Integer Holdings Corporation (NYSE:ITGR) Q4 2023 Earnings Conference Call February 15, 2024 9:00 AM ET
Company Participants
Andrew Senn - Senior Vice President, Strategy and Business Development and Investor Relations
Joe Dziedzic - President and CEO
Diron Smith - EVP and CFO
Conference Call Participants
Brett Fishbin - KeyBanc Capital Markets
Matthew O'Brien - Piper Sandler
Craig Bijou - Bank of America
Joanne Wuensch - Citi
Operator
Hello, and welcome to the Q4 2023 Integer Holdings Corporation Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]. I will now turn the conference over to Andrew Senn, Senior Vice President, Strategy and Business Development and Investor Relations. Please go ahead.
Andrew Senn
Good morning, everyone. Thank you for joining us, and welcome to Integer's fourth quarter 2023 earnings conference call. With me today are Joe Dziedzic, President and Chief Executive Officer; and Diron Smith, Executive Vice President and Chief Financial Officer.
As a reminder, the results and the data we discuss 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 all 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 a 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 an update on Integer's strategy, followed by an overview of how Integer will sustain above-market growth. Diron will then review our adjusted financial results for the fourth quarter and full-year 2023 and provide our full-year 2024 outlook. Joe will come back to provide his closing remarks, and then we'll open the call for questions.
With that, I will turn the call over to Joe.
Joe Dziedzic
Thank you, Andrew and thank you to everyone for joining the call today. We had a strong fourth quarter and an even stronger full-year. 2023 sales were up 16%, and adjusted operating income grew by 26% over 2022. We were able to grow sales at a rate significantly above the market rate while expanding operating margin by 117 basis points. Adjusted operating income grew at 1.6x the rate of sales growth approaching our strategic target of 2x.