Greatbatch also shared extensive details regarding progress on its first complete medical device system, Algostim, a spinal cord stimulation system to treat chronic pain of the trunk and limbs. The company partnered with two world leaders in the field of neuromodulation, Dr. Richard North and Dr. Giancarlo Barolat, to develop the system. It is now evaluating commercialization partners as it plans to submit FDA PMA and CE Mark approval during the second half of 2013
“Algostim is a highly differentiated, complete SCS system and platform with extensive offering of innovation, intellectual property, advanced safety features, and future generation capabilities to serve the fast growing $1.4B SCS market,” commented Mr. Drees.
Mr. Dinkins reaffirmed the company’s guidance for 2013 of revenue in the $660 - $680 M range and adjusted diluted earnings per share in the $1.90 - $2.00 range.
“We have a strong and extremely successful core business that is generating significant cash flows,” said Mr. Dinkins. “These cash flows are enabling our strategic evolution to a medical device company which in turn will translate to profitable growth for the benefit of our investors, our customers and our Associates worldwide.”All parties interested in Greatbatch’s strategic evolution are encouraged to view a webcast of today’s presentation that is available on the Investor Relations section of the company’s website www.greatbatch.com. About Greatbatch, Inc.Greatbatch, Inc. (NYSE: GB) provides top-quality technologies to industries that depend on reliable, long-lasting performance through its brands Greatbatch Medical, Electrochem and QiG Group. Greatbatch Medical develops and manufactures critical medical device technologies for the cardiac, neuromodulation, vascular and orthopaedic markets. Electrochem designs and manufactures batteries for high-end niche applications in the portable medical, energy, military, and other markets. The QiG Group empowers the design and development of new medical devices for our core markets. Additional information about the Company is available at www.greatbatch.com.