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CONDENSED CONSOLIDATED BALANCE SHEETS—UnauditedAs ofJuly 1, 2016January 1, 2016AssetsCurrent assets:Cash and cash equivalentsAccounts receivable, net of allowance for doubtful accounts of $1.0 million in each periodInventoriesRefundable income taxesPrepaid expenses and other current assetsTotal current assetsProperty, plant and equipment, netAmortizing intangible assets, netIndefinite-lived intangible assetsGoodwillDeferred income taxesOther assetsTotal assetsLiabilities and Stockholders’ EquityCurrent liabilities:Current portion of long-term debtAccounts payableIncome taxes payableAccrued expensesTotal current liabilitiesLong-term debtOther long-term liabilitiesTotal liabilitiesStockholders’ equity:Preferred stock, $0.001 par value, authorized 100,000,000 shares; no shares issued or outstanding—Common stock, $0.001 par value; 100,000,000 shares authorized; 30,935,792 and 30,664,119 shares issued, respectively; 30,801,205 and 30,601,167 shares outstanding, respectivelyAdditional paid-in capitalTreasury stock, at cost, 134,587 and 62,952 shares, respectivelyRetained earningsAccumulated other comprehensive incomeTotal stockholders’ equityTotal liabilities and stockholders’ equityCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONSThree Months EndedSix Months EndedJuly 3, 2015SalesCost of salesGross profitOperating expenses:Selling, general and administrative expensesResearch, development and engineering costs, netOther operating expenses, netTotal operating expensesOperating incomeInterest expense, netOther expense (income), netIncome (loss) before provision for income taxesProvision for income taxesNet income (loss)Earnings (loss) per share:BasicDilutedWeighted average shares outstanding:Comprehensive Income (Loss)Other comprehensive income (loss):Foreign currency translation gain (loss)Net change in cash flow hedges, net of taxOther comprehensive income (loss)Comprehensive income (loss)CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS—UnauditedCash flows from operating activities:Adjustments to reconcile net income (loss) to net cash provided by operating activities:Depreciation and amortizationDebt related amortization included in interest expenseStock-based compensationOther non-cash gains, netChanges in operating assets and liabilities:Accounts receivableIncome taxesNet cash provided by operating activitiesCash flows from investing activities:Acquisition of property, plant and equipmentPurchase of cost and equity method investments, netOther investing activitiesNet cash used in investing activitiesCash flows from financing activities:Principal payments of long-term debtProceeds from issuance of long-term debtIssuance of common stockPayment of debt issuance costsSpin-off of cash and cash equivalents to Nuvectra CorporationPurchase of non-controlling interestsOther financing activitiesNet cash used in financing activitiesEffect of foreign currency exchange rates on cash and cash equivalentsNet decrease in cash and cash equivalentsCash and cash equivalents, beginning of periodCash and cash equivalents, end of periodCONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY—UnauditedAccumulatedAdditionalTreasuryOtherTotalCommon StockPaid-InStockRetainedComprehensiveStockholders’SharesAmountCapitalEarningsIncomeEquityAt January 1, 2016Net shares issued (acquired) under stock incentive plansSpin-off of Nuvectra CorporationNet lossTotal other comprehensive income, netAt July 1, 2016Assets divestedOther current assetsTotal assets divestedLiabilities transferredCurrent liabilitiesNet assets divestedCashFair value of Integer common stockReplacement stock options attributable to pre-acquisition serviceTotal purchase considerationAssets acquiredCurrent assetsProperty, plant and equipmentAmortizing intangible assetsOther non-current assetsTotal assets acquiredLiabilities assumedDebt assumedTotal liabilities assumedNet assets acquiredIntangible AssetsAmortizing Intangible AssetsFair Value AssignedWeighted Average Amortization Period (Years)Estimated Useful Life (Years)Weighted Average Discount RateTechnology11.5%Customer listsIndefinite-lived Intangible AssetsTrademarks and tradenamesN/AUnaudited Pro Forma Financial InformationJuly 3, 2015Net incomeEarnings per share:3. SUPPLEMENTAL CASH FLOW INFORMATION(in thousands)July 1, 2016Noncash investing and financing activities:Common stock contributed to 401(k) Plan$—Property, plant and equipment purchases included in accounts payablePurchase of technology included in accrued expensesDivestiture of noncash assetsDivestiture of liabilitiesRaw materialsWork-in-processFinished goodsGrossCarryingAmountAccumulatedAmortizationForeignCurrencyTranslationNetCarryingAmountPurchased technology and patentsTotal amortizing intangible assetsTotal intangible asset amortization expenseEstimatedAmortizationExpenseRemainder of 20162017201820192020ThereafterTotal estimated amortization expenseGreatbatch MedicalQiGLake Region MedicalGoodwill divested (Note 2)Purchase accounting adjustment (Note 2)Foreign currency translationSenior secured term loan ASenior secured term loan B9.125% senior notes due 2023Revolving line of creditLess unamortized discount on term loan B and debt issuance costsTotal debtLess current portion of long-term debtTotal long-term debtRemaining in 2016Interest Rate SwapsInstrumentType of HedgeNotional AmountStart DateEnd DatePay Fixed RateReceive Current Floating RateFair Value July 1, 2016Balance Sheet LocationInterest Rate SwapCash FlowJun-17Jun-201.1325%Other Long-Term LiabilitiesDebt Issuance Costs and DiscountsAmortization during the periodDebt Issuance CostsUnamortized Discount on TLB FacilityFinancing costs incurredNet defined benefit costBenefit paymentsService costInterest costAmortization of net lossExpected return on plan assetsStock optionsRestricted stock and restricted stock units401(k) Plan stock contributionTotal stock-based compensation expenseWeighted average fair valueRisk-free interest rate1.58%1.55%Expected volatility26%Expected life (in years)Expected dividend yield—%Number ofStockOptionsWeightedAverageExercisePriceWeightedAverageRemainingContractualLife(In Years)AggregateIntrinsicValue(In Millions)Outstanding at January 1, 2016GrantedExercisedForfeited or expiredAdjustment due to Spin-offOutstanding at July 1, 2016Exercisable at July 1, 2016Time-VestedActivityWeightedAverageFair ValueNonvested at January 1, 2016VestedForfeitedNonvested at July 1, 2016Performance-VestedActivity2014 investments in capacity and capabilitiesOrthopedic facilities optimizationLegacy Lake Region Medical consolidationsAcquisition and integration costsAsset dispositions, severance and otherSeverance andRetentionAcceleratedDepreciation/AssetWrite-offsRestructuring chargesWrite-offsCash paymentsSeveranceandRetentionEmployee CostsProduct WarrantiesAdditions to warranty reserveWarranty claims settledForeign Currency ContractsAddition in cost of salesIneffective portion of change in fair valueType ofHedgeAggregateNotionalAmountStartDateEndDate$/PesoFairValueFX ContractCash flowJan 2016Dec 2016Accrued ExpensesApr 2016Numerator for basic and diluted EPS:Denominator for basic EPS:Weighted average shares outstandingEffect of dilutive securities:Stock options, restricted stock and restricted stock unitsDenominator for diluted EPSBasic EPSDiluted EPSTime-vested stock options, restricted stock and restricted stock unitsPerformance-vested restricted stock unitsDefinedBenefitPlanLiabilityCashFlowHedgesForeignCurrencyTranslationAdjustmentTotalPre-TaxAmountTaxNet-of-TaxAmountAt April 1, 2016Unrealized loss on cash flow hedgesRealized loss on foreign currency hedgesForeign currency translation lossForeign currency translation gainAt April 3, 2015Realized loss on interest rate swap hedgesAt July 3, 2015At January 2, 2015Fair Value Measurements UsingAt
July 1,QuotedPrices inActive Marketsfor IdenticalAssetsSignificantOtherObservableInputsSignificantUnobservableInputsDescription2016(Level 1)(Level 2)(Level 3)LiabilitiesForeign currency contracts (Note 11)Interest rate swap (Note 6)Product line sales:Advanced Surgical, Orthopedics, and Portable MedicalCardio and VascularCardiac/NeuromodulationElectrochemElimination of interproduct line salesTotal salesBusiness segment sales:Elimination of intersegment sales(a)Three Months EndedSegment income (loss) from operations:Total segment income from operationsUnallocated operating expensesUnallocated expenses, netSales by geographic area:United StatesNon-Domestic locations:Puerto RicoBelgiumRest of worldCustomer A17%20%18%21%Customer B15%Customer C13%12%45%50%46%52%Use of Non-GAAP Financial InformationJuly 1,
2016July 3,
2015(in thousands except per share amounts)Pre-TaxNet IncomePerDilutedShareIncome (loss) and diluted EPS as reported (GAAP)Adjustments:Amortization of intangibles(a)IP related litigation (SG&A)(a)(b)Consolidation and optimization expenses (OOE)(a)(c)Acquisition and integration expenses (OOE)(a)(d)Asset dispositions, severance and other (OOE)(a)(e)Loss (gain) on cost and equity method investments, net (other expense (income), net)(a)R&D Tax Credit(f)Taxes(a)Adjusted net income and diluted EPS (Non-GAAP)(g)Adjusted effective tax rate/diluted weighted average shares (a)(h)32.8%22.0%Gain on cost and equity method investments, net (other expense (income), net)(a)37.1%21.3%July 1,July 3,(dollars in thousands)2015Net income (loss) as reported (GAAP)Interest expenseDepreciationAmortizationEBITDA (Non-GAAP)IP related litigationStock-based compensation expenseConsolidation and optimization expensesAcquisition and integration expensesNoncash (gain) loss on cost and equity method investmentsAdjusted EBITDA (Non-GAAP)Adjusted EBITDA as a % of sales (Non-GAAP)19.8%20.0%19.2%19.5%Financial GuidanceGAAPAdjusted Comparable BasisHighLowRevenueEarnings per Diluted ShareEBITDANACost Savings and Consolidation EffortsInitiativeExpected ExpenseExpected CapitalExpected Benefit to Operating Income(a)Expected Completion Date$42 - $48$25 - $28> $20$45 - $48$30 - $35$15 - $20$13 - $15$3 - $4$8 - $9Change$%Sales:96%(1)%(41Total Sales99%116%66%Gross profit as a % of sales27.6%33.1%Selling, general and administrative expenses (“SG&A”)56%SG&A as a % of sales10.8%13.8%Research, development and engineering costs, net (“RD&E”)4%RD&E as a % of sales3.9%7.5%100%125%Operating margin8.4%(45Effective tax rate22.2%(108Net margin(0.25.3%Diluted earnings (loss) per share(10985%9%(37102%118%70%27.5%SG&A11.7%13.9%RD&E4.5%7.6%135%80%5.9%6.7%Other income, net84%(70(11.220.5%(178(2.05.1%(167Gross ProfitChange From Prior YearThreeMonthsSix MonthsImpact of Lake Region Medical(a)(2.4(3.4Production efficiencies, volume and mix(b)(5.8Performance-based compensation(c)1.9%0.9%Price(d)(0.5(0.41.3%1.0%Total percentage point change to gross profit as a percentage of sales(5.5(5.3SG&A ExpensesPerformance-based compensation(a)Legal fees(b)Nuvectra SG&A(c)Impact of Lake Region Medical acquisition(d)Net increase in SG&ARD&E Expenses, NetResearch, development and engineering costsLess: cost reimbursementsTotal RD&E, netOther Operating Expenses, Net2014 investments in capacity and capabilities(a)Orthopedic facilities optimization(a)Legacy Lake Region Medical consolidations(a)Acquisition and integration costs(b)Asset dispositions, severance and other(c)Total other operating expenses, netLiquidity and Capital Resources(Dollars in thousands)January 1, 2016Working capitalCurrent ratioInteger Holdings Corp(i)100,000,000 shares of Preferred Stock, $.001 par value per share, and(ii)100,000,000 shares of Common Stock, $.001 par value per share.INTEGER HOLDINGS CORPORATIONBy:/s/ Timothy G. McEvoyName:Timothy G. McEvoyTitle:Senior Vice President, Secretary and General CounselRemainder of page left intentionally blank.GREATBATCH, INC./s/ Thomas J. MazzaThomas J. MazzaVice President & Corporate ControllerNUVECTRA CORPORATION/s/ Walter BergerWalter BergerChief Financial Officer[THE SIGNATURE PAGE FOLLOWS}/s/ Thomas J. HookThomas J. Hook/s/ Bill R. SanfordBill R. Sanford, Chairman of the Boardand/s/ Peter H. SoderbergPeter H. SoderbergChair, Compensation and Organization CommitteeINTEGER HOLDINGS CORPORATION:Senior Vice President, General Counsel & SecretaryEXECUTIVE:CERTIFICATIONI have reviewed this quarterly report on Form 10-Q for the fiscal quarter ended July 1, 2016 of Integer Holdings Corporation;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by the report;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; andd.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditor and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; andAny fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.Dated:August 9, 2016President and Chief Executive Officer(Principal Executive Officer)/s/ Michael DinkinsMichael DinkinsExecutive Vice President and Chief Financial Officer(Principal Financial Officer)PK ! wy docProps/app.xml
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