This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
TheStreet Open House

Greatbatch, Inc. Reports 2012 Second Quarter Results

CEO Comments

“As expected, second quarter adjusted operating income increased 20% in comparison to the first quarter of 2012 as sales improved,” commented Thomas J. Hook, President & CEO, Greatbatch Inc. “In comparison to the prior year, adjusted operating income increased 1% as current quarter results include the benefit of over 40% Portable Medical pro forma growth driven by our Micro Power acquisition, as well as above market growth in our CRM and Vascular Access markets. During the quarter, we continued to experience operational issues within our Swiss Orthopaedic facilities; however, we have taken action to improve our performance over the next 18 months. In addition to the progress we have made on our current strategic initiatives, during the quarter we announced several new initiatives which included the following:

  • Opening of our manufacturing facility in Fort Wayne, Indiana, which will be used to consolidate our Orthopaedic operations;
  • Establishing an R&D center in Singapore with the support of the Singapore Economic Development Board, which is the first step of our Asia Pacific strategy;
  • Increasing our strategic focus on sales and marketing to drive core business growth; and
  • Completing the integration of our Portable Medical product line (Micro Power), which is performing ahead of expectations.

We remain confident these initiatives will improve the long-term growth prospects of our Company and are being undertaken with one goal in mind ― to drive shareholder value.”

CFO Comments

“We expect the progress we have made with regards to our financial performance to carry over into the second half of the year as we continue to commercialize our medical device pipeline, aggressively address the operational issues at our Swiss facilities and begin to optimize our RD&E investment,” commented Michael Dinkins, Senior Vice President & CFO. “Despite these efforts, we now believe that our full year adjusted operating income as a percentage of sales and adjusted diluted EPS will be at the lower end of our guidance provided at the beginning of the year due to lower than expected profitability from our Swiss operations. However, we still expect that revenue will be in line with our original guidance due to stronger than expected performance from our CRM and Portable Medical product lines. We are committed to driving operational improvements in our business to achieve our long-term growth objectives and provide value to our shareholders.”

2 of 10

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!
SYM TRADE IT LAST %CHG

Markets

DOW 17,976.31 +263.65 1.49%
S&P 500 2,086.24 +25.22 1.22%
NASDAQ 4,947.4410 +56.2220 1.15%

Partners Compare Online Brokers

Free Reports

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