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Greatbatch, Inc. Reports 2013 Second Quarter Results

Stocks in this article: GB

GAAP and adjusted diluted EPS for the second quarter of 2013 were $0.39 and $0.56, respectively, compared to $0.16 and $0.43, respectively, for the second quarter of 2012. Refer to Table B at the end of this release for a reconciliation of GAAP net income and EPS to adjusted net income and EPS, and the “Use of Non-GAAP Financial Information” section below.

Cash flow from operating activities for the second quarter of 2013 was a usage of $1.0 million compared to a positive cash flow of $24.0 million in the 2012 period. This decrease was primarily due to an increase in accounts receivable and inventory during the quarter, due to higher actual and projected sales levels, as well as an $11.5 million estimated tax payment made in connection with the retirement of $198 million of convertible subordinated notes in the first quarter of 2013. Excluding this tax payment, cash flow from operations would have been a positive $10.5 million for the second quarter of 2013.

Product Line Sales              
The following table summarizes the Company’s sales by major product lines (dollars in thousands):
Three Months Ended
June 28, June 29, % March 29, %
Product Line   2013   2012 Change   2013 Change
Implantable Medical
Cardiac/Neuromodulation $ 84,014 $ 80,025 5% $ 71,167 18%
Orthopaedic 32,341 32,860 -2% 29,623 9%
Vascular   12,249   12,481 -2%   10,624 15%
Total Implantable Medical 128,604 125,366 3% 111,414 15%
Portable Medical 22,167 20,407 9% 18,889 17%
Energy 13,107 13,201 -1% 12,293 7%
Other   7,453   7,574 -2%   5,669 31%
Total Electrochem   42,727   41,182 4%   36,851 16%
Total Sales $ 171,331 $ 166,548 3% $ 148,265 16%

Implantable Medical

Cardiac and neuromodulation sales for the second quarter of 2013 increased 5% compared to the prior year to $84.0 million. This increase was driven by stronger market performance and continued deepening relations with OEM partners. Cardiac and Neuromodulation revenues for the first half of 2013 were consistent with the respective 2012 period. We continue to see an increased pace of product development opportunities from our cardiac customers. We believe that these opportunities, combined with our increased sales and marketing resources, will allow the Company to continue to grow this product line faster than the underlying market.

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