This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Greatbatch, Inc. Reports 2011 Fourth Quarter And Full Year Results

Stocks in this article: GB

Fourth Quarter and Full Year Results

Fourth quarter 2011 sales increased 6% over the prior year period to $141.7 million, led by 28% Vascular Access and 44% Electrochem growth. Fourth quarter results included the benefit of approximately $3 million of medical device sales and $2.5 million of revenue from the acquisition of Micro Power Electronics (“Micro Power”) in December 2011. Excluding the impact of the Micro Power acquisition, organic revenue growth for the 2011 fourth quarter was 5% led by Vascular Access growth of 28%, and Electrochem revenue growth of 27%. For the year, sales increased 7% to $568.8 million and included the favorable impact of approximately $8 million from foreign currency exchange rate fluctuations. Excluding the impact of these exchange rate fluctuations, as well as the Micro Power acquisition, organic revenue growth for 2011 was 5%, which was led by Vascular Access growth of 19%, Orthopaedic revenue growth of 11% and Electrochem revenue growth of 6%. Sales for 2011 benefitted from the first sales of medical devices developed under the Greatbatch name, which totaled $5 million for the year.

Gross profit of $44.7 million for the fourth quarter of 2011 was consistent with the comparable 2010 period. For the full year, gross profit increased $6.8 million to $180.4 million. Fourth quarter 2011 cost of sales includes $0.2 million of acquisition related inventory step-up amortization. Excluding this amortization, gross profit as a percentage of sales was 31.7% for the fourth quarter of 2011 and 31.7% for the full year 2011 compared to 33.4% and 32.5% for the same periods of 2010, respectively. The decrease in gross profit margin for the fourth quarter and full year 2011 was due to price concessions given to our larger OEM customers near the end of 2010, an increase in performance-based compensation, and a lower mix of higher margin CRM/Neuromodulation revenue partially offset by higher production volume and productivity initiatives.

2 of 9

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs