The total revenues of Integer Medical Holdings (ITGR) grew from $1.3 billion in fiscal 2016 to $1.4 billion in fiscal 2017. This increase was attributable to the 4.0% growth in sales of the Medical Segment and 37.0% in its Non-Medical segment sales.
Compared to its total revenues, the cost of sales incurred by the company grew at a higher pace by 6.0% from $1.3 billion in fiscal 2016 to $1.4 billion in fiscal 2017. As a result, the company’s gross profit margin contracted from 27.3% in fiscal 2016 to 26.9% in fiscal 2017.
Integer Holdings Corporation incurred selling, general, and administrative expenses of $161.5 million in fiscal 2017 compared with $153.2 million in fiscal 2016. Research and development expenses incurred by the company in fiscal 2017 were relatively flat at $55.2 million in fiscal 2017 compared with $55.0 million in fiscal 2016.
Integer Holdings Corporation’s operating profit margin expanded from 7.8% in fiscal 2016 to 9.5% in fiscal 2017. This helped the company report net income of $66.6 million in fiscal 2017 compared with $5.9 million in fiscal 2016.
This translated into its earnings per share growing tenfold from $0.19 in fiscal 2016 to $2.09 in fiscal 2017.
In fiscal 2017, Integer Holdings Corporation generated an operating cash flow of $149.3 million compared with $105.5 million in fiscal 2016. This increase was primarily attributable to a $34.4 million increase in cash net income and a $9.4 million increase in cash flow provided by working capital.
The company used $47.9 million in investing activities in fiscal 2017 compared with $63.3 million in fiscal 2016. This decrease was due to lower spending by the company on purchasing property, plant, and equipment.
Cash used in financing activities by Integer Holdings Corporation in fiscal 2017 totaled $111.6 million compared with $72.1 million in fiscal 2016. This was mainly attributable to $130.9 million used by the company for paring down debt in fiscal 2017.