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Greatbatch, Inc. Reports 2012 Fourth Quarter And Full Year Results

Despite the GAAP loss for the 2012 fourth quarter and year, cash flows from operations for the fourth quarter and full-year of 2012 were approximately $25 million and $65 million, respectively as a significant portion of the charges recorded in 2012 were non-cash in nature. During the fourth quarter and full-year of 2012, the Company repaid $8 million and $22 million, respectively, of long-term debt.

Product Line Sales                
The following table summarizes the Company’s sales by major product lines (dollars in thousands):
   
2012 2011 % 2012 % 2012 2011 %

Product Line

4th Qtr. 4th Qtr. Chg. 3rd Qtr. Chg. Year Year Chg.
Implantable Medical
Cardiac/Neuromodulation $ 73,718 $ 77,198 -5 % $ 80,246 -8 % $ 309,124 $ 303,690 2 %
Vascular 14,189 12,459 14 % 13,674 4 % 51,980 45,098 15 %
Orthopaedic   30,982   31,635 -2 %   27,173 14 %   122,061   140,277 -13 %
Total 118,889 121,292 -2 % 121,093 -2 % 483,165 489,065 -1 %
Electrochem
Portable Medical 22,313 3,504 N/A 20,219 10 % 81,659 9,609 N/A
Energy/Environmental 15,605 13,121 19 % 16,192 -4 % 67,046 58,934 14 %
Other   2,379   3,829 -38 %   3,836 -38 %   14,307   11,214 28 %
Total   40,297   20,454 97 %   40,247 0 %   163,012   79,757 104 %
$ 159,186 $ 141,746 12 % $ 161,340 -1 % $ 646,177 $ 568,822 14 %

Implantable Medical

In comparison to the prior year, cardiac and neuromodulation sales for the fourth quarter of 2012 decreased 5% but increased 2% for the full-year. During 2012, cardiac and neuromodulation sales benefited from further adoption of our Q series batteries and customer market share shifts partially offset by the timing of customer inventory builds and product launches. Cardiac and neuromodulation revenue growth exceeded our expectations during 2012 but management remains cautiously optimistic over the short-term prospects of this product line given the ongoing challenges surrounding key OEM customers. However, our longer term outlook remains optimistic as we continue to see an increased pace of product development opportunities from our cardiac 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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