This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Greatbatch, Inc. Reports 2013 Second Quarter Results

Stocks in this article: GB

“Over the last eight years Greatbatch successfully integrated and consolidated its businesses and facilities,” continued Hook. “This has led us to an inflection point in which the Company can build upon our strong operations foundation to establish Greatbatch as a growth company where we have a competitive advantage in the markets we serve, continue to introduce innovative product offerings into the market place and our organic growth represents a significant percentage of recurring revenues.

We are laying the foundation for this growth strategy through our investment in sales and marketing, which has resulted in more robust commercialization plans, an infusion of sales and marketing talent linked to complementary compensation plans, and a revamped decision making processes for selecting and building our deal pipelines. We are excited about our future as we seek to maintain at least 5% constant currency organic annual revenue growth. I would like to thank our Associates for their continued commitment to making Greatbatch a growth company.”

CFO Comments

“Aided by our solid second quarter growth in sales, our gross margin rates continued to be strong,” commented Michael Dinkins, Executive Vice President & CFO, Greatbatch, Inc. “Our revenue of $171.3 million was a 3% increase over the second quarter 2012 and 16% above our first quarter 2013 performance, bringing our year-to-date revenues to $319.6 million representing 1% organic growth over the prior year. Orthopaedics, portable medical and cardiac/neuromodulation are driving our organic sales improvement. Cardiac/neuromodulation grew 5% by leveraging our existing portfolio of intellectual property with our OEM customers; Portable medical was up 9% driven by the carryover of new product introductions; and we continued to have success with our orthopaedic implants. This volume leverage along with continued productivity efforts, functional alignment and excellent execution resulted in adjusted operating margins improving 180 basis points to 13.0% in the quarter. Additionally, adjusted EBITDA improved 10% as adjusted operating income increased $3.6 million. As a result, we are increasing our adjusted diluted earnings per share guidance as we expect sustained operating efficiency, continued cost discipline and lower interest expense levels through the end of the year, partially offset by lower reimbursements from customers for R&D initiatives.”

2 of 9

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs