- Sales increased 14% over the prior year to a record $166.5 million, and included the following:
- $21.3 million of revenue contributed from the acquisition of Micro Power Electronics, Inc.;
- 16% Vascular Access growth driven by commercialization of medical devices;
- 3% increase in CRM/Neuromodulation revenue, ahead of our expectations;
- 13% decline in Orthopaedics revenue (-5% constant currency) due to lower customer product launches, pricing pressures and poor execution at our Swiss facilities;
- Organic constant currency growth of 1%.
- Second quarter GAAP diluted EPS decreased 56% versus the prior year primarily due to higher consolidation and optimization activities. On an adjusted basis, diluted EPS was $0.43 per share, consistent with the prior year.
- Similar to GAAP diluted EPS, GAAP operating income decreased 39% in comparison to the prior year. Adjusted operating income increased 1% over the prior year as higher gross profits were offset by increased RD&E investment in the development of medical devices.
- Cash flows from operations were $24 million for the second quarter which enabled the Company to pay down an additional $8 million of long-term debt.
|Three Months Ended|
|(Dollars in thousands, except per share data)||June 29,||July 1,||%||March 30,||%|
|GAAP Operating Income||$||11,091||$||18,303||-39%||$||11,198||-1%|
|GAAP Operating Income as % of Sales||6.7%||12.5%||7.0%|
|Adjusted Operating Income*||$||18,589||$||18,417||1%||$||15,515||20%|
|Adjusted Operating Income as % of Sales||11.2%||12.6%||9.8%|
|GAAP Diluted EPS||$||0.16||$||0.36||-56%||$||0.19||-16%|
|Adjusted Diluted EPS*||$||0.43||$||0.43||0%||$||0.37||16%|
|* Refer to Tables A and B at the end of this release for a reconciliation of GAAP to adjusted amounts.|