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Greatbatch, Inc. Reports 2012 Second Quarter Results

Cash flows from operations for the second quarter of 2012 were approximately $24 million compared to $13 million in the 2011 period. During the second quarter of 2012, the Company repaid $8 million of long-term debt. Going forward, cash flows from operations will be used to fund our consolidation and RD&E initiatives, as well as to pay down long-term debt.

Product Line Sales
The following table summarizes the Company’s sales by major product lines (dollars in thousands):
  Three Months Ended
June 29,   July 1,   %   March 30,   %

Product Line

  2012   2011 Change   2012 Change
Implantable Medical
CRM/Neuromodulation $ 80,025 $ 77,724 3 % $ 75,135 7 %
Vascular Access 12,481 10,769 16 % 11,636 7 %
Orthopaedic   32,860   37,922 -13 %   31,046 6 %
Total Implantable Medical 125,366 126,415 -1 % 117,817 6 %

Portable Medical







Energy/Environmental 16,879 16,016 5 % 18,370 -8 %
Other   3,896   2,081 87 %   4,196 -7 %
Total Electrochem   41,182   20,109 105 %   41,286 0 %
Total Sales $ 166,548 $ 146,524 14 % $ 159,103 5 %

Implantable Medical

CRM and Neuromodulation sales for the second quarter of 2012 increased 3% compared to the prior year to a record $80.0 million. CRM and Neuromodulation revenue for the second quarter of 2012 and 2011 both included the benefit of customer product launches. The Company continues to see an increased pace of product development opportunities from its CRM customers. Management believes that this, combined with our increased focus on sales and marketing, will allow the Company to grow this product line faster than the underlying market.

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