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Greatbatch, Inc. Reports 2013 Fourth Quarter And Full Year Results

CEO Comments

“We are pleased with our 2013 performance having finished the year in line with our revenue and EPS expectations, which delivered 5% organic constant currency revenue growth, a 12% increase in adjusted operating income and $2.10 adjusted diluted EPS,” stated Thomas J. Hook, president and CEO. “Along with achieving our financial targets for 2013, we also made significant progress and achieved numerous milestones on our long-term strategic imperatives. This included our PMA filing for our spinal cord stimulation system to treat chronic intractable pain of the trunk and/or limbs. We subsequently filed for CE Mark approval in January of this year. Our intellectual property portfolio continues to expand with one third of the portfolio representing medical device patents. Through our new functional organization, we were able to improve and expand our sales and marketing efforts and deliver productivity improvements. We are renewed in our belief that our RD&E and sales and marketing investments, coupled with our operating discipline, position Greatbatch to meet its long term objectives of maintaining 5% organic constant currency growth and double digit adjusted diluted EPS growth.”

CFO Comments

“We ended the year with record revenues, excellent cash flows and delivered $2.10 adjusted diluted EPS. With 13% organic constant currency growth in the fourth quarter we achieved our targeted 5% organic constant currency revenue growth in 2013. Operating cash flow, when adjusted for tax payments related to the retirement of our convertible debt, totaled $86 million,” commented Michael Dinkins, executive vice president and chief financial officer. “Leveraging the Company’s revenue growth, adjusted operating income margin improved 110 basis points for the year although fourth quarter adjusted operating income was down 8% versus the same period in 2012 driven by several contributing factors including the planned increase in sales and marketing, higher medical device spending, expenses associated with filing intellectual property, and the timing of customer reimbursements for engineering projects."

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