Integer Stock Down 38%, but One Fund Just Bet $40 Million on a Turnaround

On February 17, 2026, Newtyn Management disclosed a new position in Integer Holdings (ITGR +2.31%), acquiring 550,000 shares worth an estimated $43.14 million.

What happened

According to an SEC filing dated February 17, 2026, Newtyn Management initiated a new stake in Integer Holdings (ITGR +2.31%), purchasing 550,000 shares. The estimated transaction value was $43.14 million.

What else to know

• This was a new position for Newtyn Management, accounting for 4.53% of its 13F reportable assets under management as of December 31, 2025.
• Top five holdings after the filing:
  • NYSE: AD: $91.15 million (9.7% of AUM)
  • NASDAQ: INDV: $90.94 million (9.7% of AUM)
  • NASDAQ: QDEL: $86.10 million (9.1% of AUM)
  • NYSE: NVRI: $82.42 million (8.8% of AUM)
  • NASDAQ: TBPH: $80.45 million (8.5% of AUM)
• As of February 17, 2026, shares of Integer Holdings were priced at $87.66, down 37.9% over the past year, underperforming the S&P 500 by 49.75 percentage points.

Company overview

Company snapshot

• Integer Holdings produces a broad portfolio of medical device components and finished devices, including cardiac rhythm management systems, neuromodulation products, vascular and orthopedic instruments, and customized battery solutions.
• The firm operates as an outsourced manufacturer, generating revenue by designing, developing, and manufacturing devices and sub-assemblies for major original equipment manufacturers (OEMs) in the healthcare sector.
• It serves multinational OEMs and their subsidiaries in the cardiac, neuromodulation, orthopedics, vascular, and advanced surgical device markets worldwide.

Integer Holdings is a leading global medical device outsource manufacturer with operations across the United States and internationally.

What this transaction means for investors

Medical device manufacturing is rarely flashy. It is steady, capital-intensive, and deeply embedded in customers’ supply chains, and that’s part of why a new 4.5% position in a name down nearly 38% over the past year might deserve some attention.

Integer just delivered 8% full-year sales growth to $1.85 billion and 21% adjusted EPS growth to $6.40. Adjusted EBITDA reached $402 million, up 12% year over year, and the company also generated $196 million in operating cash flow for 2025.

Debt remains meaningful at roughly $1.19 billion net, or about 3.0 times adjusted EBITDA, but management is guiding to leverage between 2.5 and 3.5 times in 2026. Sales guidance for 2026 implies flat to slightly down GAAP revenue, but adjusted earnings are expected to hold up.

Compared with biotech-heavy top holdings, this is a different kind of risk. It is less binary and more operational. Long-term investors should focus on organic growth, margin expansion, and deleveraging. If execution holds, a beaten-down CDMO with durable customer relationships can compound quietly.