retiring as Chair of the Integer Board of Directors at the conclusion of the Company's 2022 annual meeting of stockholders, which is scheduled to be held on May 18, 2022. Commensurate with this carefully planned transition, the Board of Directors plans to appoint current long-standing Integer Board member Pamela Bailey to serve as the next Chair of the Board.
Field Trip with Integer's SVP Borowicz to visit the headquarters of the company's latest acquisition, Oscor, Inc., will be held on February 23 hosted by KeyBanc.
Field Trip with Integer's SVP Borowicz to visit the headquarters of the company's latest acquisition, Oscor, Inc., will be held on February 23 hosted by KeyBanc.
Reports Q4 revenue $313M, consensus $307.7M. "Integer delivered strong year-over-year financial results in the fourth quarter and full year 2021 despite a challenging labor and supply chain environment. Looking forward to 2022, we expect our year-over-year sales and profit growth to increase throughout the year. The growth will come from the execution of our strategy as well as the integration of Oscor, which is well underway," said Joseph Dziedzic, Integer's president and CEO. "During 2021 we protected our associates, delivered for our customers and patients, strengthened our culture, and remained focused on executing our strategy. Integer's unique position is enabling us to serve our customers through all phases of their products' lifecycles. Our customers are rewarding us with more development programs in high-growth markets, in support of their product roadmaps. We are confident that our structured and disciplined product line strategy process combined with our targeted investments in high-growth markets will drive sustained above-market growth."
Integer Holdings announced the close of its acquisition of Oscor, Inc., a privately-held company that designs, develops, manufactures and markets a comprehensive portfolio of highly specialized medical devices, venous access systems and diagnostic catheters and implantable devices. From concept to commercialization, Oscor offers its customers a complete line of finished introducer systems, guiding sheaths and proprietary lead wire technologies serving the higher-growth cardiac pacing, electrophysiology, neurostimulation, cardiovascular, peripheral vascular and structural heart markets. In addition, the acquisition further broadens Integer's research and development capabilities and expands its manufacturing presence to the Dominican Republic, augmenting Integer's already extensive global footprint and manufacturing capabilities.
