Greatbatch, Inc. (NYSE: GB), today announced preliminary sales results for its fiscal year ended December 28, 2012, and provided fiscal 2013 guidance. The 2013 guidance will be referenced in a presentation by Thomas J. Hook, Chief Executive Officer and President of Greatbatch Inc., on Thursday January 10, 2013, at the 31st Annual J.P. Morgan Healthcare Conference in San Francisco. The company will be discussing its strategy for long term growth and profitability.
- Preliminary revenue for 2012 increased approximately 13.5% over the prior year to $645 million driven primarily by the acquisition of MicroPower, a provider of portable medical solutions, in December 2011.
- Preliminary 2012 Adjusted Operating Margin and Adjusted Diluted EPS are in line with previously discussed guidance of the lower-end of 11.5% to 12.5% and $1.75 to $1.85 ranges, respectively, as a result of expense management during the year and a decrease in estimated incentive compensation payout.
- Fiscal 2013 sales are expected to increase in the range of 2% to 5% primarily driven by growth in the Portable Medical and Vascular product lines. Organic growth is expected to be in the range of 5% to 8% for 2013, after adjusting for the disposition of certain Orthopaedic products as previously announced.
- Adjusted Operating Margin in 2013 is targeted to be 12.0% to 12.5%.
- Adjusted Diluted EPS growth in 2013 is expected to be in the range of 7% to 13%.
Commenting on 2012’s preliminary results, Thomas J. Hook said, “Growth rates in portable medical and cardiac rhythm management exceeded our revenue guidance in 2012 and vascular revenue growth was at the high-end of our guidance expectations. Along with firm expense management and incentive compensation adjustments, we were able to offset the negative impact of our Orthopaedic operations on earnings.” Hook continued,