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Greatbatch, Inc. Reports 2012 Second Quarter Results

Greatbatch, Inc. (NYSE: GB), today announced results for its second quarter ended June 29, 2012:
  • Sales increased 14% over the prior year to a record $166.5 million, and included the following:
    • $21.3 million of revenue contributed from the acquisition of Micro Power Electronics, Inc.;
    • 16% Vascular Access growth driven by commercialization of medical devices;
    • 3% increase in CRM/Neuromodulation revenue, ahead of our expectations;
    • 13% decline in Orthopaedics revenue (-5% constant currency) due to lower customer product launches, pricing pressures and poor execution at our Swiss facilities;
    • Organic constant currency growth of 1%.
  • Second quarter GAAP diluted EPS decreased 56% versus the prior year primarily due to higher consolidation and optimization activities. On an adjusted basis, diluted EPS was $0.43 per share, consistent with the prior year.
  • Similar to GAAP diluted EPS, GAAP operating income decreased 39% in comparison to the prior year. Adjusted operating income increased 1% over the prior year as higher gross profits were offset by increased RD&E investment in the development of medical devices.
  • Cash flows from operations were $24 million for the second quarter which enabled the Company to pay down an additional $8 million of long-term debt.
Three Months Ended
(Dollars in thousands, except per share data) June 29,   July 1,   %   March 30,   %
  2012   2011 Change   2012 Change
Sales $ 166,548 $ 146,524 14% $ 159,103 5%
GAAP Operating Income $ 11,091 $ 18,303 -39% $ 11,198 -1%
GAAP Operating Income as % of Sales 6.7% 12.5% 7.0%
Adjusted Operating Income* $ 18,589 $ 18,417 1% $ 15,515 20%
Adjusted Operating Income as % of Sales 11.2% 12.6% 9.8%
GAAP Diluted EPS $ 0.16 $ 0.36 -56% $ 0.19 -16%
Adjusted Diluted EPS* $ 0.43 $ 0.43 0% $ 0.37 16%
* Refer to Tables A and B at the end of this release for a reconciliation of GAAP to adjusted amounts.

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