Integer Holdings Corporation

Hello and welcome to the Q2 2024 Integer Holdings Corporation earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session, and if you would like to ask a question during this time, please press star 1 on your telephone keypad. I would now like to turn the conference over to Andrew Sen, Senior Vice President, Strategy Business Development and Investor Relations. You may begin.

Good morning, everyone. Thank you for joining us and welcome to Integer's second quarter 2024 earnings conference call. With me today are Joe Dziedzic, President and Chief Executive Officer, and Dyron Smith, Executive Vice President and Chief Financial Officer. As a reminder, the results and the data we discussed today reflect the consolidated results of Integer for the periods indicated. During our call, we will discuss some non-GAAP financial measures. For reconciliation of these non-GAAP financial measures, please refer to the appendix of today's presentation today's earnings press release, and the trending schedules, which are available on our website at integer.net. Please note that today's presentation includes forward-looking statements. Please refer to the company's SEC filings for discussion of the risk factors that could cause our actual results to differ materially. On today's call, Joe will provide his opening comments, and Dyron will then review our adjusted financial results for the second quarter of 2024 and provide an update on our full year 2024 outlook. Joe will come back to provide his closing remarks, and then we'll open up the call for your questions. With that, I will turn the call over to Joe.

Thank you, Andrew, and thank you to everyone for joining the call today. Since our last earnings call, Truist and Oppenheimer have initiated coverage, which brings the total number of sell-side analysts to nine. We appreciate the research coverage from all of our analysts, as it gives more investors exposure to our business and the great work that our associates are doing for our customers and the patients that we serve. In the second quarter, we delivered another strong quarter of year-over-year results. Sales grew 9% and our adjusted operating income grew 20%, while expanding operating margins by 152 basis points compared to last year. In addition, our adjusted earnings per share grew 14% year-over-year. We are raising our full-year profit outlook. Our manufacturing excellence initiatives are delivering operational improvements in direct labor turnover, direct material scrap production, lower overtime, and direct labor efficiency. Combined with our strong first half OPEX leverage, we are confident in our ability to meet our increased full-year profit outlook. At the midpoint of our outlook, we expect 18% adjusted operating income growth on 10% sales growth. We are confident in our ability to deliver strong sales growth given our high visibility to customer demand, including ramping programs in high growth markets and additional guidewire capacity coming online in Ireland. It is an exciting time at Integer given our strong pipeline of development programs and faster growing in markets, expanding margins, and continued execution of our tuck-in acquisition strategy. I am grateful for our associates around the world that are delivering for our customers and making a difference for patients. I'll now turn the call over to Dyron.