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

Stocks in this article: GB

Fourth quarter and full-year 2012 vascular sales increased 14% and 15%, respectively, over the prior year periods. These increases were primarily attributable to growth in the underlying market and market share gains. Additionally, vascular revenue for the year included $6.6 million from sales of medical devices that were developed under the Greatbatch name compared to $4.5 million for 2011, an increase of 47%.

In comparison to the prior year, orthopaedic sales for the fourth quarter of 2012 declined 2% (0% constant currency) and 13% (8% constant currency) for the full-year. Foreign currency exchange rate fluctuations decreased orthopaedic revenue by approximately $0.6 million in the fourth quarter of 2012 and $6 million for the year. The remaining decline in 2012 orthopaedic sales was a result of fewer customer product launches and development opportunities due to operational issues within our orthopaedic business, which are aggressively being addressed. In comparison to the sequential third quarter, orthopaedic revenue increased 14% primarily due to the seasonal facility shut-downs in our European operations.

Electrochem

Fourth quarter and full-year 2012 sales for Electrochem increased $19.8 million and $83.3 million, respectively versus the comparable 2011 periods. Fourth quarter and full year 2012 Electrochem sales included the benefit of $19.5 million and $82.4 million, respectively, of incremental revenue related to our acquisition. Electrochem’s aggressive growth plan met expectations and was driven by successful product launches in the portable medical market. On a pro-forma basis, our portable medical product line grew 38% from 2011 to 2012. The market shift in patient care from clinical settings to the home, and an aging population, is driving the need for lightweight and portable devices for patients and caregivers. Electrochem’s technology, customer relationships, and legacy of delivering highly reliable and innovative solutions has enabled it to win in this evolving market and continues to position Electrochem to capture market and share growth. Electrochem continues to secure long-term agreements in this space.

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